Document:

Credit Agreement

 BRIDGE FACILITY 
  
  
 CREDIT AGREEMENT 
 by and among 
 LANDRY’S RESTAURANTS, INC., 
 as Borrower, 
 THE LENDERS THAT ARE SIGNATORIES HERETO 
 as the Lenders, 
 WELLS FARGO FOOTHILL, LLC 
 as the Administrative Agent, 
 WELLS FARGO FOOTHILL, LLC AND JEFFERIES FINANCE
LLC, 
 as Co-Lead Arrangers and Co-Bookrunners, and 
 WELLS FARGO FOOTHILL, LLC AND JEFFERIES FINANCE LLC, 
 as Co-Syndication Agents 
 Dated as of December 22, 2008 
  
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	 Page

	 1.
	  	DEFINITIONS AND CONSTRUCTION	  	1
				
		  	1.1	  	Definitions	  	1
				
		  	1.2	  	Accounting Terms	  	1
				
		  	1.3	  	Code	  	1
				
		  	1.4	  	Construction	  	1
				
		  	1.5	  	Schedules and Exhibits	  	2
			
	 2.
	  	LOAN AND TERMS OF PAYMENT	  	2
				
		  	2.1	  	Revolver Advances	  	2
				
		  	2.2	  	Term Loan	  	2
				
		  	2.3	  	Borrowing Procedures and Settlements	  	3
				
		  	2.4	  	Payments; Reductions of Commitments; Prepayments	  	6
				
		  	2.5	  	Overadvances	  	10
				
		  	2.6	  	Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations	  	10
				
		  	2.7	  	Crediting Payments	  	12
				
		  	2.8	  	Designated Account	  	12
				
		  	2.9	  	Maintenance of Loan Account; Statements of Obligations	  	13
				
		  	2.10	  	Fees	  	13
				
		  	2.11	  	Letters of Credit	  	13
				
		  	2.12	  	LIBOR Option	  	16
				
		  	2.13	  	Capital Requirements	  	18
			
	 3.
	  	CONDITIONS; TERM OF AGREEMENT	  	18
				
		  	3.1	  	Conditions Precedent to the Initial Extension of Credit	  	18
				
		  	3.2	  	Conditions Precedent to all Extensions of Credit	  	18
				
		  	3.3	  	Term	  	18
				
		  	3.4	  	Effect of Termination	  	18
				
		  	3.5	  	Early Termination by Borrower	  	19
			
	 4.
	  	REPRESENTATIONS AND WARRANTIES	  	19
				
		  	4.1	  	Due Organization and Qualification; Subsidiaries	  	19
				
		  	4.2	  	Due Authorization; No Conflict	  	20
				
		  	4.3	  	Governmental Consents	  	20
				
		  	4.4	  	Binding Obligations; Perfected Liens	  	20
				
		  	4.5	  	Title to Assets; No Encumbrances	  	21
				
		  	4.6	  	Jurisdiction of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims	  	21

  

 - i - 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	 Page

		  	4.7	  	Litigation	  	21
				
		  	4.8	  	Compliance with Laws	  	22
				
		  	4.9	  	Material Adverse Change	  	22
				
		  	4.10	  	Fraudulent Transfer	  	22
				
		  	4.11	  	Employee Benefits	  	22
				
		  	4.12	  	Environmental Condition	  	22
				
		  	4.13	  	Intellectual Property	  	22
				
		  	4.14	  	Leases	  	23
				
		  	4.15	  	Deposit Accounts and Securities Accounts	  	23
				
		  	4.16	  	Complete Disclosure	  	23
				
		  	4.17	  	Material Contracts	  	23
				
		  	4.18	  	Patriot Act	  	23
				
		  	4.19	  	Indebtedness	  	24
				
		  	4.20	  	Payment of Taxes	  	24
				
		  	4.21	  	Margin Stock	  	24
				
		  	4.22	  	Governmental Regulation	  	24
				
		  	4.23	  	OFAC	  	24
				
		  	4.24	  	[Intentionally Omitted]	  	24
				
		  	4.25	  	Other Documents	  	24
			
	5.	  	AFFIRMATIVE COVENANTS	  	24
				
		  	5.1	  	Financial Statements, Reports, Certificates	  	24
				
		  	5.2	  	Collateral Reporting	  	25
				
		  	5.3	  	Existence	  	25
				
		  	5.4	  	Maintenance of Properties	  	25
				
		  	5.5	  	Taxes	  	25
				
		  	5.6	  	Insurance	  	25
				
		  	5.7	  	Inspection	  	25
				
		  	5.8	  	Compliance with Laws	  	26
				
		  	5.9	  	Environmental	  	26
				
		  	5.10	  	Disclosure Updates	  	26
				
		  	5.11	  	Formation of Subsidiaries	  	26
				
		  	5.12	  	Further Assurances	  	27
				
		  	5.13	  	Lender Meetings	  	27

  

 - ii - 

 TABLE OF CONTENTS 
 (continued) 
  

							
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		  	5.14	  	Material Contracts	  	27
				
		  	5.15	  	Maintenance of Ratings	  	27
			
	6.	  	NEGATIVE COVENANTS	  	28
				
		  	6.1	  	Indebtedness	  	28
				
		  	6.2	  	Liens	  	28
				
		  	6.3	  	Restrictions on Fundamental Changes	  	28
				
		  	6.4	  	Disposal of Assets	  	28
				
		  	6.5	  	Change Name	  	28
				
		  	6.6	  	Nature of Business	  	29
				
		  	6.7	  	Prepayments and Amendments	  	29
				
		  	6.8	  	Change of Control	  	29
				
		  	6.9	  	Restricted Junior Payments	  	29
				
		  	6.10	  	Accounting Methods	  	31
				
		  	6.11	  	Investments	  	31
				
		  	6.12	  	Transactions with Affiliates	  	31
				
		  	6.13	  	Limitations on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries	  	32
				
		  	6.14	  	Limitation on Issuance of Capital Stock	  	33
				
		  	6.15	  	Use of Proceeds	  	33
				
		  	6.16	  	Borrower as Holding Company	  	34
			
	7.	  	FINANCIAL COVENANTS	  	33
			
	8.	  	EVENTS OF DEFAULT	  	34
			
	9.	  	RIGHTS AND REMEDIES	  	36
				
		  	9.1	  	Rights and Remedies	  	36
				
		  	9.2	  	Remedies Cumulative	  	36
			
	10.	  	WAIVERS; INDEMNIFICATION	  	36
				
		  	10.1	  	Demand; Protest; etc	  	36
				
		  	10.2	  	The Lender Group’s Liability for Collateral	  	36
				
		  	10.3	  	Indemnification	  	36
			
	11.	  	NOTICES	  	37
			
	12.	  	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER	  	38
			
	13.	  	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS	  	39
				
		  	13.1	  	Assignments and Participations	  	39
				
		  	13.2	  	Successors	  	42

  

 - iii - 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	 Page

	14.	  	AMENDMENTS; WAIVERS	  	42
				
		  	14.1	  	Amendments and Waivers	  	42
				
		  	14.2	  	Replacement of Lenders	  	43
				
		  	14.3	  	No Waivers; Cumulative Remedies	  	44
			
	15.	  	AGENT; THE LENDER GROUP	  	44
				
		  	15.1	  	Appointment and Authorization of Agent	  	44
				
		  	15.2	  	Delegation of Duties	  	45
				
		  	15.3	  	Liability of Agent	  	45
				
		  	15.4	  	Reliance by Agent	  	45
				
		  	15.5	  	Notice of Default or Event of Default	  	46
				
		  	15.6	  	Credit Decision	  	46
				
		  	15.7	  	Costs and Expenses; Indemnification	  	46
				
		  	15.8	  	Agent in Individual Capacity	  	47
				
		  	15.9	  	Successor Agent	  	47
				
		  	15.10	  	Lender in Individual Capacity	  	48
				
		  	15.11	  	Collateral and Guaranty Matters	  	48
				
		  	15.12	  	Restrictions on Actions by Lenders; Sharing of Payments	  	49
				
		  	15.13	  	Agency for Perfection	  	49
				
		  	15.14	  	Payments by Agent to the Lenders	  	49
				
		  	15.15	  	Concerning the Collateral and Related Loan Documents	  	50
				
		  	15.16	  	Audits and Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information	  	50
				
		  	15.17	  	Several Obligations; No Liability	  	51
			
	16.	  	WITHHOLDING TAXES	  	51
			
	17.	  	GENERAL PROVISIONS	  	53
				
		  	17.1	  	Effectiveness	  	53
				
		  	17.2	  	Section Headings	  	53
				
		  	17.3	  	Interpretation	  	53
				
		  	17.4	  	Severability of Provisions	  	53
				
		  	17.5	  	Bank Product Providers	  	53
				
		  	17.6	  	Debtor-Creditor Relationship	  	54
				
		  	17.7	  	Counterparts; Electronic Execution	  	54
				
		  	17.8	  	Revival and Reinstatement of Obligations	  	54
				
		  	17.9	  	Confidentiality	  	54

  

 - iv - 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	 Page

		  	17.10	  	Lender Group Expenses	  	55
				
		  	17.11	  	USA PATRIOT Act	  	55
				
		  	17.12	  	Integration	  	55

  

 - v - 

 TABLE OF CONTENTS 
 (continued) 
  

 EXHIBITS AND SCHEDULES 
  

			
	Exhibit A-1	  	Form of Assignment and Acceptance
	Exhibit C-1	  	Form of Compliance Certificate
	Exhibit L-1	  	Form of LIBOR Notice
		
	Schedule A-1	  	Agent’s Account
	Schedule A-2	  	Authorized Persons
	Schedule C-1	  	Commitments
	Schedule D-1	  	Designated Account
	Schedule P-1	  	Permitted Investments
	Schedule P-2	  	Permitted Liens
	Schedule R-1	  	Real Property Collateral
	Schedule 1.1	  	Definitions
	Schedule 3.1	  	Conditions Precedent
	Schedule 4.1(b)	  	Capitalization of Borrower
	Schedule 4.1(c)	  	Capitalization of Borrower’s Subsidiaries
	Schedule 4.6(a)	  	States of Organization
	Schedule 4.6(b)	  	Chief Executive Offices
	Schedule 4.6(c)	  	Organizational Identification Numbers
	Schedule 4.6(d)	  	Commercial Tort Claims
	Schedule 4.7	  	Litigation
	Schedule 4.12	  	Environmental Matters
	Schedule 4.13	  	Intellectual Property
	Schedule 4.15	  	Deposit Accounts and Securities Accounts
	Schedule 4.17	  	Material Contracts
	Schedule 4.19	  	Permitted Indebtedness
	Schedule 5.1	  	Financial Statements, Reports, Certificates
	Schedule 5.2	  	Collateral Reporting

  

 - vi - 

 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT (this “Agreement”), is entered into as of December 22, 2008, by and among the lenders identified on the signature pages hereof (such lenders, together with their
respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), WELLS FARGO FOOTHILL, LLC, a Delaware limited liability company
(“WFF”), as the administrative agent for the Lenders (in such capacity, together with its successors and permitted assigns in such capacity, “Agent”), WFF and JEFFERIES FINANCE LLC, a Delaware limited
liability company (“Jefferies Finance”), as co-lead arrangers and co-bookrunners (each in such capacity, together with its successors and assigns in such capacity, a “Co-Arranger”), WFF and Jefferies Finance, as
co-syndication agents (each in such capacity, together with its successors and permitted assigns in such capacity, a “Co-Syndication Agent”), and LANDRY’S RESTAURANTS, INC., a Delaware corporation
(“Borrower”). 
 The parties agree as follows: 
  

	1.	DEFINITIONS AND CONSTRUCTION. 

 1.1
Definitions. Capitalized terms used in this Agreement shall have the meanings specified therefor on Schedule 1.1. 
 1.2 Accounting Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles as in effect from time to time in the United States
(“GAAP”), consistently applied. If, at any time after the date of this Agreement, any material change is made to GAAP or Borrower’s accounting practices that would affect in any material respect the determination of compliance
with the covenants set forth in this Agreement, Borrower shall notify Agent of the change and Borrower and Agent shall negotiate in good faith to amend such covenant to restore Borrower and the Lenders to the position that they occupied before the
implementation of such material change in GAAP or accounting practices; provided that if Borrower and Agent are unable to reach agreement within 30 days following the implementation of such material change, Agent shall be permitted, acting in good
faith, to make such amendments to the covenants set forth in this Agreement as it reasonably determines are necessary to restore Borrower and the Lenders to the position that they occupied prior to the implementation thereof. When used herein, the
term “financial statements” shall include the notes and schedules thereto. Whenever the term “Borrower” is used in respect of a financial covenant or a related definition, it shall be understood to mean Borrower and its
Restricted Subsidiaries on a consolidated basis, unless the context clearly requires otherwise. 
 1.3 Code. Any terms used in
this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein; provided, however, that to the extent that the Code is used to define any term herein and such term is
defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. 
 1.4
Construction. Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and
“including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,”
“hereunder,” and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan
Document, as the case may be. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement or in any other Loan Document to any agreement, instrument, or
document shall include all alterations, amendments, changes, extensions, modifications, renewals, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions,
modifications, renewals, joinders, and 

 
supplements set forth herein). The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. Any reference herein or in any other Loan Document to the satisfaction or repayment in full of the Obligations shall mean the
repayment in full in cash or immediately available funds (or (a) in the case of Letters of Credit, providing Letter of Credit Collateralization, and (b) in the case of Bank Products, providing Bank Product Collateralization) of all
monetary Obligations other than unasserted contingent indemnification Obligations and other than any Bank Product Obligations that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding and that are not required by
the provisions of this Agreement to be repaid or cash collateralized. Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein or in any other Loan
Document shall be satisfied by the transmission of a Record. 
 1.5 Schedules and Exhibits. All of the schedules and exhibits
attached to this Agreement shall be deemed incorporated herein by reference. 
  

	2.	LOAN AND TERMS OF PAYMENT. 

 2.1 Revolver
Advances. 
 (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a
Revolver Commitment agrees (severally, not jointly or jointly and severally) to make advances (“Advances”) to Borrower in an amount at any one time outstanding not to exceed such Lender’s Pro Rata Share of an amount equal to
the Maximum Revolver Amount less the Letter of Credit Usage at such time. 
 (b) Amounts borrowed pursuant to this
Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Advances, together with unpaid interest accrued
thereon, shall be due and payable on the Maturity Date or, if earlier, on the date on which they are declared due and payable pursuant to the terms of this Agreement. 
 2.2 Term Loan. Subject to the terms and conditions of this Agreement, on the Closing Date each Lender with a Term Loan Commitment agrees (severally, not jointly or jointly and severally) to make term
loans (collectively, the “Term Loan”) to Borrower in an amount equal to such Lender’s Pro Rata Share of the Term Loan Amount. The principal of the Term Loan shall be repaid on the following dates and in the following amounts:

  

				
	 Date
	  	Installment Amount
	 June 30, 2009
	  	$	2,500,000
	 September 30, 2009
	  	$	2,500,000
	 December 31, 2009
	  	$	2,500,000
	 March 31, 2010
	  	$	2,500,000
	 June 30, 2010
	  	$	3,750,000
	 September 30, 2010
	  	$	3,750,000
	 December 31, 2010
	  	$	3,750,000

  

 - 2 - 

 The outstanding unpaid principal balance and all accrued and unpaid interest on the Term Loan shall be due and payable on
the earlier of (i) the Maturity Date, and (ii) the date of acceleration of the Term Loan in accordance with the terms hereof. All principal of, interest on, and other amounts payable in respect of the Term Loan shall constitute
Obligations. 
 2.3 Borrowing Procedures and Settlements. 
 (a) Procedure for Borrowing. Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent. Unless Swing Lender is
not obligated to make a Swing Loan pursuant to Section 2.3(b) below, such notice must be received by Agent no later than 11:00 a.m. (California time) on the Business Day that is the requested Funding Date specifying (i) the amount
of such Borrowing, and (ii) the requested Funding Date, which shall be a Business Day; provided, however, that if Swing Lender is not obligated to make a Swing Loan as to a requested Borrowing, such notice must be received by
Agent no later than 11:00 a.m. (California time) on the Business Day prior to the date that is the requested Funding Date. At Agent’s election, in lieu of delivering the above-described written request, any Authorized Person may give Agent
telephonic notice of such request by the required time. In such circumstances, Borrower agrees that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such
written confirmation shall not affect the validity of the request. 
 (b) Making of Swing Loans. In the case of a request for an
Advance and so long as either (i) the aggregate amount of Swing Loans made since the last Settlement Date, minus the amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the requested
Advance does not exceed $5,000,000, or (ii) Swing Lender, in its sole discretion, shall agree to make a Swing Loan notwithstanding the foregoing limitation, Swing Lender shall make an Advance in the amount of such Borrowing (any such Advance
made solely by Swing Lender pursuant to this Section 2.3(b) being referred to as a “Swing Loan” and such Advances being referred to collectively as “Swing Loans”) available to Borrower on the Funding
Date applicable thereto by transferring immediately available funds to Borrower’s Designated Account. Each Swing Loan shall be deemed to be an Advance hereunder and shall be subject to all the terms and conditions applicable to other Advances,
except that all payments on any Swing Loan shall be payable to Swing Lender solely for its own account. Swing Lender shall not make and shall not be obligated to make any Swing Loan if Swing Lender has actual knowledge that (i) one or more of
the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the requested Borrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing
Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any Swing Loan. The Swing Loans shall be
secured by the Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans. 
 (c) Making of Loans. 
 (i) In the event that Swing Lender is not obligated to make a Swing Loan, then
promptly after receipt of a request for a Borrowing pursuant to Section 2.3(a), Agent shall notify the Lenders, not later than 1:00 p.m. (California time) on the Business Day immediately preceding the Funding Date applicable thereto, by
telecopy, telephone, or other similar form of transmission, of the requested Borrowing. Each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to
Agent’s Account, not later than 10:00 a.m. (California time) on the Funding Date applicable thereto. After Agent’s receipt of the proceeds of such Advances, Agent shall make the proceeds thereof available to Borrower on the applicable
Funding Date by transferring immediately available funds equal to such proceeds received by Agent to the Designated Account; provided, however, that, Agent shall not request any Lender to make, and no Lender shall have the obligation
to make, any Advance if (1) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or
(2) the requested Borrowing would exceed the Availability on such Funding Date. 
  

 - 3 - 

 (ii) Unless Agent receives notice from a Lender prior to 9:00 a.m. (California time) on the date of a
Borrowing, that such Lender will not make available as and when required hereunder to Agent for the account of Borrower the amount of that Lender’s Pro Rata Share of the Borrowing, Agent may assume that each Lender has made or will make such
amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If any Lender shall not have
made its full amount available to Agent in immediately available funds and if Agent in such circumstances has made available to Borrower such amount, that Lender shall on the Business Day following such Funding Date make such amount available to
Agent, together with interest at the Defaulting Lender Rate for each day during such period. A notice submitted by Agent to any Lender with respect to amounts owing under this subsection shall be conclusive, absent manifest error. If such amount is
so made available, such payment to Agent shall constitute such Lender’s Advance on the Funding Date for all purposes of this Agreement. If such amount is not made available to Agent on the Business Day following the Funding Date, Agent will
notify Borrower of such failure to fund and, upon demand by Agent, Borrower shall pay such amount to Agent for Agent’s account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to
the interest rate applicable at the time to the Advances composing such Borrowing. The failure of any Lender to make any Advance on any Funding Date shall not relieve any other Lender of any obligation hereunder to make an Advance on such Funding
Date, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on any Funding Date. 
 (iii) Agent shall not be obligated to transfer to a Defaulting Lender any payments made by Borrower to Agent for the Defaulting Lender’s benefit, and, in the absence of such transfer to the Defaulting Lender,
Agent shall transfer any such payments to each other non-Defaulting Lender member of the Lender Group ratably in accordance with their Commitments (but only to the extent that such Defaulting Lender’s Advance was funded by the other members of
the Lender Group) or, if so directed by Borrower and if no Default or Event of Default has occurred and is continuing (and to the extent such Defaulting Lender’s Advance was not funded by the Lender Group), retain same to be re-advanced to
Borrower as if such Defaulting Lender had made Advances to Borrower. Subject to the foregoing, Agent may hold and, in its Permitted Discretion, re-lend to Borrower for the account of such Defaulting Lender the amount of all such payments received
and retained by Agent for the account of such Defaulting Lender. Solely for the purposes of voting or consenting to matters with respect to the Loan Documents, such Defaulting Lender shall be deemed not to be a “Lender” and such
Lender’s Commitment shall be deemed to be zero. This Section shall remain effective with respect to such Lender until (x) the Obligations under this Agreement shall have been declared or shall have become immediately due and payable,
(y) the non-Defaulting Lenders, Agent, and Borrower shall have waived such Defaulting Lender’s default in writing, or (z) the Defaulting Lender makes its Pro Rata Share of the applicable Advance and pays to Agent all amounts owing by
Defaulting Lender in respect thereof. The operation of this Section shall not be construed to increase or otherwise affect the Commitment of any Lender, to relieve or excuse the performance by such Defaulting Lender or any other Lender of its duties
and obligations hereunder, or to relieve or excuse the performance by Borrower of its duties and obligations hereunder to Agent or to the Lenders other than such Defaulting Lender. Any such failure to fund by any Defaulting Lender shall constitute a
material breach by such Defaulting Lender of this Agreement and shall entitle Borrower at its option, upon written notice to Agent, to arrange for a substitute Lender to assume the Commitment of such Defaulting Lender, such substitute Lender to be
reasonably acceptable to Agent. In connection with the arrangement of such a substitute Lender, the Defaulting Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed Assignment and Acceptance in
favor of the substitute Lender within 5 Business Days of the date of Borrower’s request therefor (and agrees that it shall be deemed to have executed and delivered such document if it fails to do so) subject only to being repaid its share of
the outstanding Obligations (other than Bank Product Obligations, but including an assumption of its Pro Rata Share of the Risk Participation Liability) without any premium or penalty of any kind whatsoever; provided, however, that any
such assumption of the Commitment of such Defaulting Lender shall not be deemed to constitute a waiver of any of the Lender Groups’ or Borrower’s rights or remedies against any such Defaulting Lender arising out of or in relation to such
failure to fund. 
  

 - 4 - 

 (d) Protective Advances. 
 (i) Agent hereby is authorized by Borrower and the Lenders, from time to time in Agent’s sole discretion, (A) after the occurrence and during
the continuance of a Default or an Event of Default, or (B) at any time that any of the other applicable conditions precedent set forth in Section 3 are not satisfied or waived, to make Advances to Borrower on behalf of the Lenders
that Agent, in its Permitted Discretion deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, or (2) to enhance the likelihood of repayment of the Obligations (other than the Bank Product
Obligations) (any of the Advances described in this Section 2.3(d)(i) shall be referred to as “Protective Advances”); provided that the aggregate outstanding principal amount of Protective Advances shall not
exceed $10,000,000 at any one time outstanding. 
 (ii) Intentionally Omitted. 
 (iii) Each Protective Advance shall be deemed to be an Advance hereunder, except that no Protective Advance shall be eligible to be a LIBOR Rate Loan
and, prior to Settlement therefor, all payments on the Protective Advances shall be payable to Agent solely for its own account. The Protective Advances shall be repayable on demand, secured by the Agent’s Liens, constitute Obligations
hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans. The provisions of this Section 2.3(d) are completely discretionary and shall not increase the Commitment of any Lender.

 (e) Settlement. It is agreed that each Lender’s funded portion of the Advances is intended by the Lenders to equal, at all
times, such Lender’s Pro Rata Share of the outstanding Advances. Such agreement notwithstanding, Agent, Swing Lender, and the other Lenders agree (which agreement shall not be for the benefit of Borrower) that in order to facilitate the
administration of this Agreement and the other Loan Documents, settlement among the Lenders as to the Advances, the Swing Loans, and the Protective Advances shall take place on a periodic basis in accordance with the following provisions:

 (i) Agent shall request settlement (“Settlement”) with the Lenders on a weekly basis, or on a more frequent basis if so
determined by Agent (1) on behalf of Swing Lender, with respect to the outstanding Swing Loans, (2) for itself, with respect to the outstanding Protective Advances, and (3) with respect to payments received, as to each by notifying
the Lenders by telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than 2:00 p.m. (California time) on the Business Day immediately prior to the date of such requested Settlement (the date of such
requested Settlement being the “Settlement Date”). Such notice of a Settlement Date shall include a summary statement of the amount of outstanding Advances, Swing Loans, and Protective Advances for the period since the prior
Settlement Date. Subject to the terms and conditions contained herein (including Section 2.3(c)(iii)): (y) if a Lender’s balance of the Advances (including Swing Loans and Protective Advances) exceeds such Lender’s Pro
Rata Share of the Advances (including Swing Loans and Protective Advances) as of a Settlement Date, then Agent shall, by no later than 12:00 p.m. (California time) on the Settlement Date, transfer in immediately available funds to a Deposit Account
of such Lender (as such Lender may designate), an amount such that each such Lender shall, upon receipt of such amount, have as of the Settlement Date, its Pro Rata Share of the Advances (including Swing Loans and Protective Advances), and
(z) if a Lender’s balance of the Advances (including Swing Loans and Protective Advances) is less than such Lender’s Pro Rata Share of the Advances (including Swing Loans and Protective Advances) as of a Settlement Date, such Lender
shall no later than 12:00 p.m. (California time) on the Settlement Date transfer in immediately available funds to the Agent’s Account, an amount such that each such Lender shall, upon transfer of such amount, have as of the Settlement Date,
its Pro Rata Share of the Advances (including Swing Loans and Protective Advances). Such amounts made available to Agent under clause (z) of the immediately preceding sentence shall be applied against the amounts of the applicable Swing Loans
or Protective Advances and, together with the portion of such Swing Loans or Protective Advances representing Swing Lender’s Pro Rata Share thereof, shall constitute Advances of such Lenders. If any such amount is not made available to Agent by
any Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Agent shall be entitled to recover for its account such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate.

  

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 (ii) In determining whether a Lender’s balance of the Advances, Swing Loans, and Protective
Advances is less than, equal to, or greater than such Lender’s Pro Rata Share of the Advances, Swing Loans, and Protective Advances as of a Settlement Date, Agent shall, as part of the relevant Settlement, apply to such balance the portion of
payments actually received in good funds by Agent with respect to principal, interest, fees payable by Borrower and allocable to the Lenders hereunder, and proceeds of Collateral. 
 (iii) Between Settlement Dates, Agent, to the extent Protective Advances or Swing Loans are outstanding, may pay over to Agent or Swing Lender, as
applicable, any payments received by Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the Advances, for application to the Protective Advances or Swing Loans. Between Settlement Dates, Agent, to the
extent no Protective Advances or Swing Loans are outstanding, may pay over to Swing Lender any payments received by Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the Advances, for application to
Swing Lender’s Pro Rata Share of the Advances. If, as of any Settlement Date, payments of Borrower received since the then immediately preceding Settlement Date have been applied to Swing Lender’s Pro Rata Share of the Advances other than
to Swing Loans, as provided for in the previous sentence, Swing Lender shall pay to Agent for the accounts of the Lenders, and Agent shall pay to the Lenders, to be applied to the outstanding Advances of such Lenders, an amount such that each Lender
shall, upon receipt of such amount, have, as of such Settlement Date, its Pro Rata Share of the Advances. During the period between Settlement Dates, Swing Lender with respect to Swing Loans, Agent with respect to Protective Advances, and each
Lender (subject to the effect of agreements between Agent and individual Lenders) with respect to the Advances other than Swing Loans and Protective Advances, shall be entitled to interest at the applicable rate or rates payable under this Agreement
on the daily amount of funds employed by Swing Lender, Agent, or the Lenders, as applicable. 
 (f) Notation. Agent, as a
non-fiduciary agent for Borrower, shall maintain a register showing the principal amount of the Advances (and portion of the Term Loan, as applicable), owing to each Lender, including the Swing Loans owing to Swing Lender, and Protective Advances
owing to Agent, and the interests therein of each Lender, from time to time and such records shall, absent manifest error, conclusively be presumed to be correct and accurate. 
 (g) Lenders’ Failure to Perform. All Advances (other than Swing Loans and Protective Advances) shall be made by the Lenders contemporaneously
and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Advance (or other extension of credit) hereunder, nor shall any
Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its obligations hereunder shall excuse any other Lender from
its obligations hereunder. 
 2.4 Payments; Reductions of Commitments; Prepayments. 
 (a) Payments by Borrower. 
 (i) Except
as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than 11:00 a.m. (California time) on the date
specified herein. Any payment received by Agent later than 11:00 a.m. (California time) shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business
Day. 
  

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 (ii) Unless Agent receives notice from Borrower prior to the date on which any payment is due to the
Lenders that Borrower will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so
required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender
severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid. 
 (b) Apportionment and Application. 
 (i) So long as no Application Event has occurred and is continuing and except as otherwise provided with respect to Defaulting Lenders, all principal and interest payments shall be apportioned ratably among the Lenders (according to the
unpaid principal balance of the Obligations to which such payments relate held by each Lender) and all payments of fees and expenses required hereunder (other than fees or expenses required hereunder that are for Agent’s separate account) shall
be apportioned ratably among the Lenders having a Pro Rata Share of the type of Commitment or Obligation to which a particular fee or expense relates. All payments to be made hereunder by Borrower shall be remitted to Agent and all (subject to
Section 2.4(b)(ii), Section 2.4(b)(iv), and Section 2.4(e)) such payments shall be applied, so long as no Application Event has occurred and is continuing, to reduce the balance of Advances outstanding and,
thereafter, to Borrower (to be wired to the Designated Accounts) or such other Person entitled thereto under applicable law. 
 (ii) At any
time that an Application Event has occurred and is continuing and except as otherwise provided with respect to Defaulting Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows:

 (A) first, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due and payable to Agent
under the Loan Documents, until paid in full, 
 (B) second, to pay any fees then due and payable to Agent under the Loan Documents
until paid in full, 
 (C) third, to pay interest due and payable in respect of all Protective Advances until paid in full,

 (D) fourth, to pay the principal of all Protective Advances until paid in full, 
 (E) fifth, ratably to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due and payable to any of the
Lenders under the Loan Documents, until paid in full, 
 (F) sixth, ratably to pay any fees then due and payable to any of the
Lenders under the Loan Documents until paid in full, 
 (G) seventh, ratably to pay interest due and payable in respect of the
Advances (other than Protective Advances), the Swing Loans, and the Term Loan until paid in full, 
 (H) eighth, ratably (i) to
pay the principal of all Swing Loans until paid in full, (ii) to pay the principal of all Advances until paid in full, (iii) to Agent, to be held by Agent, for the benefit of Issuing Lender and those Lenders having a share of the Risk
Participation Liability, as cash collateral in an amount up to 105% of the Letter of Credit Usage, and (iv) to pay the outstanding principal balance of the Term Loan until the Term Loan is paid in full, 
  

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 (I) ninth, to pay any other Obligations then due and payable, and 
 (J) tenth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. 
 (iii) Agent promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each Lender in writing, such funds as
it may be entitled to receive, subject to a Settlement delay as provided in Section 2.3(e). 
 (iv) In each instance, so long as
no Application Event has occurred and is continuing, Section 2.4(b)(i) shall not apply to any payment made by Borrower to Agent and specified by Borrower to be for the payment of specific Obligations then due and payable (or prepayable)
under any provision of this Agreement or any other Loan Document. 
 (v) For purposes of Section 2.4(b)(ii), “paid in
full” means payment in cash or immediately available funds of all amounts owing under the Loan Documents, including loan fees, service fees, professional fees, accrued and unpaid interest (and specifically including interest accrued after the
commencement of any Insolvency Proceeding), accrued and unpaid default interest, accrued and unpaid interest on interest, and expense reimbursements, whether or not any of the foregoing would be or is allowed or disallowed in whole or in part in any
Insolvency Proceeding. 
 (vi) In the event of a direct conflict between the priority provisions of this Section 2.4 and any
other provision contained in any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual,
irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern. 
 (c) Reduction of Commitments. 
 (i) Revolver Commitments. The Revolver Commitments shall terminate on the Maturity
Date. Borrower may reduce the Revolver Commitments to an amount (which may be zero) not less than the sum of (A) the Revolver Usage as of such date, plus (B) the principal amount of all Advances not yet made as to which a request has been
given by Borrower under Section 2.3(a), plus (C) the amount of all Letters of Credit not yet issued as to which a request has been given by Borrower pursuant to Section 2.11(a). Each such reduction shall be in an amount
of $5,000,000 or an integral multiple of $1,000,000 in excess thereof (unless the Revolver Commitments in effect immediately prior to such reduction are less than $5,000,000), shall be made by providing not less than 5 Business Days prior written
notice to Agent and shall be irrevocable. Once reduced, the Revolver Commitments may not be increased. Each such reduction of the Revolver Commitments shall reduce the Revolver Commitments of each Lender proportionately in accordance with its Pro
Rata Share thereof. 
 (ii) Term Loan Commitments. The Term Loan Commitments shall terminate upon the making of the Term Loan.

 (d) Optional Prepayments. 
 (i) Advances. Borrower may prepay the principal of any Advance at any time in whole or in part without penalty or premium. 
 (ii) Term Loan. Borrower may, upon at least 3 Business Days prior written notice to Agent, prepay the principal of the Term Loan, in whole or in part without penalty or premium. Each 

  

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prepayment made pursuant to this Section 2.4(d)(ii) shall be accompanied by the payment of accrued interest to the date of such payment on the
amount prepaid. Each such prepayment shall be applied against the remaining installments of principal due on the Term Loan on a pro rata basis (for the avoidance of doubt, any amount that is due and payable on the Maturity Date shall constitute an
installment). 
 (e) Mandatory Prepayments. 
 (i) Intentionally Omitted. 
 (ii) Dispositions. Within 3 Business Days of the date of receipt
by Borrower or any of its Restricted Subsidiaries of the Net Cash Proceeds of any voluntary or involuntary sale or disposition by Borrower or any of its Restricted Subsidiaries of assets (including casualty losses or condemnations but excluding
sales or dispositions which qualify as Permitted Dispositions under clauses (a), (b), (c), (d), (g), (h), (i), (j), (k), (m), or (n) of the definition of Permitted Dispositions), Borrower shall prepay the outstanding principal amount of
the Obligations in accordance with Section 2.4(f)(ii) in an amount equal to 100% of such Net Cash Proceeds (including condemnation awards and payments in lieu thereof) received by such Person in connection with such sales or
dispositions; provided that so long as (A) no Default under Section 8.1 or 8.4 and no Event of Default shall have occurred and is continuing, (B) Borrower shall have given Agent prior written notice of
Borrower’s intention to apply such monies to the costs of replacement of the properties or assets that are the subject of such sale or disposition or the cost of purchase or construction of other assets useful in the business of Borrower or its
Restricted Subsidiaries, (C) if the aggregate amount of the Net Cash Proceeds received from one or more related sales or other dispositions equals or exceeds $10,000,000, the monies constituting such Net Cash Proceeds (as and when received, but
less the amount of such Net Cash Proceeds that have been previously applied to the costs of replacement of the assets that are the subject of such sale or disposition or the cost of purchase or construction of other assets useful in the business of
Borrower or its Restricted Subsidiaries) are held in a cash collateral Deposit Account in which Agent has a perfected first-priority security interest, and (D) Borrower or its Restricted Subsidiaries, as applicable, complete such replacement,
purchase, or construction within 270 days after the initial receipt of such monies, or become subject, within 270 days of such receipt, to a binding obligation to complete such replacement, purchase, or construction (so long as such replacement,
purchase, or construction is completed within 365 days of such receipt), Borrower and its Restricted Subsidiaries shall have the option to apply such monies (including any such monies held in a cash collateral Deposit Account), to the costs of
replacement of the assets that are the subject of such sale or disposition or the cost of purchase or construction of other assets useful in the business of Borrower or its Restricted Subsidiaries unless and to the extent that such applicable period
shall have expired without such replacement, purchase, or construction being made or completed, in which case, any amounts remaining in the cash collateral Deposit Account shall be paid to Agent and applied in accordance with
Section 2.4(f)(ii); provided, however, that Borrower and its Subsidiaries shall not have the right to use such Net Cash Proceeds to make such replacements, purchases, or construction in excess of $5,000,000 in any given
fiscal year, Nothing contained in this Section 2.4(e)(ii) shall permit Borrower or any of its Restricted Subsidiaries to sell or otherwise dispose of any assets other than in accordance with the express provisions of this Agreement
and the other Loan Documents. 
 (iii) Intentionally Omitted. 
 (iv) Indebtedness. Within 3 Business Days of the date of incurrence by Borrower or any of its Restricted Subsidiaries of any Indebtedness (other
than Permitted Indebtedness), Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(ii) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection with
such incurrence. The provisions of this Section 2.4(e)(iv) shall not be deemed to be implied consent to any such incurrence otherwise prohibited by the terms and conditions of this Agreement or the other Loan Documents. 
  

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 (v) Equity. Within 3 Business Days of the date of the issuance by Borrower or any of its
Restricted Subsidiaries of any shares of its or their Capital Stock (other than (A) in the event that Borrower or any of its Restricted Subsidiaries forms any Subsidiary in accordance with the terms hereof, the issuance by such Subsidiary of
Capital Stock to Borrower or such Restricted Subsidiary, as applicable, (B) the issuance of Capital Stock by Borrower to Permitted Holders, (C) the issuance of shares of Borrower’s Capital Stock (other than Prohibited Preferred Stock)
in connection with the acquisition of assets or Capital Stock in exchange for the issuance of such Capital Stock, (D) the issuance of Capital Stock of Borrower to directors, officers, and employees of Borrower and its Restricted Subsidiaries
pursuant to employee stock option plans (or other employee incentive plans or other compensation arrangements) approved by the Board of Directors, and (E) the issuance of shares of Borrower’s Capital Stock (other than Prohibited Preferred
Stock) in connection with a transaction permitted under Section 6.9(d)(ii)), Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(ii) in an amount equal to 100% of the
Net Cash Proceeds received by such Person in connection with such issuance. The provisions of this Section 2.4(e)(v) shall not be deemed to be implied consent to any such issuance otherwise prohibited by the terms and conditions of this
Agreement. 
 (vi) Excess Cash Flow. Within 10 Business Days of delivery to Agent and the Lenders of audited annual financial
statements pursuant to Section 5.1, commencing with the delivery to Agent and the Lenders of the financial statements for Borrower’s fiscal year ended December 31, 2009 or, if such financial statements are not delivered to
Agent and the Lenders on the date such statements are required to be delivered pursuant to Section 5.1, 10 Business Days after the date such statements are required to be delivered to Agent and the Lenders pursuant to
Section 5.1, Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f)(ii) in an amount equal to 50% of the Excess Cash Flow of Borrower and its Restricted Subsidiaries for
such fiscal year. 
 (f) Application of Payments.  
 (i) Intentionally Omitted. 
 (ii) Each prepayment pursuant to Section 2.4(e)(ii),
2.4(e)(iv), 2.4(e)(v), or 2.4(e)(vi) above shall (A) so long as no Application Event shall have occurred and be continuing, be applied, without penalty or premium, first, to the outstanding principal amount of the
Term Loan until paid in full, and second, to the outstanding principal amount of the Advances, until paid in full, and (B) if an Application Event shall have occurred and be continuing, be applied in the manner set forth in
Section 2.4(b)(ii). Each such prepayment of the Term Loan shall be applied against the remaining installments of principal of the Term Loan on a pro rata basis (for the avoidance of doubt, any amount that is due and payable on the
Maturity Date shall constitute an installment). 
 2.5 Overadvances. If, at any time or for any reason, the amount of
Obligations owed by Borrower to the Lender Group pursuant to Section 2.1 or Section 2.11 is greater than any of the limitations set forth in Section 2.1 or Section 2.11, as applicable (an
“Overadvance”), Borrower shall immediately pay to Agent, in cash, the amount of such excess, which amount shall be used by Agent to reduce the Obligations in accordance with the priorities set forth in Section 2.4(b).
Borrower promises to pay the Obligations (including principal, interest, fees, costs, and expenses) in Dollars in full on the Maturity Date or, if earlier, on the date on which the Obligations are declared due and payable pursuant to the terms of
this Agreement. 
 2.6 Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations. 
 (a) Interest Rates. Except as provided in Section 2.6(c), all Obligations (except for undrawn Letters of Credit and except for Bank
Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof as follows: 
 (i) if the relevant Obligation is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus the LIBOR Rate Margin, and 
  

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 (ii) otherwise, at a per annum rate equal to the Base Rate plus the Base Rate Margin. 
 (b) Letter of Credit Fee. Borrower shall pay Agent (for the ratable benefit of the Lenders with a Revolver Commitment, subject to any agreements
between Agent and individual Lenders), a Letter of Credit fee (in addition to the charges, commissions, fees, and costs set forth in Section 2.11(e)) which shall accrue at a per annum rate equal to 6.00% times the Daily Balance of the
undrawn amount of all outstanding Letters of Credit. 
 (c) Default Rate. Upon the occurrence and during the continuation of an Event
of Default and at the election of the Required Lenders (written notice of such election to be given by Agent to Borrower as promptly as practicable), 
 (i) all Obligations (except for undrawn Letters of Credit and except for Bank Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance
thereof at a per annum rate equal to 2 percentage points above the per annum rate otherwise applicable hereunder, and 
 (ii) the Letter of
Credit fee provided for in Section 2.6(b) shall be increased to 2 percentage points above the per annum rate otherwise applicable hereunder. 
 (d) Payment. Except as provided to the contrary in the Fee Letter or Section 2.12(a), interest, Letter of Credit fees, and all other fees payable hereunder shall be due and payable, in arrears, on
the last day of each quarter at any time that Obligations or Commitments are outstanding. Borrower hereby authorizes Agent, from time to time without prior notice to Borrower, to charge all accrued and unpaid interest and fees (when due and
payable), all Lender Group Expenses (as and when incurred), all charges, commissions, fees, and costs provided for in Section 2.11(e) (as and when accrued or incurred), all fees and costs provided for in Section 2.10 (as and
when accrued or incurred), and all other payments as and when due and payable under any Loan Document (including any amounts due and payable to the Bank Product Providers in respect of Bank Products) to the Loan Account, which amounts thereafter
shall constitute Advances hereunder and shall accrue interest at the rate then applicable to Advances that are Base Rate Loans. Any interest not paid when due shall be compounded by being charged to the Loan Account and shall thereafter constitute
Advances hereunder and shall accrue interest at the rate then applicable to Advances that are Base Rate Loans. 
 (e) Computation. All
interest and fees chargeable under the Loan Documents (other than interest with respect to Base Rate Loans) shall be computed on the basis of a 360 day year, in each case, for the actual number of days elapsed in the period during which the interest
or fees accrue. Interest with respect to Base Rate Loans shall be computed on the basis of a 365/366 day year for the actual number of days elapsed in the period during which the interest accrues. In the event the Base Rate is changed from time to
time hereafter, the rates of interest hereunder based upon the Base Rate automatically and immediately shall be increased or decreased by an amount equal to such change in the Base Rate. 
 (f) Intent to Limit Charges to Maximum Lawful Rate. The Lender Group and all other parties to the Loan Documents intend to contract in strict
compliance with applicable usury law from time to time in effect. In furtherance thereof such Persons stipulate and agree that none of the terms and provisions contained in the Loan Documents shall ever be construed to create a contract to pay, for
the use, forbearance or detention of money, or interest in excess of the Maximum Interest. No Loan Party, endorser, or other Person hereafter becoming liable for payment of any Obligation shall ever be liable to pay interest thereon in excess of the
Maximum Interest, and the provisions of this section shall control over all other 

  

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provisions of the Loan Documents which may be in conflict or apparent conflict herewith. If (i) the maturity of any Obligation is accelerated for any
reason, (ii) any Obligation is prepaid and as a result any amounts held to constitute interest are determined to be in excess of the Maximum Interest, or (iii) any Lender or any other holder of any or all of the Obligations shall otherwise
collect moneys that are determined to constitute interest which would otherwise increase the interest and other amounts deemed interest on any or all of the Obligations to an amount in excess of the Maximum Interest, then all sums determined to
constitute interest in excess of the Maximum Interest shall, without penalty, be promptly applied to reduce the then outstanding principal of the related Obligations or, at such Lender’s or holder’s option, promptly returned to Borrower
upon such determination. In determining whether or not the interest paid or payable, under any specific circumstance, exceeds the Maximum Interest, the Lender Group and Loan Parties shall to the greatest extent permitted under applicable law,
(x) characterize any non-principal payment as an expense, fee or premium rather than as interest, (y) exclude the voluntary prepayments and the effects thereof, and (z) amortize, prorate, allocate, and spread the total amount of
interest throughout the entire contemplated term of the instruments evidencing Obligations in accordance with the amounts outstanding from time to time thereunder and the Maximum Interest in order to lawfully charge the Maximum Interest. If at any
time mandatory provisions of law provide for the application of an interest ceiling under Chapter 303 of the Texas Finance Code (the “Texas Finance Code”) as amended, at such time, the ceiling shall be the “weekly ceiling”
as defined in the Texas Finance Code; provided that if any applicable law permits greater interest, the law permitting the greatest interest shall apply. To the extent that the interest rate or rates otherwise payable under this Agreement plus any
other amounts paid under this Agreement or any other Loan Document are limited under applicable law, each Lender agrees to limit the interest to which it is otherwise entitled to the Maximum Interest. Such limitation for each Lender for any period
shall be in an amount equal to such Lender’s Pro Rata Share multiplied by the difference between the applicable interest rate under this Agreement and the Maximum Interest. For purposes of this calculation at any date of determination, any fees
or charges included in the calculation of interest not directly related to a particular type of Obligation shall be allocated ratably to each Lender based upon the outstanding Obligations of each Lender compared to all Obligations. As provided
in Section 12(a), this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. The foregoing provisions are included solely out of an abundance of caution and shall not be construed to mean
that any of the above referenced provisions of Texas law are in any way applicable to this Agreement, the other Loan Documents, or the Obligations. 
 2.7 Crediting Payments.  
 (a) The receipt of any payment item by Agent shall not be considered a payment on account
unless such payment item is a wire transfer of immediately available federal funds made to the Agent’s Account or unless and until such payment item is honored when presented for payment. Should any payment item not be honored when presented
for payment, then Borrower shall be deemed not to have made such payment and interest shall be calculated accordingly. Anything to the contrary contained herein notwithstanding, any payment item shall be deemed received by Agent only if it is
received into the Agent’s Account on a Business Day on or before 11:00 a.m. (California time). If any payment item is received into the Agent’s Account on a non-Business Day or after 11:00 a.m. (California time) on a Business Day, it shall
be deemed to have been received by Agent as of the opening of business on the immediately following Business Day. 
 (b) Intentionally
Omitted. 
 2.8 Designated Account. Agent is authorized to make the Advances and the Term Loan, and Issuing Lender is
authorized to issue the Letters of Credit, under this Agreement based upon telephonic or other instructions received from anyone believed by Agent in good faith to be an Authorized Person or, without instructions, if pursuant to
Section 2.6(d). Borrower agrees to establish and maintain the Designated Account with the Designated Account Bank for the purpose of receiving the proceeds of the Advances requested by Borrower and made by Agent or the Lenders hereunder.
Unless otherwise agreed by Agent and Borrower, any Advance, Protective Advance, or Swing Loan requested by Borrower and made by Agent or the Lenders hereunder shall be made to the Designated Account. 
  

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 2.9 Maintenance of Loan Account; Statements of Obligations. Agent shall maintain an account
on its books in the name of Borrower (the “Loan Account”) on which Borrower will be charged with the Term Loan, all Advances (including Protective Advances and Swing Loans) made by Agent, Swing Lender, or the Lenders to Borrower or
for Borrower’s account, the Letters of Credit issued by Issuing Lender for Borrower’s account, and with all other payment Obligations hereunder or under the other Loan Documents (except for Bank Product Obligations), including, accrued
interest, fees and expenses, and Lender Group Expenses. In accordance with Section 2.7, the Loan Account will be credited with all payments received by Agent from Borrower or for Borrower’s account. Agent shall render statements
regarding the Loan Account to Borrower, including principal, interest, fees, and including an itemization of all charges and expenses constituting Lender Group Expenses owing, and such statements, absent manifest error, shall be conclusively
presumed to be correct and accurate and constitute an account stated between Borrower and the Lender Group unless, within 30 days after receipt thereof by Borrower, Borrower shall deliver to Agent written objection thereto describing the error or
errors contained in any such statements. 
 2.10 Fees. Borrower shall pay to Agent, 
 (a) for the account of Agent, as and when due and payable under the terms of the Fee Letter, the fees set forth in the Fee Letter. 
 (b) for the ratable account of those Lenders with Revolver Commitments, on the last day of each quarter from and after the Closing Date up to the last
day of the quarter prior to the Payoff Date and on the Payoff Date, an unused line fee in an amount equal to 0.50% per annum times the result of (i) the Maximum Revolver Amount, less (ii) the average Daily Balance of the Revolver
Usage during such quarter (or portion thereof). 
 2.11 Letters of Credit. 
 (a) Subject to the terms and conditions of this Agreement, the Issuing Lender agrees to issue letters of credit for the account of Borrower (each, an
“L/C”) or to purchase participations or execute indemnities, guarantees, or reimbursement obligations (each such undertaking, an “L/C Undertaking”) with respect to letters of credit issued by an Underlying Issuer
(as of the Closing Date, the prospective Underlying Issuer is to be Wells Fargo) for the account of Borrower. Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be
made in writing by an Authorized Person and delivered to the Issuing Lender and Agent via hand delivery, telefacsimile, or other electronic method of transmission reasonably in advance of the requested date of issuance, amendment, renewal, or
extension. Each such request shall be in form and substance reasonably satisfactory to the Issuing Lender and shall specify (i) the amount of such Letter of Credit, (ii) the date of issuance, amendment, renewal, or extension of such Letter
of Credit, (iii) the expiration date of such Letter of Credit, (iv) the name and address of the beneficiary thereof (or the beneficiary of the Underlying Letter of Credit, as applicable), and (v) such other information (including, in
the case of an amendment, renewal, or extension, identification of the outstanding Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit. Anything contained herein to
the contrary notwithstanding, the Issuing Lender may, but shall not be obligated to issue a Letter of Credit that supports the obligations of a Loan Party or its Subsidiaries in respect of a lease of real property. If requested by the Issuing
Lender, Borrower also shall be an applicant under the application with respect to any Underlying Letter of Credit that is to be the subject of an L/C Undertaking. The Issuing Lender shall have no obligation to issue a Letter of Credit if any of the
following would result after giving effect to the issuance of such requested Letter of Credit: 
 (i) the Letter of Credit Usage would exceed
$25,000,000, or 
  

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 (ii) the Letter of Credit Usage would exceed the Maximum Revolver Amount less the outstanding
amount of Advances. 
 Borrower and the Lender Group acknowledge and agree that certain Underlying Letters of Credit may be issued to support
letters of credit that already are outstanding as of the Closing Date. Each Letter of Credit (and corresponding Underlying Letter of Credit) shall be in form and substance reasonably acceptable to the Issuing Lender, including the requirement that
the amounts payable thereunder must be payable in Dollars. If Issuing Lender is obligated to advance funds under a Letter of Credit, Borrower shall reimburse such L/C Disbursement to Issuing Lender by paying to Agent an amount equal to such L/C
Disbursement not later than 11:00 a.m., California time, on the date that such L/C Disbursement is made, if Borrower shall have received written or telephonic notice of such L/C Disbursement prior to 10:00 a.m., California time, on such date, or, if
such notice has not been received by Borrower prior to such time on such date, then not later than 11:00 a.m., California time, on the Business Day that Borrower receives such notice, if such notice is received prior to 10:00 a.m., California time,
on the date of receipt, and, in the absence of such reimbursement, the L/C Disbursement immediately and automatically shall be deemed to be an Advance hereunder and, initially, shall bear interest at the rate then applicable to Advances that are
Base Rate Loans. To the extent an L/C Disbursement is deemed to be an Advance hereunder, Borrower’s obligation to reimburse such L/C Disbursement shall be discharged and replaced by the resulting Advance. Promptly following receipt by Agent of
any payment from Borrower pursuant to this paragraph, Agent shall distribute such payment to the Issuing Lender or, to the extent that Lenders have made payments pursuant to Section 2.11(b) to reimburse the Issuing Lender, then to such
Lenders and the Issuing Lender as their interests may appear. 
 (b) Promptly following receipt of a notice of L/C Disbursement pursuant to
Section 2.11(a), each Lender with a Revolver Commitment agrees to fund its Pro Rata Share of any Advance deemed made pursuant to the foregoing subsection on the same terms and conditions as if Borrower had requested such Advance and
Agent shall promptly pay to Issuing Lender the amounts so received by it from the Lenders. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the
Issuing Lender or the Lenders with Revolver Commitments, the Issuing Lender shall be deemed to have granted to each Lender with a Revolver Commitment, and each Lender with a Revolver Commitment shall be deemed to have purchased, a participation in
each Letter of Credit, in an amount equal to its Pro Rata Share of the Risk Participation Liability of such Letter of Credit, and each such Lender agrees to pay to Agent, for the account of the Issuing Lender, such Lender’s Pro Rata Share of
any payments made by the Issuing Lender under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender with a Revolver Commitment hereby absolutely and unconditionally agrees to pay to Agent, for the account of the
Issuing Lender, such Lender’s Pro Rata Share of each L/C Disbursement made by the Issuing Lender and not reimbursed by Borrower on the date due as provided in Section 2.11(a), or of any reimbursement payment required to be refunded
to Borrower for any reason. Each Lender with a Revolver Commitment acknowledges and agrees that its obligation to deliver to Agent, for the account of the Issuing Lender, an amount equal to its respective Pro Rata Share of each L/C Disbursement made
by the Issuing Lender pursuant to this Section 2.11(b) shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of an Event of Default or Default or the failure to satisfy any
condition set forth in Section 3. If any such Lender fails to make available to Agent the amount of such Lender’s Pro Rata Share of each L/C Disbursement made by the Issuing Lender in respect of such Letter of Credit as provided in
this Section, such Lender shall be deemed to be a Defaulting Lender and Agent (for the account of the Issuing Lender) shall be entitled to recover such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate
until paid in full. 
 (c) Borrower hereby agrees to indemnify, save, defend, and hold the Lender Group harmless from any loss, cost,
expense, or liability, and reasonable attorneys fees incurred by the Lender Group arising out of or in connection with any Letter of Credit; provided, however, that Borrower shall not be obligated hereunder to indemnify for any loss,
cost, expense, or liability to the extent that it is caused by the bad faith, gross negligence, or willful misconduct of the Issuing Lender or any other member of the Lender 

  

 - 14 - 

 
Group. Borrower agrees to be bound by the Underlying Issuer’s regulations and interpretations of any Underlying Letter of Credit or by Issuing
Lender’s interpretations of any L/C issued by Issuing Lender to or for Borrower’s account, even though this interpretation may be different from Borrower’s own, and Borrower understands and agrees that the Lender Group shall not be
liable for any error, negligence, or mistake, whether of omission or commission, in following Borrower’s instructions or those contained in the Letter of Credit or any modifications, amendments, or supplements thereto. Borrower understands that
the L/C Undertakings may require Issuing Lender to indemnify the Underlying Issuer for certain costs or liabilities arising out of claims by Borrower against such Underlying Issuer. Borrower hereby agrees to indemnify, save, defend, and hold the
Lender Group harmless with respect to any loss, cost, expense (including reasonable attorneys fees), or liability incurred by the Lender Group under any L/C Undertaking as a result of the Lender Group’s indemnification of any Underlying Issuer;
provided, however, that Borrower shall not be obligated hereunder to indemnify for any loss, cost, expense, or liability to the extent that it is caused by the bad faith, gross negligence, or willful misconduct of the Issuing Lender or
any other member of the Lender Group. Borrower hereby acknowledges and agrees that neither the Lender Group nor the Issuing Lender shall be responsible for delays, errors, or omissions resulting from the malfunction of equipment in connection with
any Letter of Credit. 
 (d) Borrower hereby authorizes and directs any Underlying Issuer to deliver to the Issuing Lender all instruments,
documents, and other writings and property received by such Underlying Issuer pursuant to such Underlying Letter of Credit and to accept and rely upon the Issuing Lender’s instructions with respect to all matters arising in connection with such
Underlying Letter of Credit and the related application. 
 (e) Any and all issuance charges, commissions, fees, and costs incurred by the
Issuing Lender relating to Underlying Letters of Credit shall be Lender Group Expenses for purposes of this Agreement and shall be reimbursable immediately by Borrower to Agent for the account of the Issuing Lender; it being acknowledged and agreed
by Borrower that, as of the Closing Date, the issuance charge imposed by the prospective Underlying Issuer is .375% per annum times the undrawn amount of each Underlying Letter of Credit, that such issuance charge may be changed from time to
time, and that the Underlying Issuer also imposes a schedule of charges for amendments, extensions, drawings, and renewals. Agent agrees to provide Borrower with prompt written notice of any changes in such charges. 
 (f) If by reason of (i) any change after the Closing Date in any applicable law, treaty, rule, or regulation or any change in the interpretation or
application thereof by any Governmental Authority, or (ii) compliance by the Underlying Issuer or the Lender Group with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or
monetary authority including, Regulation D of the Federal Reserve Board as from time to time in effect (and any successor thereto): 
 (i)
any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of Credit issued hereunder, or 
 (ii) there shall be imposed on the Underlying Issuer or the Lender Group any other condition regarding any Underlying Letter of Credit or any Letter of Credit issued pursuant hereto, 
 and the result of the foregoing is to increase, directly or indirectly, the cost to the Lender Group of issuing, making, guaranteeing, or maintaining any Letter of
Credit or to reduce the amount receivable in respect thereof by the Lender Group, then, and in any such case, Agent may, at any time within a reasonable period after the additional cost is incurred or the amount received is reduced, notify Borrower
by delivery of the certificate referenced in the immediately following sentence, and Borrower shall pay within 30 days after demand therefor, such amounts as Agent may specify to be necessary to compensate the Lender Group for such additional cost
or reduced receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to Base Rate Loans hereunder; provided that Borrower shall not be required to compensate a Lender
pursuant to this Section for any such amounts incurred more than 90 days prior to the date that such Lender first demands payment from Borrower of such amounts; provided  

  

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further that if an event or circumstance giving rise to such amounts is retroactive, then the 90-day period referred to above shall be extended to
include the period of retroactive effect thereof. The determination by Agent of any amount due pursuant to this Section, as set forth in a certificate setting forth the calculation thereof in reasonable detail, shall, in the absence of manifest or
demonstrable error, be final and conclusive and binding on all of the parties hereto. 
 2.12 LIBOR Option. 
 (a) Interest and Interest Payment Dates. Borrower shall have the option (the “LIBOR Option”) to have interest on all or a portion
of the Advances or the Term Loan be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of
interest based upon the LIBOR Rate in lieu of having interest charged at the rate based upon the Base Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto;
provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals after the commencement of the
applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated
pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the
rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower no longer shall have the option to request that Advances or the Term Loan bear interest at
a rate based upon the LIBOR Rate. 
 (b) LIBOR Election. 
 (i) Borrower may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise the LIBOR Option by
notifying Agent prior to 11:00 a.m. (California time) at least 3 Business Days prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”). Notice of Borrower’s election of the LIBOR Option for a permitted
portion of the Advances or the Term Loan and an Interest Period pursuant to this Section shall be made by delivery to Agent of a LIBOR Notice received by Agent before the LIBOR Deadline, or by telephonic notice received by Agent before the LIBOR
Deadline (to be confirmed by delivery to Agent of a LIBOR Notice received by Agent prior to 5:00 p.m. (California time) on the same day). Promptly upon its receipt of each such LIBOR Notice, Agent shall provide a copy thereof to each of the affected
Lenders. 
 (ii) Each LIBOR Notice shall be irrevocable and binding on Borrower. In connection with each LIBOR Rate Loan, Borrower shall
indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender as a result of (A) the payment of any principal of any LIBOR Rate Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, or (C) the failure to borrow, convert,
continue or prepay any LIBOR Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, or expenses, “Funding Losses”). A certificate of Agent or a Lender delivered to Borrower setting forth
in reasonable detail the calculation of any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.12 shall be conclusive absent manifest error. Borrower shall pay such amount to Agent or the
Lender, as applicable, within 30 days of the date of its receipt of such certificate. If a payment of a LIBOR Rate Loan on a day other than the last day of the applicable Interest Period would result in a Funding Loss, Agent may, in its sole
discretion at the request of Borrower, hold the amount of such payment as cash collateral in support of the Obligations until the last day of such Interest Period and apply such amounts to the payment of the applicable LIBOR Rate Loan on such last
day, it being agreed that Agent has no obligation to so defer the application of payments to any LIBOR Rate Loan and that, in the event that Agent does not defer such application, Borrower shall be obligated to pay any resulting Funding Losses. No
Agent or Lender shall be entitled to recover under this Section losses, costs, or expenses incurred by such Agent or Lender as a result of the bad faith, gross negligence, or willful misconduct of such Agent or Lender. 
  

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 (iii) Borrower shall have not more than 8 LIBOR Rate Loans in effect at any given time. Borrower only
may exercise the LIBOR Option for LIBOR Rate Loans of at least $1,000,000 and integral multiples of $500,000 in excess thereof. 
 (c)
Conversion. Borrower may convert LIBOR Rate Loans to Base Rate Loans at any time; provided, however, that in the event that LIBOR Rate Loans are converted or prepaid on any date that is not the last day of the Interest Period
applicable thereto, including as a result of any automatic prepayment through the required application by Agent of proceeds of Borrower’s and its Subsidiaries’ Collections in accordance with Section 2.4(b) or for any other
reason, including early termination of the term of this Agreement or acceleration of all or any portion of the Obligations pursuant to the terms hereof, Borrower shall indemnify, defend, and hold Agent and the Lenders and their Participants harmless
against any and all Funding Losses in accordance with Section 2.12 (b)(ii) above. 
 (d) Special Provisions Applicable to
LIBOR Rate. 
 (i) The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any
additional or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to changes in applicable law occurring subsequent to the commencement of the then applicable Interest Period,
including changes in tax laws (except changes of general applicability in corporate income tax laws) and changes in the reserve requirements imposed by the Board of Governors of the Federal Reserve System (or any successor), excluding the Reserve
Percentage, which additional or increased costs would increase the cost of funding or maintaining loans bearing interest at the LIBOR Rate. In any such event, the affected Lender shall give Borrower and Agent prompt written notice of such a
determination and adjustment and Agent promptly shall transmit the notice to each other Lender and, upon its receipt of the notice from the affected Lender, Borrower may, by notice to such affected Lender (y) require such Lender to furnish to
Borrower a statement setting forth the basis for adjusting such LIBOR Rate and the method for determining the amount of such adjustment, or (z) repay the LIBOR Rate Loans with respect to which such adjustment is made (together with any amounts
due under Section 2.12(b)(ii)). Such statement shall be in reasonable detail and shall certify that the claim for additional amounts referred to therein is generally consistent with such Lender’s treatment of similarly situated
customers of such Lender whose transactions with such Lender are similarly affected by the change in circumstances giving rise to such payment. In no event will any such Lender be required to disclose any confidential or proprietary information in
connection with such statement. 
 (ii) In the event that any change in market conditions or any law, regulation, treaty, or directive, or
any change therein or in the interpretation or application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain LIBOR Rate Loans or to continue
such funding or maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall give written notice of such changed circumstances to Agent and Borrower and Agent promptly shall transmit the notice to each other Lender and
(y) in the case of any LIBOR Rate Loans of such Lender that are outstanding, the date specified in such Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate
Loans of such Lender thereafter shall accrue interest at the rate then applicable to Base Rate Loans, and (z) Borrower shall not be entitled to elect the LIBOR Option until such Lender determines that it would no longer be unlawful or
impractical to do so. 
 (e) No Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding, neither
Agent, nor any Lender, nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues at the LIBOR Rate. 
  

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 2.13 Capital Requirements. If, after the date hereof, any Lender determines that
(i) the adoption of or change in any law, rule, regulation or guideline regarding capital requirements for banks or bank holding companies, or any change in the interpretation or application thereof by any Governmental Authority charged with
the administration thereof, or (ii) compliance by such Lender or its parent bank holding company with any guideline, request or directive of any such entity regarding capital adequacy (whether or not having the force of law), has the effect of
reducing the return on such Lender’s or such holding company’s capital as a consequence of such Lender’s Commitments hereunder to a level below that which such Lender or such holding company could have achieved but for such adoption,
change, or compliance (taking into consideration such Lender’s or such holding company’s then existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by such
Lender to be material, then such Lender may notify Borrower and Agent thereof. Following receipt of such notice, Borrower agrees to pay such Lender the amount of such reduction of return of capital as and when such reduction is determined, payable
within 30 days after presentation by such Lender of a statement in the amount and setting forth in reasonable detail such Lender’s calculation thereof and the assumptions upon which such calculation was based (which statement shall be deemed
true and correct absent manifest error). In determining such amount, such Lender may use any reasonable averaging and attribution methods. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate a Lender pursuant to this Section for any reductions in return incurred more than 90 days prior to
the date that such Lender notifies Borrower of such law, rule, regulation or guideline giving rise to such reductions and of such Lender’s intention to claim compensation therefor; provided further that if such claim arises by
reason of the adoption of or change in any law, rule, regulation or guideline that is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof. 
  

	3.	CONDITIONS; TERM OF AGREEMENT. 

 3.1
Conditions Precedent to the Initial Extension of Credit. The obligation of each Lender to make its initial extension of credit provided for hereunder, is subject to the fulfillment or waiver, to the satisfaction of Agent and each of
the Co-Syndication Agents of each of the conditions precedent set forth on Schedule 3.1 (the making of such initial extension of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent ).

 3.2 Conditions Precedent to all Extensions of Credit. The obligation of the Lender Group (or any member thereof) to make any
Advances hereunder (or to extend any other credit hereunder) at any time shall be subject to the following conditions precedent: 
 (a) the
representations and warranties of Borrower or its Subsidiaries contained in this Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and
warranties relate solely to an earlier date); and 
 (b) no Default or Event of Default shall have occurred and be continuing on the date of
such extension of credit, nor shall either result from the making thereof. 
 3.3 Term. This Agreement shall continue in full
force and effect for a term ending on March 19, 2011 (the “Maturity Date”). The foregoing notwithstanding, the Lender Group, upon the election of the Required Lenders, shall have the right to terminate its obligations under
this Agreement immediately upon the occurrence and during the continuation of an Event of Default in accordance with Section 9.1. 
 3.4 Effect of Termination. On the date of termination of this Agreement, all monetary Obligations (including contingent reimbursement obligations of Borrower with respect to outstanding Letters 

  

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of Credit and including all Bank Product Obligations) immediately shall become due and payable without notice or demand (including the requirement that
Borrower provide (a) Letter of Credit Collateralization, and (b) Bank Product Collateralization). No termination of this Agreement, however, shall relieve or discharge the Loan Parties of their duties, Obligations, or covenants hereunder
or under any other Loan Document and the Agent’s Liens in the Collateral shall remain in effect until all Obligations have been paid in full and the Lender Group’s obligations to provide additional credit hereunder have been terminated.
When this Agreement has been terminated and all of the Obligations have been paid in full and the Lender Group’s obligations to provide additional credit under the Loan Documents have been terminated irrevocably, Agent will, at Borrower’s
sole expense, execute and deliver any termination statements, lien releases, mortgage releases, re-assignments of trademarks, discharges of security interests, and other similar discharge or release documents (and, if applicable, in recordable form)
as are reasonably necessary to release, as of record, the Agent’s Liens and all notices of security interests and liens previously filed by Agent with respect to the Obligations. 
 3.5 Early Termination by Borrower. Borrower has the option, at any time upon 3 Business Days prior written notice to Agent, to
terminate this Agreement and terminate the Commitments hereunder by paying to Agent the Obligations (including (a) providing Letter of Credit Collateralization with respect to the then existing Letter of Credit Usage, and (b) providing
Bank Product Collateralization with respect to the then existing Bank Products), in full. 
  

	4.	REPRESENTATIONS AND WARRANTIES. 

 In order to induce
the Lender Group to enter into this Agreement, Borrower makes the following representations and warranties to the Lender Group which shall be true, correct, and complete in all material respects (except that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date hereof, and shall be true, correct, and complete in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the Closing Date and at and as of the date of the making of each Advance (or other extension of
credit) made thereafter, as though made on and as of the date of such Advance (or other extension of credit) (except to the extent that such representations and warranties relate solely to an earlier date) and such representations and warranties
shall survive the execution and delivery of this Agreement: 
 4.1 Due Organization and Qualification; Subsidiaries. 

(a) Each Loan Party (i) is duly organized and existing and in good standing under the laws of the jurisdiction of its organization, (ii) is
qualified to do business in any state where the failure to be so qualified reasonably could be expected to result in a Material Adverse Change, and (iii) has all requisite organizational power and authority to own and operate its properties, to
carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby. 
 (b) Set forth on Schedule 4.1(b) is a complete and accurate description of the authorized Capital Stock of Borrower, by class, and, as of the
Closing Date, a description of the number of shares of each such class that are issued and outstanding. Other than as described on Schedule 4.1(b), there are no subscriptions, options, warrants, or calls relating to any shares of
Borrower’s Capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. Borrower is not subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any
shares of its Capital Stock or any security convertible into or exchangeable for any of its Capital Stock. 
 (c) Set forth on
Schedule 4.1(c) (as such Schedule may be updated from time to time to reflect changes permitted to be made under Section 5.11), is a complete and accurate list of the Loan Parties’ direct and indirect Restricted
Subsidiaries, showing: (i) the number of shares of each class of common and Preferred Stock authorized for each of such Restricted Subsidiaries, and (ii) the number and the percentage of the outstanding shares of each such class owned
directly or indirectly by Borrower. All of the outstanding Capital Stock of each such Restricted Subsidiary has been validly issued and is fully paid and non-assessable. 
  

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 (d) Except as set forth on Schedule 4.1(c), there are no subscriptions, options, warrants, or
calls relating to any shares of Borrower’s Restricted Subsidiaries’ Capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. Neither Borrower nor any of its Restricted Subsidiaries is
subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of Borrower’s Restricted Subsidiaries’ Capital Stock or any security convertible into or exchangeable for any such Capital Stock.

 4.2 Due Authorization; No Conflict. 
 (a) As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a party have been duly authorized by all necessary organizational action on the part of such
Loan Party. 
 (b) As to each Loan Party, the execution, delivery, and performance by such Loan Party of the Loan Documents to which it is a
party do not and will not (i) violate any provision of federal, state, or local law or regulation applicable to such Loan Party, the Governing Documents of such Loan Party, or any order, judgment, or decree of any court or other Governmental
Authority binding on such Loan Party except to the extent that any such violation could not individually or in the aggregate reasonably be expected to have a Material Adverse Change, (ii) conflict with, result in a breach of, or constitute
(with due notice or lapse of time or both) a default under any Material Contract of such Loan Party except to the extent that any such conflict, breach or default could not individually or in the aggregate reasonably be expected to have a Material
Adverse Change, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any assets of such Loan Party, other than Permitted Liens, or (iv) require any approval of such Loan Party’s
interestholders or any approval or consent of any Person under any Material Contract of such Loan Party, other than consents or approvals that have been obtained and that are still in force and effect and except, in the case of Material Contracts,
for consents or approvals, the failure to obtain could not individually or in the aggregate reasonably be expected to cause a Material Adverse Change. 
 (c) As to each Loan Party, at the time of initial incurrence thereof, the incurrence of each Advance, the issuance or renewal of each Letter of Credit, and the incurrence of the Term Loan does not conflict with,
result in a breach of, or constitute a default under any Senior Notes Document. 
 4.3 Governmental Consents. The execution,
delivery, and performance by each Loan Party of the Loan Documents to which such Loan Party is a party and the consummation of the transactions contemplated by the Loan Documents do not and will not require any registration with, consent, or
approval of, or notice to, or other action with or by, any Governmental Authority, other than (a) consents or approvals that have been obtained and that are still in force and effect, (b) filings required to be made with the SEC,
(c) filings and recordings with respect to the Collateral required to be made, or otherwise delivered to the Agent for filing or recordation, as of the Closing Date in accordance with the Loan Documents, and (d) prior to the date that they
are required to be made pursuant to the terms of the Loan Documents, other filings, recordings or other actions necessary to perfect Liens granted to Agent in Collateral. 
 4.4 Binding Obligations; Perfected Liens.  
 (a) Each Loan Document has been duly executed and
delivered by each Loan Party that is a party thereto and is the legally valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its respective terms, except as enforcement may be limited by equitable
principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
  

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 (b) The Agent’s Liens are validly created, perfected (other than (i) in respect of equipment
subject to certificate of title laws, (ii) any Deposit Accounts and Securities Accounts not required to be subject to a Control Agreement pursuant to the terms of the Loan Documents, and (iii) prior to the date they are required to be
made, or otherwise delivered to the Agent for filing or recordation, pursuant to the terms of the Loan Documents, other filings, recordings or other actions necessary to perfect Liens granted to Agent and subject only to the filing of financing
statements, the recordation of the Mortgages, and possession of any Collateral as to which the Code requires possession in order to be perfected), and first priority Liens, subject only to Permitted Liens. 
 4.5 Title to Assets; No Encumbrances. Each of the Loan Parties and its Restricted Subsidiaries has (i) good and marketable title to
(in the case of fee interests in Real Property), (ii) valid leasehold interests in (in the case of leasehold interests in real or personal property), and (iii) good and valid title to (in the case of all other personal property), all of
their respective assets reflected in their most recent financial statements delivered pursuant to Section 5.1, in each case except for assets disposed of since the date of such financial statements to the extent permitted by the Loan
Documents. All of such assets are free and clear of Liens except for Permitted Liens. 
 4.6 Jurisdiction of Organization;
Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims. 
 (a) The name of (within the
meaning of Section 9-503 of the Code) and jurisdiction of organization of each Loan Party and each of its Restricted Subsidiaries is set forth on Schedule 4.6(a) (as such Schedule may be updated from time to time to reflect
changes permitted to be made under Section 6.5). 
 (b) The chief executive office of each Loan Party and each of its Restricted
Subsidiaries is located at the address indicated on Schedule 4.6(b) (as such Schedule may be updated from time to time to reflect changes permitted to be made under Section 6.5). 
 (c) Each Loan Party’s and each of its Restricted Subsidiaries’ tax identification numbers and organizational identification numbers, if any,
are identified on Schedule 4.6(c) (as such Schedule may be updated from time to time to reflect changes permitted to be made under Section 6.5). 
 (d) As of the Closing Date, no Loan Party and no Restricted Subsidiary of a Loan Party holds any commercial tort claims that exceed $5,000,000 in amount,
except as set forth on Schedule 4.6(d). 
 4.7 Litigation.  
 (a) There are no actions, suits, or proceedings pending or, to the best knowledge of Borrower, threatened in writing against Borrower or any of its
Restricted Subsidiaries that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Change. 
 (b) Schedule 4.7(b) sets forth a complete and accurate description, with respect to each of the actions, suits, or proceedings that, as of the Closing Date, is pending or, to the best knowledge of Borrower, threatened in writing
against Borrower or any of its Restricted Subsidiaries and that involves a reasonable likelihood of liability of Borrower or one of its Restricted Subsidiaries of $5,000,000 or more, of (i) the parties to such actions, suits, or proceedings,
(ii) the nature of the dispute that is the subject of such actions, suits, or proceedings, (iii) Borrower’s reasonable estimate of the maximum amount of the liability of Loan Parties and their Subsidiaries in connection with such
actions, suits, or proceedings, (iv) the status, as of the Closing Date, with respect to such actions, suits, or proceedings, and (v) whether any liability of the Loan Parties’ and their Subsidiaries in connection with such actions,
suits, or proceedings is covered, or claimed to be covered, by insurance. 
  

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 4.8 Compliance with Laws. Neither Borrower nor any of its Restricted Subsidiaries
(a) is in violation of any applicable laws, rules, regulations, executive orders, or codes (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Change, or (b) is
subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality,
domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Change and except in such instances in which such laws, rules, regulations, executive orders, codes (including Environmental Laws),
judgments, writs, injunctions, or decrees are being contested in good faith by appropriate proceedings diligently pursued. 
 4.9
Material Adverse Change. All financial statements relating to Landry’s and its Restricted Subsidiaries that have been delivered by Borrower to Agent have been prepared in accordance with GAAP (except, in the case of unaudited
financial statements, for the lack of footnotes and being subject to year-end audit adjustments) and present fairly in all material respects, Landry’s and its Restricted Subsidiaries’ consolidated financial condition as of the date thereof
and results of operations for the period then ended. Since December 31, 2007, except for the effects of Hurricane Ike, no event, circumstance, or change has occurred that has or could reasonably be expected to result in a Material Adverse
Change with respect to the Loan Parties and their Restricted Subsidiaries. 
 4.10 Fraudulent Transfer. Immediately following
the making of the Term Loan and the initial Advances and Letters of Credit hereunder, and after giving effect to the proceeds thereof, 
 (a)
Each of Borrower and its Restricted Subsidiaries is Solvent. 
 (b) No transfer of property is being made by Borrower or any Restricted
Subsidiary and no obligation is being incurred by Borrower or any Restricted Subsidiary in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or
future creditors of such Loan Party. 
 4.11 Employee Benefits. No Loan Party, none of their Subsidiaries, nor any of their
ERISA Affiliates maintains or contributes to any Benefit Plan. 
 4.12 Environmental Condition. Except as set forth on
Schedule 4.12, (a) to Borrower’s actual knowledge, none of Borrower’s or its Restricted Subsidiaries’ properties or assets has ever been used by Borrower or its Restricted Subsidiaries or by previous owners or
operators in the disposal of, or to produce, store, handle, treat, release, or transport, any Hazardous Materials, where such disposal, production, storage, handling, treatment, release or transport was in violation, in any material respect, of any
applicable Environmental Law, (b) to Borrower’s actual knowledge, none of Borrower’s or its Restricted Subsidiaries’ properties or assets has ever been designated or identified in any manner pursuant to any environmental
protection statute as a Hazardous Materials disposal site, (c) neither Borrower nor its Restricted Subsidiaries has received notice that a Lien (other than a Permitted Lien) arising under any Environmental Law has attached to any revenues or to
any Real Property owned or operated by Borrower or its Restricted Subsidiaries, and (d) neither Borrower nor its Restricted Subsidiaries nor any of their respective facilities or operations is subject to any outstanding written order, consent
decree, or settlement agreement with any Person relating to any Environmental Law or Environmental Liability that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Change. 
 4.13 Intellectual Property. Each of Borrower and its Restricted Subsidiaries own, or hold licenses in, all trademarks, trade names,
copyrights, patents, and licenses that are necessary to the conduct of its business as currently conducted, and attached hereto as Schedule 4.13 (as updated from time to time) is a true, correct, and complete listing of all material
trademarks, trade names, copyrights, and patents as to which Borrower or one of its Restricted Subsidiaries is the owner or is an exclusive licensee; provided, however, that Borrower may amend Schedule 4.13 to add
additional intellectual property so long as such amendment occurs 

  

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by written notice to Agent not less than 45 days after the date on which Borrower or its Restricted Subsidiary acquires any such property after the Closing
Date, and with Agent’s consent, which consent shall not be unreasonably withheld, conditioned or delayed, to remove intellectual property that is no longer useful to the conduct of business as then conducted by Borrower or any of its Restricted
Subsidiaries. 
 4.14 Leases. Each of Borrower and its Restricted Subsidiaries enjoy peaceful and undisturbed possession under
all leases material to their business and to which they are parties or under which they are operating, and, subject to Permitted Protests, all of such material leases are valid and subsisting and no material default by Borrower or its Restricted
Subsidiaries, as applicable, exists under any of them, individually or in the aggregate, that could reasonably be expected to result in a Material Adverse Change. 
 4.15 Deposit Accounts and Securities Accounts. Set forth on Schedule 4.15 (as updated pursuant to the provisions of the Security Agreement from time to time) is a listing of all of
Borrower’s and its Restricted Subsidiaries’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary (a) the name and address of such Person, and (b) the account numbers of the
Deposit Accounts or Securities Accounts maintained with such Person. 
 4.16 Complete Disclosure. All factual information
(taken as a whole) furnished by or on behalf of Borrower or its Restricted Subsidiaries in writing to Agent or any Lender (including all information contained in the Schedules hereto or in the other Loan Documents, but excluding Projections) for
purposes of or in connection with this Agreement, the other Loan Documents, or any transaction contemplated herein or therein is, and all other such written factual information (taken as a whole) hereafter furnished by or on behalf of Borrower or
its Restricted Subsidiaries in writing to Agent or any Lender (other than Projections) will be, true and accurate, in all material respects, on the date as of which such information is dated or certified and not incomplete by omitting to state any
fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such information was provided. On the Closing Date, the Closing Date Projections represent, and
as of the date on which any other Projections are delivered to Agent, such additional Projections represent Borrower’s good faith estimate of Borrower’s and its Restricted Subsidiaries’ future performance for the periods covered
thereby based upon assumptions believed by Borrower to be reasonable at the time of the delivery thereof to Agent (it being understood that such Projections are subject to uncertainties and contingencies, many of which are beyond the control of
Borrower and its Restricted Subsidiaries, the actual results during the period or periods covered by such Projections may differ significantly from the projected results, and no assurances can be given that such projections or forecasts will be
realized). 
 4.17 Material Contracts. Set forth on Schedule 4.17 (as updated from time to time) is a
reasonably detailed list of the Material Contracts of Borrower and its Restricted Subsidiaries; provided, however, that Borrower may amend Schedule 4.17 to add additional Material Contracts so long as such amendment occurs
by written notice to Agent at the time that Borrower provides its quarterly financial statements pursuant to Section 5.1. Except for matters which, either individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Change, each Material Contract (other than those that have expired at the end of their normal terms) (a) is in full force and effect and is binding upon and enforceable against the Borrower or its Restricted Subsidiary, as
applicable, and, to the best of Borrower’s knowledge, each other Person that is a party thereto in accordance with its terms, (b) has not been otherwise amended or modified (other than amendments or modifications permitted by
Section 6.7(b)), and (c) is not in default due to the action or inaction of Borrower or its Restricted Subsidiary. 
 4.18
Patriot Act. To the extent applicable, each of Borrower and its Restricted Subsidiaries is in compliance with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the Untied States
Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA Patriot Act of 2001) (the “Patriot Act”). No part of the proceeds of the loans made hereunder will be used, directly or indirectly, for any 

  

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payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in
an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 4.19 Indebtedness. Set forth on Schedule 4.19 is a true and complete list of all Indebtedness for borrowed money of Borrower and
each of Borrower’s Restricted Subsidiaries outstanding immediately prior to the Closing Date that is to remain outstanding after the Closing Date and such Schedule accurately sets forth the aggregate principal amount of such Indebtedness as of
the Closing Date. 
 4.20 Payment of Taxes. Except as otherwise permitted under Section 5.5, all tax returns and
reports of Borrower and its Restricted Subsidiaries required to be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and payable and all assessments, fees and other governmental charges upon Borrower and
its Restricted Subsidiaries and upon their respective assets, income, businesses and franchises that are due and payable have been paid when due and payable. Borrower and each of its Restricted Subsidiaries have made adequate provision in accordance
with GAAP for all taxes not yet due and payable. Borrower knows of no proposed tax assessment against a Loan Party or any of its Restricted Subsidiaries that is not being actively contested by such Loan Party or such Restricted Subsidiary
diligently, in good faith, and by appropriate proceedings; provided such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor. 
 4.21 Margin Stock. Neither Borrower nor any of its Restricted Subsidiaries is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds of the loans made to Borrower will be used to purchase or carry any such Margin Stock or to extend credit to others for the
purpose of purchasing or carrying any such Margin Stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of said Board of Governors. 
 4.22 Governmental Regulation. Neither Borrower nor any of its Restricted Subsidiaries is subject to regulation under the Federal Power Act
or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. Neither Borrower nor
any of its Restricted Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment
company” as such terms are defined in the Investment Company Act of 1940. 
 4.23 OFAC. Neither Borrower nor any of its
Restricted Subsidiaries is in violation of any of the country or list based economic and trade sanctions administered and enforced by OFAC. Neither Borrower nor any of its Restricted Subsidiaries (a) is a Sanctioned Person or a Sanctioned
Entity, (b) has more than 10% of its assets located in Sanctioned Entities, or (c) derives more than 10% of its revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. The proceeds of any Advance or of
the Term Loan will not be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity. 
 4.24 [Intentionally Omitted]. 
 4.25 [Intentionally Omitted]. 
  

	5.	AFFIRMATIVE COVENANTS. 

 Borrower covenants and
agrees that, until termination of all of the Commitments and payment in full of the Obligations, the Loan Parties shall and shall cause each of their Restricted Subsidiaries to comply with each of the following: 
 5.1 Financial Statements, Reports, Certificates. Deliver to Agent each of the financial statements, reports, and other items set forth on
Schedule 5.1 at the times specified therein. In addition, Borrower agrees that no Restricted Subsidiary of Borrower will have a fiscal year different from that of Borrower. In addition, Borrower agrees to maintain a system of accounting
that enables Borrower to produce financial statements respecting it and each of its Restricted Subsidiaries in accordance with GAAP. 
  

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 5.2 Collateral Reporting. Provide Agent with each of the reports set forth on
Schedule 5.2 at the times specified therein. 
 5.3 Existence. Except as otherwise permitted under the Loan
Documents, at all times preserve and keep in full force and effect its existence (including being in good standing in its jurisdiction of organization) and, except to the extent that the loss of any such rights, franchises, licenses, or permits
could not individually or in the aggregate reasonably be expected to have a Material Adverse Change. 
 5.4 Maintenance of
Properties. Maintain and preserve all of its assets that are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear, tear, and casualty excepted and Permitted Dispositions excepted, and
comply with the material provisions of all material leases to which it is a party as lessee, so as to prevent the loss or forfeiture thereof, unless such provisions are the subject of a Permitted Protest. 
 5.5 Taxes. Cause all assessments and taxes imposed, levied, or assessed against Borrower or its Restricted Subsidiaries, or any of their
respective assets or in respect of any of its income, businesses, or franchises to be paid in full, before delinquency or before the expiration of any extension period, except to the extent that the validity of such assessment or tax shall be the
subject of a Permitted Protest. Borrower will cause each of its Restricted Subsidiaries to make timely payment or deposit of all tax payments and withholding taxes required of it and them by applicable laws (exclusive of an aggregate amount of up to
$1,000,000 at any one time), including those laws concerning F.I.C.A., F.U.T.A., state disability, and local, state, and federal income taxes, and will, upon request, furnish Agent with proof reasonably satisfactory to Agent indicating that Borrower
and its Restricted Subsidiaries have made such payments or deposits. 
 5.6 Insurance. At Borrower’s expense, maintain
insurance with reputable insurance companies covering such risks and in such amounts as is consistent with past practices of Borrower and its Restricted Subsidiaries. All property insurance policies covering the Collateral are to be made payable to
Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard loss payable endorsement with a standard non contributory “lender” or “secured party” clause and are to
contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of insurance are to be delivered to Agent, with the loss
payable and additional insured endorsement in favor of Agent and shall provide for not less than 30 days (10 days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation; provided,
however, that so long as no Event of Default has occurred and is continuing, Agent agrees to either (a) endorse and deliver to Borrower any payment item that Agent receives on account of casualty insurance or business interruption
insurance, or (b) in those instances governed by Section 2.4(e)(ii)(C), endorse and deposit any such payment item to the applicable cash collateral Deposit Account . If Borrower fails to maintain such insurance, Agent may arrange
for such insurance, but at Borrower’s expense. Borrower shall give Agent prompt notice of any loss exceeding $10,000,000 covered by its casualty insurance or business interruption insurance. Upon the occurrence and during the continuance of an
Event of Default, Agent shall have the sole right to file claims under any insurance policies, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases,
assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. 
 5.7 Inspection. Permit Agent and each of its duly authorized representatives or agents to visit any of its properties and audit, appraise or inspect any of its assets or books and records, to perform
business 

  

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valuations of the Borrower and its Subsidiaries, to examine and make copies of its books and records, and to discuss its affairs, finances, and accounts
with, and to be advised as to the same by, its officers and employees all during normal business hours and at such intervals as Agent may reasonably designate and, so long as no Default under Sections 8.1 or 8.4 exists or any Event of
Default exists, with reasonable prior notice to Borrower. 
 5.8 Compliance with Laws. Comply with the requirements of all
applicable laws, rules, regulations, and orders of any Governmental Authority, other than laws, rules, regulations, and orders the failure to comply with which, individually or in the aggregate, could not reasonably be expected to have a Material
Adverse Change. 
 5.9 Environmental. 
 (a) Except as could not reasonably be expected to have a Material Adverse Change, keep any property either owned or operated by Borrower or its Restricted Subsidiaries free of any Environmental Liens or post bonds or
other financial assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens, 
 (b) except as could
not reasonably be expected to have a Material Adverse Change, comply, in all material respects, with Environmental Laws and provide to Agent documentation of such compliance which Agent reasonably requests, 
 (c) promptly notify Agent of any release of a Hazardous Material in any reportable quantity from or onto property owned or operated by Borrower or its
Restricted Subsidiaries and, except as could not reasonably be expected to have a Material Adverse Change, take any Remedial Actions required to abate said release or otherwise to come into compliance with applicable Environmental Law, and

 (d) promptly, but in any event within 10 Business Days of its receipt thereof, provide Agent with written notice of any of the following:
(i) notice that an Environmental Lien has been filed against any of the real or personal property of Borrower or its Restricted Subsidiaries, (ii) commencement of any Environmental Action or notice that an Environmental Action will be
filed against Borrower or its Restricted Subsidiaries, and (iii) notice of a violation, citation, or other administrative order which could reasonably be expected to result in a Material Adverse Change. 
 5.10 Disclosure Updates. Promptly and in no event later than 10 Business Days after obtaining knowledge thereof, (a) notify Agent if
any written information, exhibit, or report furnished to the Lender Group pursuant to the Loan Documents contained, at the time it was furnished, any untrue statement of a material fact or omitted to state any material fact necessary to make the
statements contained therein not misleading in light of the circumstances in which made, and (b) correct any defect or error that may be described therein or in any Loan Document or the execution, acknowledgment, filing or recording thereof.
The foregoing to the contrary notwithstanding, any notification pursuant to the foregoing provision will not cure or remedy the effect of the prior untrue statement of a material fact or omission of any material fact nor shall any such notification
have the effect of amending or modifying this Agreement or any of the Schedules hereto. 
 5.11 Formation of Subsidiaries. At
the time that any Loan Party forms any direct or indirect Subsidiary (other than any Unrestricted Subsidiary) or acquires any direct or indirect Subsidiary (other than any Unrestricted Subsidiary) after the Closing Date, such Loan Party shall
(a) within 30 days of such formation or acquisition cause any such new Subsidiary to provide to Agent a joinder to the Guaranty and the Security Agreement, together with such other security documents (including mortgages with respect to any
Real Property owned in fee with a Fair Market Value in excess of $1,000,000 for an individual property of such new Subsidiary), as well as appropriate financing statements (and with respect to all property subject to a mortgage, fixture filings),
all in form and substance reasonably satisfactory to Agent (including being sufficient to grant Agent a first priority Lien (subject to Permitted Liens) in and to the assets of such newly 

  

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formed or acquired Subsidiary); provided that the Guaranty, the Security Agreement, and such other security documents shall not be required to be
provided to Agent with respect to any Subsidiary of Borrower that is a CFC if providing such documents would result in material adverse tax consequences, (b) within 30 days of such formation or acquisition (or such later date as permitted by
Agent in its sole discretion) provide to Agent a pledge agreement and appropriate certificates and powers or financing statements, hypothecating all of the direct or beneficial ownership interest in such new Subsidiary reasonably satisfactory to
Agent; provided that only 65% of the total outstanding Voting Stock of any first tier Subsidiary of a Loan Party that is a CFC and none of the total outstanding Voting Stock of any other Subsidiary of such CFC shall be required to be pledged
if hypothecating a greater amount would result in material adverse tax consequences, and (c) within 30 days of such formation or acquisition (or such later date as permitted by Agent in its sole discretion) provide to Agent all other
documentation, including, if requested by Agent, one or more opinions of counsel reasonably satisfactory to Agent, which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above
(including policies of title insurance or other documentation with respect to all Real Property owned in fee with a Fair Market Value in excess of $5,000,000 for an individual property and subject to a mortgage). Any document, agreement, or
instrument executed or issued pursuant to this Section 5.11 shall be a Loan Document. 
 5.12 Further Assurances.
At any time upon the reasonable request of Agent, execute or deliver to Agent any and all financing statements, fixture filings, security agreements, pledges, assignments, endorsements of certificates of title, mortgages, deeds of trust,
opinions of counsel, and all other documents (collectively, the “Additional Documents”) that Agent may reasonably request in form and substance reasonably satisfactory to Agent, to create, perfect, and continue perfected or to
better perfect the Agent’s Liens in substantially all of the assets of Borrower and its Restricted Subsidiaries (whether now owned or hereafter arising or acquired, tangible or intangible, real or personal), to create and perfect Liens in favor
of Agent in any Real Property acquired by Borrower or its Restricted Subsidiaries after the Closing Date and owned in fee, and in order to fully consummate all of the transactions contemplated hereby and under the other Loan Documents);
provided that the foregoing shall not apply to (i) any Unrestricted Subsidiary or (ii) any Subsidiary of a Loan Party that is a CFC if providing such documents would result in material adverse tax consequences. To the maximum extent
permitted by applicable law, after the occurrence and during the continuation of an Event of Default, Borrower authorizes Agent to execute any such Additional Documents in the applicable Loan Party’s or its Restricted Subsidiary’s name, as
applicable, and authorizes Agent to file such executed Additional Documents in any appropriate filing office. In furtherance and not in limitation of the foregoing, each Loan Party shall take such actions as Agent may reasonably request from time to
time to ensure that the Obligations are guarantied by the Guarantors and are secured by substantially all of the assets of the Loan Parties including all of the outstanding Capital Stock of Borrower’s Restricted Subsidiaries (subject to
limitations contained in the Loan Documents with respect to CFCs). 
 5.13 Lender Meetings. Within 90 days after the
close of each fiscal year of Borrower, at the request of Agent or of the Required Lenders and upon reasonable prior notice, hold a meeting (at a mutually agreeable location and time or, at the option of Borrower, by conference call) with all Lenders
who choose to attend such meeting (or conference call), at which meeting (or conference call) shall be reviewed the financial results of the previous fiscal year and the financial condition of Borrower and its Restricted Subsidiaries and the
projections presented for the current fiscal year of Borrower. 
 5.14 Material Contracts. Contemporaneously with the delivery
of each Compliance Certificate pursuant hereto, provide Agent with copies of (a) each Material Contract entered into since the delivery of the previous Compliance Certificate, and (b) each material amendment or modification of any Material
Contract entered into since the delivery of the previous Compliance Certificate. 
 5.15 Maintenance of Ratings. Borrower will
use commercially reasonable efforts to cause the credit ratings for the credit facilities hereunder issued by S&P and Moody’s and Borrower’s private corporate credit ratings issued by S&P and Moody’s to be maintained (but not
to obtain or maintain a specific rating). 
  

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	6.	NEGATIVE COVENANTS. 

 Borrower covenants and agrees
that, until termination of all of the Commitments and payment in full of the Obligations, the Loan Parties will not and will not permit any of their Restricted Subsidiaries to do any of the following: 
 6.1 Indebtedness. Create, incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable with
respect to any Indebtedness, except for Permitted Indebtedness. The foregoing to the contrary notwithstanding, Borrower will not incur, and will not permit any Restricted Subsidiary to incur, any Indebtedness (including Permitted Indebtedness) that
is contractually subordinated in right of payment to any other Indebtedness of Borrower or such Restricted Subsidiary unless such Indebtedness is also contractually subordinated in right of payment to the Obligations and the applicable Guarantees on
substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness solely by virtue of being unsecured or by virtue of being secured on a first or
junior Lien basis. 
 6.2 Liens. Create, incur, assume, or suffer to exist, directly or indirectly, any Lien on or with respect
to any of its assets, of any kind, whether now owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens. Borrower shall not create, incur, assume, or suffer to exist, directly or indirectly, any Lien on or with
respect to, or otherwise pledge, any of the Capital Stock issued by Landry’s Gaming, Inc., except for Liens in favor of Agent to secure the Obligations. 
 6.3 Restrictions on Fundamental Changes. 
 (a) Enter into any merger, consolidation,
reorganization, or recapitalization, or reclassify its Capital Stock, except for (i) any merger between Loan Parties, provided that in any merger involving Borrower, Borrower shall be the surviving entity of any such merger,
(ii) any merger between Loan Parties and Restricted Subsidiaries of Borrower that are not Loan Parties so long as such Loan Party is the surviving entity of any such merger, and (iii) any merger between Subsidiaries of Borrower that are
not Loan Parties, 
 (b) Liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution), except for (i) the
liquidation or dissolution of non-operating Restricted Subsidiaries of Borrower with nominal assets and nominal liabilities, (ii) the liquidation or dissolution of a Loan Party (other than Borrower) or any of its wholly-owned Restricted
Subsidiaries so long as all of the assets (including any interest in any Capital Stock) of such liquidating or dissolving Loan Party or Restricted Subsidiary are transferred to a Loan Party that is not liquidating or dissolving, or (iii) the
liquidation or dissolution of a Restricted Subsidiary of Borrower that is not a Loan Party so long as all of the assets of such liquidating or dissolving Restricted Subsidiary are transferred to a Restricted Subsidiary of Borrower that is not
liquidating or dissolving; or 
 (c) Suspend or go out of a substantial portion of its or their business, except as permitted pursuant to
clauses (a) or (b) above or in connection with the transactions permitted pursuant to Section 6.4. 
 6.4
Disposal of Assets. Other than Permitted Dispositions, Permitted Investments, or transactions expressly permitted by Sections 6.3 or 6.11, convey, sell, lease, license, assign, transfer, or otherwise dispose of (or enter
into an agreement to convey, sell, lease, license, assign, transfer, or otherwise dispose of) any of Borrower’s or its Restricted Subsidiaries’ assets. 
 6.5 Change Name. Change Borrower’s or any of its Restricted Subsidiaries’ name, organizational identification number, chief executive office location, state of organization or organizational
identity; provided, however, that Borrower or any of its Restricted Subsidiaries may change their names, chief executive office location, or tax or organizational identification number upon at least 5 days prior written notice to Agent
of such change. 
  

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 6.6 Nature of Business. Make any change in the principal nature of its or their business as
conducted as of the Closing Date or acquire any properties or assets that are not reasonably related to the conduct of such business activities; provided that Borrower and its Restricted Subsidiaries may engage in any business that is
reasonably related, ancillary, incidental, or complementary to its or their business. 
 6.7 Prepayments and Amendments. 

 (a) Except in connection with Permitted Refinancing Indebtedness permitted by Section 6.1, 
 (i) optionally prepay, redeem, defease, purchase, or otherwise acquire any Indebtedness of Borrower or its Restricted Subsidiaries (or agree to do any of
the foregoing), other than (x) the Obligations in accordance with this Agreement, (y) Permitted Intercompany Advances, or (z) the making of a tender offer with respect to the Senior Notes; provided that the consummation of such tender
offer and the payment of the consideration in connection therewith are expressly conditioned upon either (A) the occurrence of all of the following (1) the satisfaction or waiver, where permissible, of all of the conditions precedent
contained in the Agreement and Plan of Merger, dated as of June 16, 2008, as amended by the First Amendment to Agreement and Plan of Merger, dated as of October 18, 2008 (the “Merger Agreement”), that Borrower entered into
with Fertitta Holdings, Inc., a Delaware corporation, Fertitta Acquisition Co., a Delaware corporation, and Tilman J. Fertitta, (2) the consummation of the transactions contemplated by the Merger Agreement, including, but not limited to, the
merger of Fertitta Acquisition Co., a Delaware corporation, with and into Borrower, (3) the satisfaction or waiver of all of the conditions precedent (as provided in the Commitment Letter) to the Debt Financing (as defined in the Commitment
Letter), and (4) the consummation of the Debt Financing (as defined in the Commitment Letter) or (B) the occurrence of both (1) the satisfaction or waiver of all of the conditions precedent (as provided in the Commitment Letter) to
the Alternative Debt Financing (as defined in the Commitment Letter) and (2) the consummation of the Alternative Debt Financing (as defined in the Commitment Letter), or 
 (ii) make any payment on account of Indebtedness that has been contractually subordinated in right of payment if such payment is not permitted at such
time under the subordination terms and conditions, or 
 (b) Directly or indirectly, amend, modify, or change any of the terms or provisions
of 
 (i) the Senior Notes Documents, other than amendments deleting all of the covenants or any of the events of default set forth in the
Senior Notes Documents which amendments are executed in connection with the tender offer and consent solicitation for the Senior Notes, 
 (ii) any Material Contract except to the extent that such amendment, modification, alteration, increase, or change could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change, or 
 (iii) the Governing Documents of any Loan Party or any of its Restricted Subsidiaries or of Landry’s Gaming, Inc. (unless expressly permitted by
the terms of this Agreement) if the effect thereof, either individually or in the aggregate, could reasonably be expected to be materially adverse to the interests of the Lenders. 
 6.8 Change of Control. Cause, permit, or suffer, directly or indirectly, any Change of Control. 
 6.9 Restricted Junior Payments. Make any Restricted Junior Payment; provided, however, that, so long as it is permitted by
applicable law, 
 (a) any Restricted Subsidiary of Borrower that is a Guarantor may make Restricted Junior Payments to Borrower or another
Restricted Subsidiary of Borrower that is a Guarantor; 
  

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 (b) any Restricted Subsidiary of Borrower that is not a Guarantor may make Restricted Junior Payments to
Borrower or another Restricted Subsidiary of Borrower; 
 (c) so long as (i) no Default or Event of Default has occurred and is
continuing or would result therefrom, (ii) Availability plus Qualified Cash of Borrower and its Restricted Subsidiaries both before and immediately after giving effect thereto is greater than $20,000,000, and (iii) the pro forma Fixed
Charge Coverage Ratio (calculated after giving effect to the making of such proposed additional Restricted Junior Payment and based upon Borrower’s most recently ended 12 months for which internal financial statements are available immediately
preceding the date on which such additional proposed Restricted Junior Payment is proposed to be made) is not less than 1.05 to 1.00, then Borrower may make Restricted Junior Payments in cash in an aggregate amount not to exceed (i) during
2009, $1,000,000 and (ii) during 2010, $1,000,000; and 
 (d) so long as no Default or Event of Default has occurred and is continuing
or would be caused thereby, the preceding provisions will not prohibit: 
 (i) the payment of any dividend or the consummation of any
irrevocable redemption within 60 days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption payment would have complied with the
provisions of this Agreement; 
 (ii) the making of any Restricted Junior Payment in exchange for, or out of the net cash proceeds of the
substantially concurrent sale (other than to a Subsidiary of Borrower) of, Equity Interests of Borrower (other than Prohibited Preferred Stock) or from the substantially concurrent contribution of common equity capital to Borrower; 
 (iii) the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of Borrower or any Restricted Subsidiary of
Borrower that is a Guarantor that is contractually subordinated in right of payment to the Obligations with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 
 (iv) a Restricted Junior Payment made in cash for the purpose of repurchasing, redeeming or otherwise acquiring or retiring any Equity Interests of
Borrower, any Restricted Subsidiary of Borrower or any direct or indirect parent of Borrower held by any current or former officer, director or employee of Borrower or any of its Restricted Subsidiaries or its direct or indirect parent, as the case
may be, pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement; provided that the aggregate amount of Restricted Junior Payments permitted pursuant to this clause (iv) may not
exceed $1,500,000 during any 12-month period; provided, however, that any amount not paid in a 12 month period shall be added to, and available in, subsequent 12 month periods; 
 (v) the repurchase of Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the
exercise price of those stock options; 
 (vi) Restricted Junior Payments in an amount equal to 100% of the amount of dividends in excess of
$100,000,000 received after the Closing Date by Borrower or a Restricted Subsidiary of Borrower from the proceeds of the sale or other disposition, including through a merger or other consolidation, of all or substantially all of the Capital Stock
or assets of the Golden Nugget Hotels and Casinos business, to the extent that such dividends were not otherwise included in the Consolidated Net Income of Borrower for such period; and 
 (vii) Restricted Junior Payments in an amount equal to 100% of the amount of dividends received after the Closing Date by Borrower or a Restricted
Subsidiary of Borrower from an Unrestricted Subsidiary of Borrower (other than any such dividends paid out of the proceeds of the sale or other disposition, including through a merger or other consolidation, of all or substantially all of the
Capital Stock or assets of the Golden Nugget Hotels and Casinos business), to the extent that such dividends were not otherwise included in the Consolidated Net Income of Borrower for such period. 
  

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 6.10 Accounting Methods. Modify or change its fiscal year or its method of accounting
(other than as may be required to conform to GAAP). 
 6.11 Investments. Except for Permitted Investments, directly or
indirectly, make or acquire any Investment or incur any liabilities (including contingent obligations) for or in connection with any Investment; provided, however, that (other than (a) an aggregate amount of not more than $400,000
at any one time, in the case of Borrower and its Restricted Subsidiaries (other than those that are CFCs), (b) amounts deposited into Deposit Accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit
payments to or for Borrower’s or its Restricted Subsidiaries’ employees, and (c) an aggregate amount of not more than $100,000 (calculated at current exchange rates) at any one time, in the case of Restricted Subsidiaries of Borrower
that are CFCs) Borrower and its Restricted Subsidiaries shall not have Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless Borrower or its Restricted Subsidiary, as
applicable, and the applicable securities intermediary or bank have entered into Control Agreements with Agent governing such Permitted Investments in order to perfect (and further establish) the Agent’s Liens in such Permitted Investments.
Subject to the foregoing proviso, Borrower shall not and shall not permit its Restricted Subsidiaries to establish or maintain (a) any Deposit Account unless either (i) Agent shall have received a Control Agreement in respect of such
Deposit Account or (ii) such Deposit Account is subject to irrevocable instructions satisfactory to Agent requiring all amounts in such Deposit Account to be forwarded by daily sweep to a Deposit Account that is subject to a Control Agreement
or (b) any Securities Account unless Agent shall have received a Control Agreement in respect of such Securities Account. 
 6.12
Transactions with Affiliates. Make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of Borrower or any of its Restricted Subsidiaries (each, an “Affiliate Transaction”), unless: 
 (a) the Affiliate Transaction is on terms that are no less favorable to Borrower or the relevant Restricted Subsidiary than those that would have been
obtained in a comparable transaction by Borrower or such Restricted Subsidiary with an unaffiliated Person, and 
 (b) Borrower delivers to
Agent (i) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $7,500,000, a resolution of the Board of Directors set forth in an officer’s certificate
certifying that such Affiliate Transaction complies with this covenant, and (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $20,000,000, an opinion as to
the fairness to Borrower or such Restricted Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing. 
 The following shall not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of the prior paragraph: 

(i) transactions permitted by Section 6.3 or Section 6.9, or any Permitted Intercompany Advance; 
 (ii) any employment agreement, employee benefit plan, officer or director indemnification agreement or any similar arrangement entered into by Borrower
or any of its Restricted Subsidiaries in the ordinary course of business and payments pursuant thereto; 
 (iii) transactions between or
among Borrower or its Restricted Subsidiaries; 
  

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 (iv) payment of reasonable directors’ fees; 
 (v) any issuance of Equity Interests (other than Prohibited Preferred Stock) of Borrower to Affiliates of Borrower; 
 (vi) Restricted Junior Payments and Permitted Investments that do not violate the provisions of this Agreement; 
 (vii) [intentionally omitted]; and 
 (viii) loans or advances to employees in the ordinary course of business not to exceed $2,000,000 in the aggregate at any one time outstanding. 
 6.13 Limitations on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries. Directly or indirectly create or permit to exist or become effective any consensual encumbrance or
restriction on the ability of any Restricted Subsidiary of Borrower to: (i) pay dividends or to make any other distributions on its Capital Stock to Borrower or any of its Restricted Subsidiaries, or with respect to any other interest in or
participation in, or measured by, its profits, or pay any Indebtedness owed to Borrower or any of its Restricted Subsidiaries, (ii) to make loans or advances to Borrower or any of its Restricted Subsidiaries, or (iii) transfer any of its
property or assets to Borrower or any of its Restricted Subsidiaries; provided, however, that nothing in any of clauses (i) through (iii) of this Section 6.13 shall apply to encumbrances or restrictions existing under or by
reason of, or prohibit or restrict compliance with: 
 (a) this Agreement and the other Loan Documents; 
 (b) the Senior Notes Documents; 
 (c) any
applicable law, rule or regulation (including applicable currency control laws and applicable state corporate statutes restricting the payment of dividends in certain circumstances) or order; 
 (d) any instrument governing Indebtedness or Capital Stock of a Person (which term includes any Subsidiaries of such Person) acquired by Borrower or any
of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person so acquired; 
 (e) customary non-assignment provisions in contracts, leases, and licenses entered into in the ordinary course of business; 
 (f)
purchase money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (iii) of the preceding
paragraph; 
 (g) any agreement for the sale or other disposition of a Restricted Subsidiary of Borrower that restricts distributions by that
Restricted Subsidiary pending the sale or other disposition; 
 (h) Permitted Refinancing Indebtedness; provided that the restrictions
contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
 (i) Permitted Liens that limit the right of the debtor to dispose of the assets subject to such Liens; 
  

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 (j) provisions limiting the disposition or distribution of assets or property in joint venture
agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Board of Directors, which limitation is applicable only to the assets that are the subject of such
agreements; 
 (k) restrictions on cash or other deposits or net worth imposed by third party lessors under contracts entered into in the
ordinary course of business; and 
 (l) any instrument governing Indebtedness of a Foreign Restricted Subsidiary; provided that such
Indebtedness was permitted by the terms of this Agreement. 
 6.14 Limitation on Issuance of Capital Stock. Except for the
issuance or sale of common Capital Stock or Permitted Preferred Stock by Borrower, issue or sell or enter into any agreement or arrangement for the issuance and sale of, or permit any of its Restricted Subsidiaries to issue or sell or enter into any
agreement or arrangement for the issuance and sale of, any shares of its Capital Stock, any securities convertible into or exchangeable for its Capital Stock or any warrants. 
 6.15 Use of Proceeds. Use the proceeds of the Advances and the Term Loan for any purpose other than (a) on the Closing Date,
(i) to repay amounts owing under the Existing Credit Facility and to provide Letters of Credit for outstanding letters of credit under Existing Credit Facility and (ii) to pay transactional fees, costs, and expenses incurred in connection
with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, and (b) thereafter, consistent with the terms and conditions hereof, for its other lawful and permitted purposes. 
  

	7.	FINANCIAL COVENANTS. 

 Borrower covenants and agrees
that, until termination of all of the Commitments and payment in full of the Obligations, Borrower will comply with each of the following financial covenants: 
 (a) Fixed Charge Coverage Ratio. Have a Fixed Charge Coverage Ratio, measured on a quarter-end basis, of at least the required amount set forth in the following table for the applicable period set forth
opposite thereto: 
  

			
	 Applicable Ratio
	 	 Applicable Period

	1.05:1.0	 	For the 12 month period ending December 31, 2008, and for the 12 month period ending on the last day of each fiscal quarter thereafter

 (b) First Lien Leverage Ratio. Have a First Lien Leverage Ratio, measured on a quarter-end
basis, of not greater than the applicable ratio set forth in the following table for the applicable date set forth opposite thereto: 
  

			
	 Applicable Ratio
	 	 Applicable Date

	1.0:1.0	 	December 31, 2008 and as of the last day of each fiscal quarter thereafter

 (c) Capital Expenditures. Make Capital Expenditures (including maintenance Capital
Expenditures and growth Capital Expenditures, but excluding (a) the amount, if any, of Capital Expenditures 

  

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made with Net Cash Proceeds reinvested pursuant to the proviso in Section 2.4(e)(ii) and (b) capitalized internal development costs in an
aggregate amount of up to $4,000,000 per fiscal year) in any fiscal year in an amount less than or equal to, but not greater than, the amount set forth in the following table for the applicable period: 
  

							
	 Fiscal Year 2009
	  	Fiscal Year 2010	  	Fiscal Year 2011
	 $35,000,000
	  	$	35,000,000	  	$	35,000,000

 provided, however, that (i) the amount of Capital Expenditures permitted to be made in any
fiscal year as set forth in the above table shall be increased by an amount up to but not in excess of $10,000,000, to the extent that the pro forma Total Leverage Ratio (based upon Borrower’s audited financial statements for the most
recently completed fiscal year) is not greater than 1.25:1.00, and (ii) if the amount of the Capital Expenditures permitted to be made in any fiscal year as set forth in the above table is greater than the actual amount of Capital Expenditures
made in such fiscal year (such amount, the “Excess CapEx Amount”), then such Excess CapEx Amount may be carried forward to the next succeeding fiscal year (the “Succeeding Fiscal Year”); provided further that
the Excess CapEx Amount applicable to a particular Succeeding Fiscal Year may not be used in that fiscal year until the amount permitted above to be expended in such fiscal year has first been used in full and the Excess CapEx Amount applicable to a
particular Succeeding Fiscal Year may not be carried forward to another fiscal year. 
  

	8.	EVENTS OF DEFAULT. 

 Any one or more of the
following events shall constitute an event of default (each, an “Event of Default”) under this Agreement: 
 8.1 If Borrower
fails to pay when due and payable, or when declared due and payable, (a) all or any portion of the Obligations consisting of interest, fees, or charges due the Lender Group, reimbursement of Lender Group Expenses, or other amounts (other than
any portion thereof constituting principal) constituting Obligations, and such failure continues for a period of 3 Business Days, or (b) all or any portion of the principal of the Obligations; 
 8.2 If any Loan Party or any of its Restricted Subsidiaries: 
 (a) fails to perform or observe any covenant or other agreement contained in any of (i) Sections 5.1, 5.2, 5.3, 5.6, 5.7, 5.10, 5.11, or 5.13 of this
Agreement, (ii) Sections 6.1 through 6.15 of this Agreement, (iii) Section 7 of this Agreement, or (iv) Section 6 of the Security Agreement; 
 (b) fails to perform or observe any covenant or other agreement contained in any of Sections 5.8, 5.12 or 5.14 of this Agreement and
such failure continues for a period of 10 days after the earlier of (i) the date on which such failure shall first become known to any officer of Borrower or (ii) the date on which written notice thereof is given to Borrower by Agent; or

 (c) fails to perform or observe any covenant or other agreement contained in this Agreement, or in any of the other Loan Documents, in
each case, other than any such covenant or agreement that is the subject of another provision of this Section 8 (in which event such other provision of this Section 8 shall govern), and such failure continues for a period of
30 days after the earlier of (i) the date on which such failure shall first become known to any officer of Borrower or (ii) the date on which written notice thereof is given to Borrower by Agent; 
 8.3 If one or more judgments, orders, or awards for the payment of money involving an aggregate amount of $10,000,000, or more (except to the extent
fully covered (other than customary deductibles) by insurance pursuant to which the insurer has accepted liability therefor in writing) is entered or filed against a Loan Party or any of its Restricted Subsidiaries, or with respect to any of their
respective assets, and either (a)

  

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there is a period of 30 consecutive days at any time after the entry of any such judgment, order, or award during which a stay of enforcement thereof is not
in effect or during which such judgment or order is not vacated or bonded, or (b) enforcement proceedings are commenced upon such judgment, order, or award; 
 8.4 If an Insolvency Proceeding is commenced by a Loan Party, and Restricted Subsidiary, or any Significant Subsidiary; 
 8.5 If an Insolvency Proceeding is commenced against a Loan Party, any Restricted Subsidiary or any Significant Subsidiary and any of the following events occur: (a) such Loan Party or such Restricted Subsidiary
or such Significant Subsidiary consents to the institution of such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not timely controverted, (c) the petition commencing the Insolvency Proceeding is
not dismissed within 60 calendar days of the date of the filing thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion of the properties or assets of, or to operate all or any substantial portion of
the business of, such Loan Party, such Restricted Subsidiary or such Significant Subsidiary, or (e) an order for relief shall have been issued or entered therein; 
 8.6 If a Loan Party or any of its Restricted Subsidiaries is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs and, as a result
thereof, a Material Adverse Change occurs or could reasonably be expected to result therefrom; 
 8.7 If there is a default in one or more
agreements to which a Loan Party or any of its Restricted Subsidiaries is a party with one or more third Persons relative to a Loan Party’s or any of its Restricted Subsidiaries’ Indebtedness involving either (a) an aggregate amount
of $10,000,000 or more or (b) any of the Senior Notes, and, in either case, such default (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by such third Person, irrespective of whether
exercised, to accelerate the maturity of such Loan Party’s or its Restricted Subsidiary’s obligations thereunder; 
 8.8 If any
warranty, representation, statement, or Record made by a Loan Party herein or in any other Loan Document or delivered in writing to Agent or any Lender pursuant to this Agreement or any other Loan Document proves to be untrue in any material respect
(except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of the date of issuance or making or deemed making thereof;

 8.9 If the obligation of any Guarantor under the Guaranty is limited or terminated by operation of law or by such Guarantor (for the
avoidance of doubt, a transaction permitted under Section 6.3 shall not result in an Event of Default under this Section 8.9); 
 8.10 If the Security Agreement or any other Loan Document that purports to create a Lien, shall fail or cease to create a valid and, following the filing of financing statements, the recordation of Mortgages or the
filing or recording of other filings or documents or other actions necessary to perfect Agent’s Lien in the Collateral as required by the Loan Documents, perfected first priority Lien on the Collateral covered thereby (subject to any Permitted
Liens), except as a result of a disposition of the applicable Collateral in a transaction permitted under this Agreement or the other Loan Documents; 
 8.11 Any provision of any Loan Document shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall be contested by a Loan Party, or a proceeding shall be
commenced by a Loan Party, or by any Governmental Authority having jurisdiction over a Loan Party, seeking to establish the invalidity or unenforceability thereof, or a Loan Party shall deny that such Loan Party has any liability or obligation
purported to be created under any Loan Document (except to the extent a Loan Party or the applicable Collateral shall have been released in accordance with the Loan Documents); or 
 8.12 If Borrower has failed to consummate a refinancing of the Indebtedness evidenced by the Senior Notes with Permitted Refinancing Indebtedness in
respect thereof by February 15, 2009. 
  

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	9.	RIGHTS AND REMEDIES. 

 9.1 Rights and
Remedies. Upon the occurrence and during the continuation of an Event of Default, Agent may, and at the instruction of the Required Lenders, shall, by written notice to Borrower and in addition to any other rights or remedies provided for
hereunder or under any other Loan Document or by applicable law, do any one or more of the following on behalf of the Lender Group: 
 (a)
declare the Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable, whereupon the same shall become and be immediately due and payable, without presentment, demand, protest, or
further notice or other requirements of any kind, all of which are hereby expressly waived by Borrower; and 
 (b) declare the Revolver
Commitments terminated, whereupon the Revolver Commitments shall immediately be terminated together with any obligation of any Lender hereunder to make Advances and the obligation of the Issuing Lender to issue Letters of Credit. 
 The foregoing to the contrary notwithstanding, upon the occurrence of any Event of Default described in Section 8.4 or Section 8.5, in addition
to the remedies set forth above, without any notice to Borrower or any other Person or any act by the Lender Group, the Commitments shall automatically terminate and the Obligations then outstanding, together with all accrued and unpaid interest
thereon and all fees and all other amounts due under this Agreement and the other Loan Documents, shall automatically and immediately become due and payable, without presentment, demand, protest, or notice of any kind, all of which are expressly
waived by Borrower. 
 9.2 Remedies Cumulative. The rights and remedies of the Lender Group under this Agreement, the other
Loan Documents, and all other written agreements with the Loan Parties shall be cumulative. The Lender Group shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by the
Lender Group of one right or remedy shall be deemed an election, and no waiver by the Lender Group of any Event of Default shall be deemed to be a waiver in any similar or other circumstances. No delay by the Lender Group shall constitute a waiver,
election, or acquiescence by it. 
  

	10.	WAIVERS; INDEMNIFICATION. 

 10.1 Demand;
Protest; etc. Except as expressly provided herein, Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, nonpayment at maturity, release, compromise, settlement, extension, or
renewal of documents, instruments, chattel paper, and guarantees at any time held by the Lender Group on which Borrower may in any way be liable. 
 10.2 The Lender Group’s Liability for Collateral. Borrower hereby agrees that: (a) so long as Agent or the applicable member of the Lender Group having possession of any Collateral complies with its obligations, if
any, under the Code, the Lender Group shall not in any way or manner be liable or responsible for: (i) the safekeeping of the Collateral, (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause,
(iii) any diminution in the value thereof, or (iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all risk of loss, damage, or destruction of the Collateral shall be borne by
Borrower. 
 10.3 Indemnification. Borrower shall pay, indemnify, defend, and hold the Agent-Related Persons, the Co-Arranger
Related Persons, the Co-Syndication Agent-Related Persons, the Lender-Related Persons, and each Participant (each, an “Indemnified Person”) harmless (to the fullest extent permitted by law) from and against any and all claims,
demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages (other than in relation to lawsuits solely between the Lenders or Lender-Related Persons or solely between the Co-Arrangers, the Co-Arranger
Related Persons, the Co-Syndication Agents, or the Co-Syndication Agent Related Person related to the sharing of fees or payments pursuant to the Loan Documents, but expressly inclusive of lawsuits against Agent, the Agent-Related Persons, the
Co-Arrangers, 

  

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the Co-Arranger Related Persons, the Co-Syndication Agents, and the Co-Syndication Agent Related Persons, in such capacities), and all reasonable fees and
out-of-pocket disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and
irrespective of whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with or as a result of or related to the execution and delivery (provided that Borrower shall not be liable for
costs and expenses (including attorneys fees) of any Lender (other than WFF and Jefferies Finance) incurred in advising, structuring, drafting, reviewing, administering or syndicating the Loan Documents), enforcement, performance, or administration
(including any restructuring or workout with respect hereto) of the Commitment Letter, this Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby or the monitoring of Borrower’s and its Restricted
Subsidiaries’ compliance with the terms of the Loan Documents (other than disputes solely between the Lenders or Lender-Related Persons or solely between the Co-Arrangers, the Co-Arranger Related Persons, the Co-Syndication Agents, or the
Co-Syndication Agent Related Person related to the sharing of fees or payments pursuant to the Loan Documents, but expressly inclusive of lawsuits against Agent, the Agent-Related Persons, the Co-Arrangers, the Co-Arranger Related Persons, the
Co-Syndication Agents, and the Co-Syndication Agent Related Persons, in such capacities), (b) with respect to any investigation, litigation, or proceeding related to the Commitment Letter, this Agreement, any other Loan Document, or the use of
the proceeds of the credit provided hereunder (irrespective of whether any Indemnified Person is a party thereto), or the transactions contemplated by the Commitment Letter, this Agreement, any of the other Loan Documents, or the transactions
contemplated hereby or thereby, or any act, omission, event, or circumstance in any manner related thereto, and (c) in connection with or arising out of any presence or release of Hazardous Materials at, on, under, to or from any assets or
properties owned, leased or operated by Borrower or any of its Restricted Subsidiaries or any Environmental Actions, Environmental Liabilities and Costs or Remedial Actions related in any way to any such assets or properties of Borrower or any of
its Restricted Subsidiaries at any time prior to foreclosure upon Agent’s Liens and Agent’s possession of the applicable property or assets (each and all of the foregoing, the “Indemnified Liabilities”). The foregoing to
the contrary notwithstanding, Borrower shall have no obligation to any Indemnified Person under this Section 10.3 with respect to any Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from
the gross negligence or willful misconduct of such Indemnified Person or its officers, directors, employees, attorneys, or agents. This provision shall survive the termination of this Agreement and the repayment of the Obligations. If any
Indemnified Person makes any payment to any other Indemnified Person with respect to an Indemnified Liability as to which Borrower was required to indemnify the Indemnified Person receiving such payment, the Indemnified Person making such payment is
entitled to be indemnified and reimbursed by Borrower with respect thereto; provided, that, to the extent of any payments made by Borrower to any Indemnified Person in respect of Indemnified Liabilities pursuant to this
Section 10.3, Borrower shall be subrogated to the rights of recovery by such Indemnified Persons against any third Person in respect of such Indemnified Liabilities, so long as Borrower has indefeasibly paid in full all of the
Indemnified Liabilities owed by Borrower to the Indemnified Persons pursuant to the terms and conditions of this Section 10.3. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNIFIED PERSON WITH RESPECT TO
INDEMNIFIED LIABILITIES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED PERSON OR OF ANY OTHER PERSON. 
  

	11.	NOTICES. 

 Unless otherwise provided in this
Agreement, all notices or demands relating to this Agreement or any other Loan Document shall be in writing and (except for financial statements and other informational documents which may be sent by first-class mail, postage prepaid) shall be
personally delivered or sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, electronic mail (at such email addresses as a party may designate in accordance herewith), or telefacsimile. In the case of
notices or demands to Borrower or Agent, as the case may be, they shall be sent to the respective address set forth below: 
  

			
	If to Borrower:	  	 LANDRY’S RESTAURANTS, INC.
 1510 West Loop
South

		  	Houston, Texas 77027
		  	Attn: Steven L.Scheinthal
		  	Fax No. 713-386-7070

  

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	with copies to:	  	WINSTEAD PC
		  	5400 Renaissance Tower
		  	1201 Elm Street
		  	Dallas, Texas 75270
		  	Attn: Michael W. Hilliard, Esq.
		  	Fax No.: 214-745-5390
		
	If to Agent:	  	WELLS FARGO FOOTHILL, LLC
		  	 2450 Colorado Avenue
 Suite 3000W
 Santa Monica, CA 90404
 Attn: Specialty Finance Manager
 Fax No.: 310-453-7442

		
	with copies to:	  	 PAUL, HASTINGS, JANOFSKY & WALKER LLP 
 515 South Flower Street
 Los Angeles, CA 90071
 Attn:
John Francis Hilson, Esq.
 Fax No.: 213-996-3300

 Any party hereto may change the address at which they are to receive notices hereunder, by notice
in writing in the foregoing manner given to the other party. All notices or demands sent in accordance with this Section 10, shall be deemed received on the earlier of the date of actual receipt or 3 Business Days after the deposit
thereof in the mail; provided, that (a) notices sent by overnight courier service shall be deemed to have been given when received, (b) notices by facsimile shall be deemed to have been given when sent (except that, if not given
during normal business hours for the recipient, shall be deemed to have been given at the opening on business on the next Business Day for the recipient) and (c) notices by electronic mail shall be deemed received upon the sender’s receipt
of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgment). 
  

	12.	CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

 (a)
THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE
RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS

  

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SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF
NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH
COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE
EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 11(b). 
 (c) BORROWER AND EACH MEMBER OF THE LENDER GROUP
HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  

	13.	ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS. 

 13.1
Assignments and Participations. 
 (a) With the prior written consent of Borrower, which consent of Borrower shall not be
unreasonably withheld, delayed or conditioned (and shall not be required (i) if an Event of Default has occurred and is continuing, (ii) in connection with an assignment to a Person that is a Lender, a Related Fund, or an Affiliate (other
than individuals) of a Lender, or (iii) in connection with assignments of all or any portion of the Term Loan), and with the prior written consent of Agent, which consent of Agent shall not be unreasonably withheld, delayed or conditioned (and
shall not be required in connection with an assignment to a Person that is a Lender or an Affiliate (other than individuals) of a Lender), any Lender may assign and delegate to one or more assignees (each an “Assignee”; provided
that no Loan Party or Affiliate of a Loan Party shall be permitted to become an Assignee) all or any portion of the Obligations, the Commitments and the other rights and obligations of such Lender hereunder and under the other Loan Documents, in a
minimum amount (unless waived by the Agent) of $2,500,000 (except such minimum amount shall not apply to (x) an assignment or delegation by any Lender to any other Lender or an Affiliate of any Lender or (y) a group of new Lenders, each of
which is an Affiliate of each other or a Related Fund of such new Lender to the extent that the aggregate amount to be assigned to all such new Lenders is at least $2,500,000); provided, however, that Borrower and Agent may continue to
deal solely and directly with such Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses, and related information with respect to the
Assignee, have been given to Borrower and Agent by such Lender and the Assignee, (B) such Lender and its Assignee have delivered to Borrower and Agent an Assignment and Acceptance and Agent has notified the assigning Lender of its receipt
thereof in accordance with Section 13.1(b), and (C) unless waived by the Agent, the assigning Lender or Assignee has paid to Agent for Agent’s separate account a processing fee in the amount of $3,500. 
 (b) From and after the date that Agent notifies the assigning Lender (with a copy to Borrower) that it has received an executed Assignment and Acceptance
and, if applicable, payment of the required processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall
have the rights and obligations of a Lender under the Loan Documents, and (ii) the assigning Lender shall, to the extent 

  

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that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its
rights (except with respect to Section 10.3 hereof) and be released from any future obligations under this Agreement (and in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s
rights and obligations under this Agreement and the other Loan Documents, such Lender shall cease to be a party hereto and thereto), and such assignment shall effect a novation among Borrower, the assigning Lender, and the Assignee; provided,
however, that nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including such assigning Lender’s obligations under Section 15 and
Section 17.9 of this Agreement. 
 (c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder
and the Assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan
Document furnished pursuant hereto, (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrower or the performance or observance by Borrower of any of its
obligations under this Agreement or any other Loan Document furnished pursuant hereto, (iii) such Assignee confirms that it has received a copy of this Agreement, together with such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into such Assignment and Acceptance, (iv) such Assignee will, independently and without reliance upon Agent, such assigning Lender or any other Lender, 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 this Agreement, (v) such Assignee appoints and authorizes Agent to take such actions and to exercise such
powers under this Agreement and the other Loan Documents as are delegated to Agent, by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, and (vi) such Assignee agrees that it will perform all of the
obligations which by the terms of this Agreement are required to be performed by it as a Lender. 
 (d) Immediately upon Agent’s receipt
of the required processing fee, if applicable, and delivery of notice to the assigning Lender pursuant to Section 13.1(b), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the
addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Lender pro tanto. 
 (e) Any Lender may at any time sell to one or more commercial banks, financial institutions, or other Persons (a “Participant”)
participating interests in all or any portion of its Obligations, its Commitment, and the other rights and interests of that Lender (the “Originating Lender”) hereunder and under the other Loan Documents; provided,
however, that (i) the Originating Lender shall remain a “Lender” for all purposes of this Agreement and the other Loan Documents and the Participant receiving the participating interest in the Obligations, the Commitments, and
the other rights and interests of the Originating Lender hereunder shall not constitute a “Lender” hereunder or under the other Loan Documents and the Originating Lender’s obligations under this Agreement shall remain unchanged,
(ii) the Originating Lender shall remain solely responsible for the performance of such obligations, (iii) Borrower, Agent, and the Lenders shall continue to deal solely and directly with the Originating Lender in connection with the
Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, (iv) no Lender shall transfer or grant any participating interest under which the Participant has the right to approve any amendment to, or any
consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment to, or consent or waiver with respect to this Agreement or of any other Loan Document would (A) extend the final maturity date of
the Obligations hereunder in which such Participant is participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such Participant is participating, (C) release all or substantially all of the Collateral
or guaranties (except to the extent expressly provided herein or in any of the Loan Documents) supporting the Obligations hereunder in which such Participant is 

  

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participating, (D) postpone the payment of, or reduce the amount of, the interest or fees payable to such Participant through such Lender, or
(E) change the amount or due dates of scheduled principal repayments or prepayments or premiums, and (v) all amounts payable by Borrower hereunder shall be determined as if such Lender had not sold such participation, except that, if
amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set off in respect of its
participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement. The rights of any Participant only shall be derivative through
the Originating Lender with whom such Participant participates and no Participant shall have any rights under this Agreement or the other Loan Documents or any direct rights as to the other Lenders, Agent, Borrower, the Collections of Borrower or
its Subsidiaries, the Collateral, or otherwise in respect of the Obligations. No Participant shall have the right to participate directly in the making of decisions by the Lenders among themselves. 
 (f) In connection with any such assignment or participation or proposed assignment or participation or any grant of a security interest in, or pledge of,
its rights under and interest in this Agreement, a Lender may, subject to the provisions of Section 17.9, disclose all documents and information which it now or hereafter may have relating to Borrower and its Subsidiaries and their
respective businesses. 
 (g) Any other provision in this Agreement notwithstanding, any Lender may at any time create a security interest
in, or pledge, all or any portion of its rights under and interest in this Agreement in favor of any Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR §203.24, and such Federal
Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law. 
 (h) Agent (as a non-fiduciary
agent on behalf of Borrower) shall maintain, or cause to be maintained, a register (the “Register”) on which it enters the name and address of each Lender as the registered owner of the Term Loan (and the principal amount thereof
and stated interest thereon) held by such Lender (each, a “Registered Loan”). Other than in connection with an assignment by a Lender of all or any portion of its portion of the Term Loan to an Affiliate of such Lender or a Related
Fund of such Lender (i) a Registered Loan (and the registered note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration of such assignment or sale on the Register (and each registered note shall
expressly so provide) and (ii) any assignment or sale of all or part of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by registration of such assignment or sale on the Register, together with
the surrender of the registered note, if any, evidencing the same duly endorsed by (or accompanied by a written instrument of assignment or sale duly executed by) the holder of such registered note, whereupon, at the request of the designated
assignee(s) or transferee(s), one or more new registered notes in the same aggregate principal amount shall be issued to the designated assignee(s) or transferee(s). Prior to the registration of assignment or sale of any Registered Loan (and the
registered note, if any evidencing the same), Borrower shall treat the Person in whose name such Registered Loan (and the registered note, if any, evidencing the same) is registered as the owner thereof for the purpose of receiving all payments
thereon and for all other purposes, notwithstanding notice to the contrary. In the case of any assignment by a Lender of all or any portion of the Term Loan to an Affiliate of such Lender or a Related Fund of such Lender, and which assignment is not
recorded in the Register, the assigning Lender, on behalf of Borrower, shall maintain a register comparable to the Register. 
 (i) In the
event that a Lender sells participations in the Registered Loan, such Lender, as a non-fiduciary agent on behalf of Borrower, shall maintain a register on which it enters the name of all participants in the Registered Loans held by it (the
“Participant Register”). A Registered Loan (and the Registered Note, if any, evidencing the same) may be participated in whole or in part only by registration of such participation on the Participant Register (and each registered
note shall expressly so provide). Any participation of such Registered Loan (and the registered note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register. 
  

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 (j) Agent shall make a copy of the Register (and each Lender shall make a copy of its Participant
Register in the extent it has one) available for review by Borrower from time to time as Borrower may reasonably request. 
 (k)
Notwithstanding anything to the contrary contained in this Section 13.1, without the consent of Borrower, no Lender shall assign , or sell participating interests in, all or a portion of its rights and obligations under this Agreement
and the other Loan Documents to an Assignee who is a direct competitor of Borrower (if and only if such assigning Lender has actual knowledge that such proposed Assignee is a direct competitor of Borrower); provided that the restriction set forth in
this subsection (k) shall not be applicable if (i) an Event of Default has occurred and is continuing, (ii) such assignment is in connection with any merger, consolidation, sale, transfer, or other disposition of all or any
substantial portion of the business or loan portfolio of the Lender making such assignment, or (iii) the proposed Assignee is a finance company, fund or other similar entity which merely has an economic interest in any such direct competitor
that has been so identified, and is not itself such a direct competitor that has been so identified. 
 13.2 Successors. This
Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided, however, that Borrower may not assign this Agreement or any rights or duties hereunder without the Lenders’
prior written consent and any prohibited assignment shall be absolutely void ab initio. No consent to assignment by the Lenders shall release Borrower from its Obligations. A Lender may assign this Agreement and the other Loan Documents and
its rights and duties hereunder and thereunder pursuant to Section 13.1 hereof and, except as expressly required pursuant to Section 13.1 hereof, no consent or approval by Borrower is required in connection with any such
assignment. 
  

	14.	AMENDMENTS; WAIVERS. 

 14.1 Amendments and
Waivers.  
 (a) No amendment, waiver or other modification of any provision of this Agreement or any other Loan Document (other than
Bank Product Agreements, the Fee Letter, or the Market Flex Letter), and no consent with respect to any departure by Borrower therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders (or by Agent at the
written request of the Required Lenders) and Borrower and then any such waiver or consent shall be effective, but only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver,
amendment, or consent shall, unless in writing and signed by all of the Lenders directly affected thereby and Borrower, do any of the following: 
 (i) increase the amount of or extend the expiration date of any Commitment of any Lender, 
 (ii) postpone or delay any date fixed
by this Agreement or any other Loan Document for any payment of principal, interest, fees, or other amounts due hereunder or under any other Loan Document, 
 (iii) reduce the principal of, or the rate of interest on, any loan or other extension of credit hereunder, or reduce any fees or other amounts payable hereunder or under any other Loan Document (except (y) in
connection with the waiver of applicability of Section 2.6(c) (which waiver shall be effective with the written consent of the Required Lenders), and (z) that any amendment or modification of defined terms used in the financial
covenants in this Agreement shall not constitute a reduction in the rate of interest or a reduction of fees for purposes of this clause (iii)), 
 (iv) amend or modify this Section or any provision of this Agreement providing for consent or other action by all Lenders, 
  

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 (v) other than as permitted by Section 15.11, release Agent’s Lien in and to any of the
Collateral, 
 (vi) change the definition of “Required Lenders” or “Pro Rata Share”, 
 (vii) contractually subordinate any of the Agent’s Liens, 
 (viii) other than in connection with a merger, liquidation, dissolution or sale of such Person expressly permitted by the terms hereof or the other Loan Documents, release Borrower or any Guarantor from any obligation
for the payment of money or consent to the assignment or transfer by the Borrower or any Guarantor of any of its rights or duties under this Agreement or the other Loan Documents, 
 (ix) amend any of the provisions of Section 2.4(b)(i) or (ii), 
 (x) amend Section 13.1(a) to permit a Loan Party or an Affiliate of a Loan Party to be permitted to become an Assignee, or 
 (xi) change the definition of Maximum Revolver Amount; 
 (b) No amendment, waiver, modification, or consent shall amend, modify, or waive (i) the definition of, or any of the terms or provisions of, the Fee Letter, without the written consent of Agent and Borrower (and
shall not require the written consent of any of the Lenders), (ii) the definition of, or any of the terms or provisions of, the Market Flex Letter, without the written consent of Agent, Co-Arrangers, Co-Syndication Agents, and Borrower (and
shall not require the written consent of any of the Lenders), and (iii) any provision of Section 15 pertaining to Agent, or any other rights or duties of Agent under this Agreement or the other Loan Documents, without the written
consent of Agent, Borrower, and the Required Lenders, 
 (c) No amendment, waiver, modification, or consent shall amend, modify, or waive any
provision of this Agreement or the other Loan Documents pertaining to Issuing Lender, or any other rights or duties of Issuing Lender under this Agreement or the other Loan Documents, without the written consent of Issuing Lender, Agent, Borrower,
and the Required Lenders, 
 (d) No amendment, waiver, modification, or consent shall amend, modify, or waive any provision of this Agreement
or the other Loan Documents pertaining to Swing Lender, or any other rights or duties of Swing Lender under this Agreement or the other Loan Documents, without the written consent of Swing Lender, Agent, Borrower, and the Required Lenders,

 (e) Anything in this Section 14.1 to the contrary notwithstanding, any amendment, modification, waiver, consent, termination,
or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lender Group among themselves, and that does not affect the rights or obligations of Borrower, shall not
require consent by or the agreement of Borrower; provided, however, that Agent shall promptly give notice to Borrower of any agreement pursuant to this provision. 
 14.2 Replacement of Lenders. 
 (a) If any action to be taken by the Lender Group or Agent
hereunder requires the unanimous consent, authorization, or agreement of all Lenders and if such action has received the consent, authorization, or agreement of the Required Lenders but not all of the Lenders, then Agent or Borrower, upon at least 5
Business Days prior irrevocable notice, may permanently replace any Lender (a “Holdout Lender”) that failed to give its consent, authorization, or agreement with one or more Replacement Lenders, and the Holdout Lender shall have no
right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. 
  

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 (b) Prior to the effective date of such replacement, the Holdout Lender and each Replacement Lender shall
execute and deliver an Assignment and Acceptance, subject only to the Holdout Lender being repaid its share of the outstanding Obligations (including an assumption of its Pro Rata Share of the Risk Participation Liability) without any premium or
penalty of any kind whatsoever. If the Holdout Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date of such replacement, the Holdout Lender shall be deemed to have executed and delivered
such Assignment and Acceptance. The replacement of any Holdout Lender shall be made in accordance with the terms of Section 13.1. Until such time as the Replacement Lenders shall have acquired all of the Obligations, the Commitments, and
the other rights and obligations of the Holdout Lender hereunder and under the other Loan Documents, the Holdout Lender shall remain obligated to make the Holdout Lender’s Pro Rata Share of Advances and to purchase a participation in each
Letter of Credit, in an amount equal to its Pro Rata Share of the Risk Participation Liability of such Letter of Credit. 
 (c) If any Lender
requests additional or increased costs referred to in Section 2.12(d)(i) or amounts under Section 2.13 or Section 16 (any such Lender, a “Affected Lender”), then such Affected Lender shall use
reasonable efforts to promptly designate a different one of its lending offices or to assign its rights and obligations hereunder to another of its offices or branches, if (i) in the reasonable judgment of such Affected Lender, such designation
or assignment would eliminate or reduce amounts payable pursuant to Section 2.12(d)(i) or Section 2.13 or Section 16, as applicable, and (ii) in the reasonable judgment of such Affected Lender, such
designation or assignment would not subject it to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to it. Borrower agrees to pay all reasonable out-of-pocket costs and expenses incurred by such Affected
Lender in connection with any such designation or assignment. If, after such reasonable efforts, such Affected Lender does not so designate a different one of its lending offices or assign its rights to another of its offices or branches so as to
eliminate Borrower’s obligation to pay any future amounts to such Affected Lender pursuant to Section 2.12(d)(i) or Section 2.13 or Section 16, as applicable, then Borrower (without prejudice to any amounts
then due to such Affected Lender under Section 2.12(d)(i) or Section 2.13 or Section 16, as applicable) may, unless prior to the effective date of any such assignment the Affected Lender withdraws its request for
such additional amounts under Section 2.12(d)(i) or Section 2.13 or Section 16, as applicable, designate another Lender reasonably acceptable to Agent to purchase the Obligations owed to such Affected Lender and
such Affected Lender’s Commitments hereunder (a “Replacement Lender”), such Affected Lender shall assign to the Replacement Lender its Obligations and Commitments within 5 Business Days of Borrower’s notice of such
designation of a Replacement Lender, pursuant to an Assignment and Acceptance Agreement, and upon such purchase by the Replacement Lender, such Replacement Lender shall be deemed to be a “Lender” for purposes of this Agreement and such
Affected Lender shall cease to be a “Lender” for purposes of this Agreement. 
 14.3 No Waivers; Cumulative Remedies.
No failure by Agent or any Lender to exercise any right, remedy, or option under this Agreement or any other Loan Document, or delay by Agent or any Lender in exercising the same, will operate as a waiver thereof. No waiver by Agent or any
Lender will be effective unless it is in writing, and then only to the extent specifically stated. No waiver by Agent or any Lender on any occasion shall affect or diminish Agent’s and each Lender’s rights thereafter to require strict
performance by Borrower of any provision of this Agreement. Agent’s and each Lender’s rights under this Agreement and the other Loan Documents will be cumulative and not exclusive of any other right or remedy that Agent or any Lender may
have. 
  

	15.	AGENT; THE LENDER GROUP. 

 15.1 Appointment
and Authorization of Agent. Each Lender hereby designates and appoints WFF as its representative under this Agreement and the other Loan Documents and each Lender hereby irrevocably authorizes Agent to execute and deliver each of the other
Loan Documents on its behalf and to take such other action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to Agent by the terms of this
Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. 

  

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Agent agrees to act as such on the express conditions contained in this Section 15. The provisions of this Section 15 (other than
Section 15.11) are solely for the benefit of Agent and the Lenders, and Borrower and its Subsidiaries shall have no rights as a third party beneficiary of any of the provisions contained herein. Any provision to the contrary contained
elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with any
Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent; it being expressly understood and agreed that the use of
the word “Agent” is for convenience only, that WFF is merely the representative of the Lenders, and only has the contractual duties set forth herein. Except as expressly otherwise provided in this Agreement, Agent shall have and may use
its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions that Agent expressly is entitled to take or assert under or pursuant to this Agreement and the
other Loan Documents. Without limiting the generality of the foregoing, or of any other provision of the Loan Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the right to exercise the following powers as long
as this Agreement remains in effect: (a) maintain, in accordance with its customary business practices, ledgers and records reflecting the status of the Obligations, the Collateral, the Collections of Borrower and its Restricted Subsidiaries,
and related matters, (b) execute or file any and all financing or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements with respect to the Loan
Documents, (c) make Advances, for itself or on behalf of Lenders, as provided in the Loan Documents, (d) exclusively receive, apply, and distribute the Collections of Borrower and its Restricted Subsidiaries as provided in the Loan
Documents, (e) open and maintain such bank accounts and cash management arrangements as Agent deems necessary and appropriate in accordance with the Loan Documents for the foregoing purposes with respect to the Collateral and the Collections of
Borrower and its Restricted Subsidiaries, (f) perform, exercise, and enforce any and all other rights and remedies of the Lender Group with respect to Borrower or its Restricted Subsidiaries, the Obligations, the Collateral, the Collections of
Borrower and its Restricted Subsidiaries, or otherwise related to any of same as provided in the Loan Documents, and (g) incur and pay such Lender Group Expenses as Agent may deem necessary or appropriate for the performance and fulfillment of
its functions and powers pursuant to the Loan Documents. 
 15.2 Delegation of Duties. Agent may execute any of its duties
under this Agreement or any other Loan Document by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or
misconduct of any agent or attorney in fact that it selects as long as such selection was made without gross negligence or willful misconduct. 
 15.3 Liability of Agent. None of the Agent-Related Persons shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the
transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (b) be responsible in any manner to any of the Lenders for any recital, statement, representation or warranty made by Borrower or any of its
Subsidiaries or Affiliates, or any officer or director thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in
connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of Borrower or its Subsidiaries or any other
party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in,
or conditions of, this Agreement or any other Loan Document, or to inspect the books and records or properties of Borrower or its Subsidiaries. 
 15.4 Reliance by Agent. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, telefacsimile or other electronic
method of transmission, telex or telephone message, statement or other document or conversation 

  

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believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of legal
counsel (including counsel to Borrower or counsel to any Lender), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document
unless Agent shall first receive such advice or concurrence of the Lenders as it deems appropriate and until such instructions are received, Agent shall act, or refrain from acting, as it deems advisable. If Agent so requests, it shall first be
indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the requisite Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the
Lenders. 
 15.5 Notice of Default or Event of Default. Agent shall not be deemed to have knowledge or notice of the occurrence
of any Default or Event of Default, except with respect to defaults in the payment of principal, interest, fees, and expenses required to be paid to Agent for the account of the Lenders and, except with respect to Events of Default of which Agent
has actual knowledge, unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default, and stating that such notice is a “notice of default.” Agent promptly
will notify the Lenders of its receipt of any such notice or of any Event of Default of which Agent has actual knowledge. If any Lender obtains actual knowledge of any Event of Default, such Lender promptly shall notify the other Lenders and Agent
of such Event of Default. Each Lender shall be solely responsible for giving any notices to its Participants, if any. Subject to Section 15.4, Agent shall take such action with respect to such Default or Event of Default as may be
requested by the Required Lenders in accordance with Section 8; provided, however, that unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default or Event of Default as it shall deem advisable. 
 15.6 Credit Decision. Each
Lender acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by Agent hereinafter taken, including any review of the affairs of Borrower and its Subsidiaries or Affiliates, shall be deemed
to constitute any representation or warranty by any Agent-Related Person to any Lender. Each Lender represents to Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it
has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower or any other Person party to a Loan Document, and all applicable
bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to Borrower. Each Lender also represents that it will, independently and without reliance upon any
Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan
Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower or any other Person party to a Loan Document.
Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders by Agent, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of Borrower or any other Person party to a Loan Document that may come into the possession of any of the Agent-Related Persons. 
 15.7 Costs and Expenses; Indemnification. Agent may incur and pay Lender Group Expenses to the extent Agent reasonably deems necessary or
appropriate for the performance and fulfillment of its functions, powers, and obligations pursuant to the Loan Documents, including court costs, attorneys fees and expenses, fees and expenses of financial accountants, advisors, consultants, and
appraisers, costs of collection by outside collection agencies, auctioneer fees and expenses, and costs of security guards or insurance premiums paid to maintain the Collateral, whether or not Borrower is obligated to reimburse Agent or Lenders

  

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for such expenses pursuant to this Agreement or otherwise. Agent is authorized and directed to deduct and retain sufficient amounts from the payments of
Borrower, and during the continuance of an Event of Default from Collections of Borrower and its Restricted Subsidiaries, received by Agent to reimburse Agent for such out-of-pocket costs and expenses prior to the distribution of any amounts to
Lenders. In the event Agent is not reimbursed for such costs and expenses by Borrower or its Restricted Subsidiaries, each Lender hereby agrees that it is and shall be obligated to pay to Agent such Lender’s Pro Rata Share thereof. Whether or
not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand the Agent-Related Persons (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so),
according to their Pro Rata Shares, from and against any and all Indemnified Liabilities; provided, however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities
resulting solely from such Person’s gross negligence or willful misconduct nor shall any Lender be liable for the obligations of any Defaulting Lender in failing to make an Advance or other extension of credit hereunder. Without limitation of
the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s Pro Rata Share of any costs or out of pocket expenses (including attorneys, accountants, advisors, and consultants fees and expenses) incurred by Agent in connection
with the preparation, execution, delivery, administration, modification, amendment, or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any
other Loan Document, or any document contemplated by or referred to herein, to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section shall survive the payment of all Obligations
hereunder and the resignation or replacement of Agent. 
 15.8 Agent in Individual Capacity. WFF and its Affiliates may make
loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in, and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with Borrower and its Subsidiaries and
Affiliates and any other Person party to any Loan Documents as though WFF were not Agent hereunder, and, in each case, without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge that,
pursuant to such activities, WFF or its Affiliates may receive information regarding Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or such other Person
and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver Agent will use its reasonable best efforts
to obtain), Agent shall not be under any obligation to provide such information to them. The terms “Lender” and “Lenders” include WFF in its individual capacity. 
 15.9 Successor Agent. Agent may resign as Agent upon 45 days prior written notice to the Lenders (unless such notice is waived by the
Required Lenders) and Borrower (unless such notice is waived by Borrower). If Agent resigns under this Agreement, the Required Lenders shall be entitled, with (so long as no Event of Default has occurred and is continuing) the consent of Borrower
(such consent not to be unreasonably withheld, delayed, or conditioned), appoint a successor Agent for the Lenders. If, at the time that Agent’s resignation is effective, it is acting as the Issuing Lender or the Swing Lender, such resignation
shall also operate to effectuate its resignation as the Issuing Lender or the Swing Lender, as applicable, and it shall automatically be relieved of any further obligation to issue Letters of Credit or make Swing Loans. If no successor Agent is
appointed prior to the effective date of the resignation of Agent, Agent may appoint, after consulting with the Lenders and Borrower, a successor Agent. If Agent has materially breached or failed to perform any material provision of this Agreement
or of applicable law, the Required Lenders may agree in writing to remove and replace Agent with a successor Agent from among the Lenders. In any such event, upon the acceptance of its appointment as successor Agent hereunder, such successor Agent
shall succeed to all the rights, powers, and duties of the retiring Agent and the term “Agent” shall mean such successor Agent and the retiring Agent’s appointment, powers, and duties as Agent shall be terminated. After any retiring
Agent’s resignation hereunder as Agent, the provisions of this Section 15 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. If no successor Agent has accepted
appointment as Agent by the date which is 45 days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of Agent
hereunder until such time, if any, as the Lenders appoint a successor Agent as provided for above. 
  

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 15.10 Lender in Individual Capacity. Any Lender and its respective Affiliates may make
loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with Borrower and its Subsidiaries and
Affiliates and any other Person party to any Loan Documents as though such Lender were not a Lender hereunder without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge that, pursuant to
such activities, such Lender and its respective Affiliates may receive information regarding Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or such other
Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver such Lender will use its reasonable
best efforts to obtain), such Lender shall not be under any obligation to provide such information to them. 
 15.11 Collateral
and Guaranty Matters. 
 (a) The Lender Group and, by acceptance of the Security Interests granted pursuant to the Security Agreement,
the Bank Product Providers hereby irrevocably authorize Agent, at its option and in its sole discretion, to release any Lien on any Collateral (i) upon the termination of the Commitments and payment and satisfaction in full by Borrower of all
Obligations, (ii) constituting property being sold or disposed of if a release is required or desirable in connection therewith and if Borrower certifies to Agent that the sale or disposition is permitted under Section 6.4 or
Section 4.13 of this Agreement or the other Loan Documents (and Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting property in which Borrower or its Restricted Subsidiaries owned no
interest at the time the Agent’s Lien was granted nor at any time thereafter, or (iv) constituting property leased to Borrower or its Restricted Subsidiaries under a lease that has expired or is terminated in a transaction permitted under
this Agreement. Except as provided above, Agent will not execute and deliver a release of any Lien on any Collateral without the prior written authorization of (y) if the release is of all or substantially all of the Collateral, all of the
Lenders, or (z) otherwise, the Required Lenders. Upon request by Agent or Borrower at any time, the Lender Group and, by acceptance of the Security Interests granted pursuant to the Security Agreement, the Bank Product Providers will confirm in
writing Agent’s authority to release any such Liens on particular types or items of Collateral pursuant to this Section 15.11; provided, however, that (1) Agent shall not be required to execute any document
necessary to evidence such release on terms that, in Agent’s reasonable opinion, would expose Agent to liability or create any obligation or entail any consequence other than the release of such Lien without recourse, representation, or
warranty, and (2) such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of Borrower in respect of) all interests retained by Borrower,
including, the proceeds of any sale, all of which shall continue to constitute part of the Collateral. 
 (b) Agent shall have no obligation
whatsoever to any of the Lenders to assure that the Collateral exists or is owned by Borrower or its Restricted Subsidiaries or is cared for, protected, or insured or has been encumbered, or that the Agent’s Liens have been properly or
sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of
the rights, authorities and powers granted or available to Agent pursuant to any of the Loan Documents, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and
conditions contained herein, Agent may act in any manner it may deem appropriate, in its sole discretion given Agent’s own interest in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability
whatsoever to any Lender as to any of the foregoing, except as otherwise provided herein. 
  

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 (c) The Lender Group and, by acceptance of the Security Interests granted pursuant to the Security
Agreement, the Bank Product Providers hereby irrevocably authorize Agent, at its option and in its sole discretion, to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a
transaction permitted hereunder. Upon request by Agent or Borrower, the Lender Group and, by acceptance of the Security Interests granted pursuant to the Security Agreement, the Bank Product Providers will confirm in writing Agent’s authority
to release any such Guarantor pursuant to this Section 15.11; provided, however, that (1) Agent shall not be required to execute any document necessary to evidence such release on terms that, in Agent’s reasonable
opinion, would expose Agent to liability or create any obligation or entail any consequence other than the release of such Guarantor without recourse, representation, or warranty, and (2) such release shall not in any manner discharge, affect,
or impair the Obligations or any Liens (other than those expressly so released) and the Agent’s Liens shall automatically attach to the proceeds from any such sale, license, lease, or other dispositions of any such Collateral. 
 15.12 Restrictions on Actions by Lenders; Sharing of Payments. 
 (a) Each of the Lenders agrees that it shall not, except after the occurrence and during the continuation of an Event of Default with the express written
consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the written request of Agent after the occurrence and during the continuation of an Event of Default, set off against the Obligations, any amounts owing by
such Lender to Borrower or its Restricted Subsidiaries or any deposit accounts of Borrower or its Restricted Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically
requested to do so in writing by Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against Borrower or any Guarantor or to foreclose any Lien on, or otherwise
enforce any security interest in, any of the Collateral. Each Lender agrees to promptly notify Borrower after any such set off or commencement of such proceedings by such Lender. 
 (b) If, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any proceeds of Collateral or any payments
with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent in excess of such Lender’s Pro Rata Share of all such
distributions by Agent, such Lender promptly shall (A) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in immediately available funds, as applicable, for the account of all
of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided interest and participation in the Obligations owed to the other
Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, however, that to the extent that such excess payment received by the purchasing party is
thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to such purchasing party, but without interest
except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment. 
 15.13
Agency for Perfection. Agent hereby appoints each other Lender as its agent (and each Lender hereby accepts such appointment) for the purpose of perfecting the Agent’s Liens in assets which, in accordance with Article 8 or Article
9, as applicable, of the Code can be perfected by possession or control. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor shall deliver
possession or control of such Collateral to Agent or in accordance with Agent’s instructions. 
 15.14 Payments by Agent to the
Lenders. All payments to be made by Agent to the Lenders shall be made by bank wire transfer of immediately available funds pursuant to such wire transfer instructions as each party may designate for itself by written notice to Agent.
Concurrently with each such payment, Agent shall identify whether such payment (or any portion thereof) represents principal, premium, fees, or interest of the Obligations. 
  

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 15.15 Concerning the Collateral and Related Loan Documents. Each member of the Lender Group
authorizes and directs Agent to enter into this Agreement and the other Loan Documents. Each member of the Lender Group agrees that any action taken by Agent in accordance with the terms of this Agreement or the other Loan Documents relating to the
Collateral or the Loan Parties, and the exercise by Agent of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Lenders. 
 15.16 Audits and Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information. By becoming a party to
this Agreement, each Lender: 
 (a) is deemed to have requested that Agent furnish such Lender, promptly after it becomes available, a
copy of each field audit or examination report respecting Borrower or its Restricted Subsidiaries (each a “Report” and collectively, “Reports”) prepared by or at the request of Agent, and Agent shall so furnish each
Lender with such Reports, 
 (b) expressly agrees and acknowledges that Agent does not (i) make any representation or warranty as to the
accuracy of any Report, and (ii) shall not be liable for any information contained in any Report, 
 (c) expressly agrees and
acknowledges that the Reports are not comprehensive audits or examinations, that Agent or other party performing any audit or examination will inspect only specific information regarding Borrower and its Restricted Subsidiaries and will rely
significantly upon Borrower’s and its Restricted Subsidiaries’ books and records, as well as on representations of Borrower’s personnel, 
 (d) agrees to keep all Reports and other material, non-public information regarding Borrower and its Subsidiaries and their operations, assets, and existing and contemplated business plans in a confidential manner in
accordance with Section 17.9, and 
 (e) without limiting the generality of any other indemnification provision contained in this
Agreement, agrees: (i) to hold Agent and any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the indemnifying Lender may reach or draw from any Report in connection
with any loans or other credit accommodations that the indemnifying Lender has made or may make to Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a loan or loans of Borrower, and
(ii) to pay and protect, and indemnify, defend and hold Agent, and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including, attorneys fees and
costs) incurred by Agent and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 
 In addition to the foregoing: (x) any Lender may from time to time request of Agent in writing that Agent provide to such Lender a copy of any report or document
provided by Borrower or its Restricted Subsidiaries to Agent that has not been contemporaneously provided by Borrower or such Restricted Subsidiary to such Lender, and, upon receipt of such request, Agent promptly shall provide a copy of same to
such Lender, (y) to the extent that Agent is entitled, under any provision of the Loan Documents, to request additional reports or information from Borrower or its Restricted Subsidiaries, any Lender may, from time to time, reasonably request
Agent to exercise such right as specified in such Lender’s notice to Agent, whereupon Agent promptly shall request of Borrower the additional reports or information reasonably specified by such Lender, and, upon receipt thereof from Borrower or
such Restricted Subsidiary, Agent promptly shall provide a copy of same to such Lender, and (z) any time that Agent renders to Borrower a statement regarding the Loan Account, Agent shall send a copy of such statement to each Lender.

  

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 15.17 Several Obligations; No Liability. Notwithstanding that certain of the Loan Documents
now or hereafter may have been or will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of Agent (if any) to make any credit available hereunder shall
constitute the several (and not joint) obligations of the respective Lenders on a ratable basis, according to their respective Commitments, to make an amount of such credit not to exceed, in principal amount, at any one time outstanding, the amount
of their respective Commitments. Nothing contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect of, the business, assets, profits, losses, or liabilities of any other Lender. Each
Lender shall be solely responsible for notifying its Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall have any obligation, duty, or liability to any Participant of any
other Lender. Except as provided in Section 15.7, no member of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible to Borrower or any other Person for any failure
by any other Lender to fulfill its obligations to make credit available hereunder, nor to advance for it or on its behalf in connection with its Commitment, nor to take any other action on its behalf hereunder or in connection with the financing
contemplated herein. 
  

	16.	WITHHOLDING TAXES. 

 (a) All payments made by
Borrower hereunder or under any note or other Loan Document will be made without setoff, counterclaim, or other defense. In addition, all such payments will be made free and clear of, and without deduction or withholding for, any present or future
Taxes, and in the event any deduction or withholding of Taxes is required, Borrower shall comply with the next sentence of this Section 16(a). If any Taxes are so levied or imposed, Borrower agrees to pay the full amount of such Taxes
and such additional amounts as may be necessary so that every payment of all amounts due under this Agreement, any note, or Loan Document, including any amount paid pursuant to this Section 16(a) after withholding or deduction for or on
account of any Taxes, will not be less than the amount provided for herein; provided, however, that Borrower shall not be required to increase any such amounts if the increase in such amount payable results from Agent’s or such
Lender’s own willful misconduct or gross negligence (as finally determined by a court of competent jurisdiction). Borrower will furnish to Agent as promptly as possible after the date the payment of any Tax is due pursuant to applicable law,
certified copies of tax receipts evidencing such payment by Borrower. 
 (b) Borrower agrees to pay any present or future stamp, value added
or documentary taxes or any other excise or property taxes, charges, or similar levies that arise from any payment made hereunder or from the execution, delivery, performance, recordation, or filing of, or otherwise with respect to this Agreement or
any other Loan Document. 
 (c) If a Lender or Participant claims an exemption or reduction from United States withholding tax, such Lender
or Participant agrees with and in favor of Agent, to deliver to Agent (or, in the case of a Participant, to the Lender granting the participation only) one of the following before receiving its first payment under this Agreement: 
 (i) if such Lender or Participant claims an exemption from United States withholding tax pursuant to its portfolio interest exception, (A) a
statement of the Lender or Participant, signed under penalty of perjury, that it is not a (I) a “bank” as described in Section 881(c)(3)(A) of the IRC, (II) a 10% shareholder of Borrower (within the meaning of
Section 871(h)(3)(B) of the IRC), or (III) a controlled foreign corporation related to Borrower within the meaning of Section 864(d)(4) of the IRC, and (B) a properly completed and executed IRS Form W-8BEN or Form W-8IMY (with
proper attachments); 
 (ii) if such Lender or Participant claims an exemption from, or a reduction of, withholding tax under a United
States tax treaty, a properly completed and executed copy of IRS Form W-8BEN; 
  

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 (iii) if such Lender or Participant claims that interest paid under this Agreement is exempt from United
States withholding tax because it is effectively connected with a United States trade or business of such Lender, a properly completed and executed copy of IRS Form W-8ECI; 
 (iv) if such Lender or Participant claims that interest paid under this Agreement is exempt from United States withholding tax because such Lender or
Participant serves as an intermediary, a properly completed and executed copy of IRS Form W-8IMY (with proper attachments); or 
 (v) a
properly completed and executed copy of any other form or forms, including IRS Form W-9, as may be required under the IRC or other laws of the United States as a condition to exemption from, or reduction of, United States withholding or backup
withholding tax. 
 Each Lender or Participant shall provide new forms (or successor forms) upon the expiration or obsolescence of any previously delivered
forms and to promptly notify Agent (or, in the case of a Participant, to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction. 
 (d) If a Lender or Participant claims an exemption from withholding tax in a jurisdiction other than the United States, such Lender or such Participant
agrees with and in favor of Agent, to deliver to Agent (or, in the case of a Participant, to the Lender granting the participation only) any such form or forms, as may be required under the laws of such jurisdiction as a condition to exemption from,
or reduction of, foreign withholding or backup withholding tax before receiving its first payment under this Agreement, but only if such Lender or such Participant is legally able to deliver such forms, provided, however, that nothing
in this Section 16(d) shall require a Lender or Participant to disclose any information that it deems to be confidential (including without limitation, its tax returns). Each Lender and each Participant shall provide new forms (or
successor forms) upon the expiration or obsolescence of any previously delivered forms and to promptly notify Agent (or, in the case of a Participant, to the Lender granting the participation only) of any change in circumstances which would modify
or render invalid any claimed exemption or reduction. 
 (e) If a Lender or Participant claims exemption from, or reduction of, withholding
tax and such Lender or Participant sells, assigns, grants a participation in, or otherwise transfers all or part of the Obligations of Borrower to such Lender or Participant, such Lender or Participant agrees to notify Agent (or, in the case of a
sale of a participation interest, to the Lender granting the participation only) of the percentage amount in which it is no longer the beneficial owner of Obligations of Borrower to such Lender or Participant. To the extent of such percentage
amount, Agent will treat such Lender’s or such Participant’s documentation provided pursuant to Section 16(c) or 16(d) as no longer valid. With respect to such percentage amount, such Participant or Assignee may provide
new documentation, pursuant to Section 16(c) or 16(d), if applicable. Borrower agrees that each Participant shall be entitled to the benefits of this Section 16 with respect to its participation in any portion of the
Commitments and the Obligations so long as such Participant complies with the obligations set forth in this Section 16 with respect thereto. 
 (f) If a Lender or a Participant is entitled to a reduction in the applicable withholding tax, Agent (or, in the case of a Participant, to the Lender granting the participation) may withhold from any interest payment
to such Lender or such Participant an amount equivalent to the applicable withholding tax after taking into account such reduction. If the forms or other documentation required by subsection (c) or (d) of this
Section 16 are not delivered to Agent (or, in the case of a Participant, to the Lender granting the participation), then Agent (or, in the case of a Participant, to the Lender granting the participation) then Agent may withhold from any
interest payment to such Lender or such Participant not providing such forms or other documentation an amount equivalent to the applicable withholding tax. 
 (g) If the IRS or any other Governmental Authority of the United States or other jurisdiction asserts a claim that Agent (or, in the case of a Participant, to the Lender granting the participation) did not properly
withhold tax from amounts paid to or for the account of any Lender or any Participant due to a 

  

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failure on the part of the Lender or any Participant (because the appropriate form was not delivered, was not properly executed, or because such Lender
failed to notify Agent (or such Participant failed to notify the Lender granting the participation) of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Lender
shall indemnify and hold Agent harmless (or, in the case of a Participant, such Participant shall indemnify and hold the Lender granting the participation harmless) for all amounts paid, directly or indirectly, by Agent (or, in the case of a
Participant, to the Lender granting the participation), as tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to Agent (or, in the case of a Participant, to the Lender
granting the participation only) under this Section 16, together with all costs and expenses (including attorneys fees and expenses). The obligation of the Lenders and the Participants under this subsection shall survive the payment of
all Obligations and the resignation or replacement of Agent. 
 (h) If Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes as to which it has been indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section 16, so long as no Default or Event of Default has occurred and is
continuing, it shall promptly notify Borrower and promptly pay over such refund to Borrower (but only to the extent of payments made, or additional amounts paid, by Borrower under this Section 16 with respect to Taxes giving rise to such
a refund), net of all out-of-pocket expenses of Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such a refund); provided, that Borrower, upon the request of Agent or such
Lender, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges, imposed by the relevant Governmental Authority, other than such penalties, interest or other charges imposed as a result of the willful
misconduct or gross negligence of Agent hereunder) to Agent or such Lender in the event Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything in this Agreement to the contrary, this
Section 16 shall not be construed to require Agent or any Lender to make available its tax returns (or any other information which it deems confidential) to Borrower or any other Person. 
  

	17.	GENERAL PROVISIONS. 

 17.1 Effectiveness.
This Agreement shall be binding and deemed effective when executed by Borrower, Agent, and each Lender whose signature is provided for on the signature pages hereof. 
 17.2 Section Headings. Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in each Section applies equally to
this entire Agreement. 
 17.3 Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be
construed against the Lender Group or Borrower, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the
words used so as to accomplish fairly the purposes and intentions of all parties hereto. 
 17.4 Severability of Provisions.
Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 17.5 Bank Product Providers. Each Bank Product Provider shall be deemed a third party beneficiary hereof and of the provisions of the other
Loan Documents for purposes of any reference in a Loan Document to the parties for whom Agent is acting; it being understood and agreed that the rights and benefits of such Bank Product Provider under the Loan Documents consist exclusively of such
Bank Product Provider’s right to share in payments and collections out of the Collateral as more fully set forth herein. In connection with any such distribution of payments and collections, Agent shall be entitled to assume no amounts are due
to any Bank Product Provider unless such Bank Product Provider has notified Agent in writing of the amount of any such liability owed to it prior to such distribution. 
  

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 17.6 Debtor-Creditor Relationship. The relationship between the Lenders and Agent, on the
one hand, and the Loan Parties, on the other hand, is solely that of creditor and debtor. No member of the Lender Group has (or shall be deemed to have) any fiduciary relationship or duty to any Loan Party arising out of or in connection with the
Loan Documents or the transactions contemplated thereby, and there is no agency or joint venture relationship between the members of the Lender Group, on the one hand, and the Loan Parties, on the other hand, by virtue of any Loan Document or any
transaction contemplated therein. 
 17.7 Counterparts; Electronic Execution. This Agreement may be executed in any number of
counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an
executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this
Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability,
and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis. 
 17.8 Revival
and Reinstatement of Obligations. If the incurrence or payment of the Obligations by Borrower or Guarantor or the transfer to the Lender Group of any property should for any reason subsequently be asserted, or declared, to be void or
voidable under any state or federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable payments of money or transfers of property
(each, a “Voidable Transfer”), and if the Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable
Transfer, or the amount thereof that the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys fees of the Lender Group related thereto, the liability of Borrower or Guarantor automatically
shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made. 
 17.9
Confidentiality. 
 (a) Agent, Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender and Lenders each individually (and
not jointly or jointly and severally) agree that material, non-public information regarding Borrower and Borrower’s Restricted Subsidiaries, their operations, assets, and existing and contemplated business plans shall be treated by Agent,
Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender and Lenders in a confidential manner, and shall not be disclosed by Agent, Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender or Lenders to Persons who are not parties
to this Agreement, except: (i) to attorneys for and other advisors, accountants, auditors, and consultants to any member of the Lender Group, (ii) to Subsidiaries and Affiliates of any member of the Lender Group (including the Bank Product
Providers), provided that any such Subsidiary or Affiliate shall have agreed to receive such information hereunder subject to, and to treat such information in accordance with, the terms of this Section 17.9, (iii) as may be
required by statute, decision, or judicial or administrative order, rule, or regulation, (iv) as may be agreed to in advance by Borrower or as requested or required by any Governmental Authority pursuant to any subpoena or other legal process,
(v) as to any such information that is or becomes generally available to the public (other than as a result of prohibited disclosure by Agent, Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender or Lenders), (vi) in
connection with any assignment, participation or pledge of any Lender’s interest under this Agreement, provided that any such assignee, participant, or pledgee shall have agreed in writing to receive such information hereunder subject to, and
to treat such information in accordance with, the terms of this Section 17.9, and (vii) in connection with any litigation or other adversary proceeding involving parties hereto which such litigation or adversary proceeding involves
claims related to the rights or duties of such parties under this Agreement or the other Loan Documents. The provisions of this Section 17.9(a) shall survive for two (2) years after the payment in full of the Obligations.

  

 - 54 - 

 (b) Anything in this Agreement to the contrary notwithstanding, Agent may provide information concerning
the terms and conditions of this Agreement and the other Loan Documents to loan syndication and pricing reporting services. 
 (c) Anything
in this Agreement or the other Loan Documents to the contrary notwithstanding, in no event shall Agent, Co-Arrangers, Co-Syndication Agents, Swing Lender, Issuing Lender or any Lender issue any press release or other public announcement regarding
this Agreement, the other Loan Documents, Borrower or any of its Restricted Subsidiaries without the prior review and approval of such proposed press release or other public announcement by Borrower. 
 17.10 Lender Group Expenses. Borrower agrees to pay any and all Lender Group Expenses promptly after demand therefor by Agent and agrees
that its obligations contained in this Section 17.10 shall survive payment or satisfaction in full of all other Obligations. 
 17.11 USA PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 
 17.12 Integration. This Agreement, together with the other Loan Documents and the Commitment Letter, reflects the entire understanding of
the parties with respect to the transactions contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. In the event of any conflict between the terms of the Commitment Letter and
the terms of any Loan Document, the terms of the applicable Loan Document shall control. In the event of a direct conflict between the terms and provisions of this Agreement and any other Loan Document, it is the intention of the parties hereto that
both such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this
Agreement shall control and govern; provided, however, that the inclusion in any Loan Document of additional obligations on the part of any Loan Party or supplemental rights and remedies in favor of Agent, in each case in respect of the Collateral,
shall not be deemed a conflict with the Credit Agreement. 
 [Signature pages to follow.] 
  

 - 55 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as
of the date first above written. 
  

			
	 LANDRY’S RESTAURANTS, INC.,
 a
Delaware corporation, as Borrower

		
	By:	 	  

	Name:	 	Rick H. Liem
	Title:	 	Executive Vice President and Chief Financial Officer

 [SIGNATURE PAGE TO CREDIT
AGREEMENT] 

			
	 WELLS FARGO FOOTHILL, LLC,
 a Delaware limited liability company, as Agent, Co-Arranger,
 Co-Syndication Agent and as a
Lender

		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO CREDIT
AGREEMENT] 

			
	 JEFFERIES FINANCE LLC,
 a Delaware limited liability company, as Co-Arranger,
 Co-Syndication Agent and as a Lender

		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO CREDIT
AGREEMENT] 

			
	 JEFFERIES FINANCE CP FUNDING LLC,
 a Delaware limited liability company, as a Lender

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 1.1 
 As used in the Agreement, the following terms shall have the following definitions: 
 “7.5% Senior
Notes” means the 7.5% Senior Notes due December 28, 2014 issued pursuant to the Senior Notes Indenture. 
 “9.5% Senior
Notes” means the 9.5% Senior Notes due December 15, 2014 issued pursuant to the Senior Notes Indenture. 
 “Account” means an account (as that term is defined in the Code). 
 “Account Debtor” means any
Person who is obligated on an Account, chattel paper, or a general intangible. 
 “ACH Transactions” means any cash
management or related services (including the Automated Clearing House processing of electronic fund transfers through the direct Federal Reserve Fedline system) provided by a Bank Product Provider for the account of Borrower or its Restricted
Subsidiaries. 
 “Acquired Indebtedness” means Indebtedness of a Person whose assets or Capital Stock is acquired by
Borrower or any of its Restricted Subsidiaries in a transaction permitted hereunder, provided that such Indebtedness (a) is either Purchase Money Indebtedness or a Capital Lease with respect to Equipment or Inventory or mortgage financing with
respect to Real Property, (b) was in existence prior to the date of such acquisition transaction, and (c) was not incurred in connection with, or in contemplation of, such acquisition transaction. 
 “Additional Documents” has the meaning specified therefor in Section 5.12 of the Agreement. 
 “Advances” has the meaning specified therefor in Section 2.1(a) of the Agreement. 
 “Affected Lender” has the meaning specified therefor in Section 14.2(c) of the Agreement. 
 “Affiliate” means, as applied to any Person, any other Person who controls, is controlled by, or is under common control with, such
Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and policies of a Person, whether through the ownership of Capital
Stock, by contract, or otherwise; provided, however, that (a) any Person which owns directly or indirectly 10% or more of the Capital Stock having ordinary voting power for the election of directors or other members of the
governing body of a Person or 10% or more of the partnership or other ownership interests of a Person (other than as a limited partner of such Person) shall be deemed an Affiliate of such Person, (b) each director (or comparable manager) of a
Person shall be deemed to be an Affiliate of such Person, and (c) each partnership in which a Person is a general partner shall be deemed an Affiliate of such Person. 
 “Agent” has the meaning specified therefor in the preamble to the Agreement. 
 “Agent-Related Persons” means Agent, together with its Affiliates, officers, directors, employees, attorneys, and agents. 
 “Agent’s Account” means the Deposit Account of Agent identified on Schedule A-1. 

 “Agent’s Liens” means the Liens granted by Borrower or its Restricted Subsidiaries
to Agent under the Loan Documents. 
 “Agreement” means the Credit Agreement to which this Schedule 1.1 is
attached. 
 “Application Event” means the occurrence of (a) a failure by Borrower to repay all of the Obligations on
the Maturity Date, or (b) a continuing Event of Default and the election by the Required Lenders to require that payments and proceeds of Collateral be applied pursuant to Section 2.4(b)(ii) of the Agreement. 
 “Assignee” has the meaning specified therefor in Section 13.1(a) of the Agreement. 
 “Assignment and Acceptance” means an Assignment and Acceptance Agreement substantially in the form of Exhibit A-1 or such other
form as may be approved by Agent. 
 “Authorized Person” means any one of the individuals identified on Schedule A-2
(as such schedule may be amended by Borrower by written notice to Agent). 
 “Availability” means, as of any date of
determination, the amount that Borrower is entitled to borrow as Advances under Section 2.1 of the Agreement (after giving effect to all then outstanding Obligations (other than Bank Product Obligations). 
 “Bank Product” means any financial accommodation extended to Borrower or its Restricted Subsidiaries by a Bank Product Provider (other
than pursuant to the Agreement) including: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH Transactions, (f) cash management, including controlled disbursement,
accounts or services, or (g) transactions under Hedge Agreements. 
 “Bank Product Agreements” means those agreements
entered into from time to time by Borrower or its Restricted Subsidiaries with a Bank Product Provider in connection with the obtaining of any of the Bank Products. 
 “Bank Product Collateralization” means providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be held by Agent for the benefit of the Bank Product Providers in an
amount determined by Agent as sufficient to satisfy the reasonably estimated credit exposure with respect to the then existing Bank Products. 
 “Bank Product Obligations” means (a) all obligations, liabilities, reimbursement obligations, fees, or expenses owing by Borrower or its Restricted Subsidiaries to any Bank Product Provider pursuant to or evidenced by
a Bank Product Agreement and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and (b) all amounts Borrower or its Restricted
Subsidiaries are obligated to reimburse to Agent or any member of the Lender Group as a result of Agent or such member of the Lender Group purchasing participations from, or executing guarantees or indemnities or reimbursement obligations to, a Bank
Product Provider with respect to the Bank Products provided by such Bank Product Provider to Borrower or its Restricted Subsidiaries. 
 “Bank Product Provider” means Wells Fargo or any of its Affiliates. 
 “Bankruptcy Code” means
title 11 of the United States Code, as in effect from time to time. 
  

 2 

 “Base LIBOR Rate” means the greater of (a) 3.50 percent per annum, and (b) the
rate per annum, determined by Agent in accordance with its customary procedures, and utilizing such electronic or other quotation sources as it considers appropriate, to be the rate at which Dollar deposits (for delivery on the first day of the
requested Interest Period) are offered to major banks in the London interbank market 2 Business Days prior to the commencement of the requested Interest Period, for a term and in an amount comparable to the Interest Period and the amount of the
LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrower in accordance with the Agreement, which determination shall be
conclusive in the absence of manifest error. 
 “Base Rate” means the
greatest of (a) 5.50 percent per annum, (b) the Federal Funds Rate plus  1/2%, and (c) the rate of interest
announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime rate” is one of Wells Fargo’s base rates (not necessarily the lowest of
such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo may
designate. 
 “Base Rate Loan” means the portion of the Advances or the Term Loan that bears interest at a rate
determined by reference to the Base Rate. 
 “Base Rate Margin” means 5.0 percentage points. 
 “Benefit Plan” means a “defined benefit plan” (as defined in Section 3(35) of ERISA) for which Borrower or any of its
Subsidiaries or ERISA Affiliates has been an “employer” (as defined in Section 3(5) of ERISA) within the past six years. 
 “Board of Directors” means the board of directors (or comparable managers) of Borrower or any committee thereof duly authorized to act on behalf of the board of directors (or comparable managers). 
 “Borrower” has the meaning specified therefor in the preamble to the Agreement. 
 “Borrowing” means a borrowing hereunder consisting of Advances made on the same day by the Lenders (or Agent on behalf thereof), or by
Swing Lender in the case of a Swing Loan, or by Agent in the case of a Protective Advance. 
 “Business Day” means any day
that is not a Saturday, Sunday, or other day on which banks are authorized or required to close in the state of New York or the state of California, except that, if a determination of a Business Day shall relate to a LIBOR Rate Loan, the term
“Business Day” also shall exclude any day on which banks are closed for dealings in Dollar deposits in the London interbank market. 
 “Capital Expenditures” means, with respect to any Person for any period, the aggregate of all expenditures (excluding the amount, if any, of expenditures made with Net Cash Proceeds reinvested pursuant to the proviso in
Section 2.4(e)(ii)) actually made in such fiscal year by such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed, but
excluding capitalized interest. 
 “Capitalized Lease Obligation” means that portion of the obligations under a Capital
Lease that is required to be capitalized in accordance with GAAP. 
  

 3 

 “Capital Lease” means a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP. 
 “Capital Stock” means: 
 (a) in the case of a corporation, corporate stock; 
 (b) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock; 
 (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and

 (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 
 “Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or issued
by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within 1 year from the date of acquisition thereof, (b) marketable direct obligations issued or fully guaranteed by any state of the
United States or any political subdivision of any such state or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from
either Standard & Poor’s Rating Group (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), (c) commercial paper maturing no more than 270 days from the date of creation thereof
and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or bankers’ acceptances maturing within 1 year from the
date of acquisition thereof issued by any bank organized under the laws of the United States or any state thereof or the District of Columbia or any United States branch of a foreign bank having at the date of acquisition thereof combined capital
and surplus of not less than $250,000,000, (e) Deposit Accounts maintained with (i) any bank that satisfies the criteria described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any
state thereof so long as the amount maintained with any such other bank is less than or equal to $100,000 and is insured by the Federal Deposit Insurance Corporation, (f) repurchase obligations of any commercial bank satisfying the requirements
of clause (d) of this definition or recognized securities dealer having combined capital and surplus of not less than $250,000,000, having a term of not more than seven days, with respect to securities satisfying the criteria in clauses
(a) or (d) above, (g) debt securities with maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any commercial bank satisfying the criteria described in clause (d) above, and
(h) Investments in money market funds substantially all of whose assets are invested in the types of assets described in clauses (a) through (g) above. 
 “CFC” means a controlled foreign corporation (as that term is defined in the IRC). 
 “Change of Control” means that (a) Permitted Holders fail to own and control, directly or indirectly, 50.1%, or more, of the Capital Stock of Borrower having the right to vote for the election of members of the Board
of Directors, (b) a majority of the members of the Board of Directors do not constitute Continuing Directors, or (c) a “Change of Control” occurs under and as defined in the Senior Notes Indenture. 
 “Closing Date” means the date of the making of the initial Advance (or other extension of credit) hereunder. 
  

 4 

 “Co-Arranger” has the meaning specified therefor in the preamble to the Agreement.

 “Co-Arranger-Related Persons” means each Co-Arranger, together with its Affiliates, officers, directors, employees,
attorneys, and agents. 
 “Co-Syndication Agent” has the meaning specified therefor in the preamble to the Agreement.

 “Co-Syndication Agent-Related Persons” means each Co-Syndication Agent, together with its Affiliates, officers,
directors, employees, attorneys, and agents. 
 “Code” means the New York Uniform Commercial Code, as in effect from time to
time. 
 “Collateral” means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by
Borrower or Borrower’s Restricted Subsidiaries in or upon which a Lien is granted by such Person in favor of Agent or the Lenders under any of the Loan Documents. 
 “Collateral Access Agreement” means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien
upon, or having rights or interests in Borrower’s or its Restricted Subsidiaries’ books and records, Equipment, or Inventory, in each case, in form and substance reasonably satisfactory to Agent. 
 “Collections” means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds and cash
proceeds of asset sales. 
 “Commitment” means, with respect to each Lender, its Revolver Commitment, its Term Loan
Commitment, or its Total Commitment, as the context requires, and, with respect to all Lenders, their Revolver Commitments, their Term Loan Commitments, or their Total Commitments, as the context requires, in each case as such Dollar amounts are set
forth beside such Lender’s name under the applicable heading on Schedule C-1 or in the Assignment and Acceptance pursuant to which such Lender became a Lender hereunder, as such amounts may be reduced or increased from time to time
pursuant to assignments made in accordance with the provisions of Section 13.1 of the Agreement. 
 “Commitment
Letter” means that certain commitment letter, dated as of June 12, 2008, among Tilman J. Fertitta, Jefferies Funding LLC, a Delaware limited liability company, Jefferies & Company, Inc., a Delaware corporation, Jefferies
Finance, and WFF, together with the other Financing Letters (as that term is defined in the aforementioned commitment letter), including the Market Flex Letter, in each case, as amended by that certain letter, dated October 17, 2008, among
Tilman J. Fertitta, Jefferies Funding LLC, a Delaware limited liability company, Jefferies & Company, Inc., a Delaware corporation, Jefferies Finance, WFF, and Borrower. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit C-1 (or such other form as Agent may approve)
delivered by the chief financial officer of Borrower to Agent. 
 “Consolidated Funded Indebtedness” means, with respect to
any Person at any date, all Indebtedness for borrowed money or letters of credit of such Person, determined on a consolidated basis in accordance with GAAP, which by its terms matures more than one year after the date of calculation, and any such
Indebtedness maturing within one year from such date which is renewable or extendable at the option of such Person to a date more than one year from such date, including, in 

  

 5 

 
any event, but without duplication, with respect to the Borrower and its Restricted Subsidiaries, the Advances, the Letters of Credit, the Term Loan, the
Senior Notes, and the amount of their Capitalized Lease Obligations. 
 “Consolidated Net Income” means, with respect to any
specified Person for any period, the aggregate of the net income from continuing operations of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP. 
 “Consolidated Net Loss” means, with respect to any specified Person for any period, the aggregate net loss from continuing operations of
such Person and its Restricted Subsidiaries on a consolidated basis, as determined in accordance with GAAP. 
 “Consolidated Net
Tangible Assets” means, with respect to any specified Person, as of any date, all amounts that would be shown as assets on a consolidated balance sheet of such Person and its Restricted Subsidiaries prepared in accordance with GAAP, less
the amount thereof constituting goodwill and other intangible assets as calculated in accordance with GAAP. 
 “Continuing
Director” means (a) any member of the Board of Directors who was a director of Borrower on the Closing Date, and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such individual was
approved, appointed or nominated for election to the Board of Directors by either the Permitted Holders or a majority of the Continuing Directors, but excluding any such individual originally proposed for election in opposition to the Board of
Directors in office at the Closing Date in an actual or threatened election contest relating to the election of the directors (or comparable managers) of Borrower and whose initial assumption of office resulted from such contest or the settlement
thereof. 
 “Control Agreement” means a control agreement, in form and substance reasonably satisfactory to Agent, executed
and delivered by Borrower or one of its Restricted Subsidiaries, Agent, and the applicable securities intermediary (with respect to a Securities Account) or bank (with respect to a Deposit Account). 
 “Controlled Account Agreement” has the meaning specified therefor in the Security Agreement. 
 “Copyright Security Agreement” has the meaning specified therefor in the Security Agreement. 
 “Current Assets” means, as at any date of determination, the total assets of Borrower and its Restricted Subsidiaries (other than cash
and Cash Equivalents) which may properly be classified as current assets on a consolidated balance sheet of Borrower and its Restricted Subsidiaries in accordance with GAAP. 
 “Current Liabilities” means, as at any date of determination, the total liabilities of Borrower and its Restricted Subsidiaries which
may properly be classified as current liabilities (other than the current portion of the Term Loan, the Swing Loans and the Advances) on a consolidated balance sheet of Borrower and its Restricted Subsidiaries in accordance with GAAP. 
 “Daily Balance” means, as of any date of determination and with respect to any Obligation, the amount of such Obligation owed at the end
of such day. 
 “Default” means an event, condition, or default that, with the giving of notice, the passage of time, or
both, would be an Event of Default. 
  

 6 

 “Defaulting Lender” means any Lender that fails to make any Advance (or other extension
of credit) that it is required to make hereunder on the date that it is required to do so hereunder. 
 “Defaulting Lender
Rate” means (a) for the first 3 days from and after the date the relevant payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable to Advances that are Base Rate Loans (inclusive of the Base Rate Margin
applicable thereto). 
 “Deposit Account” means any deposit account (as that term is defined in the Code). 
 “Designated Account” means the Deposit Account identified on Schedule D-1 or such other deposit account of a Loan Party (located
within the United States) that has been designated as such, in writing, by Borrower to Agent. 
 “Designated Account Bank”
means the Designated Account Bank identified on Schedule D-1. 
 “Dollars” or “$” means United
States dollars. 
 “EBITDA” means, for any Person for any period, the sum of (without duplication) (a) Consolidated Net
Income or Consolidated Net Loss, as the case may be, of such Person for such period plus (b) the sum of (i) interest expense and yield maintenance amounts or make-whole payments of such Person related to Indebtedness of such Person for
such period, (ii) income tax expense of such Person for such period, (iii) depreciation expense of such Person for such period, (iv) amortization expense of such Person for such period, (v) non-cash items of such Person for such
period, in each case, that were deducted in determining Consolidated Net Income or Consolidated Net Loss, as the case may be, of such Person and its Restricted Subsidiaries on a consolidated basis for such period, (vi) any costs and expenses
incurred in by such Person for such period in connection with the consummation of or arising out of this Agreement and the other Loan Documents, including but not limited to legal, accounting and investment banking fees, and sales commissions, and
(vii) Pre-Opening Expenses of such Person for such period, minus (c) to the extent included in determining Consolidated Net Income or Consolidated Net Loss, as the case may be, of such Person and its Restricted Subsidiaries on a
consolidated basis for such period, (i) non-cash gains, (ii) gains or losses arising from asset dispositions not in the ordinary course of business and (iii) non-cash gains or losses under Hedge Agreements. The historical EBITDA for
the relevant measurement period of entities (A) that are acquired by Borrower or any of its Restricted Subsidiaries after the Closing Date as permitted under the Loan Documents will be included in the calculation of EBITDA and (B) that are
disposed of by Borrower or any of its Restricted Subsidiaries after the Closing Date will be excluded in the calculation of EBITDA, provided that, in each case, the Pro Forma Cost Savings will be included in the calculation of EBITDA;
provided, that, prior to such inclusion, in the case of entities that are acquired by Borrower or any of its Restricted Subsidiaries after the Closing Date, Agent is furnished with audited financial statements, or if audited financial
statements are not available, other financial statements reasonably acceptable to Agent, of such entities (or if the acquisition is of a division or branch of a larger business or a group of businesses, the audited financial statements, or if
audited financial statements are not available, other financial statements reasonably acceptable to Agent, of such larger business or group of businesses, so long as the individual activities of the acquired entity are clearly reflected in such
financial statements, together with a certificate certifying that Borrower has reviewed the historical financial statements of the division or branch and that they reflect proper divisional accounting in relation to the large business or group of
businesses), reasonably satisfactory to Agent in all respects, confirming such historical results. 
 For the purposes of calculating EBITDA
of Borrower and its Restricted Subsidiaries for any period of four consecutive fiscal quarters, (a) EBITDA for the fiscal quarter ending March 31, 2008 shall be deemed to be $30,995,000, (b) EBITDA for the fiscal quarter ending
June 30, 2008 shall be deemed to be $39,831,000, and (c) EBITDA for the fiscal quarter ending September 30, 2008 shall be deemed to be $38,015,000. 
  

 7 

 “Environmental Action” means any written complaint, summons, citation, notice,
directive, order, claim, litigation, investigation, judicial or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party involving violations of Environmental Laws or releases of
Hazardous Materials from (a) any assets, properties, or businesses of Borrower or any of its Restricted Subsidiaries, or any of their predecessors in interest, (b) from adjoining properties or businesses, or (c) from or onto any
facilities which received Hazardous Materials generated by Borrower or any of its Restricted Subsidiaries, or any of their predecessors in interest. 
 “Environmental Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation, ordinance, code, binding and enforceable guideline, binding and enforceable
written policy, or rule of common law now or hereafter in effect and in each case as amended, or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, in each case, to the
extent binding on Borrower or its Restricted Subsidiaries, relating to the environment, the effect of the environment on employee health, or Hazardous Materials, in each case as amended from time to time. 
 “Environmental Liabilities” means all liabilities, monetary obligations, losses, damages, punitive damages, consequential damages,
treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of
any claim or demand, or Remedial Action required, by any Governmental Authority or any third party, and which relate to any Environmental Action. 
 “Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities. 
 “Equipment” means equipment (as that term is defined in the Code). 
 “Equity Interest” 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). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto. 
 “ERISA Affiliate” means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as the
employees of Borrower or its Subsidiaries under IRC Section 414(b), (b) any trade or business subject to ERISA whose employees are treated as employed by the same employer as the employees of Borrower or its Subsidiaries under IRC
Section 414(c), (c) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any organization subject to ERISA that is a member of an affiliated service group of which Borrower or any of its Subsidiaries is a
member under IRC Section 414(m), or (d) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any Person subject to ERISA that is a party to an arrangement with Borrower or any of its Subsidiaries and whose
employees are aggregated with the employees of Borrower or its Subsidiaries under IRC Section 414(o). 
 “Event of
Default” has the meaning specified therefor in Section 8 of the Agreement. 
  

 8 

 “Excess Cash Flow” means, with respect to any fiscal period and with respect to Borrower
and its Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP an amount, if positive, equal to (a) TTM EBITDA, minus (b) the sum of (i) the cash portion of Interest Expense paid during such fiscal
period, (ii) the cash portion of income taxes paid during such period, (iii) all scheduled or voluntary principal payments made in respect of the Term Loan during such period, (iv) the cash portion of Capital Expenditures (net of
(x) any proceeds reinvested in accordance with the proviso to Section 2.4(e)(ii) of the Agreement, and (y) any proceeds of related financings with respect to such expenditures) made during such period, and (v) the excess,
if any, of Net Working Capital at the end of such period over Net Working Capital at the beginning of such period (or, if the difference results in an amount less than zero, minus the excess, if any, of Net Working Capital at the beginning of such
period over Net Working Capital at the end of such period). 
 “Excess CapEx Amount” has the meaning specified therefor in
Section 7(c) of the Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as in effect from
time to time. 
 “Existing Credit Facility” means the credit facility evidenced by the Credit Agreement dated as of
December 28, 2004 (as amended) by and among Landry’s, Wachovia Bank, National Association, and the other lenders party thereto and the documents and instruments executed in connection therewith. 
 “Fair Market Value” means the consideration that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not
involving distress or necessity of either party. 
 “Family Member” means, with respect to any individual, any other
individual having a relationship by blood, marriage or adoption to such individual. 
 “Family Trust” means, with respect to
any individual, trusts or other estate planning vehicles established for the benefit of such individual or Family Members of such individual and in respect of which such individual serves as trustee or in a similar capacity. 
 “Fee Letter” means that certain fee letter between Borrower and Agent, in form and substance reasonably satisfactory to Agent.

 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal to, for each day during such
period, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, on the next succeeding
Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of
recognized standing selected by it. 
 “First Lien Leverage Ratio” means, as of any date of determination, the ratio of
(a) the sum of (i) the Revolver Usage on such date (but excluding therefrom the amount of the Letter of Credit Usage) plus (ii) the outstanding principal balance of the Term Loan on such date, to (b) Borrower’s and
its Restricted Subsidiaries’ EBITDA for the 12 month period ended as of such date. 
 “Fixed Charges” means, with
respect to any fiscal period and with respect to Borrower and its Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP, the sum, without duplication, of (a) the cash portion of Interest Expense paid 

  

 9 

 
during such period, (b) principal payments in respect of Indebtedness that are required to be paid during such period, (c) all federal, state, and
local income taxes paid during such period, and (d) all Restricted Junior Payments paid (in cash or other property, other than common Capital Stock) during such period. 
 “Fixed Charge Coverage Ratio” means, with respect to Borrower and its Restricted Subsidiaries for any period, the ratio of (a) the
result of (i) EBITDA for such period minus (ii) the sum of (y) Capital Expenditures made (to the extent not already incurred in a prior period) or incurred during such period plus (z) Pre-Opening Expenses incurred during
such period, to (b) Fixed Charges for such period. 
 “Flow of Funds Agreement” means a flow of funds agreement, in
form and substance reasonably satisfactory to Agent, executed and delivered by Borrower and Agent. 
 “Foreign Lender” shall
mean any Lender or Participant that is not a United States person within the meaning of IRC section 7701(a)(30). 
 “Foreign
Restricted Subsidiary” means any Restricted Subsidiary of Borrower that is not organized under the laws of the United States or any state of the United States or the District of Columbia or that guarantees or otherwise provides direct
credit support for any Indebtedness of Borrower or any of its Restricted Subsidiaries. 
 “Funding Date” means the date on
which a Borrowing occurs. 
 “Funding Losses” has the meaning specified therefor in Section 2.12(b)(ii) of the
Agreement. 
 “GAAP” has the meaning specified therefor in Section 1.2 of the Agreement. 
 “Golden Nugget Credit Agreement” means collectively (a) the First Lien Credit Agreement, dated as of June 14, 2007, by and
among Golden Nugget, Inc., Wachovia Bank, National Association, and the other lenders party thereto and (b) the Second Lien Credit Agreement, dated as of June 14, 2007, by and among Golden Nugget, Inc., Wachovia Bank, National Association,
and the other lenders party thereto. 
 “Governing Documents” means, with respect to any Person, the certificate or articles
of incorporation, by-laws, or other organizational documents of such Person. 
 “Governmental Authority” means any federal,
state, local, or other governmental or administrative body, instrumentality, board, department, or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body.

 “Guarantors” means (a) each Restricted Subsidiary of Borrower and (b) each other Person that becomes a
guarantor after the Closing Date pursuant to Section 5.11 of the Agreement, and “Guarantor” means any one of them. 
 “Guaranty” means that certain general continuing guaranty executed and delivered by each Guarantor in favor of Agent, for the benefit of the Lender Group and the Bank Product Providers, in form and substance reasonably
satisfactory to Agent. 
 “Hazardous Materials” means (a) substances that are defined or listed in, or otherwise
classified pursuant to, any applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic substances,” or any other formulation 

  

 10 

 
intended to define, list, or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity,
reproductive toxicity, or “EP toxicity”, (b) oil, petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated with the exploration,
development, or production of crude oil, natural gas, or geothermal resources, (c) any flammable substances or explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or
dielectric fluid containing levels of polychlorinated biphenyls in excess of 50 parts per million. 
 “Hedge Agreement”
means any and all agreements or documents now existing or hereafter entered into by Borrower or any of its Restricted Subsidiaries that provide for an interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange
transaction, currency swap, cross currency rate swap, currency option, or any combination of, or option with respect to, these or similar transactions, for the purpose of hedging Borrower’s or any of its Restricted Subsidiaries’ exposure
to fluctuations in interest or exchange rates, loan, credit exchange, security, or currency valuations or commodity prices. 
 “Holdout Lender” has the meaning specified therefor in Section 14.2(a) of the Agreement. 
 “Hurricane Ike” means the fifth hurricane of the 2008 Atlantic hurricane season formed on or about September 1, 2008 and dissipated on or about September 16, 2008. 
 “Indebtedness” means (a) all obligations for borrowed money, (b) all obligations evidenced by bonds, debentures, notes, or
other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, or other financial products, (c) all obligations as a lessee under Capital Leases, (d) all obligations or
liabilities of others secured by a Lien on any asset of a Person or its Subsidiaries, irrespective of whether such obligation or liability is assumed, (e) all obligations to pay the deferred purchase price of assets (other than trade payables
incurred in the ordinary course of business and repayable in accordance with customary trade practices), (f) all obligations owing under Hedge Agreements (which amount shall be calculated based on the amount that would be payable by such Person
if the Hedge Agreement were terminated on the date of determination), and (g) any obligation guaranteeing or intended to guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation
of any other Person that constitutes Indebtedness under any of clauses (a) through (f) above. For purposes of this definition, (i) the amount of any Indebtedness represented by a guaranty or other similar instrument shall be the
lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (ii) the amount
of any Indebtedness described in clause (d) above shall be the lower of the amount of the obligation and the Fair Market Value of the assets securing such obligation. 
 “Indemnified Liabilities” has the meaning specified therefor in Section 10.3 of the Agreement. 
 “Indemnified Person” has the meaning specified therefor in Section 10.3 of the Agreement. 
 “Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any
other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar
relief. 
  

 11 

 “Intercompany Subordination Agreement” means a subordination agreement executed and
delivered by Borrower, each of its Restricted Subsidiaries, and Agent, the form and substance of which is reasonably satisfactory to Agent. 
 “Interest Expense” means, for any period, the aggregate of the interest expense of Borrower and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 
 “Interest Period” means, with respect to each LIBOR Rate Loan, a period commencing on the date of the making of such LIBOR Rate Loan (or
the continuation of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan) and ending 1, 2, 3, or 6 months thereafter; provided, however, that (a) if any Interest Period would end on a day that is not a
Business Day, such Interest Period shall be extended (subject to clauses (c)-(e) below) to the next succeeding Business Day, (b) interest shall accrue at the applicable rate based upon the LIBOR Rate from and including the first day of
each Interest Period to, but excluding, the day on which any Interest Period expires, (c) any Interest Period that would end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day
falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (d) with respect to an Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2, 3, or 6 months after the date on which the Interest Period began, as
applicable, and (e) Borrower may not elect an Interest Period which will end after the Maturity Date. 
 “Inventory”
means inventory (as that term is defined in the Code). 
 “Investment” means, with respect to any Person, any investment by
such Person in any other Person (including Affiliates) in the form of loans, guarantees, advances, capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of such Person made in the ordinary
course of business, and (b) bona fide Accounts arising in the ordinary course of business consistent with past practice), or acquisitions of Indebtedness, Capital Stock, or all or substantially all of the assets of such other Person (or
of any division or business line of such other Person), and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. 
 “IRC” means the Internal Revenue Code of 1986, as in effect from time to time. 
 “Issuing Lender” means WFF or any other Lender that, at the request of Borrower and with the consent of Agent, agrees, in such
Lender’s sole discretion, to become an Issuing Lender for the purpose of issuing L/Cs or L/C Undertakings pursuant to Section 2.11 of the Agreement. 
 “Jefferies Finance” has the meaning specified therefor in the preamble to the Agreement. 
 “L/C” has the meaning specified therefor in Section 2.11(a) of the Agreement. 
 “L/C
Disbursement” means a payment made by the Issuing Lender pursuant to a Letter of Credit. 
 “L/C Undertaking” has
the meaning specified therefor in Section 2.11(a) of the Agreement. 
 “Landry’s” has the meaning specified
therefor in the preamble to the Agreement. 
  

 12 

 “Lender” and “Lenders” have the respective meanings set forth in the
preamble to the Agreement, and shall include any other Person made a party to the Agreement in accordance with the provisions of Section 13.1 of the Agreement. 
 “Lender Group” means, individually and collectively, each of the Lenders (including the Issuing Lender) and Agent. 
 “Lender Group Expenses” means all (a) costs or expenses (including taxes, and insurance premiums) required to be paid by Borrower
or its Restricted Subsidiaries under any of the Loan Documents that are paid, advanced, or incurred by the Lender Group, (b) reasonable out-of-pocket fees or charges paid or incurred by Agent, Co-Arrangers, or Co-Syndication Agents in
connection with the Lender Group’s transactions with Borrower or its Restricted Subsidiaries under any of the Loan Documents, including, fees or charges for photocopying, couriers and messengers, public record searches (including tax lien,
litigation, and UCC searches and including searches with the patent and trademark office, or the copyright office), filing, recording, publication, appraisal (including periodic collateral appraisals or business valuations to the extent of the fees
and charges (and up to the amount of any limitation) contained in the Agreement or the Fee Letter), real estate surveys, real estate title policies and endorsements (up to the amount of any limitation set forth in the Loan Documents), and
environmental audits, (c) out-of-pocket costs and expenses incurred by Agent in the disbursement of funds to Borrower or other members of the Lender Group (by wire transfer or otherwise), (d) out-of-pocket charges paid or incurred by Agent
resulting from the dishonor of checks payable by or to any Loan Party, (e) reasonable out-of-pocket costs and expenses paid or incurred by the Lender Group to correct any default or enforce any provision of the Loan Documents, or during the
continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling, preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is
consummated, (f) reasonable out-of-pocket audit fees and expenses (including travel, meals, and lodging) of Agent related to any inspections or audits to the extent of the fees and charges (and up to the amount of any limitation) contained in
the Agreement or the Fee Letter, (g) reasonable out-of-pocket costs and expenses of third party claims or any other suit paid or incurred by the Lender Group in enforcing or defending the Loan Documents or in connection with the transactions
contemplated by the Loan Documents or the Lender Group’s relationship with Borrower or any of its Restricted Subsidiaries, (h) Agent’s, each Co-Arranger’s, and each Co-Syndication Agent’s reasonable costs and expenses
(including reasonable attorneys fees) incurred in advising, structuring, drafting, reviewing, administering (including travel, meals, and lodging), or syndicating (including rating the Term Loan), or amending the Loan Documents,
(i) Agent’s reasonable costs and expenses (including reasonable attorneys fees) incurred in amending the Loan Documents, and (j) Agent’s and each Lender’s reasonable costs and expenses (including reasonable attorneys,
accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,” a
“restructuring,” or an Insolvency Proceeding concerning Borrower or any of Borrower’s Restricted Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether suit
is brought, or, during the continuance of an Event of Default, in taking any Remedial Action concerning the Collateral. 
 “Lender-Related Person” means, with respect to any Lender, such Lender, together with such Lender’s Affiliates, officers, directors, employees, attorneys, and agents. 
 “Letter of Credit” means an L/C or an L/C Undertaking, as the context requires. 
 “Letter of Credit Collateralization” means either (a) providing cash collateral (pursuant to documentation reasonably satisfactory
to Agent, including provisions that specify that the Letter of Credit fee set forth in the Agreement will continue to accrue while the 

  

 13 

 
Letters of Credit are outstanding) to be held by Agent for the benefit of those Lenders with a Revolver Commitment in an amount equal to 105% of the then
existing Letter of Credit Usage, (b) causing the Underlying Letters of Credit to be returned to the Issuing Lender, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a
commercial bank acceptable to the Agent (in its sole discretion) in an equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit fee set forth in the Agreement will continue to accrue while the Letters
of Credit are outstanding and that any such fee that accrues must be an amount that can be drawn under any such standby letter of credit). 
 “Letter of Credit Usage” means, as of any date of determination, the aggregate undrawn amount of all outstanding Letters of Credit. 
 “LIBOR Deadline” has the meaning specified therefor in Section 2.12(b)(i) of the Agreement. 
 “LIBOR Notice” means a written notice in the form of Exhibit L-1. 
 “LIBOR
Option” has the meaning specified therefor in Section 2.12(a) of the Agreement. 
 “LIBOR Rate” means,
for each Interest Period for each LIBOR Rate Loan, the rate per annum determined by Agent (rounded upwards, if necessary, to the next 1/100%) by dividing (a) the Base LIBOR Rate for such Interest Period, by (b) 100% minus the
Reserve Percentage. The LIBOR Rate shall be adjusted on and as of the effective day of any change in the Reserve Percentage. 
 “LIBOR Rate Loan” means each portion of an Advance or the Term Loan that bears interest at a rate determined by reference to the LIBOR Rate. 
 “LIBOR Rate Margin” means 6.00 percentage points. 
 “Lien” means any
mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential
arrangement of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same
economic effect as any of the foregoing. 
 “Loan Account” has the meaning specified therefor in Section 2.9 of
the Agreement. 
 “Loan Documents” means the Agreement, the Bank Product Agreements, the Controlled Account Agreements, the
Control Agreements, the Copyright Security Agreement, the Fee Letter, the Guaranty, the Intercompany Subordination Agreement, the Letters of Credit, the Market Flex Letter, the Mortgages, the Security Agreement, the Trademark Security Agreement, the
Post-Closing Agreement, any note or notes executed by Borrower in connection with the Agreement and payable to a member of the Lender Group, and any other agreement entered into, now or in the future, by Borrower any of Borrower’s Restricted
Subsidiaries and the Lender Group in connection with the Agreement. 
 “Loan Party” means Borrower or any Guarantor.

 “Margin Stock” as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time
to time. 
  

 14 

 “Market Flex Letter” means that certain market flex and securities demand letter dated
as of June 12, 2008 (as amended by that certain letter agreement dated October 17, 2008) among Borrower, Agent, Co-Arrangers, and Co-Syndication Agents. 
 “Material Adverse Change” means (a) a material adverse change in the business, operations, results of operations, assets, liabilities or condition of Borrower and its Restricted Subsidiaries,
taken as a whole, (b) a material impairment of Borrower’s and its Restricted Subsidiaries’ ability to perform their obligations under the Loan Documents to which they are parties or of the Lender Group’s ability to enforce the
Obligations or realize upon the Collateral, or (c) a material impairment of the enforceability or priority of the Agent’s Liens with respect to the Collateral as a result of an action or failure to act on the part of Borrower or its
Restricted Subsidiaries. 
 “Material Contract” means, with respect to Borrower, (i) each contract or agreement to
which Borrower or any of its Restricted Subsidiaries is a party involving aggregate consideration payable to or by Borrower or such Restricted Subsidiary of $10,000,000 or more (other than operating leases regarding Real Property or purchase orders
in the ordinary course of the business of Borrower or such Restricted Subsidiary and other than contracts that by their terms may be terminated by such Person or Subsidiary in the ordinary course of its business upon less than 60 days notice without
penalty or premium), and (ii) all other contracts or agreements material to the business, operations, condition (financial or otherwise), performance or properties of Borrower or such Restricted Subsidiary. 
 “Maximum Interest” shall mean, for any period of determination, the highest rate of interest permitted to be paid under the Agreement
under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. 
 “Maturity Date”
has the meaning specified therefor in Section 3.3 of the Agreement. 
 “Maximum Revolver Amount” means
$50,000,000, decreased by the amount of reductions in the Revolver Commitments made in accordance with Section 2.4(c) of the Agreement. 
 “Moody’s” has the meaning specified therefor in the definition of Cash Equivalents. 
 “Mortgage
Policy” has the meaning specified therefor in Schedule 3.1(t). 
 “Mortgages” means, individually and
collectively, one or more mortgages, deeds of trust, or deeds to secure debt, executed and delivered by Borrower or its Restricted Subsidiaries in favor of Agent, in form and substance reasonably satisfactory to Agent, that encumber the Real
Property Collateral. 
 “Net Cash Proceeds” means: 
 (a) with respect to any sale or disposition by Borrower or any of its Restricted Subsidiaries of assets, the amount of cash proceeds actually received
(directly or indirectly) from time to time (whether as initial consideration or through the payment of deferred consideration) by or on behalf of Borrower or its Restricted Subsidiaries, in connection therewith after deducting therefrom only
(i) the amount of any Indebtedness secured by any Permitted Lien on any asset (other than (A) Indebtedness owing to Agent or any Lender under the Agreement or the other Loan Documents and (B) Indebtedness assumed by the purchaser of
such asset) which is required to be, and is, repaid in connection with such sale or disposition, (ii) reasonable fees, commissions, and expenses related thereto and required to be paid by Borrower or such Restricted Subsidiary in connection
with such sale or disposition and (iii) taxes paid or payable to any taxing authorities by Borrower or such Restricted Subsidiary in connection with such sale or disposition, in 

  

 15 

 
each case to the extent, but only to the extent, that the amounts so deducted are, at the time of receipt of such cash, actually paid or payable to a Person
that is not an Affiliate of Borrower or any of its Restricted Subsidiaries, and are properly attributable to such transaction; and 
 (b)
with respect to the issuance or incurrence of any Indebtedness by Borrower or any of its Restricted Subsidiaries, or the issuance by Borrower or any of its Restricted Subsidiaries of any shares of its Capital Stock, the aggregate amount of cash
actually received (directly or indirectly) from time to time (whether as initial consideration or through the payment or disposition of deferred consideration) by or on behalf of Borrower or such Restricted Subsidiary in connection with such
issuance or incurrence, after deducting therefrom only (i) reasonable fees, commissions, underwriting discounts, and expenses related thereto and required to be paid by Borrower or such Restricted Subsidiary in connection with such issuance or
incurrence, (ii) taxes paid or payable to any taxing authorities by Borrower or such Restricted Subsidiary in connection with such issuance or incurrence, in each case to the extent, but only to the extent, that the amounts so deducted are, at
the time of receipt of such cash, actually paid or payable to a Person that is not an Affiliate of Borrower or any of its Restricted Subsidiaries, and are properly attributable to such transaction. 
 “Net Working Capital” means, as of any date of determination, Current Assets as of such date minus Current Liabilities as of such date.

 “Obligations” means (a) all loans (including the Term Loan), Advances, debts, principal, interest (including any
interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), contingent reimbursement obligations with respect to outstanding
Letters of Credit, premiums, if any, liabilities (including all amounts charged to the Loan Account pursuant to the Agreement), obligations (including indemnification obligations), fees (including the fees provided for in the Fee Letter), Lender
Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), guaranties, covenants, and
duties of any kind and description owing by Borrower to the Lender Group pursuant to or evidenced by the Loan Documents and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due,
now existing or hereafter arising, and including all interest not paid when due and all other expenses or other amounts that Borrower is required to pay or reimburse by the Loan Documents or by law or otherwise in connection with the Loan Documents,
and (b) all Bank Product Obligations. Any reference in the Agreement or in the Loan Documents to the Obligations shall include all or any portion thereof and any extensions, modifications, renewals, or alterations thereof, both prior and
subsequent to any Insolvency Proceeding. 
 “OFAC” means The Office of Foreign Assets Control of the U.S. Department of the
Treasury. 
 “Originating Lender” has the meaning specified therefor in Section 13.1(e) of the Agreement.

 “Overadvance” has the meaning specified therefor in Section 2.5 of the Agreement. 
 “Participant” has the meaning specified therefor in Section 13.1(e) of the Agreement. 
 “Participant Register” has the meaning set forth in Section 13.1(i) of the Agreement. 
 “Patriot Act” has the meaning specified therefor in Section 4.18 of the Agreement. 
  

 16 

 “Payoff Date” means the first date on which all of the Obligations are paid in full and
the Commitments of the Lenders are terminated in accordance with the Agreement. 
 “Permitted Discretion” means a
determination made in good faith and in the exercise of reasonable (from the perspective of a secured lender) business judgment. 
 “Permitted Dispositions” means: 
 (a) the use or transfer of money or Cash Equivalents in a manner that is not
prohibited by the terms of the Agreement or the other Loan Documents, 
 (b) the licensing, on a non-exclusive basis, of patents, trademarks,
copyrights, and other intellectual property rights in the ordinary course of business, 
 (c) the granting of Permitted Liens, 
 (d) the sale or discount, in each case without recourse, of Accounts arising in the ordinary course of business, but only in connection with the
compromise or collection thereof, 
 (e) any involuntary loss, damage or destruction of property, 
 (f) any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition of use of
property, 
 (g) the leasing or subleasing of assets of Borrower or its Subsidiaries in the ordinary course of business, 
 (h) the sale or issuance of Capital Stock (other than Prohibited Preferred Stock) of Borrower, 
 (i) the lapse of registered patents, trademarks and other intellectual property of Borrower and its Restricted Subsidiaries to the extent not
economically desirable in the conduct of their business and so long as such lapse could not reasonably be expected to result in a Material Adverse Change, 
 (j) sales, transfers, or other dispositions of assets between or among Borrower and its Restricted Subsidiaries, 
 (k) an issuance of Equity Interests by a Restricted Subsidiary of Borrower to Borrower or to a Restricted Subsidiary of Borrower, 
 (l) a Restricted Junior Payment or a Permitted Investment otherwise permitted pursuant to the Agreement, 
 (m) the sale,
abandonment, disposition, lease or sublease of products, inventory, equipment, services, accounts receivable or other assets, or the granting of any option or other right to purchase, lease or otherwise acquire such assets, in the ordinary course of
business and any sale or other disposition of assets that are damaged, worn-out, obsolete or otherwise unsuitable for use or unusable by Borrower or its Restricted Subsidiaries in connection with the conduct of their business as determined by
Borrower’s Chief Executive Officer, and 
 (n) any sale or disposition of Real Property (including improvements thereto) in connection
with a sale-leaseback transaction consummated within 180 days of the acquisition thereof or the substantial completion of construction of improvements thereto (but in 

  

 17 

 
any event no later than 540 days after the date of the acquisition thereof), provided that the funding of such acquisition or construction was not financed
with the Net Cash Proceeds of a Permitted Disposition. 
 “Permitted Holder” means Tilman J. Fertitta and each of his Family
Members and Family Trusts. 
 “Permitted Indebtedness” means: 
 (a) Indebtedness evidenced by this Agreement and the other Loan Documents, together with Indebtedness owed to Underlying Issuers with respect to
Underlying Letters of Credit, 
 (b) without duplication of any Indebtedness covered in any other clause of this definition of Permitted
Indebtedness, Indebtedness set forth on Schedule 4.19 and any Permitted Refinancing Indebtedness in respect of such Indebtedness, 
 (c) Permitted Purchase Money Indebtedness and any Permitted Refinancing Indebtedness in respect of such Indebtedness, 
 (d) the
incurrence by Borrower and its Restricted Subsidiaries that are Guarantors of (i) Indebtedness represented by (x) the 7.5% Senior Notes (and the related guarantees in respect thereof) in an aggregate principal amount outstanding not to
exceed $4,500,000, plus (y) the 9.5% Senior Notes (and the related guarantees in respect thereof) in an aggregate principal amount outstanding not to exceed $396,000,000, less the aggregate principal amount of all repayments,
prepayments, redemptions, or purchases of the Senior Notes, and (iii) any Permitted Refinancing Indebtedness in respect of such Indebtedness; 
 (e) endorsement of instruments or other payment items for deposit, 
 (f) Indebtedness consisting of (i) unsecured guarantees
incurred in the ordinary course of business with respect to surety and appeal bonds, performance bonds, bid bonds, appeal bonds, completion guarantee and similar obligations; (ii) unsecured guarantees arising with respect to customary
indemnification obligations to purchasers in connection with Permitted Dispositions; and (iii) unsecured guarantees with respect to Indebtedness of Borrower or one of its Restricted Subsidiaries, to the extent that the Person that is obligated
under such guaranty could have incurred such underlying Indebtedness, 
 (g) Indebtedness incurred in the ordinary course of business under
performance, bid, surety, statutory, and appeal bonds, 
 (h) Indebtedness owed to any Person providing property, casualty, liability, or
other insurance to Borrower or any of its Restricted Subsidiaries, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which
such Indebtedness is incurred and such Indebtedness is outstanding only during such year, 
 (i) the guarantee by Borrower or any of its
Restricted Subsidiaries that are Guarantors of Indebtedness of Borrower or any of its Restricted Subsidiaries that was permitted to be incurred by another provision of this definition; provided, however, that if the Indebtedness being
guaranteed is subordinated in right of payment to the Obligations, then the guarantee of such Indebtedness shall be subordinated to the guaranty of the Obligations to the same extent as the Indebtedness being guaranteed; 
  

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 (j) the incurrence by Borrower or its Restricted Subsidiaries of Indebtedness under Hedge Agreements that
are incurred for the bona fide purpose of hedging (i) the interest rate or foreign currency risk associated with Borrower’s and its Restricted Subsidiaries’ operations and not for speculative purposes, or (ii) commodity risks
associated with Borrower’s and its Restricted Subsidiaries’ operations and not for speculative purposes. 
 (k) unsecured
Indebtedness incurred in respect of netting services, overdraft protection, and other like services, in each case, incurred in the ordinary course of business, 
 (l) the incurrence by Borrower or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn
against insufficient funds, so long as such Indebtedness is covered within 5 Business Days; 
 (m) indemnification, adjustment of purchase
price or similar obligations, including title insurance, of Borrower or any of its Restricted Subsidiaries, in each case incurred in connection with the acquisition or disposition of any assets of Borrower or any of its Restricted Subsidiaries
(other than guaranties of Indebtedness incurred by any Person acquiring all or any such portion of such assets for the purpose of financing such acquisition); 
 (n) the incurrence of Indebtedness by any Foreign Restricted Subsidiary in an aggregate amount not to exceed $10,000,000 at any time outstanding; 
 (o) so long as the pro forma Total Leverage Ratio (calculated after giving effect to the incurrence of such additional Indebtedness and based upon
Borrower’s most recently ended 12 months for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred), is not greater than 4.0 to 1, Acquired Indebtedness and any
Permitted Refinancing Indebtedness in respect of such Indebtedness, 
 (p) Indebtedness composing Permitted Investments, and 
 (q) Indebtedness incurred by Borrower or any of its Restricted Subsidiaries in an aggregate outstanding amount not to exceed $20,000,000 at any one time.

 “Permitted Intercompany Advances” means loans and expense reimbursements made by (a) a Loan Party to another Loan
Party other than Borrower, (b) a non-Loan Party to another non-Loan Party, and (c) a non-Loan Party to a Loan Party, so long as the parties thereto are party to the Intercompany Subordination Agreement. 
 “Permitted Investments” means: 
 (a) Investments in cash and Cash Equivalents, 
 (b) any Investment in a Loan Party; 
 (c) any Investment made as a result of the receipt of non-cash consideration from a Permitted Disposition; 
 (d) so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom, and (ii) on a pro forma
basis (including Pro Forma Savings), Borrower and its Restricted Subsidiaries would have been in compliance with the financial covenants in Section 7 of the Agreement for the 4 fiscal quarter period ended immediately prior to
the proposed date of consummation of such proposed acquisition, any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Prohibited Preferred Stock) of Borrower; 
  

 19 

 (e) any Investments received in compromise or resolution of (i) obligations of trade creditors or
customers that were incurred in the ordinary course of business of Borrower or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or Insolvency Proceeding of any trade
creditor or customer or upon the foreclosure or enforcement of any Lien in favor of Borrower or any of its Restricted Subsidiaries; or (b) litigation, arbitration or other disputes; 
 (f) Investments represented by Hedge Agreements so long as the incurrence of Indebtedness under the Hedge Agreement constituted Permitted Indebtedness;

 (g) loans or advances to employees made in the ordinary course of business of Borrower or any Restricted Subsidiary of Borrower in an
aggregate principal amount not to exceed $2,000,000 at any one time outstanding; 
 (h) advances to customers or suppliers in the ordinary
course of business that are recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of Borrower or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of business;

 (i) Investments in negotiable instruments deposited or to be deposited for collection in the ordinary course of business, 
 (j) advances made in connection with purchases of goods or services in the ordinary course of business, 
 (k) Investments owned by any Loan Party or any of its Restricted Subsidiaries on the Closing Date and set forth on Schedule P-1, 
 (l) guarantees permitted under the definition of Permitted Indebtedness, 
 (m) Permitted Intercompany Advances, 
 (n) Capital Stock or other securities acquired in connection with the
satisfaction or enforcement of Indebtedness or claims due or owing to a Loan Party or its Restricted Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course of business) or as security for any such Indebtedness
or claims, 
 (o) deposits of cash made in the ordinary course of business to secure performance of operating leases, 
 (p) non-cash loans to employees, officers, and directors of Borrower or any of its Restricted Subsidiaries for the purpose of purchasing Capital Stock in
Borrower so long as the proceeds of such loans are used in their entirety to purchase such Capital Stock in Borrower, 
 (q) so long as
(i) no Default or Event of Default has occurred and is continuing or would result therefrom and (ii) Availability plus Qualified Cash of Borrower and its Restricted Subsidiaries both before and immediately after giving effect thereto is
greater than (A) with respect to any Investment required to be made by Borrower in Landry’s Gaming, Inc. pursuant to the terms of the Golden Nugget Credit Agreement, $15,000,000 or (B) with respect to any other Investment,
$20,000,000, then any other Investments in an 

  

 20 

 
aggregate amount not to exceed (1) during 2009, $25,000,000, and (2) during any year thereafter, $5,000,000; provided, however, that
(y) if the amount of the Investments permitted to be made in 2010 as set forth in this clause (q)(2) is greater than the actual amount of the Investments actually made in such fiscal year, then such excess amount with respect to 2010 may be
carried forward to 2011 and (z) if the amount of Investments permitted to be made in 2009 as set forth in this clause (q)(1) is greater than the actual amount of the Investments actually made in fiscal year 2009, then, so long as the conditions
set forth in this clause (q)(i) and (q)(ii)(A) are satisfied at such time, a portion of such excess in an aggregate amount not to exceed $10,000,000 may be carried over and used on or prior to March 31. 2010 to make an Investment in
Landry’s Gaming, Inc. pursuant to the terms of the Golden Nugget Credit Agreement, 
 (r) to the extent that any Permitted Investment
that was made after the Closing Date is sold for cash or otherwise liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect to such Permitted Investment (less the cost of disposition, if any) and (ii) the
initial amount of such Permitted Investment, 
 (s) to the extent that any Unrestricted Subsidiary of Borrower designated as such after the
Closing Date is redesignated as a Restricted Subsidiary after the Closing Date, the lesser of (i) the Fair Market Value of Borrower’s Investment in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as
of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the Closing Date; and 
 (t) Investments
consisting of expense reimbursement liabilities owed by Unrestricted Subsidiaries to any Loan Party provided that the aggregate amount of all such Investments outstanding at any time shall not exceed $2,000,000. 
 “Permitted Liens” means 
 (a) Liens held by Agent to secure the Obligations, 
 (b) Liens securing Acquired Indebtedness on property of a Person existing at
the time such Person is merged with or into or consolidated with Borrower or any Restricted Subsidiary of Borrower; provided, however, that (i) such Liens were in existence prior to the contemplation of such merger or
consolidation, (ii) such Liens do not extend to any assets other than those of the Person merged into or consolidated with Borrower or its Restricted Subsidiary, and (iii) the aggregate amount of Indebtedness subject to Liens under this
clause (b) and clause (c) below does not exceed $35,000,000 at any one time outstanding; 
 (c) Liens securing Acquired
Indebtedness on property (including Capital Stock) existing at the time of acquisition of the property by Borrower or any Restricted Subsidiary of Borrower; provided, however, that (i) such Liens were in existence prior to, and
not incurred in contemplation of, such acquisition, and (ii) the aggregate amount of Indebtedness subject to Liens under this clause (c) and clause (b) above does not exceed $35,000,000 at any one time outstanding; 
 (d) Liens for taxes, assessments, or other governmental charges or levies that either (i) are not yet delinquent, or (ii) are the subject of
Permitted Protests, provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor, 
 (e) judgment Liens arising solely as a result of the existence of judgments, orders, or awards that do not constitute an Event of Default under Section 8.3 of the Agreement, 
 (f) Liens set forth on Schedule P-2, provided that any such Lien only secures the Indebtedness that it secures on the Closing Date and any
Permitted Refinancing Indebtedness in respect thereof, 
  

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 (g) the interests of lessors under operating leases and licensors of sub-licensors under license
agreements, 
 (h) purchase money Liens or the interests of lessors under Capital Leases to the extent that such Liens or interests secure
Permitted Purchase Money Indebtedness and so long as (i) such Lien attaches only to the asset purchased or acquired and the proceeds thereof, and (ii) such Lien only secures the Indebtedness that was incurred to acquire the asset purchased
or acquired or any Permitted Refinancing Indebtedness in respect thereof, 
 (i) Liens arising by operation of law in favor of warehousemen,
landlords, carriers, mechanics, materialmen, laborers, or suppliers, incurred in the ordinary course of business and not in connection with the borrowing of money, and which Liens either (i) are for sums not yet delinquent, or (ii) are the
subject of Permitted Protests, provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor, 
 (j) survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions
as to the use of real property that did not arise in connection with the incurrence of Indebtedness and that do not in the aggregate materially adversely affect the value of the subject properties or materially adversely impair their use in the
operation of the business conducted thereon; 
 (k) Liens securing Permitted Indebtedness of Foreign Restricted Subsidiaries; 
 (l) Liens on amounts deposited in connection with obtaining worker’s compensation or other unemployment insurance, 
 (m) terminable or short-term leases or permits for occupancy, in each case entered into in the ordinary course of business, which leases or permits
expressly grant to Borrower or its Restricted Subsidiary the right to terminate them at any time on not more than six month’s notice and do not individually or in the aggregate interfere with the operation of the business of Borrower or its
Restricted Subsidiary or individually or in the aggregate impair the use (for its intended purpose) or the value of the property subject thereto, 
 (n) bankers’ Liens, rights of setoff and similar Liens existing solely with respect to amounts on deposit in one or more Deposit Accounts or Securities Accounts maintained by Borrower or any of its Restricted Subsidiaries, 

(o) Liens on inventory as security for any drafts or bills of exchange or documents drawn in connection with the importation or storage of such
inventory, 
 (p) Liens in favor of banks that arise under Article 4 of the UCC on items in collection and documents relating thereto and
proceeds thereof and Liens arising under Section 2-711 of the UCC, 
 (q) Liens on amounts deposited in connection with the making or
entering into of bids, tenders, or leases in the ordinary course of business and not in connection with the borrowing of money, 
 (r) Liens
on amounts deposited as security for statutory obligations, surety or appeal bonds, performance bonds, or other obligations of a like nature incurred in the ordinary course of business, 
  

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 (s) the interest of licensees with respect to non-exclusive licenses of patents, trademarks, copyrights,
and other intellectual property rights in the ordinary course of business, 
 (t) Liens that are replacements of Permitted Liens to the
extent that the original Indebtedness is the subject of Permitted Refinancing Indebtedness and so long as (i) the replacement Liens only encumber those assets that secured the original Indebtedness, and (ii) if the Lien that is being
replaced was the subject of a subordination or intercreditor agreement, the replacement Lien is subject to a subordination or intercreditor agreement that is at least as favorable to Agent and the Lenders, 
 (u) Liens granted in the ordinary course of business on the unearned portion of insurance premiums securing the financing of insurance premiums to the
extent the financing is permitted under the definition of Permitted Indebtedness, 
 (v) Pledges or deposits by Borrower or one of its
Restricted Subsidiaries under workers’ compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which
such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits as security for contested taxes or import duties, in each case incurred in the ordinary course of business, 
 (w) Liens occurring solely by the filing of a UCC financing statement, which filing has not been authorized by Borrower or any Restricted Subsidiary of
Borrower, 
 (x) Any obligations or duties affecting any property of Borrower or any of its Restricted Subsidiaries to any municipality or
public authority with respect to any franchise, grant, license or permit that do not materially impair the use of such property for the purposes for which it is held, 
 (y) 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, 
 (z) [intentionally omitted], and 
 (aa)
other Liens which do not secure Indebtedness for borrowed money or letters of credit and as to which the aggregate amount of the obligations secured thereby does not exceed $10,000,000. 
 “Permitted Preferred Stock” means and refers to any Preferred Stock issued by Borrower (and not by one or more of its Subsidiaries) that
is not Prohibited Preferred Stock. 
 “Permitted Protest” means the right of Borrower or any of its Restricted Subsidiaries
to protest any Lien (other than any Lien that secures the Obligations), taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment, provided that (a) a reserve with respect to such
obligation is established on Borrower’s or its Restricted Subsidiaries’ books and records in such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by Borrower or its Restricted
Subsidiary, as applicable, in good faith, and (c) Agent is satisfied that, while any such protest is pending, there will be no material impairment of the enforceability, validity, or priority of any of the Agent’s Liens. 
 “Permitted Purchase Money Indebtedness” means, as of any date of determination, Purchase Money Indebtedness incurred after the Closing
Date in an aggregate principal amount outstanding at any one time not in excess of $20,000,000. 
  

 23 

 “Permitted Refinancing Indebtedness” means any Indebtedness of Borrower or any of its
Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, renew, refund, refinance, replace, defease or discharge other Indebtedness of Borrower or any of its Restricted Subsidiaries, as applicable (other than
intercompany Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended, renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all
fees and expenses, including premiums, incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity
date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or
discharged; 
 (3) if the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in
right of payment to the Obligations, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Obligations on terms at least as favorable to the holders
of the Obligations as those contained in the documentation governing the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged; and 
 (4) such Indebtedness is incurred either by Borrower or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, renewed, refunded, refinanced, replaced, defeased or discharged. 

“Person” means natural persons, corporations, limited liability companies, limited partnerships, general partnerships, limited
liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and governments and agencies and political subdivisions thereof. 
 “Post-Closing Agreement” means the Post-Closing Agreement dated as of the date hereof by and among Borrower and Agent. 
 “Preferred Stock” means, as applied to the Capital Stock of any Person, the Capital Stock of any class or classes (however designated)
that is preferred with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 

“Pre-Opening Expenses” means costs incurred by Borrower or any of its Restricted Subsidiaries prior to opening a business location,
including wages and salaries, hourly employee recruiting and training, initial license fees, advertising, pre-opening parties, lease expenses, food costs, utilities, meals, lodging, and travel, plus the cost of hiring and training management teams.

 “Prohibited Preferred Stock” means any Preferred Stock that by its terms is mandatorily redeemable or subject to any
other payment obligation (including any obligation to pay dividends, other than dividends of shares of Preferred Stock of the same class and series payable in kind or dividends of shares of common Capital Stock) on or before a date that is less than
2 years after the Maturity Date, or, on or before the date that is less than 2 years after the Maturity Date, is redeemable at the option of the holder thereof for cash or assets or securities (other than distributions in kind of shares of Preferred
Stock of the same class and series or of shares of common Capital Stock). 
  

 24 

 “Pro Forma Cost Savings” means, with respect to the relevant period, the projected
reductions in costs and expenses during such period that have been approved by Agent, in its Permitted Discretion, and that are to be implemented by the business that was the subject of an acquisition or disposition that are supportable and
quantifiable by underlying accounting records of such business, in each case, as if such reductions in costs and expenses had been implemented at the beginning of such period. 
 “Projections” means Borrower’s forecasted (a) balance sheets, (b) profit and loss statements, and (c) cash flow
statements, all prepared on a basis consistent with Borrower’s historical financial statements, together with appropriate supporting details and a statement of underlying assumptions (it being understood that such Projections are subject to
uncertainties and contingencies many of which are beyond the control of Borrower and the actual results during the period or periods covered by such Projections may differ significantly from the projected results, and no assurance can be given that
such Projections will be realized). 
 “Pro Rata Share” means, as of any date of determination: 
 (a) with respect to a Lender’s obligation to make Advances and right to receive payments of principal, interest, fees, costs, and expenses with
respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage obtained by dividing (y) such Lender’s Revolver Commitment, by (z) the aggregate Revolver Commitments of all Lenders, and
(ii) from and after the time that the Revolver Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the outstanding principal amount of such Lender’s Advances by (z) the outstanding
principal amount of all Advances, 
 (b) with respect to a Lender’s obligation to participate in Letters of Credit, to reimburse the
Issuing Lender, and right to receive payments of fees with respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage obtained by dividing (y) such Lender’s Revolver Commitment, by
(z) the aggregate Revolver Commitments of all Lenders, and (ii) from and after the time that the Revolver Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the outstanding principal amount of
such Lender’s Advances by (z) the outstanding principal amount of all Advances, 
 (c) with respect to a Lender’s obligation
to make the Term Loan and right to receive payments of interest, fees, and principal with respect thereto, (i) prior to the making of the Term Loan, the percentage obtained by dividing (y) such Lender’s Term Loan Commitment, by
(z) the aggregate amount of all Lenders’ Term Loan Commitments, and (ii) from and after the making of the Term Loan, the percentage obtained by dividing (y) the principal amount of such Lender’s portion of the Term Loan by
(z) the principal amount of the Term Loan, and 
 (d) with respect to all other matters as to a particular Lender (including the
indemnification obligations arising under Section 15.7 of the Agreement), the percentage obtained by dividing (i) such Lender’s Revolver Commitment plus the outstanding principal amount of such Lender’s portion of the Term
Loan, by (ii) the aggregate amount of Revolver Commitments of all Lenders plus the outstanding principal amount of the Term Loan; provided, however, that in the event the Revolver Commitments have been terminated or reduced to
zero, Pro Rata Share under this clause shall be the percentage obtained by dividing (A) the outstanding principal amount of such Lender’s Advances plus such Lender’s ratable portion of the Risk Participation Liability with respect to
outstanding Letters of Credit plus the outstanding principal amount of such Lender’s portion of the Term Loan, by (B) the outstanding principal amount of all Advances plus the aggregate amount of the Risk Participation Liability with
respect to outstanding Letters of Credit plus the outstanding principal amount of the Term Loan. 
  

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 “Protective Advances” has the meaning specified therefor in
Section 2.3(d)(i) of the Agreement. 
 “Purchase Money Indebtedness” means Indebtedness (other than the
Obligations, but including Capitalized Lease Obligations), incurred at the time of, or within 20 days after, the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition cost thereof. 
 “Qualified Cash” means, as of any date of determination, the amount of unrestricted cash and Cash Equivalents of Borrower and its
Restricted Subsidiaries that is in Deposit Accounts or in Securities Accounts, or any combination thereof, and which such Deposit Account or Securities Account is the subject of a Control Agreement and is maintained by a branch office of the bank or
securities intermediary located within the United States. 
 “Real Property” means any estates or interests in real property
now owned or hereafter acquired by Borrower or its Restricted Subsidiaries and the improvements thereto. 
 “Real Property
Collateral” means the Real Property identified on Schedule R-1 and any Real Property hereafter acquired by Borrower or its Restricted Subsidiaries. 
 “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. 
 “Related Fund” means, with respect to any Lender that is an investment fund, any other investment fund that invests in commercial loans
and that is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “Register” has the meaning set forth in Section 13.1(h) of the Agreement. 
 “Registered
Loan” has the meaning set forth in Section 13.1(h) of the Agreement. 
 “Remedial Action” means all
actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate, or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of
Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (c) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance
activities, or (d) conduct any other actions with respect to Hazardous Materials authorized by Environmental Laws. 
 “Replacement Lender” has the meaning specified therefor in Section 14.2(c) of the Agreement. 
 “Report” has the meaning specified therefor in Section 15.16 of the Agreement. 
 “Required
Availability” means that Availability exceeds the result of (a) $50,000,000, less (b) the sum of (i) the amount of the closing fees directly associated with the consummation of the Credit Agreement and the Loan Documents,
(ii) out of pocket fees and expenses reimbursed by Borrower to WFF or Jefferies Finance (including attorneys fees and costs and title company fees and costs) that are directly associated with the negotiation and consummation of the Loan
Documents, (iii) outstanding Letters of Credit in an approximate face amount of $17,000,000, (iv) accrued interest paid at closing in respect of the obligations under the Existing Credit Facility; and (v) Advances on the Closing Date
not to exceed $4,000,000. 
  

 26 

 “Required Lenders” means, at any time, Lenders whose aggregate Pro Rata Shares
(calculated under clause (d) of the definition of Pro Rata Shares) exceed 50%. 
 “Reserve Percentage” means, on any
day, for any Lender, the maximum percentage prescribed by the Board of Governors of the Federal Reserve System (or any successor Governmental Authority) for determining the reserve requirements (including any basic, supplemental, marginal, or
emergency reserves) that are in effect on such date with respect to eurocurrency funding (currently referred to as “eurocurrency liabilities”) of that Lender, but so long as such Lender is not required or directed under applicable
regulations to maintain such reserves, the Reserve Percentage shall be zero. 
 “Restricted Junior Payment” means to
(a) declare or pay any dividend or make any other payment or distribution on account of Borrower’s Equity Interests (including any payment in connection with any merger or consolidation involving Borrower) or to the direct or indirect
holders of Borrower’s Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Prohibited Preferred Stock) of Borrower, (b) purchase, redeem or otherwise acquire or retire
for value (including in connection with any merger or consolidation involving Borrower) any Equity Interests of Borrower or any direct or indirect parent of Borrower, or (c) make any payment on or with respect to, or purchase, redeem, defease
or otherwise acquire or retire for value any Indebtedness of Borrower or any Guarantor that is contractually subordinated to the Obligations or any Guaranty (excluding any intercompany Indebtedness between or among Borrower and any of its Restricted
Subsidiaries), except a payment of interest or principal on the stated maturity thereof. 
 “Restricted Subsidiary” means
each Subsidiary of Borrower that is not an Unrestricted Subsidiary. 
 “Revolver Commitment” means, with respect to each
Lender, its Revolver Commitment, and, with respect to all Lenders, their Revolver Commitments, in each case as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1 or in the Assignment
and Acceptance pursuant to which such Lender became a Lender hereunder, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section 13.1 of the Agreement.

 “Revolver Usage” means, as of any date of determination, the sum of (a) the amount of outstanding Advances, plus
(b) the amount of the Letter of Credit Usage. 
 “Risk Participation Liability” means, as to each Letter of Credit,
all obligations of Borrower to the Issuing Lender with respect to such Letter of Credit, including (a) the contingent reimbursement obligations of Borrower with respect to the amounts available to be drawn or which may become available to be
drawn thereunder, (b) the reimbursement obligations of Borrower with respect to amounts that have been paid by the Issuing Lender to the Underlying Issuer, and (c) all accrued and unpaid interest, fees, and expenses payable with respect
thereto. 
 “Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government
of a country, (c) an organization directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is subject to a country sanctions program
administered and enforced by OFAC. 
 “Sanctioned Person” means a person named on the list of Specially Designated Nationals
maintained by OFAC. 
 “SEC” means the United States Securities and Exchange Commission and any successor thereto.

  

 27 

 “Securities Account” means a securities account (as that term is defined in the Code).

 “Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute. 

“Security Agreement” means a security agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by
Borrower and Guarantors to Agent. 
 “Senior Notes” means the 7.5% Senior Notes or the 9.5% Senior Notes, or both, as the
context requires. 
 “Senior Notes Documents” means the Senior Notes Indenture and the agreements, documents and instruments
executed in connection therewith. 
 “Senior Notes Indenture” means (a) the Indenture dated as of December 28,
2004 by and among Borrower, as Issuer, the Restricted Subsidiaries of Borrower that are Guarantors party thereto, and U.S. Bank National Association, as Trustee, as amended to the date of the Agreement and (b) the Indenture dated as of
October 29, 2007 by and among Borrower, as Issuer, the Restricted Subsidiaries of Borrower that are Guarantors party thereto, and U.S. Bank National Association, as Trustee, as amended to the date of the Agreement. 
 “Settlement” has the meaning specified therefor in Section 2.3(e)(i) of the Agreement. 
 “Settlement Date” has the meaning specified therefor in Section 2.3(e)(i) of the Agreement. 
 “Shareholder” means, with respect to any Person, the holder of some or all of the Capital Stock of such Person. 
 “Significant Subsidiary” means any Subsidiary of a Loan Party that would be a “significant subsidiary” as defined in Article
1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of the Agreement. 
 “Solvent” means, with respect to any Person on a particular date, that, at fair valuations, the sum of such Person’s assets is greater than all of such Person’s debts. 
 “S&P” has the meaning specified therefor in the definition of Cash Equivalents. 
 “Subsidiary” of a Person means a corporation, partnership, limited liability company, or other entity in which that Person directly or
indirectly owns or controls the shares of Capital Stock having ordinary voting power to elect a majority of the board of directors (or appoint other comparable managers) of such corporation, partnership, limited liability company, or other entity.

 “Succeeding Fiscal Year” has the meaning specified therefor in Section 7(c) of the Agreement. 
 “Swing Lender” means WFF or any other Lender that, at the request of Borrower and with the consent of Agent agrees, in such
Lender’s sole discretion, to become the Swing Lender under Section 2.3(b) of the Agreement. 
 “Swing Loan”
has the meaning specified therefor in Section 2.3(b) of the Agreement. 
  

 28 

 “Taxes” shall mean, any taxes, levies, imposts, duties, fees, assessments or other
charges of whatever nature now or hereafter imposed by any jurisdiction or by any political subdivision or taxing authority thereof or therein with respect to such payments and all interest, penalties or similar liabilities with respect thereto;
provided that Taxes shall exclude (i) any tax imposed on the net income or net profits of Agent, any Lender, or any Participant (including any branch profits taxes) and franchise taxes imposed on it, in each case imposed by the
jurisdiction (or by any political subdivision or taxing authority thereof) in which Agent, such Lender, or such Participant is organized or the jurisdiction (or by any political subdivision or taxing authority thereof) in which Agent’s, such
Lender’s, or such Participant’s principal office is located, or, in the case of any Lender, in which its applicable lending office is located, in each case as a result of a present or former connection between Agent, such Lender, or such
Participant and the jurisdiction or taxing authority imposing the tax (other than any such connection arising solely from Agent, such Lender, or such Participant having executed, delivered or performed its obligations or received payment under, or
enforced its rights or remedies under the Agreement or any other Loan Document); (ii) taxes resulting from Agent’s, a Lender’s, or a Participant’s failure to comply with the requirements of Section 16(c) or
(d) of the Agreement, and (iii) any United States federal withholding taxes that would be imposed on amounts payable to a Foreign Lender based upon the applicable withholding rate in effect at the time such Foreign Lender becomes a
party to the Agreement (or designates a new lending office), except that Taxes shall include (A) any amount that such Foreign Lender (or its assignor, if any) was previously entitled to receive pursuant to Section 16(a) of
the Agreement, if any, with respect to such withholding tax at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office), and (B) additional United States federal withholding taxes that may be imposed
after the time such Foreign Lender becomes a party to the Agreement (or designates a new lending office), as a result of a change in law, rule, regulation, order or other decision with respect to any of the foregoing by any Governmental Authority.

 “Term Loan” has the meaning specified therefor in Section 2.2 of the Agreement. 
 “Term Loan Amount” means $31,050,000. 
 “Term Loan Commitment” means, with respect to each Lender, its Term Loan Commitment, and, with respect to all Lenders, their Term Loan Commitments, in each case as such Dollar amounts are set forth
beside such Lender’s name under the applicable heading on Schedule C-1 or in the Assignment and Acceptance pursuant to which such Lender became a Lender hereunder, as such amounts may be reduced or increased from time to time pursuant to
assignments made in accordance with the provisions of Section 13.1 of the Agreement. 
 “Total Commitment”
means, with respect to each Lender, its Total Commitment, and, with respect to all Lenders, their Total Commitments, in each case as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1
attached hereto or on the signature page of the Assignment and Acceptance pursuant to which such Lender became a Lender hereunder, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the
provisions of Section 13.1 of the Agreement. 
 “Total Leverage Ratio” means, as of any date of determination,
the ratio of (a) Borrower’s and its Restricted Subsidiaries Consolidated Funded Indebtedness, to (b) Borrower’s and its Restricted Subsidiaries’ EBITDA for the 12 month period ended as of such date. 
 “Trademark Security Agreement” has the meaning specified therefor in the Security Agreement. 
  

 29 

 “TTM EBITDA” means, as of any date of determination, EBITDA of Borrower and its
Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP, for the 12 month period most recently ended. 
 “Underlying Issuer” means a third Person which is the beneficiary of an L/C Undertaking and which has issued a letter of credit at the request of the Issuing Lender for the benefit of Borrower. 
 “Underlying Letter of Credit” means a letter of credit that has been issued by an Underlying Issuer. 
 “United States” means the United States of America. 
 “Unrestricted Subsidiary” means (i) each of (a) Landry’s Gaming, Inc., a Nevada corporation, (b) Golden Nugget, Inc., a Nevada corporation, (c) LGE, Inc., a Delaware
corporation, (d) GNLV, Corp., a Nevada corporation, (e) GNL, Corp., a Nevada corporation, (f) Golden Nugget Experience, LLC, a Nevada limited liability company, (g) LCHLN, Inc., a Delaware corporation, (h) Island
Entertainment, Inc., a Texas corporation, (i) Island Hospitality, Inc., a Texas corporation, (j) Nevada Acquisition Corp., a Delaware corporation, (k) Yorkdale Rainforest Restaurant, Inc., a company organized under the laws of Canada,
(l) Stitching Rainforest Cafe, the Netherlands, and (m) Rainforest Cafe Canada Holdings, Inc. and (ii) each Subsidiary (other than any entity that is a Restricted Subsidiary as of the Closing Date), which is acquired or formed after
the Closing Date, of any entity identified in clause (i) of this definition of Unrestricted Subsidiary. 
 “Voidable
Transfer” has the meaning specified therefor in Section 17.8 of the Agreement. 
 “Voting Stock” means
any specified Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors (or comparable managers) of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial
maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment; by 
 (2) the then outstanding principal amount of such Indebtedness. 
 “Wells Fargo” means Wells Fargo Bank, National Association, a national banking association. 
 “WFF” has the meaning specified therefor in the preamble to the Agreement. 
  

 30 

 Schedule 3.1 
 The obligation of each Lender to make its initial extension of credit provided for in Section 3.1 of the Agreement is subject to the fulfillment, to the satisfaction of the Agent and each of the
Co-Syndication Agents, of each of the following conditions precedent: 
 (a) the Closing Date shall occur on or before
December 23, 2008; 
 (b) Agent shall have received a letter duly executed by Borrower and each Guarantor authorizing
Agent to file appropriate financing statements in such office or offices as may be necessary or, in the opinion of Agent, desirable to perfect the security interests to be created by the Loan Documents; 
 (c) Agent shall have received evidence that appropriate financing statements have been duly filed in such office or offices as may be
necessary or, in the opinion of Agent, desirable to perfect the Agent’s Liens in and to the Collateral, and Agent shall have received searches reflecting the filing of all such financing statements; 
 (d) Agent shall have received each of the following documents, in form and substance satisfactory to Agent, duly executed, and each such
document shall be in full force and effect: 
  

			
	 (i)
	  	the Controlled Account Agreements,
		
	 (ii)
	  	the Control Agreements,
		
	 (iii)
	  	the Copyright Security Agreement,
		
	 (iv)
	  	the Fee Letter,
		
	 (v)
	  	the Flow of Funds Agreement,
		
	 (vi)
	  	the Guaranty,
		
	 (vii)
	  	the Intercompany Subordination Agreement,
		
	 (viii)
	  	the Mortgages,
		
	 (ix)
	  	the Security Agreement,
		
	 (x)
	  	the Trademark Security Agreement, and
		
	 (xi)
	  	the Post-Closing Agreement.

 (e) Agent shall have received a certificate from the Secretary or an Assistant
Secretary of Borrower (i) attesting to the resolutions of Borrower’s Board of Directors authorizing its execution, delivery, and performance of this Agreement and the other Loan Documents to which Borrower is a party, (ii) authorizing
specific officers of Borrower to execute the same, and (iii) attesting to the incumbency and signatures of such specific officers of Borrower; 
 (f) Agent shall have received copies of Borrower’s Governing Documents, as amended, modified, or supplemented to the Closing Date, certified by the Secretary or an Assistant Secretary of Borrower; 

 (g) Agent shall have received a certificate of status with respect to Borrower, dated
within 10 days of the Closing Date, such certificate to be issued by the appropriate officer of the jurisdiction of organization of Borrower, which certificate shall indicate that Borrower is in good standing in such jurisdiction; 
 (h) Agent shall have received certificates of status with respect to Borrower, each dated within 30 days of the Closing Date, such
certificates to be issued by the appropriate officer of the jurisdictions (other than the jurisdiction of organization of Borrower) in which its failure to be duly qualified or licensed would constitute a Material Adverse Change, which certificates
shall indicate that Borrower is in good standing in such jurisdictions; 
 (i) Agent shall have received a certificate from
the Secretary or an Assistant Secretary of each Guarantor (i) attesting to the resolutions of such Guarantor’s Board of Directors authorizing its execution, delivery, and performance of the Loan Documents to which such Guarantor is a
party, (ii) authorizing specific officers of such Guarantor to execute the same and (iii) attesting to the incumbency and signatures of such specific officers of Guarantor; 
 (j) Agent shall have received copies of each Guarantor’s Governing Documents, as amended, modified, or supplemented to the Closing
Date, certified by the Secretary or an Assistant Secretary of such Guarantor; 
 (k) Agent shall have received a certificate
of status with respect to each Guarantor (other than Landry’s Seafood House – Biloxi, Inc.), dated within 30 days of the Closing Date, such certificate to be issued by the appropriate officer of the jurisdiction of organization of such
Guarantor, which certificate shall indicate that such Guarantor is in good standing in such jurisdiction; 
 (l) Agent shall
have received certificates of status with respect to each Guarantor, each dated within 30 days of the Closing Date, such certificates to be issued by the appropriate officer of the jurisdictions (other than the jurisdiction of organization of such
Guarantor) in which its failure to be duly qualified or licensed would constitute a Material Adverse Change, which certificates shall indicate that such Guarantor is in good standing in such jurisdictions; 
 (m) Agent shall have received a certificate of insurance, together with the endorsements thereto, as are required by
Section 5.8, the form and substance of which shall be reasonably satisfactory to Agent; 
 (n) Agent shall have
received Collateral Access Agreements with respect to the following locations: 1510 West Loop South, Houston, Texas 77027; 
 (o) Agent shall have received opinions of Borrower’s counsel (including Borrower’s local counsel in each state where the Real Property Collateral having an appraised value of $5,000,000, or greater, is located) in form and
substance reasonably satisfactory to Agent; 
 (p) Borrower shall have the Required Availability after giving effect to the
initial extensions of credit hereunder and the payment of all fees and expenses required to be paid by Borrower on the Closing Date under this Agreement or the other Loan Documents; 
 (q) Agent shall have received completed reference checks with respect to Borrower’s senior management, the results of which are
reasonably satisfactory to Agent; 
  

 2 

 (r) Agent shall have received a set of Projections of Borrower for the 3 year period
following the Closing Date (on a year by year basis), in form and substance (including as to scope and underlying assumptions) reasonably satisfactory to Agent; 
 (s) Agent shall have received so-called “flash” financial reporting (including the essential components of an income statement
and accompanied by an officer’s certificate reasonably acceptable to the Co-Arrangers) relative to Borrower and its Restricted Subsidiaries for the month and the twelve months ended November 30, 2008, which financial reporting, the
Co-Arrangers shall be reasonably satisfied, show that pro forma EBITDA of Borrower and its Restricted Subsidiaries (calculated in a manner Agent agrees is appropriate) for the twelve-month period ended as of November 30, 2008 was not
less than $117,500,000; 
 (t) Agent shall have received so-called “flash” financial reporting (including the
essential components of an income statement reasonably acceptable to the Co-Arrangers) relative to the Gaming Business (as defined in the Commitment Letter) for the month and the twelve months ended November 30, 2008, which financial reporting,
the Co-Arrangers shall be reasonably satisfied, show that pro forma EBITDA of the Gaming Business (as defined in the Commitment Letter) (calculated in a manner Agent agrees is appropriate) for the twelve-month period ended as of
November 30, 2008 was not less than $57,500,000; 
 (u) Agent shall have received (i) appraisals of substantially
all of the parcels composing the Real Property Collateral reasonably satisfactory to Agent, and (ii) mortgagee title insurance policies (or marked commitments to issue the same) (each a “Mortgage Policy” and, collectively, the
“Mortgage Policies”) for any Real Property Collateral located in Kemah, Texas or with an appraised value in excess of $5,000,000, which mortgagee title policies shall be issued by a title insurance company reasonably satisfactory to
Agent, in amounts reasonably satisfactory to Agent assuring Agent that the Mortgages on such Real Property Collateral are valid and enforceable first priority mortgage Liens on such Real Property Collateral free and clear of all defects and
encumbrances except Permitted Liens, and otherwise shall be in form and substance reasonably satisfactory to Agent; provided that Borrower shall not be obligated to pay more than $250,000 in premiums for Agent to obtain such Mortgage
Policies; 
 (v) Agent shall have received a phase-I environmental report and a real estate survey with respect to
substantially all of the parcels composing the Real Property Collateral; the environmental consultants and surveyors retained for such reports or surveys, the scope of the reports or surveys, and the results thereof shall be reasonably acceptable to
Agent; 
 (w) Agent shall have received copies of each of the material Senior Notes Documents, which shall be in form and
substance reasonably satisfactory to Agent, together with a certificate of the Secretary or Assistant Secretary of Borrower certifying each such document as being a true, correct, and complete copy thereof as of the Closing Date, 
 (x) Agent shall have received a certificate from the Secretary of Borrower to the effect that the proposed merger of Fertitta Acquisition
Co. with and into Borrower has not been consummated on or prior to the Closing Date; 
 (y) No event, circumstance, or change
has occurred that has or would reasonably be expected to result in a Material Adverse Effect (as such term is defined in the Commitment Letter) with respect to the Loan Parties and their Restricted Subsidiaries (i) since October 17, 2008,
or (ii) since December 31, 2007 as a result of facts not actually known to the Co-Arrangers as of October 17, 2008; 
 (z) Agent shall have received evidence reasonably satisfactory to it (including Agent’s receipt of (i) a letter in form and substance reasonably satisfactory to Agent respecting the amount necessary to 

  

 3 

 
repay in full all of the obligations of Borrower and its Restricted Subsidiaries owing under the Existing Credit Facility and making arrangements to release
all of the Liens existing in favor of the agents or lenders under the Existing Credit Facility in and to the assets of Borrower and its Restricted Subsidiaries, and (ii) termination statements and other documentation in form appropriate for
filing or recording to evidence the termination all of the Liens existing in favor of the agents or lenders under the Existing Credit Facility) that simultaneously with the initial Advances and other extensions of credit under the Agreement, the
Indebtedness outstanding under the Existing Credit Facility shall be paid in full, all commitments relating thereto shall have been terminated, and arrangements have been made to release or terminate all liens or security interests related thereto;

 (aa) Agent shall have received evidence satisfactory to it that after giving effect to the transactions contemplated by the
Loan Documents, Borrower and its Subsidiaries shall have no outstanding indebtedness or preferred stock (or direct or indirect guarantee or other credit support in respect thereof) other than (i) the Obligations, (ii) the Indebtedness
evidenced by the Senior Notes, (iii) approximately $430,000,000 (which is inclusive of the indebtedness under that certain promissory note in the original principal amount of $4,000,000 issued in favor of K&F Limited Partnership) of
indebtedness of the Golden Nugget, Inc. and its Subsidiaries (plus the principal amount of any indebtedness incurred by Golden Nugget, Inc. and its Subsidiaries on or after the date of the Commitment Letter pursuant to the Golden Nugget Credit
Agreement (as in effect on June 12, 2008)) and approximately $10.0 million of Indebtedness of other Unrestricted Subsidiaries, and (iv) such other limited Indebtedness as may be agreed to by Agent. 
 (bb) Borrower and each of its Subsidiaries shall have received all licenses, approvals or evidence of other actions required by any
Governmental Authority in connection with the execution and delivery by Borrower or its Restricted Subsidiaries of the Loan Documents or with the consummation of the transactions contemplated thereby; 
 (cc) Agent shall have received evidence satisfactory to it that the incurrence by the Loan Parties of the Obligations under the Credit
Agreement and the Guarantied Obligations (as defined in the Guaranty) under the Guaranty are permitted under the terms of the Senior Note Documents, together with a certificate from the chief financial officer of Borrower setting forth the analysis
necessary to establish that the Obligations constitute Permitted Indebtedness (as defined in the Senior Note Documents) under the Senior Note Documents and certifying thereto; 
 (dd) Borrower shall have paid all Lender Group Expenses incurred in connection with the transactions evidenced by this Agreement; and

 (ee) all other documents and legal matters in connection with the transactions contemplated by this Agreement shall have
been delivered, executed, or recorded and shall be in form and substance reasonably satisfactory to Agent. 
  

 4 

 Schedule 5.1 
 Deliver to Agent (and if so requested by Agent, with copies to each Lender), each of the financial statements, reports, or other items set forth set forth below at the following times in form reasonably satisfactory
to Agent: 
  

			
	as soon as available, but in any event within 45 after the end of each of the first three quarters during each of Borrower’s fiscal years	  	 (a) an unaudited consolidated (including separate line items for (i) the Loan Parties, (ii) the Unrestricted Subsidiaries, and
(iii) Landry’s Gaming, Inc. and its Subsidiaries) balance sheet, income statement, and statement of cash flow covering Borrower’s and Borrower’s Restricted Subsidiaries’ operations during such period.
  
 (b) a Compliance Certificate.

		
	as soon as available, but in any event within 90 days after the end of each of Borrower’s fiscal years	  	 (c) consolidated (including separate line items for (i) the Loan Parties, (ii) the Unrestricted Subsidiaries, and (iii)
Landry’s Gaming, Inc. and its Subsidiaries) financial statements of Borrower, and Borrower’s Restricted Subsidiaries for each such fiscal year, audited by independent certified public accountants reasonably acceptable to Agent and together
with a certification and opinion, in form and substance acceptable to the Required Lenders in their Permitted Discretion, by such accountants including as to having been prepared in accordance with GAAP (such audited financial statements to include
a balance sheet, income statement, and statement of cash flow and, if prepared, such accountants’ letter to management).
  
 (d) a Compliance Certificate.

		
	as soon as available, but in any event no later than the end of each of Borrower’s fiscal years,	  	 (e) copies of Borrower’s Projections, in form and substance (including as to scope and underlying assumptions) consistent with the format that was provided to
Agent prior to the Closing Date, and for the forthcoming fiscal year, quarter by quarter.

		
	To the extent Borrower is required to make such filings, if and when filed by Borrower or any of its Restricted Subsidiaries,	  	 (f) Form 10-Q quarterly reports, Form 10-K annual reports, and Form 8-K current reports.
  
 (g) any other filings made by any Loan Party with the SEC.
  
 (h) copies of all proxy statements, financial statements and reports that are
provided by Borrower or any of its Restricted Subsidiaries to its shareholders generally, only if Borrower is required to make or issue such information to its shareholders.

  

 1 

			
	promptly, but in any event within 5 days after any Loan Party has knowledge of any event or condition that constitutes a Default or an Event of Default under the Loan Documents or a default or
event of default under any of the Senior Note Documents,	  	 (i) notice of such event or condition and a statement of the curative action that Borrower or such Loan Party proposes to take with respect
thereto.

		
	promptly after the commencement thereof, but in any event within 5 Business Days after the service of process with respect thereto on Parent, Borrower, or any of Borrower’s Restricted
Subsidiaries,	  	 (j) notice of all actions, suits, or proceedings brought by or against any of Borrower or any of Borrower’s Restricted Subsidiaries before any Governmental
Authority which reasonably could be expected to result in a Material Adverse Change.

		
	promptly upon delivery thereof by Borrower or any of its Restricted Subsidiaries	  	 (k) without duplication of any items required to be delivered pursuant to any other subsection of this Schedule 5.1, copies of any non-routine statement,
notice, or report delivered by Borrower or any of its Restricted Subsidiaries in connection with any Permitted Indebtedness.

		
	as soon as available, but in any event within 30 days after the end of each of Borrower’s fiscal years,	  	 (l) a report summarizing the insurance coverage (specifying amount, type, and carrier) in effect for Borrower and its Restricted Subsidiaries and containing such
additional information as Agent or any member of the Lender Group may reasonably require.

		
	upon the request of Agent,	  	 (m) any other information reasonably requested relating to the financial condition of Borrower or its Restricted Subsidiaries,
and
  
 (n) copies of all financial reports (including management
letters), if any, submitted to Borrower or any of Borrower’s Restricted Subsidiaries by such Person’s auditors in connection with any annual or interim audit of the books thereof.

  

 2 

 Schedule 5.2 
 Provide Agent (and if so requested by Agent, with copies for each Lender) with each of the documents set forth below at the following times in form reasonably satisfactory to Agent: 
  

			
	Quarterly (no later than (i) the 45th day after the end of each of the first three fiscal quarters of each of Borrower’s fiscal years or (ii) the 90th day after the end of the fourth fiscal
quarter of each of Borrower’s fiscal years)	  	 (a) a list of Borrower’s and Borrower’s Restricted Subsidiaries’ new restaurants or new locations owned, leased or franchised by
any of Borrower or any Restricted Subsidiary of Borrower, and any sale, disposition, or change in the ownership or operation of any restaurant and location.
  
 (b) copies of each Material Contract that is entered into after the Closing Date since the delivery of the previous Compliance Certificate and copies of each amendment to
any Material Contract that is entered into after the Closing Date since the delivery of the previous Compliance Certificate together with an updated Schedule 4.17 listing such additional Material Contracts.

		
	Upon request by Agent	  	 (c) a report regarding Borrower’s and Borrower’s Restricted Subsidiaries’ accrued, but unpaid, ad valorem taxes.
  
 (d) such other reports as to the Collateral or the financial condition of Parent and its
Subsidiaries, as Agent may reasonably request.Indenture, dated as of December 24, 2008

 Exhibit 4.39 
 Execution Version 
  
  
 HARRAH’S OPERATING COMPANY, INC. 
 as Issuer 
 and 
 HARRAH’S ENTERTAINMENT, INC. 
 as Parent Guarantor 
 10.00% Second-Priority Senior Secured Notes due 2018 
 10.00% Second-Priority Senior
Secured Notes due 2015 
  
  
 INDENTURE 
 Dated as of December 24, 2008

  
  
 U.S. Bank National Association, 
 as Trustee

  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	 Page

	ARTICLE I
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 Section 1.01.
	  	 Definitions
	  	1
	 Section 1.02.
	  	 Other Definitions
	  	42
	 Section 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	43
	 Section 1.04.
	  	 Rules of Construction
	  	43
	
	ARTICLE II
	THE NOTES
			
	 Section 2.01.
	  	 Amount of Notes
	  	44
	 Section 2.02.
	  	 Form and Dating
	  	45
	 Section 2.03.
	  	 Execution and Authentication
	  	46
	 Section 2.04.
	  	 Registrar and Paying Agent
	  	46
	 Section 2.05.
	  	 Paying Agent to Hold Money in Trust
	  	47
	 Section 2.06.
	  	 Holder Lists
	  	47
	 Section 2.07.
	  	 Transfer and Exchange
	  	47
	 Section 2.08.
	  	 Replacement Notes
	  	48
	 Section 2.09.
	  	 Outstanding Notes
	  	49
	 Section 2.10.
	  	 Temporary Notes
	  	49
	 Section 2.11.
	  	 Cancellation
	  	49
	 Section 2.12.
	  	 Defaulted Interest
	  	49
	 Section 2.13.
	  	 CUSIP Numbers, ISINs, Etc
	  	50
	 Section 2.14.
	  	 Calculation of Principal Amount of Notes
	  	50
	 Section 2.15.
	  	 Mandatory Disposition Pursuant to Gaming Laws
	  	50
	
	ARTICLE III
	REDEMPTION
			
	 Section 3.01.
	  	 Redemption
	  	51
	 Section 3.02.
	  	 Applicability of Article
	  	51
	 Section 3.03.
	  	 Notices to Trustee
	  	51
	 Section 3.04.
	  	 Selection of Notes to Be Redeemed
	  	51
	 Section 3.05.
	  	 Notice of Optional Redemption
	  	51
	 Section 3.06.
	  	 Effect of Notice of Redemption
	  	52
	 Section 3.07.
	  	 Deposit of Redemption Price
	  	52
	 Section 3.08.
	  	 Notes Redeemed in Part
	  	53
	
	ARTICLE IV
	COVENANTS
			
	 Section 4.01.
	  	 Payment of Notes
	  	53
	 Section 4.02.
	  	 Reports and Other Information
	  	53

  

 i 

 TABLE OF CONTENTS 
 (cont’d) 
  

					
	 	  	 	  	 Page

	 Section 4.03.
	  	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	  	55
	 Section 4.04.
	  	 Limitation on Restricted Payments
	  	61
	 Section 4.05.
	  	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	68
	 Section 4.06.
	  	 Asset Sales
	  	70
	 Section 4.07.
	  	 Transactions with Affiliates
	  	73
	 Section 4.08.
	  	 Change of Control
	  	76
	 Section 4.09.
	  	 Compliance Certificate
	  	78
	 Section 4.10.
	  	 Further Instruments and Acts
	  	78
	 Section 4.11.
	  	 Future Subsidiary Pledgors
	  	78
	 Section 4.12.
	  	 Liens
	  	78
	 Section 4.13.
	  	 After-Acquired Property
	  	79
	 Section 4.14.
	  	 Maintenance of Office or Agency
	  	79
	 Section 4.15.
	  	 Amendment of Security Documents
	  	80
	 Section 4.16.
	  	 Covenant Suspension
	  	80
	 Section 4.17.
	  	 Maintenance of Insurance
	  	81
	
	ARTICLE V
	SUCCESSOR COMPANY
			
	 Section 5.01.
	  	 When Issuer May Merge or Transfer Assets
	  	81
	
	ARTICLE VI
	DEFAULTS AND REMEDIES
			
	 Section 6.01.
	  	 Events of Default
	  	84
	 Section 6.02.
	  	 Acceleration
	  	86
	 Section 6.03.
	  	 Other Remedies
	  	87
	 Section 6.04.
	  	 Waiver of Past Defaults
	  	87
	 Section 6.05.
	  	 Control by Majority
	  	87
	 Section 6.06.
	  	 Limitation on Suits
	  	87
	 Section 6.07.
	  	 Rights of the Holders to Receive Payment
	  	88
	 Section 6.08.
	  	 Collection Suit by Trustee
	  	88
	 Section 6.09.
	  	 Trustee May File Proofs of Claim
	  	88
	 Section 6.10.
	  	 Priorities
	  	88
	 Section 6.11.
	  	 Undertaking for Costs
	  	89
	 Section 6.12.
	  	 Waiver of Stay or Extension Laws
	  	89
	
	ARTICLE VII
	TRUSTEE
			
	 Section 7.01.
	  	 Duties of Trustee
	  	89
	 Section 7.02.
	  	 Rights of Trustee
	  	91

  

 ii 

 TABLE OF CONTENTS 
 (cont’d) 
  

					
	 	  	 	  	 Page

	 Section 7.03.
	  	 Individual Rights of Trustee
	  	92
	 Section 7.04.
	  	 Trustee’s Disclaimer
	  	92
	 Section 7.05.
	  	 Notice of Defaults
	  	93
	 Section 7.06.
	  	 Reports by Trustee to the Holders
	  	93
	 Section 7.07.
	  	 Compensation and Indemnity
	  	93
	 Section 7.08.
	  	 Replacement of Trustee
	  	94
	 Section 7.09.
	  	 Successor Trustee by Merger
	  	95
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	95
	 Section 7.11.
	  	 Preferential Collection of Claims Against the Issuer
	  	96
	
	ARTICLE VIII
	DISCHARGE OF INDENTURE; DEFEASANCE
			
	 Section 8.01.
	  	 Discharge of Liability on Notes; Defeasance
	  	96
	 Section 8.02.
	  	 Conditions to Defeasance
	  	97
	 Section 8.03.
	  	 Application of Trust Money
	  	98
	 Section 8.04.
	  	 Repayment to Issuer
	  	99
	 Section 8.05.
	  	 Indemnity for U.S. Government Obligations
	  	99
	 Section 8.06.
	  	 Reinstatement
	  	99
	
	ARTICLE IX
	AMENDMENTS AND WAIVERS
			
	 Section 9.01.
	  	 Without Consent of the Holders
	  	99
	 Section 9.02.
	  	 With Consent of the Holders
	  	100
	 Section 9.03.
	  	 Compliance with Trust Indenture Act
	  	102
	 Section 9.04.
	  	 Revocation and Effect of Consents and Waivers
	  	102
	 Section 9.05.
	  	 Notation on or Exchange of Notes
	  	102
	 Section 9.06.
	  	 Trustee to Sign Amendments
	  	102
	 Section 9.07.
	  	 Payment for Consent
	  	103
	 Section 9.08.
	  	 Additional Voting Terms; Calculation of Principal Amount
	  	103
	
	ARTICLE X
	RANKING OF NOTE LIENS
			
	 Section 10.01.
	  	 Relative Rights
	  	103
	
	ARTICLE XI
	COLLATERAL
			
	 Section 11.01.
	  	 Security Documents
	  	104
	 Section 11.02.
	  	 Collateral Agent
	  	105
	 Section 11.03.
	  	 Authorization of Actions to Be Taken
	  	106

  

 iii 

 TABLE OF CONTENTS 
 (cont’d) 
  

					
	 	  	 	  	 Page

	 Section 11.04.
	  	 Release of Liens
	  	107
	 Section 11.05.
	  	 Filing, Recording and Opinions
	  	108
	 Section 11.06.
	  	 [Intentionally omitted]
	  	109
	 Section 11.07.
	  	 Powers Exercisable by Receiver or Trustee
	  	109
	 Section 11.08.
	  	 Release Upon Termination of the Issuer’s Obligations
	  	109
	 Section 11.09.
	  	 Designations
	  	109
	 Section 11.10.
	  	 Taking and Destruction
	  	110
	
	ARTICLE XII
	GUARANTEE
			
	 Section 12.01.
	  	 Guarantee
	  	110
	 Section 12.02.
	  	 Limitation on Liability
	  	112
	 Section 12.03.
	  	 Successors and Assigns
	  	113
	 Section 12.04.
	  	 No Waiver
	  	113
	 Section 12.05.
	  	 Modification
	  	113
	 Section 12.06.
	  	 Execution of Supplemental Indenture for Future Note Guarantors
	  	113
	 Section 12.07.
	  	 Non-Impairment
	  	113
	ARTICLE XIII
	MISCELLANEOUS
			
	 Section 13.01.
	  	 Trust Indenture Act Controls
	  	113
	 Section 13.02.
	  	 Notices
	  	114
	 Section 13.03.
	  	 Communication by the Holders with Other Holders
	  	115
	 Section 13.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	115
	 Section 13.05.
	  	 Statements Required in Certificate or Opinion
	  	115
	 Section 13.06.
	  	 When Notes Disregarded
	  	115
	 Section 13.07.
	  	 Rules by Trustee, Paying Agent and Registrar
	  	115
	 Section 13.08.
	  	 Legal Holidays
	  	116
	 Section 13.09.
	  	 GOVERNING LAW
	  	116
	 Section 13.10.
	  	 No Recourse Against Others
	  	116
	 Section 13.11.
	  	 Successors
	  	116
	 Section 13.12.
	  	 Multiple Originals
	  	116
	 Section 13.13.
	  	 Table of Contents; Headings
	  	116
	 Section 13.14.
	  	 Indenture Controls
	  	116
	 Section 13.15.
	  	 Severability
	  	116
	 Section 13.16.
	  	 Intercreditor Agreement
	  	116

  

							
	 Appendix A
	 	 –
	 	Provisions Relating to Initial Notes, Additional Notes and Exchange Notes
		
	EXHIBIT INDEX	 	
				
	 Exhibit A-1
	 	–	 	Form of Initial 2018 Note	 	A-1-1
	 Exhibit A-2
	 	–	 	Form of Initial 2015 Note	 	A-2-1

  

 iv 

 TABLE OF CONTENTS 
 (cont’d) 
  

							
	 	 	 	 	 	 	 Page

	 Exhibit B-1
	 	–	 	 Form of 2018 Exchange Note
	 	B-1-1
	 Exhibit B-2
	 	–	 	 Form of 2015 Exchange Note
	 	B-2-1
	 Exhibit C
	 	–	 	 Form of Transferee Letter of Representation
	 	C-1
	 Exhibit D
	 	–	 	 Form of Supplemental Indenture
	 	D-1

  

 v 

 CROSS-REFERENCE TABLE 
  

					
	 TIA
Section
	  	 	  	 Indenture
Section

	 310
	  	 (a)(1)
	  	7.10
		  	 (a)(2)
	  	7.10
		  	 (a)(3)
	  	N.A.
		  	 (a)(4)
	  	N.A.
		  	 (b)
	  	7.08; 7.10
		  	 (c)
	  	N.A.
	 311
	  	 (a)
	  	7.11
		  	 (b)
	  	7.11
		  	 (c)
	  	N.A.
	 312
	  	 (a)
	  	2.06
		  	 (b)
	  	13.03
		  	 (c)
	  	13.03
	 313
	  	 (a)
	  	7.06
		  	 (b)(1)
	  	N.A.
		  	 (b)(2)
	  	7.06
		  	 (c)
	  	7.06
		  	 (d)
	  	4.02; 4.09
	 314
	  	 (a)
	  	4.02; 4.09
		  	 (b)
	  	N.A.
		  	 (c)(1)
	  	13.04
		  	 (c)(2)
	  	13.04
		  	 (c)(3)
	  	N.A.
		  	 (d)
	  	N.A.
		  	 (e)
	  	13.05
		  	 (f)
	  	4.10
	 315
	  	 (a)
	  	7.01
		  	 (b)
	  	7.05
		  	 (c)
	  	7.01
		  	 (d)
	  	7.01
		  	 (e)
	  	6.11
	 316
	  	 (a)(last sentence)
	  	13.06
		  	 (a)(1)(A)
	  	6.05
		  	 (a)(1)(B)
	  	6.04
		  	 (a)(2)
	  	N.A.
		  	 (b)
	  	6.07
	 317
	  	 (a)(1)
	  	6.08
		  	 (a)(2)
	  	6.09
		  	 (b)
	  	2.05
	 318
	  	 (a)
	  	13.01

 N.A. Means Not Applicable. 
 Note: This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 

 INDENTURE dated as of December 24, 2008 among HARRAH’S OPERATING COMPANY, INC., a Delaware
corporation (the “Issuer”), HARRAH’S ENTERTAINMENT, INC., a Delaware corporation (the “Parent Guarantor”) and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of (i) $847,621,000 aggregate
principal amount of the Issuer’s 10.00% Second-Priority Senior Secured Notes due 2018 issued on the date hereof (the “2018 Notes”), (ii) $214,800,000 aggregate principal amount of the Issuer’s 10.00% Second-Priority
Senior Secured Notes due 2015 issued on the date hereof (the “2015 Notes” and, together with the 2018 Notes, the “Initial Notes”), (iii) exchange notes issued in exchange for the Initial Notes pursuant to the
Registration Rights Agreement or pursuant to an effective registration statement under the Securities Act (the “Exchange Notes”) and (iv) Additional Notes issued from time to time as either Initial Notes or Exchanges Notes
(together with the Initial Notes and any Exchange Notes, the “Notes”): 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions. 
 “Acquired Indebtedness” means, with respect to any specified Person:

 (1) Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into or became a
Restricted Subsidiary of such specified Person, and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified
Person. 
 “Acquisition” means the acquisition by Affiliates of the Sponsors of substantially all of the outstanding shares
of capital stock of Harrah’s Entertainment, Inc., pursuant to the Merger Agreement. 
 “Acquisition Documents” means
the Merger Agreement and any other document entered into in connection therewith, in each case as amended, supplemented or modified from time to time prior to the Issue Date or thereafter. 
 “Acquisition Transactions” means the transactions described in the Offering Memorandum under the section titled “Acquisition
Transactions.” 
 “Additional Notes” means 2018 Notes or 2015 Notes issued under the terms of this Indenture subsequent
to the Issue Date. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms 

 
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 “Applicable Premium” means, with respect to any Note on any applicable redemption date, the greater of: 
 (1) 1% of the then outstanding 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 December 15, 2013 (in the case of the 2018 Notes) and December 15, 2012 (in the case of the 2015 Notes) (such redemption price being set forth in Paragraph 5 of the applicable Note) plus (ii) all required
interest payments due on the Note through December 15, 2013 (in the case of the 2018 Notes) and December 15, 2012 (in the case of the 2015 Notes) (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury
Rate as of such redemption date plus 50 basis points; over 
 (b) the then outstanding principal amount of the Note.

 “Asset Sale” means: 
 (1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of property or assets (including by way of a Sale/ Leaseback Transaction) outside the
ordinary course of business of the Issuer or any Restricted Subsidiary of the Issuer (each referred to in this definition as a “disposition”) or 
 (2) the issuance or sale of Equity Interests (other than directors’ qualifying shares and shares issued to foreign nationals or other
third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to the Issuer or another Restricted Subsidiary of the Issuer) (whether in a single transaction or a series of related transactions), 
 in each case other than: 
 (a) a disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged or worn out property or equipment in the ordinary course of business; 
 (b) the disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to Section 5.01 or any
disposition that constitutes a Change of Control; 
  

 2 

 (c) any Restricted Payment or Permitted Investment that is permitted to be made, and is
made, under Section 4.04; 
 (d) any disposition of assets of the Issuer or any Restricted Subsidiary or issuance or sale
of Equity Interests of any Restricted Subsidiary, which assets or Equity Interests so disposed or issued have an aggregate Fair Market Value (as determined in good faith by the Issuer) of less than $50.0 million; 
 (e) any disposition of property or assets, or the issuance of securities, by a Restricted Subsidiary of the Issuer to the Issuer or by the
Issuer or a Restricted Subsidiary of the Issuer to a Restricted Subsidiary of the Issuer; 
 (f) any exchange of assets
(including a combination of assets and Cash Equivalents) for assets related to a Similar Business of comparable or greater market value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in good
faith by the Issuer; 
 (g) foreclosure or any similar action with respect to any property or other asset of the Issuer or any
of its Restricted Subsidiaries; 
 (h) any sale of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary; 
 (i) the lease, assignment or sublease of any real or personal property in the ordinary course of
business; 
 (j) any sale of inventory or other assets in the ordinary course of business; 
 (k) any grant in the ordinary course of business of any license of patents, trademarks, know-how or any other intellectual property;

 (l) in the ordinary course of business, any swap of assets, or lease, assignment or sublease of any real or personal
property, in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the
Issuer; 
 (m) a transfer of accounts receivable and related assets of the type specified in the definition of
“Receivables Financing” (or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing; 
 (n) any financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the Issue Date, including any Sale/Leaseback Transaction or asset securitization permitted by
this Indenture; 
 (o) dispositions in connection with Permitted Liens; 
  

 3 

 (p) any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement
or other obligation with or to a Person (other than the Issuer or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in
connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 
 (q) any disposition made pursuant to an Operations Management Agreement; 
 (r) the sale of any property in a Sale/Leaseback Transaction within six months of the acquisition of such property; 
 (s) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or
in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; and 
 (t) any surrender or waiver of
contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind. 
 “Bank
Indebtedness” means any and all amounts payable under or in respect of the Credit Agreement and the other Credit Agreement Documents as amended, restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or
otherwise modified from time to time (including after termination of the Credit Agreement), including principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization
relating to the Issuer whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof. 
 “Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such Person (or, if such Person is a
partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City. 
 “Capital Stock” means: 
 (1) in the case of a corporation, corporate stock or shares; 
 (2) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 
  

 4 

 (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes
thereto) in accordance with GAAP. 
 “Capitalized Software Expenditures” means, for any period, the aggregate of all
expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with GAAP,
are or are required to be reflected as capitalized costs on the consolidated balance sheet of such Person and such Restricted Subsidiaries. 
 “Cash Equivalents” means: 
 (1) U.S. dollars, pounds sterling, euros, the national currency of any
member state in the European Union or, in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 
 (2) securities issued or directly and fully guaranteed or insured by the U.S. government or any country that is a member of the European
Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 
 (3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank
deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and whose long-term debt is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency); 
 (4) repurchase obligations for underlying securities of the types described in
clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper issued by a corporation (other than an Affiliate of the Issuer) rated at least “A-1” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another
internationally recognized ratings agency) and in each case maturing within one year after the date of acquisition; 
 (6)
readily marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent
ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 
  

 5 

 (7) Indebtedness issued by Persons (other than the Sponsors or any of their Affiliates)
with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from
the date of acquisition; and 
 (8) investment funds investing at least 95% of their assets in securities of the types
described in clauses (1) through (7) above. 
 “Change of Control” means the occurrence of either of the following:

 (1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of the
Issuer and its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders; or 
 (2) the Issuer
becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of
the Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation, amalgamation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of (prior to a Qualified IPO or upon or after an Issuer IPO) the Issuer or (upon or after a Holdco Qualified IPO) the Holdco Issuer.

 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral” means all property subject or purported to be subject, from time to time, to a Lien under any Security Documents.

 “Collateral Agent” means the Trustee in its capacity as “Collateral Agent” under this Indenture and
under the Security Documents and any successor thereto in such capacity. 
 “Collateral Agreement” means the collateral
agreement among the Issuer, each Subsidiary Pledgor and U.S. Bank National Association, as Collateral Agent, dated as of the date hereof, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with its
terms and this Indenture. 
 “Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any
period, the total amount of depreciation and amortization expense, including the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures and amortization of unrecognized prior service costs and actuarial
gains and losses related to pensions and other post-employment benefits, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 
  

 6 

 “Consolidated Interest Expense” means, with respect to any Person for any period, the
sum, without duplication, of: 
 (1) consolidated interest expense of such Person and its Restricted Subsidiaries for such
period, to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations, and net payments and receipts (if any) pursuant to
interest rate Hedging Obligations and excluding additional interest in respect of the Notes, amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and expensing of any bridge, commitment or other financing
fees); plus 
 (2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued; plus 
 (3) commissions, discounts, yield and other fees and charges Incurred in connection
with any Receivables Financing which are payable to Persons other than the Issuer and its Restricted Subsidiaries; minus 
 (4) interest income for such period. 
 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed
to accrue at an interest rate reasonably determined by the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 
 “Consolidated Leverage Ratio” means, with respect to any Person, at any date the ratio of (i) Indebtedness (other than Qualified Non-Recourse Debt) of such Person and its Restricted Subsidiaries
as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted
Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding
such date on which such additional Indebtedness is Incurred. In the event that the Issuer or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the
Consolidated Leverage Ratio is being calculated but prior to the event for which the calculation of the Consolidated Leverage Ratio is made (the “Consolidated Leverage Calculation Date”), then the Consolidated Leverage Ratio shall
be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period; provided that the Issuer may elect
pursuant to an Officer’s Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment
shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 
  

 7 

 For purposes of making the computation referred to above, Investments, acquisitions, dispositions,
mergers, amalgamations, consolidations (including the Acquisition Transactions) and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the
Issuer or any of its Restricted Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Consolidated Leverage Calculation Date
shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations (including the Acquisition Transactions), discontinued operations and other operational changes
(and the change of any associated Indebtedness and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted
Subsidiary or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation or operational
change, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Consolidated Leverage Ratio shall be calculated giving pro forma effect thereto for such period as
if such Investment, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. For purposes of making the computation referred to
above, with respect to each New Project that commences operations and records not less than one full fiscal quarter’s operations during the four-quarter reference period, the operating results of such New Project will be annualized on a
straight-line basis during such period. 
 For purposes of this definition, whenever pro forma effect is to be given to any event, the
pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the
Issuer as set forth in an Officer’s Certificate, to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event (including, to the extent applicable, from
the Acquisition Transactions) and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in “Debt Covenant Compliance” in Exhibit 99.1 to the Quarterly Report on Form 10-Q
for the nine months ended September 30, 2008 for Harrah’s Entertainment to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period. 
 For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate
for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 
 (1) any net after-tax
extraordinary, nonrecurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses or charges, any severance 

  

 8 

 
expenses, relocation expenses, curtailments or modifications to pension and post-retirement employee benefit plans, any expenses related to any
reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities opening costs, project start-up
costs, business optimization costs, signing, retention or completion bonuses, expenses or charges related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or
modification of Indebtedness (in each case, whether or not successful), and any fees, expenses, charges or change in control payments made under the Acquisition Documents or otherwise related to the Acquisition Transactions or the Transactions, in
each case, shall be excluded; 
 (2) effects of purchase accounting adjustments (including the effects of such adjustments
pushed down to such Person and such Restricted Subsidiaries) in amounts required or permitted by GAAP, resulting from the application of purchase accounting in relation to the Acquisition Transactions or any consummated acquisition or the
amortization or write-off of any amounts thereof, net of taxes, shall be excluded; 
 (3) the Net Income for such period shall
not include the cumulative effect of a change in accounting principles during such period; 
 (4) any net after-tax income or
loss from disposed, abandoned, transferred, closed or discontinued operations and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded; 
 (5) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business dispositions or
asset dispositions other than in the ordinary course of business (as determined in good faith by management of the Issuer) shall be excluded; 
 (6) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of indebtedness, Hedging Obligations or other derivative instruments shall be
excluded; 
 (7) the Net Income for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted
Subsidiary or a Qualified Non-Recourse Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent
converted into cash) to the referent Person or a Restricted Subsidiary thereof (other than a Qualified Non-Recourse Subsidiary of such referent Person) in respect of such period; 
 (8) solely for the purpose of determining the amount available for Restricted Payments under clause (1) of the definition of
“Cumulative Credit,” the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Pledgor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such
Restricted Subsidiary of its Net Income is not at the date of 

  

 9 

 
determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of
its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar
distributions have been legally waived; provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such
Restricted Subsidiary to such Person, to the extent not already included therein; 
 (9) an amount equal to the amount of Tax
Distributions actually made to any parent or equity holder of such Person in respect of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as income taxes directly by such Person for such
period; 
 (10) any impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization of intangibles
arising pursuant to GAAP shall be excluded; 
 (11) any non-cash expense realized or resulting from stock option plans,
employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights, shall be excluded; 
 (12) any (a) one-time non-cash compensation charges, (b) costs and expenses after the Issue Date related to employment of
terminated employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights existing on the Issue Date of officers, directors and employees, in each case of
such Person or any of its Restricted Subsidiaries, shall be excluded; 
 (13) accruals and reserves that are established or
adjusted within 12 months after the Issue Date and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded; 
 (14) solely for purposes of calculating EBITDA, (a) the Net Income of any Person and its Restricted Subsidiaries shall be calculated
without deducting the income attributable to, or adding the losses attributable to, the minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary except to the extent of dividends declared or paid in respect of such
period or any prior period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course dividend, distribution or other payment paid in cash and received from any Person in excess of
amounts included in clause (7) above shall be included; 
 (15) (a)(i) the non-cash portion of
“straight-line” rent expense shall be excluded and (ii) the cash portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash
gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related interpretations shall be excluded; 
  

 10 

 (16) any currency translation gains and losses related to currency remeasurements of
Indebtedness, and any net loss or gain resulting from hedging transactions for currency exchange risk, shall be excluded; and 
 (17) to the extent covered by insurance and actually reimbursed, or, so long as such Person 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 (a) not denied by the applicable carrier in writing within 180 days and (b) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed
within 365 days), expenses with respect to liability or casualty events or business interruption shall be excluded. 
 Notwithstanding the
foregoing, for the purpose of Section 4.04 only, there shall be excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries of the Issuer or a Restricted
Subsidiary of the Issuer to the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under such Section pursuant to clauses (D) and (E) of the definition of “Cumulative
Credit.” 
 “Consolidated Non-cash Charges” means, with respect to any Person for any period, the non-cash expenses
(other than Consolidated Depreciation and Amortization Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated basis and otherwise determined in accordance with GAAP,
provided that if any such non-cash expenses represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA in such future period to the
extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period. 
 “Consolidated Taxes” means, with respect to any Person for any period, the provision for taxes based on income, profits or capital, including, without limitation, state, franchise, property and similar taxes, foreign
withholding taxes (including penalties and interest related to such taxes or arising from tax examinations) and any Tax Distributions taken into account in calculating Consolidated Net Income. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other
obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of
such Person, whether or not contingent: 
 (1) to purchase any such primary obligation or any property constituting direct or
indirect security therefor, 
 (2) to advance or supply funds: 
 (a) for the purchase or payment of any such primary obligation; or 
  

 11 

 (b) to maintain working capital or equity capital of the primary obligor or otherwise to
maintain the net worth or solvency of the primary obligor; or 
 (3) to purchase property, securities or services primarily
for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 
 “Credit Agreement” means (i) the credit agreement, dated as of January 28, 2008, entered into in connection with the
consummation of the Acquisition, among the Issuer, the pledgors named therein, the financial institutions named therein, and Bank of America, N.A., as Administrative Agent and Collateral Agent, as amended, restated, supplemented, waived, replaced
(whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof,
refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing
the amount loaned or issued thereunder or altering the maturity thereof and (ii) whether or not the credit agreement referred to in clause (i) remains outstanding, if designated by the Issuer to be included in the definition of
“Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose
entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’
acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced,
restated, replaced or refunded in whole or in part from time to time. 
 “Credit Agreement Documents” means the collective
reference to any Credit Agreement, any notes issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or
otherwise modified, in whole or in part, from time to time. 
 “Cumulative Credit” means the sum of (without duplication):

 (A) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period), from January 1, 2008 to the end
of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such
deficit), plus 
 (B) 100% of the aggregate net proceeds, including cash and the Fair Market Value (as determined in good faith by the
Issuer) of property other than cash, received by the Issuer after February 1, 2008 (other than net proceeds to the extent such net proceeds have been used to Incur Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 

  

 12 

 
4.03(b)(xiii)) from the issue or sale of Equity Interests of the Issuer (excluding Refunding Capital Stock, Designated Preferred Stock, Excluded
Contributions and Disqualified Stock), including Equity Interests issued upon exercise of warrants or options (other than an issuance or sale to a Restricted Subsidiary of the Issuer), plus 
 (C) 100% of the aggregate amount of contributions to the capital of the Issuer received in cash and the Fair Market Value (as determined in good faith by
the Issuer) of property other than cash after February 1, 2008 (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock and Disqualified Stock and other than contributions to the extent such contributions have
been used to Incur Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 4.03(b)(xiii)), plus 
 (D) 100% of
the principal amount of any Indebtedness or the liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock of the Issuer or any Restricted Subsidiary thereof issued after February 1, 2008 (other than
Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or exchanged for Equity Interests in the Issuer (other than Disqualified Stock) or any direct or indirect parent of the Issuer (provided in
the case of any parent, such Indebtedness or Disqualified Stock is retired or extinguished), plus 
 (E) 100% of the aggregate amount
received by the Issuer or any Restricted Subsidiary in cash and the Fair Market Value (as determined in good faith by the Issuer) of property other than cash received by the Issuer or any Restricted Subsidiary from: 
 (I) the sale or other disposition (other than to the Issuer or a Restricted Subsidiary of the Issuer) of Restricted Investments made by the Issuer and its
Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Issuer and its Restricted Subsidiaries by any Person (other than the Issuer or any of its Restricted Subsidiaries) and from repayments of loans or
advances, and releases of guarantees, which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to clause (vii) of Section 4.04(b)), 
 (II) the sale (other than to the Issuer or a Restricted Subsidiary of the Issuer) of the Capital Stock of an Unrestricted Subsidiary, or 
 (III) a distribution or dividend from an Unrestricted Subsidiary, plus 
 (F) in the event any Unrestricted Subsidiary of the Issuer has been redesignated as a Restricted Subsidiary or has been merged, consolidated or
amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer, the Fair Market Value (as determined in good faith by the Issuer) of the Investment of the Issuer in such
Unrestricted Subsidiary (which, if the Fair Market Value of such investment shall exceed $250.0 million, shall be determined by the Board of Directors of the Issuer, a copy of the resolution of which with respect thereto shall be delivered to the
Trustee) at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable) (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made
pursuant to clause (vii) of Section 4.04(b) or constituted a Permitted Investment). 
  

 13 

 “Default” means any event which is, or after notice or passage of time or both would be,
an Event of Default. 
 “Designated Non-cash Consideration” means the Fair Market Value (as determined in good faith by the
Issuer) of non-cash consideration received by the Issuer or one 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, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Designated Preferred Stock” means Preferred Stock of the Issuer or any direct or indirect parent of the Issuer (other than Disqualified Stock), that is issued for cash (other than to the Issuer or
any of its Subsidiaries or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, on the issuance date thereof.

 “Destruction” means any damage to, loss or destruction of all or any portion of the Collateral. 
 “Discharge of Senior Lender Claims” shall mean, except to the extent otherwise provided in the Intercreditor Agreement, payment in full
in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) all Obligations in respect of all outstanding First Priority Lien Obligations and, with respect to letters of credit
or letter of credit guaranties outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the Credit Agreement, in each case after or concurrently with the termination of all commitments
to extend credit thereunder and (b) any other First Priority Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid; provided that the Discharge of Senior
Lender Claims shall not be deemed to have occurred if such payments are made with the proceeds of other First Priority Lien Obligations that constitute an exchange or replacement for or a refinancing of such Obligations or First Priority Lien
Obligations. In the event the First Priority Lien Obligations are modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the First Priority Lien Obligations shall be deemed to be
discharged when the final payment is made, in cash, in respect of such indebtedness and any obligations pursuant to such new indebtedness shall have been satisfied. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable
or exchangeable), or upon the happening of any event: 
 (1) matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise (other than as a result of a change of control or asset sale), 
 (2) is convertible or exchangeable
for Indebtedness or Disqualified Stock of such Person, or 
  

 14 

 (3) is redeemable at the option of the holder thereof, in whole or in part (other than
solely as a result of a change of control or asset sale), 
 in each case prior to 91 days after the earlier of the maturity date of the Notes or the date
the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to
such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such
employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock
shall not be deemed to be Disqualified Stock. 
 “Domestic Subsidiary” means a Restricted Subsidiary that is not a Foreign
Subsidiary. 
 “EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for
such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 
 (1)
Consolidated Taxes; plus 
 (2) Fixed Charges; plus 
 (3) Consolidated Depreciation and Amortization Expense; plus 
 (4) Consolidated Non-cash Charges; plus 
 (5) any expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any issuance of Equity Interests,
Investment, acquisition, disposition, recapitalization or the Incurrence or repayment of Indebtedness permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such fees, expenses or
charges related to the offering of the Notes and the Bank Indebtedness, (ii) any amendment or other modification of the Notes or other Indebtedness, (iii) any additional interest in respect of the Notes and (iv) commissions,
discounts, yield and other fees and charges (including any interest expense) related to any Qualified Receivables Financing; plus 
 (6) business optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt, shall include, without limitation, the effect of inventory optimization programs, facility
consolidations, retention, systems establishment costs, contract termination costs, future lease commitments and excess pension charges); plus 
  

 15 

 (7) the amount of management, monitoring, consulting, transaction and advisory fees and
related expenses paid to the Sponsors (or any accruals relating to such fees and related expenses) during such period to the extent otherwise permitted by Section 4.07; plus 
 (8) the amount of loss on sale of receivables and related assets to a Receivables Subsidiary in connection with a Qualified Receivables
Financing; plus 
 (9) any costs or expense Incurred pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Issuer or a Subsidiary Pledgor or net
cash proceeds of an issuance of Equity Interests of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit; plus 
 (10) Pre-Opening Expenses; 
 less, without duplication, 
 (11) non-cash items increasing Consolidated Net Income
for such period (excluding the recognition of deferred revenue or any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items for which cash was
received in a prior period). 
 “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 after the Issue Date of common stock or Preferred Stock of the Issuer or any direct or indirect parent of the Issuer, as applicable (other than Disqualified Stock), other than: 
 (1) public offerings with respect to the Issuer’s or such direct or indirect parent’s common stock registered on Form S-4 or
Form S-8; 
 (2) issuances to any Subsidiary of the Issuer; and 
 (3) any such public or private sale that constitutes an Excluded Contribution. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 “Exchange Offer Registration Statement” means the registration statement filed with the SEC in connection with the
Registered Exchange Offer. 
  

 16 

 “Excluded Contributions” means the Cash Equivalents or other assets (valued at their
Fair Market Value as determined in good faith by senior management or the Board of Directors of the Issuer) received by the Issuer after the Issue Date from: 
 (1) contributions to its common equity capital, and 
 (2) the sale (other than to a Subsidiary of the Issuer or to any Subsidiary management equity plan or stock option plan or any other
management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Issuer, 
 in each case designated as Excluded Contributions pursuant to an Officer’s Certificate executed by an Officer of the Issuer on or promptly after the date such capital contributions are made or the date such Capital Stock is sold, as
the case may be. 
 “Existing Notes” means the Issuer’s 5.500% Senior Notes due 2010, 8.00% Senior Notes due 2011,
5.375% Senior Notes due 2013, 7.875% Senior Subordinated Notes due 2010, 8.125% Senior Subordinated Notes due 2011, 5.625% Senior Notes due 2015, 6.500% Senior Notes due 2016, 5.75% Senior Notes due 2017, 10.75% Senior Notes due 2016 and
10.75%/11.50% Senior Toggle Notes due 2018, in each case to the extent outstanding after completion of the Transactions. 
 “Fair
Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or
compulsion to complete the transaction. 
 “First Lien Agent” has the meaning given to such term in the Intercreditor
Agreement. 
 “First Priority After-Acquired Property” means any property of the Issuer or any Subsidiary Pledgor that
secures any Secured Bank Indebtedness that is not already subject to the Lien under the Security Documents other than any securities or other equity interests of the Issuer or any of the Issuer’s Subsidiaries. 
 “First Priority Lien Obligations” means (i) all Secured Bank Indebtedness and (ii) all other Obligations of the Issuer or any
of its Restricted Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services in each case owing to a Person that is a holder of Secured Bank Indebtedness or an Affiliate of such holder at the time of entry
into such Hedging Obligations or Obligations in respect of cash management services. 
 “Fixed Charge Coverage Ratio” means,
with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges (other than Fixed Charges in respect of Qualified Non-Recourse Debt) of such Person for such period. In the event that the Issuer or
any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness (other than in the case of revolving credit borrowings or revolving advances under any Qualified Receivables Financing, in which case interest expense shall
be computed based upon the average daily balance of such Indebtedness during the applicable period) or issues, 

  

 17 

 
repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being
calculated but prior to the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such
Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period. 
 For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations (including the
Acquisition Transactions) and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the Issuer or any of its Restricted Subsidiaries has
determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Calculation Date shall be calculated on a pro forma basis assuming that all such
Investments, acquisitions, dispositions, mergers, amalgamations, consolidations (including the Acquisition Transactions), discontinued operations and operational changes (and the change of any associated fixed charge obligations and the change in
EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted
Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation or operational change, in each case with respect to an operating unit of a business,
that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation,
merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. For purposes of making the computation referred to above, with respect to each New Project that commences operations and
records not less than one full fiscal quarter’s operations during the four-quarter reference period, the operating results of such New Project will be annualized on a straight line basis during such period. 
 For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be made in good
faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Issuer as set forth in an Officer’s Certificate,
to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event (including, to the extent applicable, from the Acquisition Transactions), and (2) all
adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in “Debt Covenant Compliance” in Exhibit 99.1 to the Quarterly Report on Form 10-Q for the nine months ended September 30,
2008 for Harrah’s Entertainment to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period. 
 If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the
entire period (taking into account any 

  

 18 

 
Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For
purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the
applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate
actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate. 
 For purposes of this definition, any
amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve-month period immediately prior to the date of determination in a manner consistent with
that used in calculating EBITDA for the applicable period. 
 “Fixed Charges” means, with respect to any Person for any
period, the sum, without duplication, of: 
 (1) Consolidated Interest Expense of such Person for such period, and 

(2) all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of
such Person and its Restricted Subsidiaries. 
 “Foreign Subsidiary” means a Restricted Subsidiary not organized or existing
under the laws of the United States of America or any state or territory thereof or the District of Columbia and any direct or indirect subsidiary of such Restricted Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession, which are in effect on the Issue Date. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted
Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. 
 “Gaming Authorities” means, in any jurisdiction in which Issuer or any of its subsidiaries manages or conducts any casino, gaming business or activities, the applicable gaming board, commission, or
other governmental gaming regulatory body or agency which (a) has, or may at any time after issuance of the Notes have, jurisdiction over the gaming activities of the Issuer or any of its subsidiaries, or any successor to such authority or
(b) is, or may at any time after the issuance of the Notes be, responsible for interpreting, administering and enforcing the Gaming Laws. 
  

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 “Gaming Laws” means all applicable constitutions, treaties, laws and statutes pursuant
to which any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities, and all rules, rulings, orders, ordinances or regulations of any Gaming Authority applicable to the gambling, casino or
gaming businesses or activities of the Issuer or any of its subsidiaries in any jurisdiction, as in effect from time to time, including the policies, interpretations and administration thereof by the Gaming Authorities. 
 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business),
direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 
 “Harrah’s Entertainment” means Harrah’s Entertainment, Inc., a Delaware corporation. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 
 (1) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange,
interest rate or commodity collar agreements; and 
 (2) other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange, interest rates or commodity prices. 
 “Holdco Issuer” means the issuer in any Holdco
Qualified IPO. 
 “Holdco Qualified IPO” means any Qualified IPO in which a direct or indirect parent of the Issuer is the
issuer. 
 “holder” or “noteholder” means the Person in whose name a Note is registered on the
Registrar’s books. 
 “Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided,
however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the
time it becomes a Subsidiary. 
 “Indebtedness” means, with respect to any Person: 
 (1) the principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in respect of borrowed
money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid
purchase price of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any earn-out obligations until such obligation becomes
a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities 

  

 20 

 
accrued in the ordinary course of business), which purchase price is due more than six months after the date of placing the property in service or taking
delivery and title thereto, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness (other than letters of credit and Hedging Obligations)
would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 
 (2) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, the obligations referred to in clause (1) of another Person (other than by endorsement of
negotiable instruments for collection in the ordinary course of business); and 
 (3) to the extent not otherwise included,
Indebtedness of another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair
Market Value (as determined in good faith by the Issuer) of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 
 provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations Incurred in the ordinary course of business and not in respect of borrowed
money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) Obligations under or in
respect of Qualified Receivables Financing or (5) obligations under the Acquisition Documents. 
 Notwithstanding anything in this
Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to, the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would
otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted
Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of Indebtedness under this Indenture. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 
 “Independent Financial
Advisor” means an accounting, appraisal or investment banking firm or consultant, in each case of nationally recognized standing, that is, in the good faith determination of the Issuer, qualified to perform the task for which it has been
engaged. 
 “Intercreditor Agreement” means the intercreditor agreement among the First Lien Agent, the Trustee and the
other parties from time to time party thereto, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms and this Indenture. 
 “Interest Payment Date” has the meaning set forth in Exhibits A-1 and A-2 and Exhibits B-1 and B-2 hereto.

  

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 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 
 “Investment Grade Securities” means: 
 (1) securities issued or directly and fully guaranteed or
insured by the U.S. government or any agency or instrumentality thereof (other than Cash Equivalents), 
 (2) securities that
have a rating equal to or higher than Baa3 (or equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among the Issuer and its Subsidiaries, 
 (3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2) which fund may
also hold immaterial amounts of cash pending investment and/or distribution, and 
 (4) corresponding instruments in countries
other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 
 “Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions
(excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the ordinary course of business), purchases or other acquisitions for consideration of
Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of the Issuer in the same manner as the other investments included in this definition to
the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.04: 
 (1) “Investments” shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair
Market Value (as determined in good faith by the Issuer) of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such
Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to: 
 (a) the Issuer’s “Investment” in such Subsidiary at the time of such redesignation less 
 (b) the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value (as determined in good
faith by the Issuer) of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property
transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith by the Issuer) at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Issuer.

  

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 “Issue Date” means the date on which the Notes are originally issued. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease be deemed to constitute a
Lien. 
 “Long-Term Retained Notes” means the Issuer’s 5.625% Senior Notes due 2015, 6.500% Senior Notes due 2016 and
5.75% Senior Notes due 2017. 
 “Management Group” means the group consisting of the directors, executive officers and other
management personnel of the Issuer or any direct or indirect parent of the Issuer, as the case may be, on the Issue Date together with (1) any new directors whose election by such boards of directors or whose nomination for election by the
shareholders of the Issuer or any direct or indirect parent of the Issuer, as applicable, was approved by a vote of a majority of the directors of the Issuer or any direct or indirect parent of the Issuer, as applicable, then still in office who
were either directors on the Issue Date or whose election or nomination was previously so approved and (2) executive officers and other management personnel of the Issuer or any direct or indirect parent of the Issuer, as applicable, hired at a
time when the directors on the Issue Date together with the directors so approved constituted a majority of the directors of the Issuer or any direct or indirect parent of the Issuer, as applicable. 
 “Merger Agreement” means the Agreement and Plan of Merger among Hamlet Holdings LLC, Hamlet Merger Inc. and Harrah’s Entertainment,
dated as of December 19, 2006, as amended, supplemented or modified from time to time prior to the Issue Date or thereafter, in accordance with its terms. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Insurance Proceeds” means the insurance proceeds (excluding liability insurance proceeds payable to the Trustee for any loss,
liability or expense incurred by it and excluding the proceeds of business interruption insurance) or condemnation awards actually received by the Issuer or any Restricted Subsidiary as a result of the Destruction or Taking of all or any portion of
the Collateral, net of: 
 (1) reasonable out-of-pocket expenses and fees relating to such Taking or Destruction (including, without
limitation, expenses of attorneys and insurance adjusters); and 
  

 23 

 (2) repayment of Indebtedness that is secured by the property or assets that are the subject of such
Taking or Destruction; provided that, in the case of any Destruction or Taking involving Collateral, the Lien securing such Indebtedness constitutes a Lien permitted by this Indenture to be senior to the Second Priority Liens. 
 “Net Proceeds” means the aggregate cash proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset
Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or other consideration received in any other non-cash
form), net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and
any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), amounts required to be applied to
the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)(i)) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by the Issuer as
a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer after such sale or other disposition thereof, including, without limitation, pension and other
post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 
 “New Project” means each capital project which is either a new project or a new feature of an existing project owned by the Issuer or its Restricted Subsidiaries which receives a certificate of
completion or occupancy and all relevant licenses, and in fact commences operations. 
 “Note Guarantee” means any guarantee
of the obligations of the Issuer under this Indenture and the Notes by any Person in accordance with the provisions of this Indenture. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances),
damages and other liabilities payable under the documentation governing any Indebtedness; provided that Obligations with respect to the Notes shall not include fees or indemnifications in favor of the Trustee and other third parties other
than the holders of the Notes. 
 “Offering Memorandum” means the confidential offering memorandum, dated November 14,
2008, relating to the issuance of the Initial Notes. 
 “Officer” means the Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, President, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Issuer. 
  

 24 

 “Officer’s Certificate” means a certificate signed on behalf of the Issuer by an
Officer of the Issuer, who must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer, which meets the requirements set forth in this Indenture. 
 “Operations Management Agreement” means each of the real estate management agreements and any other operating management agreement
entered into by the Issuer or any of its Restricted Subsidiaries with Harrah’s Entertainment or with any other direct or indirect Subsidiary of Harrah’s Entertainment, including, without limitation, any Real Estate Subsidiary, and any and
all modifications thereto, substitutions therefor and replacements thereof so long as such modifications, substitutions and replacements are not materially less favorable, taken as a whole, to the Issuer and its Restricted Subsidiaries than the
terms of such agreements as in effect on the Issue Date. 
 “Opinion of Counsel” means a written opinion from legal counsel
who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or the Trustee. 
 “Other Second-Lien
Obligations” means other Indebtedness of the Issuer and its Restricted Subsidiaries that is equally and ratably secured with the Notes as permitted by this Indenture and is designated by the Issuer as an Other Second-Lien Obligation;
provided that an authorized representative on behalf of the holders of such Indebtedness has executed joinders to the Security Documents in the form provided therein. 
 “Parent Guarantee” means a Note Guarantee of Harrah’s Entertainment and its successors. 
 “Parent Guarantor” means Harrah’s Entertainment and its successors. 
 “Pari Passu Indebtedness” means: 
 (1) with respect to the Issuer, the Notes and any Indebtedness which ranks pari passu in right of payment to the Notes; and 
 (2) with respect to any Subsidiary Pledgor, its obligations in respect of the Notes and any Indebtedness which ranks pari passu in right of payment to such Subsidiary Pledgor’s obligations in respect of the
Notes. 
 “Permitted Holders” means, at any time, each of (i) the Sponsors, (ii) the Management Group,
(iii) any Person that has no material assets other than the Capital Stock of the Issuer and, directly or indirectly, holds or acquires 100% of the total voting power of the Voting Stock of the Issuer, and of which no other Person or group
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), other than any of the other Permitted Holders specified in clauses (i) and (ii) above, holds more than 50% of the total
voting power of the Voting Stock thereof and (iv) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members of which include any of the Permitted Holders
specified in clauses (i) and (ii) above and that, directly or indirectly, hold or acquire beneficial ownership of the Voting Stock of the 

  

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Issuer (a “Permitted Holder Group”), so long as (1) each member of the Permitted Holder Group has voting rights proportional to the
percentage of ownership interests held or acquired by such member and (2) no Person or other “group” (other than the Permitted Holders specified in clauses (i) and (ii) above) beneficially owns more than 50% on a
fully diluted basis of the Voting Stock held by the Permitted Holder Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with the
requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 
 “Permitted Investments” means: 
 (1) any Investment in the Issuer or any Restricted Subsidiary;

 (2) any Investment in Cash Equivalents or Investment Grade Securities; 
 (3) any Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person if as a result of such Investment (a) such
Person becomes a Restricted Subsidiary of the Issuer, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its
assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer; 
 (4) any Investment in securities or
other assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to the provisions of Section 4.06 or any other disposition of assets not constituting an Asset Sale; 
 (5) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date or an Investment consisting of any
extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may be increased (x) as required by the terms of such Investment as in existence on the Issue Date or
(y) as otherwise permitted under this Indenture; 
 (6) advances to employees, taken together with all other advances
made pursuant to this clause (6), not to exceed $25.0 million at any one time outstanding; 
 (7) any Investment acquired by
the Issuer or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or
recapitalization of the issuer of such other Investment or accounts receivable, or (b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with
respect to any secured Investment in default; 
 (8) Hedging Obligations permitted under Section 4.03(b)(x); 

(9) any Investment by the Issuer or any of its Restricted Subsidiaries in a Similar Business having an aggregate Fair Market Value (as
determined in good faith by 

  

 26 

 
the Issuer), taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the greater of
(x) $500.0 million and (y) 4.5% of Total Assets at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided,
however, that if any Investment pursuant to this clause (9) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Issuer
after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary;

 (10) additional Investments by the Issuer or any of its Restricted Subsidiaries having an aggregate Fair Market Value (as
determined in good faith by the Issuer), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the greater of (x) $950.0 million and (y) 4.5% of Total Assets at
the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause
(10) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed
to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues to be a Restricted Subsidiary; 
 (11) loans and advances to officers, directors or employees for business-related travel expenses, moving expenses and other similar
expenses, in each case Incurred in the ordinary course of business or consistent with past practice or to fund such person’s purchase of Equity Interests of the Issuer or any direct or indirect parent of the Issuer; 
 (12) Investments the payment for which consists of Equity Interests of the Issuer (other than Disqualified Stock) or any direct or
indirect parent of the Issuer, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (C) of the definition of “Cumulative Credit”;

 (13) any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the
provisions of Section 4.07(b) (except transactions described in clauses (ii), (vi), (vii), (xi) and (xii)(b) of such Section); 
 (14) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 
 (15) guarantees issued in accordance with Section 4.03 and Section 4.11, including, without limitation, any guarantee or other
obligation issued or Incurred under the Credit Agreement in connection with any letter of credit issued for the account of Harrah’s Entertainment or any of its subsidiaries (including with respect to the issuance of, or payments in respect of
drawings under, such letters of credit); 
  

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 (16) Investments consisting of or to finance purchases and acquisitions of inventory,
supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property; 
 (17) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by
the arrangements governing such Qualified Receivables Financing or any related Indebtedness; 
 (18) any Investment in an
entity or purchase of a business or assets in each case owned (or previously owned) by a customer of a Restricted Subsidiary as a condition or in connection with such customer (or any member of such customer’s group) contracting with a
Restricted Subsidiary, in each case in the ordinary course of business; 
 (19) any Investment in an entity which is not a
Restricted Subsidiary to which a Restricted Subsidiary sells accounts receivable pursuant to a Qualified Receivables Financing; 
 (20) additional Investments in joint ventures not to exceed at any one time in the aggregate outstanding under this clause (20) the greater of $350.0 million and 2.0% of Total Assets; provided, however, that if any Investment
pursuant to this clause (20) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Issuer after such date, such Investment
shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (20) for so long as such Person continues to be a Restricted Subsidiary; 
 (21) Investments of a Restricted Subsidiary of the Issuer acquired after the Issue Date or of an entity merged into, amalgamated with or
consolidated with the Issuer or a Restricted Subsidiary of the Issuer in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; and 
 (22) any Investment in any Subsidiary of the Issuer or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business. 
 “Permitted Liens” means, with respect to any Person: 
 (1) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar legislation, or good
faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S.
government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business; 
  

 28 

 (2) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’
Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or
other proceedings for review; 
 (3) Liens for taxes, assessments or other governmental charges not yet due or payable or
subject to penalties for nonpayment or which are being contested in good faith by appropriate proceedings; 
 (4) Liens in
favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business;

 (5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership
of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;

 (6) (A) Liens on assets of a Restricted Subsidiary that is not a Subsidiary Pledgor securing Indebtedness of such
Restricted Subsidiary permitted to be Incurred pursuant to Section 4.03, (B) Liens securing First Priority Lien Obligations in an aggregate principal amount not to exceed the greater of (x) the aggregate principal amount of
Indebtedness permitted to be Incurred pursuant to Section 4.03(b)(i) and (y) the maximum principal amount of Indebtedness that, as of the date such Indebtedness was Incurred, and after giving effect to the incurrence of such indebtedness
and the application of proceeds therefrom on such date, would not cause the Secured Indebtedness Leverage Ratio of the Issuer to exceed 4.50 to 1.00, and (C) Liens securing Indebtedness permitted to be Incurred pursuant to clause (iv), (xii),
(xvi), (xx) or (xxiii) of Section 4.03(b) (provided that (1) in the case of clause (iv), such Lien extends only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement
of which is financed thereby and any proceeds or products thereof, (2) in the case of clause (xx), such Lien does not extend to the property or assets of any Subsidiary of the Issuer other than a Foreign Subsidiary, and (3) in the case of
clause (xxiii) such Lien applies solely to acquired property or asset of the acquired entity, as the case may be); 
 (7)
Liens existing on the Issue Date (other than Liens in favor of the lenders under the Credit Agreement); 
 (8) Liens on
assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a
Subsidiary; provided, further, however, that such Liens may not extend to any other property owned by the Issuer or any Restricted Subsidiary of the Issuer; 
  

 29 

 (9) Liens on assets or property at the time the Issuer or a Restricted Subsidiary of the
Issuer acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary of the Issuer; provided, however, that such Liens are not created or
Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other property owned by the Issuer or any Restricted Subsidiary of the Issuer; 
 (10) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary of
the Issuer permitted to be Incurred in accordance with Section 4.03; 
 (11) Liens securing Hedging Obligations not
Incurred in violation of this Indenture; provided that with respect to Hedging Obligations relating to Indebtedness, such Lien extends only to the property securing such Indebtedness; 
 (12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
 (13) leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Issuer or
any of its Restricted Subsidiaries; 
 (14) Liens arising from Uniform Commercial Code financing statement filings regarding
operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens
in favor of the Issuer or any Subsidiary Pledgor; 
 (16) Liens on accounts receivable and related assets of the type
specified in the definition of “Receivables Financing” Incurred in connection with a Qualified Receivables Financing; 
 (17) deposits made in the ordinary course of business to secure liability to insurance carriers; 
 (18) Liens on the Equity Interests of Unrestricted Subsidiaries; 
 (19) grants of software and other technology
licenses in the ordinary course of business; 
 (20) Liens to secure any refinancing, refunding, extension, renewal or
replacement (or successive refinancings, refundings, extensions, renewals or 

  

 30 

 
replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9), (10), (11) and
(15); provided, however, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness secured by such Lien at such
time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9), (10), (11) and (15) at the time the
original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; provided further,
however, that in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B), the principal amount of any Indebtedness Incurred for such refinancing, refunding,
extension or renewal shall be deemed secured by a Lien under clause (6)(B) and not this clause (20) for purposes of determining the principal amount of Indebtedness outstanding under clause (6)(B), for purposes of Section 11.04(a)(1)
and for purposes of the definition of Secured Bank Indebtedness; 
 (21) Liens on equipment of the Issuer or any Restricted
Subsidiary granted in the ordinary course of business to the Issuer’s or such Restricted Subsidiary’s client at which such equipment is located; 
 (22) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which
adequate reserves have been made; 
 (23) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into in the ordinary course of business; 
 (24) Liens Incurred to secure cash
management services or to implement cash pooling arrangements in the ordinary course of business; 
 (25) other Liens securing
obligations Incurred in the ordinary course of business which obligations do not exceed $100.0 million at any one time outstanding; 
 (26) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 
 (27) any amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of the
Issuer or any Restricted Subsidiary; and 
 (28) Liens arising by virtue of any statutory or common law provisions relating to
banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution. 
  

 31 

 For purposes of this definition, notwithstanding anything in the foregoing clauses (1) through (28),
any Lien that secures Retained Notes or Long-Term Retained Notes shall not under any circumstances be deemed Permitted Liens. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision
thereof or any other entity. 
 “Preferred Stock” means any Equity Interest with preferential right of payment of dividends
or upon liquidation, dissolution, or winding up. 
 “Pre-Opening Expenses” means, with respect to any fiscal period, the
amount of expenses (other than interest expense) Incurred with respect to capital projects that are classified as “pre-opening expenses” on the applicable financial statements of the Issuer and its Restricted Subsidiaries for such
period, prepared in accordance with GAAP. 
 “Project Financing” means (1) any Capitalized Lease Obligations, mortgage
financing, purchase money Indebtedness or other Indebtedness Incurred in connection with the acquisition, lease, construction, repair, replacement, improvement or financing related to any of the Margaritaville Casino & Resort in Biloxi,
Mississippi, the retail facilities related to the Margaritaville Casino & Resort and the planned casino and hotel in the community of Ciudad Real, Spain or any refinancing of any such Indebtedness that does not extend to any assets other
than the assets listed above and (2) any Sale/Leaseback Transaction with respect to any of Margaritaville Casino & Resort in Biloxi, Mississippi, the retail facilities related to the Margaritaville Casino & Resort and the
planned casino and hotel in the community of Ciudad Real, Spain. 
 “Qualified IPO” means any underwritten public Equity
Offering. 
 “Qualified Non-Recourse Debt” means Indebtedness that (1) is (a) Incurred by a Qualified Non-Recourse
Subsidiary to finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of any property (real or personal) or equipment (whether through the direct purchase of property or the Equity
Interests of any person owning such property and whether in a single acquisition or a series of related acquisitions) or (b) assumed by a Qualified Non-Recourse Subsidiary, (2) is non-recourse to the Issuer and any Subsidiary Pledgor and
(3) is non-recourse to any Restricted Subsidiary that is not a Qualified Non-Recourse Subsidiary. 
 “Qualified Non-Recourse
Subsidiary” means (1) a Restricted Subsidiary that is not a Subsidiary Pledgor and that is formed or created after the Issue Date in order to finance an acquisition, lease, construction, repair, replacement or improvement of any
property or equipment (directly or through one of its Subsidiaries) that secures Qualified Non-Recourse Debt and (2) any Restricted Subsidiary of a Qualified Non-Recourse Subsidiary. 
 “Qualified Receivables Financing” means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:

 (1) the Board of Directors of the Issuer shall have determined in good faith that such Qualified Receivables Financing
(including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer and the Receivables Subsidiary; 
  

 32 

 (2) all sales of accounts receivable and related assets to the Receivables Subsidiary are
made at Fair Market Value (as determined in good faith by the Issuer); and 
 (3) the financing terms, covenants, termination
events and other provisions thereof shall be market terms (as determined in good faith by the Issuer) and may include Standard Securitization Undertakings. 
 The grant of a security interest in any accounts receivable of the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure Bank Indebtedness, Indebtedness in respect of the Notes
or any Refinancing Indebtedness with respect to the Notes shall not be deemed a Qualified Receivables Financing. 
 “Rating
Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Notes for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization”
within the meaning of Rule 15cs-1(c)(2)(vi)(F) under the Exchange Act selected by the Issuer or any direct or indirect parent of the Issuer as a replacement agency for Moody’s or S&P, as the case may be. 
 “Real Estate Facility” means the mortgage financing and mezzanine financing arrangements between the Real Estate Subsidiaries, which are
direct or indirect subsidiaries of Harrah’s Entertainment, and JPMorgan Chase Bank N.A. and its successors and assigns, on behalf of the noteholders dated as of January 28, 2008, as amended, restated, supplemented, extended, waived,
replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time. 
 “Real Estate Subsidiary”
means those Subsidiaries of Harrah’s Entertainment that are party to (prior to, on or after the Issue Date) the Real Estate Facility (and their respective Subsidiaries) secured by the Real Property collateralizing such facility on the Issue
Date plus any additional Real Property sold, contributed or transferred to such Subsidiaries by the Issuer or any Restricted Subsidiary (whether directly or indirectly through the sale, contribution or transfer of the Capital Stock of a
Subsidiary the assets of which are comprised solely of such Real Property) subsequent to the Issue Date pursuant to Section 4.06. 
 “Real Property” means, collectively, all right, title and interests (including any leasehold, mineral or other estate) in and to any and all parcels of or interests in real property owned, leased or operated by any Person,
whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all buildings, structures, parking areas and improvements and appurtenant fixtures and equipment, all general
intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 
 “Record
Date” has the meaning specified in Exhibits A-1, A-2, B-1 and B-2 hereto. 
  

 33 

 “Receivables Fees” means distributions or payments made directly or by means of
discounts with respect to any participation interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing. 
 “Receivables Financing” means any transaction or series of transactions that may be entered into by the Issuer or any of its
Subsidiaries pursuant to which the Issuer or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer by the Issuer or any of its Subsidiaries); and (b) any other Person (in
the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Issuer or any of its Subsidiaries, and any assets related thereto including,
without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets which are customarily
transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Issuer or any such Subsidiary in
connection with such accounts receivable. 
 “Receivables Repurchase Obligation” means any obligation of a seller of
receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any
asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 
 “Receivables Subsidiary” means a Wholly Owned Restricted Subsidiary of the Issuer (or another Person formed for the purposes of engaging
in Qualified Receivables Financing with the Issuer in which the Issuer or any Subsidiary of the Issuer makes an Investment and to which the Issuer or any Subsidiary of the Issuer transfers accounts receivable and related assets) which engages in no
activities other than in connection with the financing of accounts receivable of the Issuer and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and which is designated by the Board of Directors of the Issuer (as provided below) as a Receivables Subsidiary and: 
 (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Issuer or any other Subsidiary of the Issuer (excluding guarantees of obligations (other
than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Issuer or any other Subsidiary of the Issuer in any way other than pursuant to Standard Securitization
Undertakings, or (iii) subjects any property or asset of the Issuer or any other Subsidiary of the Issuer, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization
Undertakings; 
 (b) with which neither the Issuer nor any other Subsidiary of the Issuer has any material contract, agreement, arrangement
or understanding other than on terms which the Issuer reasonably believes to be no less favorable to the Issuer or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Issuer; and 
  

 34 

 (c) to which neither the Issuer nor any other Subsidiary of the Issuer has any obligation to maintain or
preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 
 Any such designation
by the Board of Directors of the Issuer shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate
certifying that such designation complied with the foregoing conditions. 
 “Representative” means the trustee, agent or
representative (if any) for an issue of Indebtedness; provided that if, and for so long as, such Indebtedness lacks such a Representative, then the Representative for such Indebtedness shall at all times constitute the holder or holders of a
majority in outstanding principal amount of obligations under such Indebtedness. 
 “Responsible Officer” means, when used
with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the administration of this Indenture. 
 “Restricted Cash”
means cash and Cash Equivalents held by Restricted Subsidiaries that are contractually restricted from being distributed to the Issuer, except for (i) such cash and Cash Equivalents subject only to such restrictions that are contained in
agreements governing Indebtedness permitted under this Indenture and that are secured by such cash or Cash Equivalents and (ii) cash and Cash Equivalents constituting “cage cash.” 
 “Restricted Investment” means an Investment other than a Permitted Investment. 
 “Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of such
Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer. 
 “Retained Notes” means the Issuer’s 5.500% Senior Notes due 2010, 8.00% Senior Notes due 2011, 5.375% Senior Notes due 2013, 7.875% Senior Subordinated Notes due 2010, and 8.125% Senior Subordinated Notes due 2011, in
each case to the extent outstanding after completion of the Transactions. 
 “Reversion Date” means the date on which one or
both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating. 
  

 35 

 “Sale/Leaseback Transaction” means an arrangement relating to property now owned or
hereafter acquired by the Issuer or a Restricted Subsidiary whereby the Issuer or a Restricted Subsidiary transfers such property to a Person and the Issuer or such Restricted Subsidiary leases it from such Person, other than leases between the
Issuer and a Restricted Subsidiary of the Issuer or between Restricted Subsidiaries of the Issuer. 
 “S&P” means
Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 
 “SEC” means the
Securities and Exchange Commission. 
 “Second Priority Liens” means the Liens securing the Obligations of the Issuer in
respect of the Notes and this Indenture. 
 “Secured Bank Indebtedness” means any Bank Indebtedness that is secured by a
Permitted Lien incurred or deemed incurred pursuant to clause (6)(B) of the definition of Permitted Liens. 
 “Secured
Indebtedness” means any Indebtedness secured by a Lien. 
 “Secured Indebtedness Leverage Ratio” means, with
respect to any Person, at any date the ratio of (i) Secured Indebtedness constituting First Priority Lien Obligations of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in
accordance with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted Cash held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of such Person for the four full fiscal
quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event that the Issuer or any of its Restricted Subsidiaries Incurs, repays, repurchases or
redeems any Indebtedness subsequent to the commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Indebtedness Leverage Ratio is made (the
“Secured Leverage Calculation Date”), then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had
occurred at the beginning of the applicable four-quarter period; provided that the Issuer may elect pursuant to an Officer’s Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as
being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 
 For purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations (including the
Acquisition Transactions) and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that the Issuer or any of its Restricted Subsidiaries has
determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Calculation Date shall be calculated on a pro forma basis assuming
that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations (including 

  

 36 

 
the Acquisition Transactions), discontinued operations and other operational changes (and the change of any associated Indebtedness and the change in EBITDA
resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any Restricted
Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation or operational change, in each case with respect to an operating unit of a business,
that would have required adjustment pursuant to this definition, then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued
operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. For purposes of making the computation referred to above, with respect to each New Project that commences
operations and records not less than one full fiscal quarter’s operations during the four-quarter reference period, the operating results of such New Project will be annualized on a straight line basis during such period. 
 For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be made in good
faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Issuer as set forth in an Officer’s Certificate,
to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event (including, to the extent applicable, from the Acquisition Transactions) and (2) all
adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in “Debt Covenant Compliance” in Exhibit 99.1 to the Quarterly Report on Form 10-Q for the nine months ended September 30,
2008 for Harrah’s Entertainment to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period. 
 For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve-month period immediately prior to the date
of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 
 “Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Security
Documents” means the Collateral Agreement and the security agreements, pledge agreements, collateral assignments, mortgages and related agreements, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid,
refinanced or otherwise modified from time to time, creating the security interests in the Collateral as contemplated by this Indenture. 
 “Senior Interim Loan Facility” means the interim loan agreement, dated as of January 28, 2008, by and among the Issuer, as borrower, the lenders party thereto in their capacities as lenders thereunder and Citibank,
N.A. as administrative agent, including any guarantees, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications or restatements thereof. 
  

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 “Significant Subsidiary” means any Restricted Subsidiary that would be a
“Significant Subsidiary” of the Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provision). 
 “Similar Business” means a business, the majority of whose revenues are derived from the activities of the Issuer and its Subsidiaries as of the Issue Date or any business or activity that is
reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary thereto. 
 “Sponsors” means (i) Apollo Management, L.P. and any of its respective Affiliates other than any portfolio companies (collectively, the “Apollo Sponsors”), (ii) Texas Pacific Group and any of its
respective Affiliates other than any portfolio companies (collectively, the “Texas Pacific Sponsors”), (iii) any individual who is a partner or employee of an Apollo Sponsor or a Texas Pacific Sponsor that is licensed by a
relevant gaming authority on the Issue Date or thereafter replaces such licensee and (iv) any Person that forms a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) with
any Apollo Sponsors and/or Texas Pacific Sponsors; provided that the Apollo Sponsors and/or the Texas Pacific Sponsors (x) own a majority of the voting power and (y) control a majority of the Board of Directors of the Issuer.

 “Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and guarantees of
performance entered into by the Issuer or any Subsidiary of the Issuer which the Issuer has determined in good faith to be customary in a Receivables Financing including, without limitation, those relating to the servicing of the assets of a
Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory
redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred).

 “Subordinated Indebtedness” means (a) with respect to the Issuer, any Indebtedness of the Issuer which is by its
terms subordinated in right of payment to the Notes, and (b) with respect to any Subsidiary Pledgor, any Indebtedness of such Subsidiary Pledgor which is by its terms subordinated in right of payment to obligations in respect of the Notes.

 “Subsidiary” means, with respect to any Person, (1) any corporation, association or other business entity (other
than a partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint venture or limited
liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited 

  

 38 

 
partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person
or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such
entity. 
 “Subsidiary Pledgor” means any Subsidiary of the Issuer that pledges its property and assets to secure the Notes,
as provided in the Security Documents; provided that upon the release or discharge of such Subsidiary of the Issuer from its obligations to pledge its assets and property to secure the Notes in accordance with this Indenture or the Security
Documents, such Subsidiary of the Issuer ceases to be a Subsidiary Pledgor. 
 “Suspension Period” means the period of time
between a Covenant Suspension Event and the related Reversion Date. 
 “Taking” means any taking of all or any portion of
the Collateral by condemnation or other eminent domain proceedings, pursuant to any law, general or special, or by reason of the temporary requisition of the use or occupancy of all or any portion of the Collateral by any governmental authority,
civil or military, or any sale pursuant to the exercise by any such governmental authority of any right which it may then have to purchase or designate a purchaser or to order a sale of all or any portion of the Collateral. 
 “Tax Distributions” means any distributions described in Section 4.04(b)(xii). 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this Indenture. 
 “Total Assets” means the total consolidated assets of the Issuer and its Restricted Subsidiaries, as shown on the most recent balance
sheet of the Issuer, without giving effect to any amortization of the amount of intangible assets since the February 1, 2008. 
 “Transactions” means the transactions described under “General Terms of the Exchange Offers” in the Offering Memorandum. 
 “Treasury Rate” means, as of the applicable 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 such 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 such redemption date to December 15, 2013, (in the case of the 2018 Notes) or December 15, 2012 (in the case of the 2015 Notes); provided, however, that if the period
from such redemption date to December 15, 2013 (in the case of the 2018 Notes) or December 15, 2012 (in the case of the 2015 Notes), 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. 
 “Trust Officer” means: 
 (1) any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust
matter is referred because of such Person’s knowledge of and familiarity with the particular subject, and 
  

 39 

 (2) who shall have direct responsibility for the administration of this Indenture.

 “Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the
successor. 
 “Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.

 “Unrestricted Subsidiary” means: 
 (1) any Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of
Directors of such Person in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted Subsidiary; 
 The Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly formed Subsidiary of the Issuer) to be an Unrestricted
Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Issuer or any other Subsidiary of the Issuer that is not a Subsidiary of the Subsidiary to
be so designated; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the
assets of the Issuer or any of its Restricted Subsidiaries; provided, further, however, that either: 
 (a) the
Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 
 (b) if such Subsidiary has consolidated
assets greater than $1,000, then such designation would be permitted under Section 4.04. 
 The Issuer may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation: 
 (x) (1) the
Issuer could Incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a), or (2) the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be greater than
such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation, and 
  

 40 

 (y) no Event of Default shall have occurred and be continuing. 
 Any such designation by Issuer shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors
or any committee thereof of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S. Government Obligations” means securities that are: 
 (1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in each
case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government
Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the
U.S. Government Obligations evidenced by such depository receipt. 
 “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 Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of
the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount
of such payment, by (2) the sum of all such payments. 
 “Wholly Owned Restricted Subsidiary” is any Wholly Owned
Subsidiary that is a Restricted Subsidiary. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person
100% of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares or shares required to be held by Foreign Subsidiaries) shall at the time be owned by such Person or by one or more Wholly Owned
Subsidiaries of such Person. 
  

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 SECTION 1.02. Other Definitions. 
  

			
	 Term
	  	 Defined in
Section

	“2015 Notes”	  	Preamble
	“2018 Notes”	  	Preamble
	“Additional Interest”	  	Appendix A
	“Affiliate Transaction”	  	4.07
	“Asset Sale Offer”	  	4.06(b)
	“Bankruptcy Law”	  	6.01
	“Change of Control Offer”	  	4.08
	“covenant defeasance option”	  	8.01(c)
	“Covenant Suspension Event”	  	4.16
	“Custodian”	  	6.01
	“Dealer Manager Agreement”	  	Appendix A
	“Dealer Managers”	  	Appendix A
	“Definitive Note”	  	Appendix A
	“Depository”	  	Appendix A
	“Disqualified Holder”	  	2.15
	“Euroclear”	  	Appendix A
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.06(b)
	“Exchange Notes”	  	Preamble
	“Global Notes”	  	Appendix A
	“Global Notes Legend”	  	Appendix A
	“Guaranteed Obligations”	  	11.01(a)
	“IAI”	  	Appendix A
	“incorporated provision”	  	13.01
	“Initial Notes”	  	Preamble
	“Issuer”	  	Preamble
	“legal defeasance option”	  	8.01
	“Notes”	  	Preamble
	“Notes Custodian”	  	Appendix A
	“Notice of Default”	  	6.01
	“Offer Period”	  	4.06(d)
	“Paying Agent”	  	2.04(a)
	“protected purchaser”	  	2.08
	“QIB”	  	Appendix A
	“Refinancing Indebtedness”	  	4.03(b)
	“Refunding Capital Stock”	  	4.04(b)
	“Registered Exchange Offer”	  	Appendix A
	“Registrar”	  	2.04(a)
	“Registration Rights Agreement”	  	Appendix A
	“Regulation S”	  	Appendix A
	“Regulation S Notes”	  	Appendix A
	“Restricted Notes Legend”	  	Appendix A
	“Restricted Payment”	  	4.04(a)
	“Restricted Period”	  	Appendix A

  

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	 Term
	  	 Defined in
Section

	“Retired Capital Stock”	  	4.04(b)
	“Reversion Date”	  	4.16
	“Rule 501”	  	Appendix A
	“Rule 144A”	  	Appendix A
	“Rule 144A Notes”	  	Appendix A
	“Second Commitment”	  	4.06
	“Shelf Registration Statement”	  	Appendix A
	“Successor Issuer”	  	5.01(a)
	“Successor Parent Guarantor”	  	5.01
	“Successor Subsidiary Pledgor”	  	5.01(b)
	“Suspended Covenants”	  	4.16
	“Transfer”	  	5.01(b)
	“Transfer Restricted Definitive Notes”	  	Appendix A
	“Transfer Restricted Global Notes”	  	Appendix A
	“Unrestricted Definitive Notes”	  	Appendix A
	“Unrestricted Global Notes”	  	Appendix A

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture
incorporates by reference certain provisions of the TIA. The following TIA terms have the following meanings: 
 “Commission”
means the SEC. 
 “indenture securities” means the Notes and any Note Guarantee. 
 “indenture security holder” means a holder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or
“institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Issuer and
the Parent Guarantor and any other obligor on the Notes. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined
by TIA reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04.
Rules of Construction. Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
  

 43 

 (c) “or” is not exclusive; 
 (d) “including” means including without limitation; 
 (e) words in the singular include the plural and words in the plural include the singular; 
 (f) unsecured
Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (g) the principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP;

 (h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
 (i) unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP;

 (j) “$” and “U.S. dollars” each refer to United States dollars, or such other money of the United States
of America that at the time of payment is legal tender for payment of public and private debts; and 
 (k) whenever in this Indenture or the
Notes there is mentioned, in any context, principal, interest or any other amount payable under or with respect to any Notes, such mention shall be deemed to include mention of the payment of Additional Interest, to the extent that, in such context,
Additional Interest is, were or would be payable in respect thereof. 
 ARTICLE II 
 THE NOTES 
 SECTION 2.01.
Amount of Notes. The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture on the Issue Date is $1,062,421,000, comprised of $847,621,000 in initial aggregate principal amount of 2018 Notes and
$214,800,000 in aggregate principal amount of 2015 Notes. 
 The Issuer may from time to time after the Issue Date issue Additional Notes
under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented by such Additional Notes is at such time permitted by Section 4.03 and (ii) such Additional Notes are issued in
compliance with the other applicable provisions of this Indenture. With respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Notes pursuant to Section 2.07, 2.08, 2.09, 2.10, 3.06, 4.06(g), 4.08(c) or Appendix A), there shall be (a) established in or pursuant to a resolution of the Board of Directors and (b) (i) set forth or determined in the
manner provided in an Officer’s Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Notes: 
 (1) the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture, 
  

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 (2) the issue price and issuance date of such Additional Notes, including the date from
which interest on such Additional Notes shall accrue; 
 (3) if applicable, that such Additional Notes shall be issuable in
whole or in part in the form of one or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those set forth
in Exhibits A-1 and A-2 hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any
transfer of such Global Note in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof; and 
 (4) if applicable, that such Additional Notes that are not Transfer Restricted Notes shall not be issued in the form of Initial Notes as
set forth in Exhibits A-1 and A-2, but shall be issued in the form of Exchange Notes as set forth in Exhibits B-1 and B-2. 
 If any of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate record of such action shall be certified by the Secretary or any
Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or the indenture supplemental hereto setting forth the terms of the Additional Notes. 
 The 2018 Notes, including any Additional Notes issued as 2018 Notes, may, at the Issuer’s option, be treated as a single class for all purposes
under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. The 2015 Notes, including any Additional Notes issued as 2015 Notes, may, at the Issuer’s option, be treated as a single class for all
purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase. 
 SECTION 2.02.
Form and Dating. Provisions relating to the Initial Notes and the Exchange Notes are set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The (i) Initial Notes and the Trustee’s
certificate of authentication and (ii) any Additional Notes (if issued as Transfer Restricted Notes) and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibits A-1 and A-2 hereto,
which are hereby incorporated in and expressly made a part of this Indenture. The (i) Exchange Notes and the Trustee’s certificate of authentication and (ii) any Additional Notes issued other than as Transfer Restricted Notes and the
Trustee’s certificate of authentication shall each be substantially in the form of Exhibits B-1 and B-2 hereto, which are hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or
endorsements required by law, stock exchange rule, agreements to which the Issuer, the Parent Guarantor or 

  

 45 

 
any Subsidiary Pledgor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer).
Each Note shall be dated the date of its authentication. The Notes shall be issuable only in registered form without interest coupons and in denominations of $2,000 and any integral multiples of $1,000. 
 SECTION 2.03. Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Issuer
signed by one Officer (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $1,062,421,000, consisting of $847,621,000 aggregate principal amount of 2018 Notes and $214,800,000 aggregate principal amount of
2015 Notes, (b) subject to the terms of this Indenture, Additional Notes in an aggregate principal amount to be determined at the time of issuance and specified therein and (c) the Exchange Notes for issue in a Registered Exchange Offer
pursuant to the Registration Agreement for a like principal amount of Initial Notes exchanged pursuant thereto or otherwise pursuant to an effective registration statement under the Securities Act. Such order shall specify the amount of separate
Note certificates to be authenticated, the principal amount of each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, the registered holder of each of the Notes and delivery instructions and
whether the Notes are to be Initial Notes or Exchange Notes. Notwithstanding anything to the contrary in this Indenture or Appendix A, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $2,000 and
integral multiples of $1,000 in excess of $2,000. 
 One Officer shall sign the Notes for the Issuer by manual or facsimile signature.

 If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be
valid nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of
authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The
Trustee may appoint one or more authenticating agents reasonably acceptable to the Issuer to authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the
Issuer. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 
 SECTION 2.04.
Registrar and Paying Agent. 
 (a) The Issuer shall maintain (i) an office or agency where Notes may be presented for registration
of transfer or for exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer
and exchange. The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying Agent” includes the Paying Agent and any
additional paying agents. The Issuer initially appoints the Trustee as Registrar, Paying Agent and the Notes Custodian with respect to the Global Notes. 
  

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 (b) The Issuer may enter into an appropriate agency agreement with any Registrar or Paying Agent not a
party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the name and address of any such
agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any of its domestically organized Wholly Owned
Subsidiaries may act as Paying Agent or Registrar. 
 (c) The Issuer may remove any Registrar or Paying Agent upon written notice to such
Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by
the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in
accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee
also resigns as Trustee in accordance with Section 7.08. 
 SECTION 2.05. Paying Agent to Hold Money in Trust. Prior to each
due date of the principal of and interest on any Note, the Issuer shall deposit with each Paying Agent (or if the Issuer or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled
thereto) a sum sufficient to pay such principal and interest when so becoming due. The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit of holders or the
Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee of any default by the Issuer in making any such payment. If the Issuer or a Wholly Owned Subsidiary of the Issuer acts
as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to
account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.06. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it
of the names and addresses of holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five 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 holders. 
 SECTION 2.07. Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with Appendix A.
When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if its requirements therefor 

  

 47 

 
are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the
Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Notes at the Registrar’s request. The Issuer may
require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section. The Issuer shall not be required to make, and the Registrar need not register,
transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to be redeemed. 
 Prior to the due presentation for registration of transfer of any Note, the Issuer, the Parent Guarantor, the Trustee, the Paying Agent and the Registrar
may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such
Note is overdue, and none of the Issuer, the Parent Guarantor, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 
 Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system
maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book
entry. 
 All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be
entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 SECTION 2.08.
Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note
if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the holder (a) satisfies the Issuer or the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking
and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform
Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Issuer, such holder shall furnish an indemnity bond sufficient in the judgment of
the Trustee and the Issuer to protect the Issuer, the Trustee, a Paying Agent and the Registrar from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Issuer and the
Trustee may charge the holder for their expenses in replacing a Note (including without limitation, attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become
or is about to become due and payable, the Issuer in its discretion may pay such Note instead of issuing a new Note in replacement thereof. 
 Every replacement Note is an additional obligation of the Issuer. 
  

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 The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 
 SECTION 2.09. Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not
outstanding. Subject to Section 13.06, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 
 If a Note is replaced pursuant to Section 2.08 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the
replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.08. 
 If a Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all
principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and no Paying Agent is prohibited from paying such money to the holders on that date pursuant to the terms of
this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 SECTION 2.10. Temporary Notes. In the event that Definitive Notes are to be issued under the terms of this Indenture, until such Definitive Notes are ready for delivery, the Issuer may prepare and the Trustee shall authenticate
temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall
authenticate Definitive Notes and make them available for delivery in exchange for temporary Notes upon surrender of such temporary Notes at the office or agency of the Issuer, without charge to the holder. Until such exchange, temporary Notes shall
be entitled to the same rights, benefits and privileges as Definitive Notes. 
 SECTION 2.11. Cancellation. The Issuer at any
time may deliver Notes to the Trustee for cancellation. The Registrar and each Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all
Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The Issuer may not issue new Notes to replace Notes it has redeemed, paid or delivered
to the Trustee for cancellation. The Trustee shall not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture. 
 SECTION 2.12. Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted
interest to the extent lawful) in any lawful manner. The Issuer may pay the defaulted interest to the Persons who are holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment
date to the reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed to each affected holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
  

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 SECTION 2.13. CUSIP Numbers, ISINs, Etc. The Issuer in issuing the Notes may use CUSIP
numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided,
however, 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 that reliance may be placed only on the other
identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall advise the Trustee of any change in the CUSIP numbers, ISINs and “Common
Code” numbers. 
 SECTION 2.14. Calculation of Principal Amount of Notes. The aggregate principal amount of the Notes,
at any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount
of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate
principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06 of this Indenture. Any such calculation made pursuant
to this Section 2.14 shall be made by the Issuer and delivered to the Trustee pursuant to an Officers’ Certificate. 
 SECTION 2.15. Mandatory Disposition Pursuant to Gaming Laws. Each person that holds or acquires beneficial ownership of any of the Notes shall be deemed to have agreed, by accepting such Notes, that if any Gaming Authority
requires such person to be approved, licensed, qualified or found suitable under applicable Gaming Laws, such holder or beneficial owner, as the case may be, shall apply for a license, qualification or finding of suitability within the required time
period. 
 If a person required to apply or become licensed or qualified or be found suitable fails to do so (a “Disqualified
Holder”), the Issuer shall have the right, at its election, (1) to require such person to dispose of its Notes or beneficial interest therein within 30 days of receipt of notice of such election or such earlier date as may be required
by such Gaming Authority or (2) to redeem such Notes at a redemption price that, unless otherwise directed by such Gaming Authority, shall be at a redemption price that is equal to the lesser of: 
 (a) such person’s cost, or 
 (b) 100% of
the principal amount thereof, plus accrued and unpaid interest, if any, to the earlier of (i) the redemption date or (ii) the date such person became a Disqualified Holder. 
 The Issuer shall notify the Trustee and applicable Gaming Authority in writing of any such redemption as soon as practicable. The Issuer shall not be
responsible for any costs or expenses any such holder may Incur in connection with its application for a license, qualification or finding of suitability. 
  

 50 

 ARTICLE III 
 REDEMPTION 
 SECTION 3.01. Redemption. The Notes may be redeemed, in whole, or from time
to time in part, subject to the conditions and at the redemption prices set forth in Paragraph 5 of the forms of Note set forth in Exhibits A-1 and A-2 and Exhibits B-1 and B-2 hereto, which are hereby incorporated by
reference and made a part of this Indenture, together with accrued and unpaid interest to the redemption date. 
 SECTION 3.02.
Applicability of Article. Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article. 
 SECTION 3.03. Notices to Trustee. If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Paragraph 5 of the
Note, it shall notify the Trustee in writing of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption
price. The Issuer shall give notice to the Trustee provided for in this paragraph at least 30 days but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of the Note, unless a shorter period is acceptable to
the Trustee. Such notice shall be accompanied by an Officers’ Certificate and Opinion of Counsel from the Issuer to the effect that such redemption will comply with the conditions herein, as well as such notice required to be delivered under
Section 3.05 below. If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which record date shall be not fewer than 15 days after the date of notice
to the Trustee. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any holder and shall thereby be void and of no effect. 
 SECTION 3.04. Selection of Notes to Be Redeemed. In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee on a pro rata basis to the extent practicable;
provided that no Notes of $2,000 or less shall be redeemed in part. The Trustee shall make the selection from outstanding Notes not previously called for redemption. The Trustee may select for redemption portions of the principal of Notes
that have denominations larger than $2,000. Notes and portions of them the Trustee selects shall be in amounts of $2,000 or any integral multiple of $1,000. Provisions of this Indenture that apply to Notes called for redemption also apply to
portions of Notes called for redemption. The Trustee shall notify the Issuer promptly of the Notes or portions of Notes to be redeemed. 
 SECTION 3.05. Notice of Optional Redemption. 
 (a) At least 30 days but not more than 60 days before a redemption date
pursuant to Paragraph 5 of the Note, the Issuer shall mail or cause to be mailed by first-class mail a notice of redemption to each holder whose Notes are to be redeemed. 
  

 51 

 Any such notice shall identify the Notes to be redeemed and shall state: 
 (i) the redemption date; 
 (ii) the redemption price and the amount of accrued interest to the redemption date; 
 (iii)
the name and address of the Paying Agent; 
 (iv) that Notes called for redemption must be surrendered to the Paying Agent to
collect the redemption price, plus accrued interest; 
 (v) if fewer than all the outstanding Notes are to be redeemed,
the certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 
 (vi) that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment
pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 
 (vii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed; and 
 (viii) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code” number, if any, listed in such notice or printed on the Notes. 
 (b) At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such
event, the Issuer shall provide the Trustee with the information required by this Section at least one Business Day prior to the date such notice is to be provided to holders in the final form such notice is to be delivered to holders and such
notice may not be canceled. 
 SECTION 3.06. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance
with Section 3.05, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as provided in the final sentence of paragraph 5 of the Notes. Upon surrender to the Paying
Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued interest, to, but not including, the redemption date; provided, however, that if the redemption date is after a regular record date and on or
prior to the interest payment date, the accrued interest shall be payable to the holder of the redeemed Notes registered on the relevant record date. Failure to give notice or any defect in the notice to any holder shall not affect the validity of
the notice to any other holder. 
 SECTION 3.07. Deposit of Redemption Price. With respect to any Notes, prior to 10:00 a.m., New
York City time, on the redemption date, the Issuer shall deposit with the 

  

 52 

 
Paying Agent (or, if the Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption
price of and accrued interest on all Notes or portions thereof to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuer to the Trustee for cancellation. On and after the
redemption date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the
Notes to be redeemed, unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. 
 SECTION 3.08. Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall authenticate for the holder (at the Issuer’s expense) a new Note equal in principal
amount to the unredeemed portion of the Note surrendered. 
 ARTICLE IV 
 COVENANTS 
 SECTION 4.01. Payment of Notes. The Issuer shall
promptly pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. An installment of principal of or interest shall be considered paid on the date due if on such date the Trustee or
the Paying Agent holds as of 12:00 p.m. Eastern time money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant
to the terms of this Indenture. 
 The Issuer shall pay interest on overdue principal at the rate specified therefor in the Notes, and it
shall pay interest on overdue installments of interest at the same rate borne by the Notes to the extent lawful. 
 SECTION 4.02.
Reports and Other Information. 
 (a) Notwithstanding that the Issuer may not be subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Issuer shall file with the SEC
(and provide the Trustee and holders with copies thereof, without cost to each holder, within 15 days after it files them with the SEC), 
 (i) within the time period specified in the SEC’s rules and regulations for non-accelerated filers, annual reports on Form 10-K (or any successor or comparable form) containing the information required to be
contained therein (or required in such successor or comparable form), 
 (ii) within the time period specified in the
SEC’s rules and regulations for non-accelerated filers, reports on Form 10-Q (or any successor or comparable form) containing the information required to be contained therein (or required in such successor or comparable form), 
  

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 (iii) promptly from time to time after the occurrence of an event required to be therein
reported (and in any event within the time period specified in the SEC’s rules and regulations), such other reports on Form 8-K (or any successor or comparable form), and 
 (iv) any other information, documents and other reports which the Issuer would be required to file with the SEC if it were subject to
Section 13 or 15(d) of the Exchange Act; 
 provided, however, that the Issuer shall not be so obligated to file such reports with the SEC if the
SEC does not permit such filing, in which event the Issuer will make available such information to prospective purchasers of Notes in addition to providing such information to the Trustee and the holders, in each case within 15 days after the time
the Issuer would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act, subject, in the case of any such information, certificates or reports provided prior to the effectiveness of the
Exchange Offer Registration Statement or Shelf Registration Statement, to exceptions consistent with the presentation of financial information in the Offering Memorandum. 
 Notwithstanding the foregoing, the Issuer shall not be required to furnish any information, certificates or reports required by Items 307 or 308 of Regulation S-K prior to the effectiveness of the Exchange Offer
Registration Statement or Shelf Registration Statement. 
 (b) In the event that: 
 (i) the rules and regulations of the SEC permit the Issuer and any direct or indirect parent of the Issuer to report at such parent
entity’s level on a consolidated basis and such parent entity is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the capital stock of the Issuer, or 
 (ii) any direct or indirect parent of the Issuer is or becomes a guarantor of the Notes, 
 consolidating reporting at the parent entity’s level in a manner consistent with that described in this Section 4.02 and furnishing financial information
relating to such direct or indirect parent for the Issuer will satisfy this Section 4.02; provided that such financial information is accompanied by consolidating information that explains in reasonable detail the differences between the
information relating to such direct or indirect parent and any of its Subsidiaries other than the Issuer and its Subsidiaries, on the one hand, and the information relating to the Issuer, the Subsidiary Pledgors and the other Subsidiaries of the
Issuer on a standalone basis, on the other hand. 
 (c) The Issuer will make such information available to prospective investors upon
request. In addition, the Issuer has agreed that, for so long as any Notes remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange Act, or otherwise permitted to furnish the SEC with certain
information pursuant to Rule 12g3-2(b) of the Exchange Act, it will furnish to the holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

  

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 Notwithstanding the foregoing, the Issuer will be deemed to have furnished such reports referred to above
to the Trustee and the holders if the Issuer has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available. In addition, the requirements of this Section 4.02 shall be deemed satisfied prior to the
commencement of the exchange offers contemplated by the Registration Rights Agreement relating to the Notes or the effectiveness of the Shelf Registration Statement by (1) the filing with the SEC of the Exchange Offer Registration Statement
and/or Shelf Registration Statement in accordance with the provisions of such Registration Rights Agreement, and any amendments thereto, if such registration statement and/or amendments thereto are filed at times that otherwise satisfy the time
requirements set forth in Section 4.02(a) and/or (2) the posting of reports that would be required to be provided to the Trustee and the holders on the Issuer’s website (or that of any of its parent companies). 
 SECTION 4.03. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 
 (a) (i) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including
Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Issuer shall not permit any of its Restricted Subsidiaries (other than a Subsidiary Pledgor) to issue any shares of Preferred Stock; provided, however, that
the Issuer and any Subsidiary Pledgor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and, subject to Section 4.03(c), any Restricted Subsidiary of the Issuer that is not a Subsidiary Pledgor may
Incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of the Issuer for the most recently ended four full fiscal quarters for
which internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 determined on a pro
forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of
proceeds therefrom had occurred at the beginning of such four-quarter period. 
 (b) The limitations set forth in Section 4.03(a) shall
not apply to: 
 (i) the Incurrence by the Issuer or its Restricted Subsidiaries of Indebtedness under the Credit Agreement
and the issuance and creation of letters of credit and bankers’ acceptances thereunder up to an aggregate principal amount of $11,000 million; 
 (ii) the Incurrence of Indebtedness represented by the Notes (not including any Additional Notes, but including any Exchange Notes); 
 (iii) Indebtedness existing on the Issue Date (other than Indebtedness described in clauses (i) and (ii) of this
Section 4.03(b)); 
 (iv) Indebtedness (including Capitalized Lease Obligations) Incurred by the Issuer or any of its
Restricted Subsidiaries, Disqualified Stock issued by the Issuer or any 

  

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of its Restricted Subsidiaries and Preferred Stock issued by any Restricted Subsidiaries of the Issuer to finance (whether prior to or within 270 days after)
the acquisition, lease, construction, repair, replacement or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets); 
 (v) Indebtedness Incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to
letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees or
their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental or other permits or licenses from governmental authorities,
or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 
 (vi)
Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred in connection with the Acquisition Transactions or any other
acquisition or disposition of any business, assets or a Subsidiary of the Issuer in accordance with the terms of this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or
Subsidiary for the purpose of financing such acquisition; 
 (vii) Indebtedness of the Issuer to a Restricted Subsidiary;
provided that (except in respect of intercompany current liabilities Incurred in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries) any such Indebtedness owed to a Restricted
Subsidiary that is not a Subsidiary Pledgor is subordinated in right of payment to the obligations of the Issuer under the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which
results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a
Permitted Lien) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (vii); 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any
Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another Restricted
Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by this clause (viii); 
 (ix) Indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that if a Subsidiary Pledgor Incurs such Indebtedness to a Restricted Subsidiary that is not a Subsidiary Pledgor (except in
respect of intercompany current 

  

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liabilities Incurred in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries), such
Indebtedness is subordinated in right of payment to the obligations of such Subsidiary Pledgor in respect of the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any
Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a
Permitted Lien) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (ix); 
 (x) (A) Hedging Obligations entered into in connection with the Acquisition Transactions and (B) Hedging Obligations that are not Incurred for speculative purposes but (1) for the purpose of fixing or hedging interest rate risk
with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (2) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; or (3) for the purpose of
fixing or hedging commodity price risk with respect to any commodity purchases or sales; 
 (xi) obligations (including
reimbursement obligations with respect to letters of credit and bank guarantees) in respect of performance, bid, appeal and surety bonds and completion guarantees provided by the Issuer or any Restricted Subsidiary in the ordinary course of business
or consistent with past practice or industry practice; 
 (xii) Indebtedness or Disqualified Stock of the Issuer or, subject
to Section 4.03(c), Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary of the Issuer not otherwise permitted hereunder in an aggregate principal amount or liquidation preference which, when aggregated with the
principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and Incurred pursuant to this clause (xii), does not exceed the greater of $1,100 million and 5.0% of Total Assets at the
time of Incurrence (it being understood that any Indebtedness Incurred pursuant to this clause (xii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xii) but shall be deemed Incurred for purposes of
Section 4.03(a) from and after the first date on which the Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under Section 4.03(a) without reliance upon this clause (xii)); 
 (xiii) Indebtedness or Disqualified Stock of the Issuer or any Restricted Subsidiary of the Issuer and Preferred Stock of any Restricted
Subsidiary of the Issuer not otherwise permitted hereunder in an aggregate principal amount or liquidation preference not greater than 200.0% of the net cash proceeds received by the Issuer and its Restricted Subsidiaries since immediately after the
Issue Date from the issue or sale of Equity Interests of the Issuer or any direct or indirect parent entity of the Issuer (which proceeds are contributed to the Issuer or its Restricted Subsidiary) or cash contributed to the capital of the Issuer
(in each case other than proceeds of Disqualified Stock or sales of Equity Interests to, or contributions received from, the Issuer or any of its Subsidiaries) as determined in accordance with clauses (B) and (C) of the definition of
“Cumulative Credit” to the extent such net cash proceeds or cash has not been applied pursuant to such 

  

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clauses to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 4.04(b) or to make Permitted Investments
(other than Permitted Investments specified in clauses (1) and (3) of the definition thereof); 
 (xiv) any
guarantee by the Issuer or any Restricted Subsidiary of the Issuer of Indebtedness or other obligations of the Issuer or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness Incurred by the Issuer or such Restricted
Subsidiary is permitted under the terms of this Indenture; provided that (i) if such Indebtedness is by its express terms subordinated in right of payment to the Notes or the obligations of such Restricted Subsidiary in respect of the
Notes, as applicable, any such guarantee of such Subsidiary Pledgor with respect to such Indebtedness shall be subordinated in right of payment to such Subsidiary Pledgor’s obligations with respect to the Notes substantially to the same extent
as such Indebtedness is subordinated to the Notes or the obligations of such Subsidiary Pledgor in respect of the Notes, as applicable and (ii) if such guarantee is of Indebtedness of the Issuer, such guarantee is Incurred in accordance with
Section 4.11 solely to the extent such Section is applicable; 
 (xv) the Incurrence by the Issuer or any of its
Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred Stock of a Restricted Subsidiary of the Issuer which serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued as
permitted under Section 4.03(a) and clauses (ii), (iii), (iv), (xii), (xiii), (xv), (xvi), (xx) and (xxiv) of this Section 4.03(b) or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund or refinance such
Indebtedness, Disqualified Stock or Preferred Stock, including any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), expenses, defeasance costs and fees in connection therewith
(subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 
 (1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all payments of
principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on such date;

 (2) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the Notes or the obligations of
such Restricted Subsidiary in respect of the Notes, as applicable, such Refinancing Indebtedness is junior to the Notes or such obligations of such Restricted Subsidiary, as applicable, or (b) Disqualified Stock or Preferred Stock, such
Refinancing Indebtedness is Disqualified Stock or Preferred Stock; and 
 (3) shall not include (x) Indebtedness of a
Restricted Subsidiary of the Issuer that is not a Subsidiary Pledgor that refinances Indebtedness of the Issuer or a Subsidiary Pledgor, or (y) Indebtedness of the Issuer or a Restricted Subsidiary that refinances Indebtedness of an
Unrestricted Subsidiary: 
  

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 provided, further, that subclause (1) of this clause (xv) will not apply to any refunding or refinancing
of any Secured Indebtedness constituting First Priority Lien Obligations and subclauses (1) and (2) of this clause (xv) will not apply to any refunding or refinancing of any of the Retained Notes; 
 (xvi) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer or, subject to Section 4.03(b), any of its
Restricted Subsidiaries Incurred to finance an acquisition or (y) Persons that are acquired by the Issuer or any of its Restricted Subsidiaries or merged, consolidated or amalgamated with or into the Issuer or any of its Restricted Subsidiaries
in accordance with the terms of this Indenture; provided that after giving effect to such acquisition or merger, consolidation or amalgamation, either: 
 (1) the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
forth in Section 4.03(a); or 
 (2) the Fixed Charge Coverage Ratio of the Issuer would be greater than immediately prior
to such acquisition or merger, consolidation or amalgamation; 
 (xvii) Indebtedness Incurred by a Receivables Subsidiary in a
Qualified Receivables Financing that is not recourse to the Issuer or any Restricted Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings); 
 (xviii) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn
against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 
 (xix) Indebtedness of the Issuer or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to the
Credit Agreement, in a principal amount not in excess of the stated amount of such letter of credit; 
 (xx) Indebtedness of
Foreign Subsidiaries; provided, however, that the aggregate principal amount of Indebtedness Incurred under this clause (xx), when aggregated with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this
clause (xx), does not exceed the greater of $250.0 million and 7.5% of Total Assets of the Foreign Subsidiaries at any one time outstanding (it being understood that any Indebtedness Incurred pursuant to this clause (xx) shall cease to be
deemed Incurred or outstanding for purposes of this clause (xx) but shall be deemed Incurred for the purposes of Section 4.03(a) from and after the first date on which such Foreign Subsidiary could have Incurred such Indebtedness under
Section 4.03(a) without reliance upon this clause (xx)); 
  

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 (xxi) Indebtedness of the Issuer or any Restricted Subsidiary consisting of (1) the
financing of insurance premiums or (2) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 
 (xxii) Indebtedness consisting of Indebtedness issued by the Issuer or a Restricted Subsidiary of the Issuer to current or former officers, directors and employees thereof or any direct or indirect parent thereof,
their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Issuer or any of its direct or indirect parent companies to the extent described in Section 4.04(b)(iv);

 (xxiii) Indebtedness Incurred in connection with any Project Financing; and 
 (xxiv) Indebtedness Incurred on behalf of, or representing guarantees of Indebtedness of, joint ventures of the Issuer or any Restricted
Subsidiary not in excess, at any one time outstanding, of $300.0 million. 
 (c) Restricted Subsidiaries that are not Subsidiary Pledgors may
not Incur Indebtedness or issue Disqualified Stock or Preferred Stock under Section 4.03(a) or clauses (xii) or (xvi)(x) of Section 4.03(b) if, after giving pro forma effect to such Incurrence or issuance (including a pro
forma application of the net proceeds therefrom), the aggregate amount of Indebtedness and Disqualified Stock and Preferred Stock of Restricted Subsidiaries that are not Subsidiary Pledgors Incurred or issued pursuant to Section 4.03(a) and
clauses (xii) or (xvi)(x) of Section 4.03(b), collectively, would exceed the greater of $2,000 million and 5.0% of Total Assets. 
 (d) For purposes of determining compliance with this Section 4.03: 
 (i) in the event that an item of
Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (i) through (xxiv) above or is entitled to be Incurred
pursuant to Section 4.03(a), the Issuer shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that
complies with this Section 4.03; and 
 (ii) at the time of Incurrence, the Issuer will be entitled to divide and
classify an item of Indebtedness in more than one of the types of Indebtedness described in Section 4.03(a) and (b) without giving pro forma effect to the Indebtedness Incurred pursuant to Section 4.03(b) when calculating the
amount of Indebtedness that may be Incurred pursuant to Section 4.03(a). 
 Accrual of interest, the accretion of accreted value, the
payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, amortization of original issue discount, the accretion of liquidation preference and increases in the amount of
Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or
obligations in 

  

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respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be
included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred
(whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the
applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long
as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. 
 (e)
Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that the Issuer and its Restricted Subsidiaries may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any
outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being
refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 
 SECTION 4.04. Limitation on Restricted Payments. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (i) declare or pay any dividend or make any distribution on account of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests, including any payment made in connection with any merger,
amalgamation or consolidation involving the Issuer (other than (A) dividends or distributions by the Issuer payable solely in Equity Interests (other than Disqualified Stock) of the Issuer; or (B) dividends or distributions by a Restricted
Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary, the Issuer or a Restricted Subsidiary
receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities); 
 (ii) purchase or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or indirect parent of the Issuer; 
  

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 (iii) make any principal payment on, or redeem, repurchase, defease or otherwise acquire
or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness or Long-Term Retained Notes of the Issuer or any of its Restricted Subsidiaries (other than the payment, redemption, repurchase,
defeasance, acquisition or retirement of (A) Subordinated Indebtedness or Long-Term Retained Notes in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of
such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vii) and (ix) of Section 4.03(b)); or 
 (iv) make any Restricted Investment 
 (all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default shall have occurred and be continuing or would occur as a consequence thereof; 
 (2) immediately after giving effect to such transaction on a pro forma basis, the Issuer could Incur $1.00 of additional
Indebtedness under Section 4.03(a); and 
 (3) such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (i), (ii) (with respect to the payment of dividends on Refunding Capital Stock (as defined below)
pursuant to clause (C) thereof), (vi)(C), (viii), (xiii)(B) and (xix) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than the amount equal to the Cumulative Credit.

 (b) The provisions of Section 4.04(a) shall not prohibit: 
 (i) the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of declaration such
payment would have complied with the provisions of this Indenture; 
 (ii) (A) the redemption, repurchase, retirement or other
acquisition of any Equity Interests (“Retired Capital Stock”) or Subordinated Indebtedness of the Issuer, any direct or indirect parent of the Issuer or any Subsidiary Pledgor in exchange for, or out of the proceeds of, the
substantially concurrent sale of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer or contributions to the equity capital of the Issuer (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of
the Issuer) (collectively, including any such contributions, “Refunding Capital Stock”), 
 (B) the
declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Issuer) of Refunding Capital Stock, and 
  

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 (C) if immediately prior to the retirement of Retired Capital Stock, the declaration and
payment of dividends thereon was permitted under clause (vi) of this Section 4.04(b) and not made pursuant to clause (ii)(B), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the
proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of the Issuer) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were
declarable and payable on such Retired Capital Stock immediately prior to such retirement; 
 (iii) the redemption,
repurchase, defeasance, or other acquisition or retirement of Subordinated Indebtedness of the Issuer or any Subsidiary Pledgor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Issuer or a
Subsidiary Pledgor which is Incurred in accordance with Section 4.03 so long as: 
 (A) the principal amount (or accreted
value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value, if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired
or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired, any tender premiums, plus any
defeasance costs, fees and expenses Incurred in connection therewith), 
 (B) such Indebtedness is subordinated to the Notes
or such Subsidiary Pledgor’s obligations in respect of the Notes, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value,

 (C) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final
scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity date of any Notes then outstanding, and 
 (D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of (x) the
remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all payments of principal on the
Subordinated Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on such date; 
 (iv) a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of the Issuer or any
direct or indirect parent of the Issuer held by any future, present or former employee, director or consultant of the 

  

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Issuer or any direct or indirect parent of the Issuer or any Subsidiary of the Issuer pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this clause (iv) do not exceed $50.0 million in any calendar year (with unused amounts in
any calendar year being permitted to be carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $100.0 million in any calendar year (which shall increase to $150.0 million subsequent to the
consummation of an underwritten public Equity Offering of common stock); provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 
 (A) the cash proceeds received by the Issuer or any of its Restricted Subsidiaries from the sale of Equity Interests (other than
Disqualified Stock) of the Issuer or any direct or indirect parent of the Issuer (to the extent contributed to the Issuer) to members of management, directors or consultants of the Issuer and its Restricted Subsidiaries or any direct or indirect
parent of the Issuer that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the amount available for Restricted Payments
under Section 4.04(a)(iii)), plus 
 (B) the cash proceeds of key man life insurance policies received by the
Issuer or any direct or indirect parent of the Issuer (to the extent contributed to the Issuer) or the Issuer’s Restricted Subsidiaries after the Issue Date, plus 
 (C) the amount of any cash bonuses otherwise payable to members of management, directors or consultants of the Issuer and its Restricted
Subsidiaries or any direct or indirect parent of the Issuer in connection with the Acquisition Transactions that are forgone in return for the receipt of Equity Interests; 
 provided that the Issuer may elect to apply all or any portion of the aggregate increase contemplated by clauses (A), (B) and (C) above in any calendar year; and provided, further, that
cancellation of Indebtedness owing to the Issuer or any Restricted Subsidiary from any present or former employees, directors, officers or consultants of the Issuer, any of its Restricted Subsidiaries or its direct or indirect parents in connection
with a repurchase of Equity Interests of the Issuer or any of its direct or indirect parents will not be deemed to constitute a Restricted Payment for purposes of this Section 4.04 or any other provision of this Indenture; 
 (v) the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or any
of its Restricted Subsidiaries issued or Incurred in accordance with Section 4.03 to the extent such dividends are included in the definition of “Fixed Charges”; 
 (vi) (A) the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other
than Disqualified Stock) issued after the Issue Date; 
  

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 (B) a Restricted Payment to any direct or indirect parent of the Issuer, the proceeds of
which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of the Issuer issued after the Issue Date; provided that the
aggregate amount of dividends declared and paid pursuant to this clause (B) does not exceed the net cash proceeds actually received by the Issuer from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the
Issue Date; and 
 (C) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess
of the dividends declarable and payable thereon pursuant to Section 4.04(b)(ii); 
 provided, however, in the case of each of (A) and
(C) above of this clause (vi), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect
to such issuance (and the payment of dividends or distributions) on a pro forma basis, the Issuer would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 
 (vii) Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith by the Issuer), taken
together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed $250.0 million at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made
and without giving effect to subsequent changes in value); 
 (viii) the payment of dividends on the Issuer’s common
stock (or a Restricted Payment to any direct or indirect parent of the Issuer to fund the payment by such direct or indirect parent of the Issuer of dividends on such entity’s common stock) of up to 6% per annum of the net proceeds
received by the Issuer from any public offering of common stock of the Issuer or any direct or indirect parent of the Issuer, other than public offerings with respect to the Issuer’s (or such direct or indirect parent’s) common stock
registered on Form S-4 or Form S-8 and other than any public sale constituting an Excluded Contribution; 
 (ix) Restricted
Payments that are made with Excluded Contributions; 
 (x) other Restricted Payments in an aggregate amount not to exceed the
greater of $500.0 million and 2.5% of Total Assets at the time made; 
 (xi) the distribution, as a dividend or otherwise, of
shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary of the Issuer by, Unrestricted Subsidiaries; 
 (xii) the payment of dividends or other distributions to any direct or indirect parent of the Issuer that files a consolidated tax return that includes the Issuer and its subsidiaries (including, without limitation,
by virtue of such parent being the common parent of a consolidated or combined tax group of which the Issuer and/or its Restricted 

  

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Subsidiaries are members) in an amount not to exceed the amount that the Issuer and its Restricted Subsidiaries would have been required to pay in respect of
federal, state or local taxes (as the case may be) if the Issuer and its Restricted Subsidiaries paid such taxes as a stand-alone taxpayer (or stand-alone group); 
 (xiii) the payment of Restricted Payment, if applicable: 
 (A) in amounts required for any direct or indirect parent of the Issuer to pay fees and expenses (including franchise or similar taxes)
required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any direct or indirect parent of the Issuer and general corporate operating
and overhead expenses of any direct or indirect parent of the Issuer in each case to the extent such fees and expenses are attributable to the ownership or operation of the Issuer, if applicable, and its Subsidiaries; 
 (B) in amounts required for any direct or indirect parent of the Issuer, if applicable, to pay interest and/or principal on Indebtedness
the proceeds of which have been contributed to the Issuer or any of its Restricted Subsidiaries and that has been guaranteed by, or is otherwise considered Indebtedness of, the Issuer Incurred in accordance with Section 4.03; and 
 (C) in amounts required for any direct or indirect parent of the Issuer to pay fees and expenses, other than to Affiliates of the Issuer,
related to any unsuccessful equity or debt offering of such parent; 
 (xiv) any Restricted Payment used to fund the
Acquisition Transactions or the Transactions and the payment of fees and expenses Incurred in connection with the Acquisition Transactions or the Transactions or owed by the Issuer or any direct or indirect parent of the Issuer or Restricted
Subsidiaries of the Issuer to Affiliates, and any other payments made, including any such payments made to any direct or indirect parent of the Issuer to enable it to make payments, in connection with the consummation of the Transactions or as
contemplated by the Acquisition Documents, whether payable on the Issue Date or thereafter, in each case to the extent permitted by Section 4.07; 
 (xv) any Restricted Payment made under the Operations Management Agreement; 
 (xvi)
repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xvii) purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and
the payment or distribution of Receivables Fees; 
 (xviii) Restricted Payments by the Issuer or any Restricted Subsidiary to
allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 
  

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 (xix) the repurchase, redemption or other acquisition or retirement for value of any
Subordinated Indebtedness pursuant to the provisions similar to those described under Sections 4.06 and 4.08; provided that all Notes tendered by holders of the Notes in connection with a Change of Control Offer or Asset Sale Offer, as
applicable, have been repurchased, redeemed or acquired for value; 
 (xx) payments or distributions to dissenting
stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, that complies
with Section 5.01; provided that as a result of such consolidation, amalgamation, merger or transfer of assets, the Issuer shall have made a Change of Control Offer (if required by this Indenture) and that all Notes tendered by holders
in connection with such Change of Control Offer have been repurchased, redeemed or acquired for value; 
 (xxi) payments made
to repay, defease, discharge or otherwise refinance Retained Notes or to service Retained Notes; and 
 (xxii) Restricted
Payments made in connection with the Incurrence of Indebtedness under the revolving portion of the Credit Agreement for the account or benefit of the Subsidiaries of Harrah’s Entertainment other than the Issuer or any of its Subsidiaries
(including the distribution of the proceeds of any such Indebtedness and with respect to the issuance of, or payments in respect of drawings under, letters of credit), in each case for general corporate purposes of such Subsidiaries (including,
without limitation, for business acquisitions and project development and, in the case of letters of credit, for the back-up or replacement of existing letters of credit) in an aggregate amount not to exceed $250.0 million at any time outstanding,
so long as such proceeds are not distributed to the stockholders of Harrah’s Entertainment; 
 provided, however, that at the time of, and after
giving effect to, any Restricted Payment permitted under clauses (vi)(B), (vii), (x), (xi) and (xiii)(B) of this Section 4.04(b), no Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) The Issuer will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be
deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be
permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 Notwithstanding the foregoing
provisions of this Section 4.04, the Issuer will not, and will not permit any of its Restricted Subsidiaries to, pay any cash dividend or make any cash 

  

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distribution on, or in respect of, the Issuer’s Capital Stock or purchase for cash or otherwise acquire for cash any Capital Stock of the Issuer or any
direct or indirect parent of the Issuer for the purpose of paying any cash dividend or making any cash distribution to, or acquiring Capital Stock of any direct or indirect parent of the Issuer for cash from, the Sponsors, or guarantee any
Indebtedness of any Affiliate of the Issuer for the purpose of paying such dividend, making such distribution or so acquiring such Capital Stock to or from the Sponsors, in each case by means of utilization of the cumulative Restricted Payment
credit provided by Section 4.04(a), or the exceptions provided by clause (i), (vii) or (x) of Section 4.04(b) or clause (9), (10), (15) or (20) of the definition of “Permitted Investments,” if
(x) at the time and after giving effect to such payment, the Consolidated Leverage Ratio of the Issuer would be greater than 7.25 to 1.00 or (y) such payment is not otherwise in compliance with this Section 4.04. 
 SECTION 4.05. Dividend and Other Payment Restrictions Affecting Subsidiaries. The Issuer shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 
 (a) (i) pay dividends or make any other distributions to the Issuer or any of its Restricted Subsidiaries (1) on its Capital Stock; or (2) with
respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; 
 (b) make loans or advances to the Issuer or any of its Restricted Subsidiaries; or 
 (c) sell, lease or transfer any of its properties or assets to the Issuer or any of its Restricted Subsidiaries; 
 except in each case for such encumbrances or restrictions existing under or by reason of: 
 (1) contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to the Credit Agreement and the other Credit
Agreement Documents; 
 (2) this Indenture, the Notes (and any Exchange Notes); 
 (3) applicable law or any applicable rule, regulation or order; 
 (4) any agreement or other instrument of a Person acquired by the Issuer or any Restricted Subsidiary which was in existence at the time
of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), which encumbrance or restriction is not applicable to any Person, or the
properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired; 
 (5) contracts or agreements for the sale of assets, including any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or
assets of such Restricted Subsidiary; 
  

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 (6) Secured Indebtedness otherwise permitted to be Incurred pursuant to Sections 4.03 and
4.12 that limit the right of the debtor to dispose of the assets securing such Indebtedness; 
 (7) restrictions on cash or
other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (8)
customary provisions in joint venture agreements and other similar agreements entered into in the ordinary course of business; 
 (9) purchase money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business; 
 (10) customary provisions contained in leases, licenses and other similar agreements entered into in the ordinary course of business; 
 (11) any encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing; provided, however, that such restrictions apply only to such Receivables
Subsidiary; 
 (12) other Indebtedness, Disqualified Stock or Preferred Stock (a) of any Restricted Subsidiary of the
Issuer that is a Subsidiary Pledgor or a Foreign Subsidiary, (b) of any Restricted Subsidiary that is not a Subsidiary Pledgor or a Foreign Subsidiary so long as such encumbrances and restrictions contained in any agreement or instrument will
not materially affect the Issuer’s ability to make anticipated principal or interest payments on the Notes (as determined in good faith by the Issuer) or (c) of any Restricted Subsidiary Incurred in connection with any Project Financing,
provided that in the case of each of clauses (a) and (b), such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.03; 
 (13) any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; or 
 (14) any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (13) above; provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, no more restrictive with respect to such dividend and other payment restrictions than those
contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
  

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 For purposes of determining compliance with this Section 4.05, (i) the priority of any
Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the
subordination of loans or advances made to the Issuer or a Restricted Subsidiary of the Issuer to other Indebtedness Incurred by the Issuer or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 SECTION 4.06. Asset Sales. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) the Issuer or any of its Restricted Subsidiaries, as the case may be, receives
consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Issuer) of the assets sold or otherwise disposed of, and (y) at least 75% of the consideration therefor received by the
Issuer or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 
 (i) any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the Notes thereto) of the Issuer or any Restricted Subsidiary of the Issuer (other than liabilities that are by their
terms subordinated to the Notes or such Restricted Subsidiary’s obligations in respect of the Notes) that are assumed by the transferee of any such assets, 
 (ii) any notes or other obligations or other securities or assets received by the Issuer or such Restricted Subsidiary of the Issuer from
such transferee that are converted by the Issuer or such Restricted Subsidiary of the Issuer into cash within 180 days of the receipt thereof (to the extent of the cash received), and 
 (iii) any Designated Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset Sale having an
aggregate Fair Market Value (as determined in good faith by the Issuer), taken together with all other Designated Non-cash Consideration received pursuant to this Section 4.06(a)(iii) that is at that time outstanding, not to exceed the greater
of 5.0% of Total Assets and $850.0 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) 
 shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a). 
 (b) Within 15 months after the Issuer’s or any Restricted Subsidiary of the Issuer’s receipt of the Net Proceeds of any Asset Sale, the Issuer
or such Restricted Subsidiary of the Issuer may apply the Net Proceeds from such Asset Sale, at its option: 
 (i) to repay
(A) Indebtedness constituting First Priority Lien Obligations and other Pari Passu Indebtedness that is secured by a Lien permitted under this Indenture (and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly
reduce commitments with respect thereto), (B) Indebtedness of a Restricted Subsidiary that is not a Subsidiary Pledgor, (C) Obligations under the Notes or (D) other Pari Passu 

  

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Indebtedness (provided that if the Issuer or any Subsidiary Pledgor shall so reduce Obligations under Pari Passu Indebtedness that does not constitute
First Priority Lien Obligations, the Issuer will equally and ratably reduce Obligations under the Notes pursuant to Section 3.01 through open-market purchases (provided that such purchases are at or above 100% of the principal amount
thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all holders to purchase at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and
Additional Interest, if any, the pro rata principal amount of Notes), in each case other than Indebtedness owed to the Issuer or an Affiliate of the Issuer; or 
 (ii) to make an Investment in any one or more businesses (provided that if such Investment is in the form of the acquisition of
Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), assets, or property or capital expenditures, in each case (a) used or useful in a Similar Business or (b) that replace the
properties and assets that are the subject of such Asset Sale. 
 In the case of Section 4.06(b)(ii), a binding commitment shall be
treated as a permitted application of the Net Proceeds from the date of such commitment; provided that in the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, the Issuer or
such Restricted Subsidiary enters into another binding commitment (a “Second Commitment”) within six months of such cancellation or termination of the prior binding commitment; provided, further that the Issuer or such
Restricted Subsidiary may only enter into a Second Commitment under the foregoing provision one time with respect to each Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds
are applied, then such Net Proceeds shall constitute Excess Proceeds. 
 Pending the final application of any such Net Proceeds, the Issuer
or such Restricted Subsidiary of the Issuer may temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. Any Net Proceeds from any Asset Sale
that are not applied as provided and within the time period set forth in the first sentence of this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes, as described in clause
(i) of this Section 4.06(b), shall be deemed to have been invested whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $200.0 million,
the Issuer shall make an offer to all holders of Notes (and, at the option of the Issuer, to holders of any Pari Passu Indebtedness) (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes (and such Pari Passu
Indebtedness), that is at least $2,000 and an integral multiple of $1,000 in excess thereof that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event such
Pari Passu Indebtedness was issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest and Additional Interest, if any (or, in respect of such Pari Passu Indebtedness, such lesser
price, if any, as may be provided for by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06. The Issuer will commence an Asset Sale Offer
with respect to Excess Proceeds within ten (10) Business Days 

  

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after the date that Excess Proceeds exceed $200.0 million by mailing the notice required pursuant to the terms of Section 4.06(f), with a copy to the
Trustee. To the extent that the aggregate amount of Notes (and such Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purpose that is not
prohibited by this Indenture. If the aggregate principal amount of Notes (and such Pari Passu Indebtedness) surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased in the manner
described in Section 4.06(e). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 (c)
The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an
Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations described in this Indenture by virtue thereof. 
 (d) Not later than the date upon which written notice of an Asset
Sale Offer is delivered to the Trustee as provided above, the Issuer shall deliver to the Trustee an Officer’s Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales
pursuant to which such Asset Sale Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.06(b). On such date, the Issuer shall also irrevocably deposit with the Trustee or with a paying agent (or,
if the Issuer or a Wholly Owned Restricted Subsidiary is acting as the Paying Agent, segregate and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing by the Issuer, and to be held for
payment in accordance with the provisions of this Section 4.06. Upon the expiration of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Issuer shall deliver to the Trustee for cancellation the
Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer. The Trustee (or the Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the amount
of the purchase price. In the event that the Excess Proceeds delivered by the Issuer to the Trustee are greater than the purchase price of the Notes tendered, the Trustee shall deliver the excess to the Issuer immediately after the expiration of the
Offer Period for application in accordance with Section 4.06. 
 (e) Holders electing to have a Note purchased shall be required to
surrender the Note, with an appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee or the
Issuer receives not later than one Business Day prior to the purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered by the holder for purchase and
a statement that such holder is withdrawing his election to have such Note purchased. If at the end of the Offer Period more Notes (and such Pari Passu Indebtedness) are tendered pursuant to an Asset Sale Offer than the Issuer is required to
purchase, selection of such Notes for purchase shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed, or if such Notes are not so listed, on a pro rata
basis, by lot or by such other method as the Trustee shall deem fair and appropriate (and 

  

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in such manner as complies with applicable legal requirements); provided that no Notes of $2,000 or less shall be purchased in part. Selection of such
Pari Passu Indebtedness shall be made pursuant to the terms of such Pari Passu Indebtedness. 
 (f) Notices of an Asset Sale Offer shall be
mailed by first class mail, postage prepaid, at least 30 but not more than 60 days before the purchase date to each holder of Notes at such holder’s registered address. If any Note is to be purchased in part only, any notice of purchase that
relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased. 
 SECTION 4.07.
Transactions with Affiliates. 
 (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, 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 or series of transactions, contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $25.0 million, unless:

 (i) such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person; and 
 (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $75.0 million, the Issuer delivers to the Trustee a resolution adopted in good
faith by the majority of the Board of Directors of the Issuer, approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (a) above. 
 (b) The provisions of Section 4.07(a) shall not apply to the following: 
 (i) transactions between or among the Issuer and/or any of its Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary
as a result of such transaction) and any merger, consolidation or amalgamation of the Issuer and any direct parent of the Issuer; provided that such parent shall have no material liabilities and no material assets other than cash, Cash
Equivalents and the Capital Stock of the Issuer and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Indenture and effected for a bona fide business purpose; 
 (ii) Restricted Payments permitted by Section 4.04 and Permitted Investments; 
 (iii) (x) the entering into of any agreement (and any amendment or modification of any such agreement so long as, in the good faith
judgment of the Board of Directors of the Issuer, any such amendment is not disadvantageous to the holders when taken as a whole, as compared to such agreement as in effect on the Issue Date) to pay, and the payment of, management, consulting,
monitoring and advisory fees to the Sponsors in an aggregate amount in any fiscal year not to exceed the greater of (A) $30.0 

  

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million and (B) 1.0% of EBITDA of the Issuer and its Restricted Subsidiaries for the immediately preceding fiscal year, plus out-of-pocket
expense reimbursement; provided, however, that any payment not made in any fiscal year may be carried forward and paid in the following two fiscal years and (y) the payment of the present value of all amounts payable pursuant to any
agreement described in clause (iii)(x) of Section 4.07(b) in connection with the termination of such agreement; 
 (iv)
the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Issuer or any Restricted Subsidiary, any direct or indirect parent of the
Issuer; 
 (v) payments by the Issuer or any of its Restricted Subsidiaries to the Sponsors made for any financial advisory,
financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are (x) made pursuant to the agreements with the
Sponsors described in the Offering Memorandum or (y) approved by a majority of the Board of Directors of the Issuer in good faith; 
 (vi) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the
Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 4.07(a); 
 (vii) payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a majority of the Board of Directors of the Issuer in good faith; 
 (viii) any agreement as in effect as of the Issue Date or any amendment thereto (so long as any such agreement together with all
amendments thereto, taken as a whole, is not more disadvantageous to the holders of the Notes in any material respect than the original agreement as in effect on the Issue Date) or any transaction contemplated thereby as determined in good faith by
the Issuer; 
 (ix) the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its
obligations under the terms of, Acquisition Documents, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date, and any transaction, agreement or
arrangement described in the Offering Memorandum and, in each case, any amendment thereto or similar transactions, agreements or arrangements which it may enter into thereafter; provided, however, that the existence of, or the performance by
the Issuer or any of its Restricted Subsidiaries of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement entered into after the Issue Date
shall only be permitted by this clause (ix) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction, agreement or arrangement are not
otherwise more disadvantageous to the holders of the Notes in any material respect than the original transaction, agreement or arrangement as in effect on the Issue Date; 
  

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 (x) the execution of the Acquisition Transactions, and the payment of all fees and
expenses related to the Acquisition Transactions, including fees to the Sponsors, which are described in the Offering Memorandum or contemplated by the Acquisition Documents; 
 (xi) any transactions made pursuant to any Operations Management Agreement and any transactions in connection with the use of the
revolving credit facility under the Credit Agreement for the account or benefit of the Subsidiaries of Harrah’s Entertainment other than the Issuer and its Subsidiaries (including the distribution of the proceeds of any such revolving credit
Indebtedness and with respect to the issuance of, or payments in respect of drawings under, letters of credit); 
 (xii) (A)
transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in
compliance with the terms of this Indenture, which are fair to the Issuer and its Restricted Subsidiaries in the reasonable determination of the Board of Directors or the senior management of the Issuer, or are on terms at least as favorable as
might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or industry norm;

 (xiii) any transaction effected as part of a Qualified Receivables Financing; 
 (xiv) the issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any Person; 
 (xv) the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Issuer or any direct or indirect parent of the Issuer or of a Restricted Subsidiary of the Issuer, as
appropriate, in good faith; 
 (xvi) the entering into of any tax sharing agreement or arrangement that complies with
Section 4.04(b)(xii); 
 (xvii) any contribution to the capital of the Issuer; 
 (xviii) transactions permitted by, and complying with, Section 5.01; 
 (xix) transactions between the Issuer or any of its Restricted Subsidiaries and any Person, a director of which is also a director of the
Issuer or any direct or indirect parent of the Issuer; provided, however, that such director abstains from voting as a director of the Issuer or such direct or indirect parent, as the case may be, on any matter involving such other Person;

  

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 (xx) pledges of Equity Interests of Unrestricted Subsidiaries; 
 (xxi) the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes in
the ordinary course of business; 
 (xxii) any employment agreements entered into by the Issuer or any of its Restricted
Subsidiaries in the ordinary course of business; 
 (xxiii) transactions undertaken in good faith (as certified by a
responsible financial or accounting officer of the Issuer in an Officer’s Certificate) for the purpose of improving the consolidated tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing any provision set
forth in this Indenture; and 
 (xxiv) the execution of the Transactions and the payment of all fees and expenses related to
the Transactions. 
 SECTION 4.08. Change of Control. 
 (a) Upon a Change of Control, each holder shall have the right to require the Issuer to repurchase all or any part of such holder’s Notes at a
purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the holders of record on the relevant record date to receive interest due on
the relevant interest payment date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control, the Issuer shall not be obligated to purchase any
Notes pursuant to this Section 4.08 in the event that it has exercised its right to redeem such Notes in accordance with Article III of this Indenture. In the event that at the time of such Change of Control the terms of the Bank Indebtedness
restrict or prohibit the repurchase of Notes pursuant to this Section 4.08, then prior to the mailing of the notice to the holders provided for in Section 4.08(b) but in any event within 30 days following any Change of Control, the Issuer
shall (i) repay in full all Bank Indebtedness or, if doing so will allow the purchase of Notes, offer to repay in full all Bank Indebtedness and repay the Bank Indebtedness of each lender and/or noteholder who has accepted such offer, or
(ii) obtain the requisite consent under the agreements governing the Bank Indebtedness to permit the repurchase of the Notes as provided for in Section 4.08(b). 
 (b) Within 30 days following any Change of Control, except to the extent that the Issuer has exercised its right to redeem the Notes in accordance with Article III of this Indenture, the Issuer shall mail a notice (a
“Change of Control Offer”) to each holder with a copy to the Trustee stating: 
 (i) that a Change of Control
has occurred and that such holder has the right to require the Issuer to repurchase such holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional
Interest, if any, to the date of repurchase (subject to the right of the holders of record on the relevant record date to receive interest on the relevant interest payment date); 
  

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 (ii) the circumstances and relevant facts and financial information regarding such Change
of Control; 
 (iii) the repurchase date (which shall be no earlier than 30 days nor later than 60 days from the date such
notice is mailed); and 
 (iv) the instructions determined by the Issuer, consistent with this Section 4.08, that a
holder must follow in order to have its Notes purchased. 
 (c) holders electing to have a Note purchased shall be required to surrender the
Note, with an appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw their election if the Trustee or the Issuer
receives not later than one Business Day prior to the purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered for purchase by the holder and a
statement that such holder is withdrawing his election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 

(d) On the purchase date, all Notes purchased by the Issuer under this Section shall be delivered to the Trustee for cancellation, and the Issuer
shall pay the purchase price plus accrued and unpaid interest to the holders entitled thereto. 
 (e) A Change of Control Offer may be
made in advance of a Change of Control, and conditioned 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. 
 (f) Notwithstanding the foregoing provisions of this Section, the Issuer shall not be required to make a Change of Control Offer upon a Change of Control
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 Section 4.08 applicable to a Change of Control Offer made by the Issuer and purchases all Notes
properly tendered and not withdrawn under such Change of Control Offer. 
 (g) Notes repurchased by the Issuer pursuant to a Change of
Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Issuer. Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and
outstanding. 
 (h) At the time the Issuer delivers Notes to the Trustee which are to be accepted for purchase, the Issuer shall also deliver
an Officers’ Certificate stating that such Notes are to be accepted by the Issuer pursuant to and in accordance with the terms of this Section 4.08. A Note shall be deemed to have been accepted for purchase at the time the Trustee,
directly or through an agent, mails or delivers payment therefor to the surrendering holder. 
 (i) Prior to any Change of Control Offer, the
Issuer shall deliver to the Trustee an Officers’ Certificate stating that all conditions precedent contained herein to the right of the Issuer to make such offer have been complied with. 
  

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 (j) The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the
Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section. To the extent that the provisions of any securities laws or regulations conflict with provisions of this
Section 4.08, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section by virtue thereof. 
 SECTION 4.09. Compliance Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the
Issuer, beginning with the fiscal year end on March 31, 2008, an Officer’s Certificate stating that in the course of the performance by the signer of his or her duties as an Officer of the Issuer he or she would normally have knowledge of
any Default and whether or not the signer knows of any Default that occurred during such period. If he or she does, the certificate shall describe the Default, its status and what action the Issuer is taking or proposes to take with respect thereto.
The Issuer also shall comply with Section 314(a)(4) of the TIA. Except with respect to receipt of payments of principal and interest on the Notes and any Default or Event of Default information contained in the Officer’s Certificate
delivered to it pursuant to this Section 4.09, the Trustee shall have no duty to review, ascertain or confirm the Issuer’s compliance with or the breach of any representation, warranty or covenant made in this Indenture. 
 SECTION 4.10. Further Instruments and Acts. Upon request of the Trustee, the Issuer shall execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 4.11.
Future Subsidiary Pledgors. 
 (a) The Issuer shall cause each Wholly Owned Restricted Subsidiary that is a Domestic Subsidiary (unless
such Subsidiary is a Receivables Subsidiary or a Domestic Subsidiary that is wholly owned by one or more Foreign Subsidiaries and created to enhance the tax efficiency of the Issuer and its Subsidiaries) and that provides a pledge of, or grants a
Lien on, its assets to secure any First Priority Lien Obligations to execute and deliver to the Trustee the Security Documents necessary to cause such Restricted Subsidiary to become a Subsidiary Pledgor (or grantor) and take all actions required
thereunder to perfect Liens created thereunder, as well as to execute and deliver to the Trustee a joinder to the Intercreditor Agreement. 
 (b) The Issuer shall cause each Wholly Owned Restricted Subsidiary that is a Domestic Subsidiary (unless such Subsidiary is a Receivables Subsidiary or a Domestic Subsidiary that is wholly owned by one or more Foreign Subsidiaries and
created to enhance the tax efficiency of the Issuer and its Subsidiaries) and that guarantees any First Priority Lien Obligations to execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit D pursuant
to which such Subsidiary shall guarantee the Issuer’s Obligations under the Notes and this Indenture and shall comply with the additional requirements of Section 12.06. 
 SECTION 4.12. Liens. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly,
create, Incur or suffer to exist (i) any Lien on any asset or property of the Issuer or such Restricted Subsidiary securing Indebtedness unless the 

  

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Notes are equally and ratably secured with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes) the
obligations so secured until such time as such obligations are no longer secured by a Lien; provided, however, that this Section 4.12(a)(i) shall not require the Issuer or a Restricted Subsidiary of the Issuer to secure the Notes
if the Lien consists of a Permitted Lien, or (ii) any Lien securing any First Priority Lien Obligation of the Issuer or any Subsidiary Pledgor without effectively providing that the Notes or the obligations of such Subsidiary Pledgor in respect
of the Notes, as the case may be, shall be granted a second priority security interest (subject to Permitted Liens) upon the assets or property constituting the collateral for such First Priority Lien Obligations, except to the extent that such
assets or property constitute securities or other equity interest of the Issuer or any of its Subsidiaries. 
 (b) Any Lien which is granted
to secure the Notes or the obligations of any Subsidiary Pledgor in respect of the Notes under clause (i) of Section 4.12(a) (unless also granted under clause (ii) of Section 4.12(a)) shall be automatically released and
discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Notes or such Subsidiary Pledgors obligations under clause (i) of Section 4.12(a). 
 SECTION 4.13. After-Acquired Property. Upon the acquisition by the Issuer or any Subsidiary Pledgor of any First Priority After-Acquired
Property, the Issuer or such Subsidiary Pledgor shall execute and deliver such mortgages, deeds of trust, deeds to secure debt, preferred ship mortgages, security instruments, financing statements and certificates, opinions of counsel or such other
documentation substantially similar to the documentation delivered to secure First Priority Lien Obligations (including, without limitation title insurance policies, surveys and other documentation as may be reasonably required by the Collateral
Agent and consistent with the requirements for similar Collateral in which security interest or Liens were taken on the Issue Date) as shall be reasonably necessary to vest in the Collateral Agent, for the benefit of the Secured Parties (as defined
in the Collateral Agreement), a perfected security interest or lien, subject only to Permitted Liens, in such First Priority After-Acquired Property and to have such First Priority After-Acquired Property (but subject to certain limitations, if
applicable, including as described in Article XI and the Security Documents) added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such First Priority After-Acquired Property
to the same extent and with the same force and effect. 
 SECTION 4.14. Maintenance of Office or Agency. 
 (a) The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Notes may be
surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02. 
 (b) The Issuer 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 

  

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may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Issuer of its obligation to maintain an office or agency for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 (c) The Issuer hereby designates the corporate trust office of the Trustee or its agent as such office or agency of the Issuer in
accordance with Section 2.04. 
 SECTION 4.15. Amendment of Security Documents. The Issuer will not amend, modify or
supplement, or permit or consent to any amendment, modification or supplement of, the Security Documents in any way that would be adverse to the holders of the Notes in any material respect, except as set forth in Article XI and the Security
Documents or as permitted under Article IX. 
 SECTION 4.16. Covenant Suspension. If on any date following the Issue Date,
(i) the Notes have Investment Grade Ratings from both Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that day and continuing at all times thereafter regardless of any subsequent
changes in the rating of the Notes (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), and subject to the provisions of the
following paragraph, the Issuer and the Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07 and 5.01(a)(iv) (collectively the “Suspended Covenants”). 
 If and while the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants, the Notes will be entitled to substantially less
covenant protection. In the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion
Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating, then the Issuer and its Restricted Subsidiaries will thereafter again be
subject to the Suspended Covenants under this Indenture with respect to future events. 
 On each Reversion Date, all Indebtedness Incurred,
or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified as having been Incurred or issued pursuant to Section 4.03(a) or 4.03(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock
would be permitted to be Incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or
Disqualified Stock or Preferred Stock would not be so permitted to be Incurred or issued pursuant to Section 4.03 such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it
is classified as permitted under Section 4.03(b)(iii). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 will be made as though Section 4.04 had been in effect
since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 4.04(a). As described above, however,
no Default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken by the Issuer or its Restricted Subsidiaries during the Suspension Period. 
  

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 For purposes of Section 4.06, on the Reversion Date, the unutilized Excess Proceeds amount will be
reset to zero. 
 SECTION 4.17. Maintenance of Insurance. The Issuer shall maintain, with financially sound and reputable
insurance companies, insurance (subject to customary deductibles and retentions) in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or similar businesses operating in the same or
similar locations and cause the Issuer and the Subsidiary Pledgors to be listed as insured and the Collateral Agent to be listed as co-loss payee on property and property casualty policies and as an additional insured on liability policies.
Notwithstanding the foregoing, the Issuer and the Subsidiary Pledgors may self-insure with respect to such risks with respect to which companies of established reputation in the same general line of business in the same general area usually
self-insure. 
 ARTICLE V 
 SUCCESSOR COMPANY 
 SECTION 5.01. When Issuer May Merge or Transfer Assets. 
 (a) The Issuer shall not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not the Issuer is
the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 
 (i) the Issuer is the surviving person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or
conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company organized or existing under the laws of the
United States, any state thereof, the District of Columbia, or any territory thereof (the Issuer or such Person, as the case may be, being herein called the “Successor Issuer”); provided that in the case where the surviving
Person is not a corporation, a co-obligor of the Notes is a corporation; 
 (ii) the Successor Issuer (if other than the
Issuer) expressly assumes all the obligations of the Issuer under this Indenture and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 
 (iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor
Issuer or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction) no Default shall have occurred and be continuing; 

 

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 (iv) immediately after giving pro forma effect to such transaction, as if such
transaction had occurred at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any of its Restricted Subsidiaries as a result of such transaction as having been
Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction), either 
 (A) the Successor
Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 
 (B) the Fixed Charge Coverage Ratio for the Successor Issuer and its Restricted Subsidiaries would be greater than such ratio for the
Issuer and its Restricted Subsidiaries immediately prior to such transaction; 
 (v) if the Issuer is not the Successor
Issuer, each Subsidiary Pledgor, unless it is the other party to the transactions described above, shall have by supplemental indenture confirmed that its obligations in respect of the Notes shall apply to such Person’s obligations under this
Indenture and the Notes; and 
 (vi) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture. 
 The Successor Issuer (if other than the Issuer) will succeed to, and be substituted for, the Issuer under this Indenture and the Notes, and in such event the Issuer will automatically be released and discharged from
its obligations under this Indenture and the Notes. Notwithstanding the foregoing clauses (iii) and (iv) of this Section 5.01, (a) any Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its
properties and assets to the Issuer or to another Restricted Subsidiary, and (b) the Issuer may merge, consolidate or amalgamate with an Affiliate incorporated solely for the purpose of reincorporating the Issuer in another state of the United
States, the District of Columbia or any territory of the United States or may convert into a limited liability company, so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby. This Article V will
not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Issuer and its Restricted Subsidiaries. 
 (b) Subject to the provisions of Section 11.04 (which govern the release of assets and property securing the Notes upon the sale or disposition of a Restricted Subsidiary of the Issuer that is a Subsidiary Pledgor), no Subsidiary
Pledgor shall, and the Issuer shall not permit any Subsidiary Pledgor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Subsidiary Pledgor is the surviving Person), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 
 (i) either (A) such Subsidiary Pledgor is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Subsidiary Pledgor) or to which such sale, assignment, transfer,
lease, conveyance 

  

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or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United
States, any state thereof, the District of Columbia, or any territory thereof (such Subsidiary Pledgor or such Person, as the case may be, being herein called the “Successor Subsidiary Pledgor”) and the Successor Subsidiary Pledgor
(if other than such Subsidiary Pledgor) expressly assumes all the obligations of such Subsidiary Pledgor under this Indenture, the Security Documents and such Subsidiary Pledgor’s obligations in respect of the Notes pursuant to documents or
instruments in form reasonably satisfactory to the Trustee, or (b) such sale or disposition or consolidation, amalgamation or merger is not in violation of Section 4.06; and 
 (ii) the Successor Subsidiary Pledgor (if other than such Subsidiary Pledgor) shall have delivered or caused to be delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 
 Except as otherwise provided in this Indenture, the Successor Subsidiary Pledgor (if other than such Subsidiary Pledgor) will succeed to, and be
substituted for, such Subsidiary Pledgor under this Indenture and such Subsidiary Pledgor’s obligations in respect of the Notes, and such Subsidiary Pledgor will automatically be released and discharged from its obligations under this Indenture
and such Subsidiary Pledgor’s obligations in respect of the Notes. Notwithstanding the foregoing, (1) a Subsidiary Pledgor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such
Subsidiary Pledgor in another state of the United States, the District of Columbia or any territory of the United States so long as the amount of Indebtedness of the Subsidiary Pledgor is not increased thereby and (2) a Subsidiary Pledgor may
merge, amalgamate or consolidate with another Subsidiary Pledgor or the Issuer. 
 In addition, notwithstanding the foregoing, any Subsidiary
Pledgor may consolidate, amalgamate or merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets (collectively, a “Transfer”) to the
Issuer or any Subsidiary Pledgor. 
 Except as otherwise provided in this Indenture, Harrah’s Entertainment will not consolidate,
amalgamate or merge with or into or wind up into (whether or not Harrah’s Entertainment is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or
more related transactions to, any Person unless: 
 (1) either Harrah’s Entertainment or the Issuer (provided that
if the Issuer is to be the surviving Person, then such transaction shall comply with Section 5.01(a) or 5.01(b)) is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than
Harrah’s Entertainment) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United
States, any state thereof, the District of Columbia, or any territory thereof (Harrah’s 

  

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Entertainment or such Person, as the case may be, being herein called the “Successor Parent Guarantor”) and the Successor Parent Guarantor
(if other than Harrah’s Entertainment) expressly assumes all the obligations of Harrah’s Entertainment under this Indenture and Harrah’s Entertainment’s Note Guarantee pursuant to a supplemental indenture or other documents or
instruments in form reasonably satisfactory to the Trustee; and 
 (2) the Successor Parent Guarantor (if other than
Harrah’s Entertainment) shall have delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental
indenture (if any) comply with this Indenture. 
 Except as otherwise provided in this Indenture, the Successor Parent Guarantor (if other
than Harrah’s Entertainment) will succeed to, and be substituted for, Harrah’s Entertainment under this Indenture, Harrah’s Entertainment’s Note Guarantee, and Harrah’s Entertainment will automatically be released and
discharged from its obligations under this Indenture and such Note Guarantee. 
 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 SECTION 6.01. Events of Default. An “Event of Default” occurs with respect to a series of Notes if: 
 (a) there is a default in any payment of interest (including any additional interest) on any Note of such series when the same becomes due and payable, and such default continues for a period of 30 days, 
 (b) there is a default in the payment of principal or premium, if any, of any Note of such series when due at its Stated Maturity, upon optional
redemption, upon required repurchase, upon declaration or otherwise, 
 (c) the failure by the Issuer or any Restricted Subsidiary to comply
for 60 days after notice with its other agreements contained in the Notes of such series or this Indenture, 
 (d) the failure by the Issuer
or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Issuer or a Restricted Subsidiary) within any applicable grace period
after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $150.0 million or its foreign currency equivalent,

 (e) either the Issuer or any Significant Subsidiary of the Issuer pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 
  

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

 (iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 
 (iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to
insolvency, 
 (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief against either the Issuer or any Significant Subsidiary of the Issuer in an involuntary case; 
 (ii) appoints a Custodian of either the Issuer or any Significant Subsidiary of the Issuer or for any substantial part of its property; or

 (iii) orders the winding up or liquidation of either the Issuer or any Significant Subsidiary of the Issuer; or any similar
relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days, 
 (g) failure by the Issuer or
any Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $150.0 million or its foreign currency equivalent (net of any amounts which are covered
by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 days, 
 (h) the Parent Guarantee of the Parent Guarantor ceases to be in full force and effect (except as contemplated by the terms thereof) or the Parent Guarantor denies or disaffirms its obligations under this Indenture or its Parent Guarantee
and such Default continues for 10 days, 
 (i) unless all of the Collateral has been released from the Second Priority Liens in accordance
with the provisions of Article XI and the Security Documents, the Second Priority Liens on all or substantially all of the Collateral cease to be valid or enforceable and such Default continues for 30 days, or the Issuer shall assert or any
Subsidiary Pledgor shall assert, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable and, in the case of any such Person that is a Subsidiary of the Issuer, the Issuer fails to cause
such Subsidiary to rescind such assertions within 30 days after the Issuer has actual knowledge of such assertions, or 
 (j) the failure by
the Issuer or any Subsidiary Pledgor to comply for 60 days after notice with its other agreements contained in the Security Documents except for a failure that would not be material to the holders of the Notes and would not materially affect the
value of the Collateral taken as a whole. 
  

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 The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and
whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 
 The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. The term
“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 However,
a default under clauses (c) or (j) above shall not constitute an Event of Default until the Trustee or the holders of 30% in principal amount of outstanding Notes of such series notify the Issuer of the default and the Issuer does not cure
such default within the time specified in clauses (c) or (j) hereof after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” The
Issuer shall deliver to the Trustee, within five (5) Business Days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any event which is, or with the giving of notice or the lapse of time or both would
become, an Event of Default, its status and what action the Issuer is taking or propose to take with respect thereto. 
 SECTION 6.02.
Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(e) or 6.01(f) hereof with respect to the Issuer) occurs with respect to a series of Notes and is continuing, the Trustee or the holders of at
least 30% in principal amount of outstanding Notes of such series by notice to the Issuer may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes of such series to be due and payable; provided,
however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be effective until the earlier of (1) five Business Days after the giving of written notice to the Issuer and the Representative under the
Credit Agreement and (2) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(e) or (f) with
respect to the Issuer occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the
holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 
 In the event of any Event of Default specified in Section 6.01(d) above, such Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and rescinded, automatically and
without any action by the Trustee or the holders of the Notes, if within 20 days after such Event of Default arose the Issuer delivers an Officer’s Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis
for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such
Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as described above be annulled, waived or rescinded upon the happening of any such events. 
  

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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 at law or in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture or the Security Documents. 
 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 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. No remedy is exclusive of any other remedy. To
the extent required by law, all available remedies are cumulative. 
 SECTION 6.04. Waiver of Past Defaults. Provided the Notes
are not then due and payable by reason of a declaration of acceleration, the holders of a majority in principal amount of the Notes by written notice to the Trustee may waive an existing Default and its consequences except (a) a Default in the
payment of the principal of or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default in respect of a provision that under
Section 9.02 cannot be amended without the consent of each holder affected. When a Default is waived, it is deemed cured and the Issuer, the Trustee and the holders will be restored to their former positions and rights under this Indenture, but
no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05. Control by
Majority. The holders of a majority in principal amount of each series of Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the
Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee
in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or Responsible Officers shall determine that the action or proceeding so directed would involve the Trustee in personal
liability or expense for which it is not adequately indemnified, or subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. Prior to
taking any action under this Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 SECTION 6.06. Limitation on Suits. 
 (a) Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to this Indenture or the Notes unless: 
 (i) such holder has previously given the Trustee notice that an Event of Default is continuing, 
  

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 (ii) holders of at least 30% in principal amount of the outstanding Notes of the
applicable series have requested the Trustee to pursue the remedy, 
 (iii) such holders have offered the Trustee reasonable
security or indemnity satisfactory to the Trustee against any loss, liability or expense, 
 (iv) the Trustee has not complied
with such request within 60 days after the receipt of the request and the offer of security or indemnity, and 
 (v) the
holders of a majority in principal amount of the outstanding Notes of the applicable series have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 (b) A holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder. 

SECTION 6.07. Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any holder to
receive payment of principal of and interest on the Notes held by such holder, on or after the respective due dates expressed or provided for in the Notes, 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(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount then due
and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07. 
 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim, statements of interest and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other
professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the Issuer or the Parent Guarantor, any Subsidiary Pledgor, their creditors or their property, shall be entitled
to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the holders in any election of a trustee in bankruptcy
or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each holder to make 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 it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07.

 SECTION 6.10. Priorities. Subject to the terms of the Intercreditor Agreement and the Security Documents, any money or
property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Issuer’s or the Parent Guarantor’s obligations under this Indenture after an Event of Default shall be applied in
the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07; 
  

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 SECOND: to the holders for amounts due and unpaid on the Notes for principal, premium, if
any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 
 THIRD: to the Issuer or, to the extent the Trustee collects any amount for the Parent Guarantor, to the Parent Guarantor. 
 The Trustee may fix a record date and payment date for any payment to the holders pursuant to this Section. At least 15 days before such record date, the
Trustee shall mail to each holder and the Issuer a notice that states the record date, the payment date and amount to be paid. 
 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 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 does not apply to a suit by the Trustee, a suit by a holder pursuant to Section 6.07 or a suit by holders of more than
10% in principal amount of the Notes. 
 SECTION 6.12. Waiver of Stay or Extension Laws. Neither the Issuer nor the Parent
Guarantor (to the extent it may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture; and the Issuer and the Parent Guarantor (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede
the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE VII 
 TRUSTEE 
 SECTION 7.01. Duties of Trustee. 
 (a) The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their 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: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty); and 
 (ii) 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. The Trustee shall be under no duty to make any investigation as to any statement contained in any such
instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case of certificates or opinions required by any provision hereof to be provided to it, the
Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 
 (iv)
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise Incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section.

 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

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 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 SECTION 7.02.
Rights of Trustee. 
 (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or
presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or
refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of
Counsel. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with
due care. 
 (d) The Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes to
be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 
 (e) The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and
protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond,
debenture, note or other paper or document unless requested in writing to do so by the holders of not less than a majority in principal amount of the Notes at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney, at the expense of the Issuer and shall Incur no liability of any kind by reason of such inquiry or investigation. 
 (g) The
Trustee shall 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 pursuant to this Indenture, 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. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee, including 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. 
  

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 (i) The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at
the direction of the holders of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this
Indenture. 
 (j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or
authority or consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange
therefor or in place thereof. 
 (k) 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. 
 (l) The Trustee may request that the Issuer deliver an Officer’s 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 Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so
authorized in any such certificate previously delivered and not superseded. 
 (m) The Trustee shall not be responsible or liable for
special, indirect, 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
actions. 
 (n) The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this
Indenture. 
 (o) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this
Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics;
riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and governmental action. 
 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 Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Parent Guarantee or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer or the Parent Guarantor in 

  

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this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of
authentication. The Trustee shall not be charged with knowledge of any Default or Event of Default under Sections 6.01(c), (d), (e), (h), or (i) or of the identity of any Significant Subsidiary unless either (a) a Trust Officer shall have
actual knowledge thereof or (b) the Trustee shall have received written notice thereof in accordance with Section 13.02 hereof from the Issuer, any Subsidiary Pledgor or any holder. In accepting the trust hereby created, the Trustee acts
solely as Trustee for the holders of the Notes and not in its individual capacity and all persons, including without limitation the holders of Notes and the Issuer having any claim against the Trustee arising from this Indenture shall look only to
the funds and accounts held by the Trustee hereunder for payment except as otherwise provided herein. 
 SECTION 7.05. Notice of
Defaults. If a Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall mail to each holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a
Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its
Trust Officers in good faith determines that withholding the notice is in the interests of the holders. The Issuer is required to deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default that
occurred during the previous year. The Issuer also is required to deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any event which would constitute certain Defaults, their status and what action the Issuer is
taking or proposes to take in respect thereof. 
 SECTION 7.06. Reports by Trustee to the Holders. As promptly as practicable
after each June 30 beginning with the June 30 following the date of this Indenture, and in any event prior to June 30 in each year, the Trustee shall mail to each holder a brief report dated as of such June 30 that complies with
Section 313(a) of the TIA if and to the extent required thereby. The Trustee shall also comply with Section 313(b) of the TIA. 
 A
copy of each report at the time of its mailing to the holders shall be filed with the SEC and each stock exchange (if any) on which the Notes are listed. The Issuer agrees to notify promptly the Trustee whenever the Notes become listed on any stock
exchange and of any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee from time
to time such compensation, as the Issuer and the Trustee shall from time to time agree in writing, for the Trustee’s acceptance of this Indenture and its services hereunder. The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses Incurred or made by it, including costs of collection, in addition to the compensation for its services.
Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuer and the Parent Guarantor, jointly and severally shall indemnify the Trustee
against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) Incurred by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder,
including the costs and expenses of enforcing this Indenture 

  

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or Note Guarantee against the Issuer or a Parent Guarantor (including this Section 7.07) and defending itself against or investigating any claim
(whether asserted by the Issuer, the Parent Guarantor, any holder or any other Person). The obligation to pay such amounts shall survive the payment in full or defeasance of the Notes or the removal or resignation of the Trustee. The Trustee shall
notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not relieve the Issuer or the Parent Guarantor of its
indemnity obligations hereunder. The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense. Such indemnified parties may have separate counsel and the Issuer and the
Parent Guarantor, as applicable shall pay the fees and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such
indemnified parties’ reasonable judgment, there is no conflict of interest between the Issuer and the Parent Guarantor, as applicable, and such parties in connection with such defense. The Issuer needs not reimburse any expense or indemnify
against any loss, liability or expense Incurred by an indemnified party through such party’s own willful misconduct, negligence or bad faith. 
 To secure the Issuer’s and the Parent Guarantor’s payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in
trust to pay principal of and interest on particular Notes. 
 The Issuer’s and the Parent Guarantor’s payment obligations pursuant
to this Section shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to
the Trustee under applicable law, when the Trustee Incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuer, the expenses are intended to constitute expenses of administration under
the Bankruptcy Law. 
 No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise Incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk or liability is not assured to its satisfaction. 

SECTION 7.08. Replacement of Trustee. 
 (a) The Trustee may resign at any time by so notifying the Issuer. The holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove
the Trustee if: 
 (i) the Trustee fails to comply with Section 7.10; 
 (ii) the Trustee is adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Trustee or its property; or 
  

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 (iv) the Trustee otherwise becomes incapable of acting. 
 (b) If the Trustee resigns, is removed by the Issuer or by the holders of a majority in principal amount of the Notes and such holders do not reasonably
promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. 
 (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the holders. The
retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the holders of 10% in principal amount of the Notes may petition at the expense
of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee fails to comply with
Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b) of the TIA, any holder who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the replacement of the Trustee pursuant to this
Section, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09.
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or
transferee corporation without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger,
conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA. The
Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition. The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply for a stay
of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; 

  

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provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the TIA any series of securities issued under
this Indenture and any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of
the TIA are met. 
 SECTION 7.11. Preferential Collection of Claims Against the Issuer. The Trustee shall comply with
Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated. 
 ARTICLE VIII 
 DISCHARGE OF
INDENTURE; DEFEASANCE 
 SECTION 8.01. Discharge of Liability on Notes; Defeasance. 
 (a) This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of registration of transfer or exchange of
Notes, as expressly provided for in this Indenture) as to all outstanding Notes when: 
 (i) either (a) all the Notes
theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation or (b) all of the Notes (1) have become due and payable, (2) will become due and payable at their stated maturity within one year
or (3) if redeemable at the option of the Issuer, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the
Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for
principal of, premium, if any, and interest on the Notes to the date of deposit together with irrevocable instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;

 (ii) the Issuer and/or the Parent Guarantor has paid all other sums payable under this Indenture; and 
 (iii) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions
precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 Subject to Sections
8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this Indenture (with respect to the holders of the Notes) (“legal defeasance option”) or (ii) its obligations under Sections
4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12, 4.13 and 4.15 and the operation of Section 5.01 for the benefit of the holders of the Notes, and Sections 6.01(c), 6.01(d) and Sections 6.01(e) and 6.01(f) (with respect 

  

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to Significant Subsidiaries of the Issuer only), 6.01(g), 6.01(h), 6.01(i) and 6.01(j) (“covenant defeasance option”). The Issuer may exercise its
legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. In the event that the Issuer terminates all of its obligations under the Notes and this Indenture (with respect to such Notes) by exercising its legal
defeasance option or its covenant defeasance option, the obligations of each Subsidiary Pledgor with respect to the Notes and the Security Documents shall be terminated simultaneously with the termination of such obligations. 
 If the Issuer exercises its legal defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default. If the
Issuer exercises its covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in Section 6.01(c), 6.01(d), 6.01(e) and 6.01(f) (with respect to Significant Subsidiaries of the
Issuer only), 6.01(g), 6.01(h), 6.01(i) or 6.01(j) or because of the failure of the Issuer to comply with Section 5.01. 
 Upon
satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates. 
 (b) Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in
this Article VIII shall survive until the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive such satisfaction and discharge. 
 SECTION 8.02. Conditions to Defeasance. 
 (a) The Issuer may exercise its legal defeasance option or its covenant defeasance option only if: 
 (i) the Issuer
irrevocably deposits in trust with the Trustee cash in U.S. Dollars, U.S. Government Obligations or a combination thereof in an amount sufficient or U.S. Government Obligations, the principal of and the interest on which will be sufficient, or a
combination thereof sufficient, to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption, as the case may be, including interest thereon to maturity or such redemption date; 
 (ii) the Issuer delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their
opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be
sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 
 (iii) 123 days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(e) or (f) with respect to the Issuer occurs which is continuing at the end of the period; 
  

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 (iv) the deposit does not constitute a default under any other agreement binding on the
Issuer and is not prohibited by Article X; 
 (v) in the case of the legal defeasance option, the Issuer shall have delivered
to the Trustee an Opinion of Counsel stating that (1) the Issuer have received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable
Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and 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 deposit and defeasance had not occurred. Notwithstanding the foregoing, the Opinion of Counsel required by
the immediately preceding sentence with respect to a legal defeasance need not be delivered if all of the Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable at
their Stated Maturity within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer; 
 (vi) impair the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on or
after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; 
 (vii) in the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the holders will not recognize income, gain or loss for Federal income tax
purposes as a result of such deposit and 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 deposit and defeasance had not occurred; and 

(viii) the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been complied with. 
 (b) Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date in accordance with Article III. 
 SECTION 8.03. Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof)
deposited with it pursuant to this Article VIII. It shall apply the deposited money and the money from U.S. Government Obligations through each Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the
Notes so discharged or defeased. Money and securities so held in trust are not subject to Articles X or XII. 
  

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 SECTION 8.04. Repayment to Issuer. Each of the Trustee and each Paying Agent shall promptly
turn over to the Issuer upon request any money or U.S. Government Obligations held by it as provided in this Article which, in the written opinion of nationally recognized firm of independent public accountants delivered to the Trustee (which
delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article.

 Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuer upon written request any money
held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Issuer for payment as general creditors, and the Trustee and each Paying Agent shall have no
further liability with respect to such monies. 
 SECTION 8.05. Indemnity for U.S. Government Obligations. The Issuer shall pay
and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 
 SECTION 8.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in accordance
with this Article VIII 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 Issuer’s obligations under this
Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any Paying Agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, or interest on, any such Notes because of the reinstatement of its obligations, the Issuer shall
be subrogated to the rights of the holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent. 
 ARTICLE IX 
 AMENDMENTS AND WAIVERS 
 SECTION 9.01. Without Consent of the Holders. 
 (a) The Issuer and the Trustee may amend this Indenture, the Security Documents, the Intercreditor Agreement or the Notes without notice to or consent of any holder: 
 (i) to cure any ambiguity, omission, defect or inconsistency; 
 (ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under this Indenture and the Notes; 

(iii) to provide for the assumption by a Successor Subsidiary Pledgor of the obligations of a Subsidiary Pledgor under this Indenture
and the Security Documents; 
  

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 (iv) [reserved]; 
 (v) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the
uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code; 
 (vi) to conform the text of this Indenture, the Notes, the Security Documents, or the Intercreditor Agreement, to any provision of the
“Description of New Second Lien Notes” in the Offering Memorandum to the extent that such provision in the “Description of New Second Lien Notes” was intended to be a verbatim recitation of a provision of this
Indenture, the Notes, the Security Documents, or the Intercreditor Agreement; 
 (vii) to add a Subsidiary Pledgor with
respect to the Notes or to add Collateral to secure the Notes; 
 (viii) to release Collateral as permitted by this Indenture
or the Intercreditor Agreement; 
 (ix) to add additional secured creditors holding Other Second-Lien Obligations so long as
such obligations are not prohibited by this Indenture or the Security Documents; 
 (x) to add to the covenants of the Issuer
for the benefit of the holders or to surrender any right or power herein conferred upon the Issuer; 
 (xi) to comply with any
requirement of the SEC in connection with qualifying or maintaining the qualification of, this Indenture under the TIA; 
 (xii) to make any change that does not adversely affect the rights of any holder; or 
 (xiii) to provide for the
issuance of the Exchange Notes or Additional Notes, which shall have terms substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of
securities. 
 (b) After an amendment under this Section 9.01 becomes effective, the Issuer shall mail to the holders a notice briefly
describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 
 SECTION 9.02. With Consent of the Holders. 
 (a) The Issuer and the Trustee may, with respect to each series of Notes, amend this Indenture and the Security Documents with the written consent of the holders of at least a majority in principal amount of the Notes
of such series then outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange for the Notes). However, without the consent of each holder of an outstanding Note of such series affected, an
amendment may not: 
 (1) reduce the amount of Notes whose holders must consent to an amendment, 
  

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 (2) reduce the rate of or extend the time for payment of interest on any Note,

 (3) reduce the principal of or change the Stated Maturity of any Note, 
 (4) reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed in accordance with
Article III, 
 (5) make any Note payable in money other than that stated in such Note, 
 (6) expressly subordinate the Notes to any other Indebtedness of the Issuer or any Subsidiary Pledgor, 
 (7) impair the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s Notes on or
after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes, 
 (8) make any change in the amendment provisions which require each holder’s consent or in the waiver provisions, or 
 (9) make any change in the provisions in the Intercreditor Agreement or this Indenture dealing with the application of proceeds of Collateral that would adversely affect the holders of the Notes. 
 In addition, without the consent of the holders of at least 66 2/3% in aggregate principal amount of Notes then outstanding, no amendment or waiver may
release all or substantially all of the Collateral from the Lien of this Indenture and the Security Documents with respect to the Notes. 
 It shall not be necessary for the consent of the holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 9.02 becomes effective, the Issuer shall mail to the holders a notice briefly describing such amendment. The
failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 
  

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 SECTION 9.03. Compliance with Trust Indenture Act. From the date on which this Indenture is
qualified under the TIA, every amendment, waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents and Waivers. 
 (a) A consent to an amendment or a waiver by a holder of
a Note shall bind the holder and every subsequent holder of that Note or portion of the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such
holder or subsequent holder may revoke the consent or waiver as to such holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the
Issuer certifying that the requisite principal amount of Notes have consented. After an amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuer or the
Trustee of consents by the holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and
(iii) execution of such amendment or waiver (or supplemental indenture) by the Issuer and the Trustee. 
 (b) The Issuer may, but shall
not be obligated to, fix a record date for the purpose of determining the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who were holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given
or to take any such action, whether or not such Persons continue to be holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 
 SECTION 9.05. Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuer may require the
holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for
the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment, supplement or waiver. 
 SECTION 9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX
if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, the Trustee shall be entitled to receive indemnity reasonably
satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or
permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and the Parent Guarantor, enforceable against them in accordance with its terms, subject to customary exceptions, and
complies with the provisions hereof (including Section 9.03). 
  

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 SECTION 9.07. Payment for Consent. Neither the Issuer nor any Affiliate of the Issuer shall,
directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the
Notes unless such consideration is offered to be paid to all holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 
 SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this Indenture shall vote and consent together
on all matters (as to which any of such Notes may vote) as one class and no series of Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of the requisite aggregate principal amount of
Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.14. 
 ARTICLE
X 
 RANKING OF NOTE LIENS 
 SECTION 10.01. Relative Rights. The Intercreditor Agreement defines the relative rights, as lienholders, of holders of Second Priority Liens and holders of Liens securing First Priority Lien Obligations. Nothing in this
Indenture or the Intercreditor Agreement will: 
 (a) impair, as between the Issuer and holders of each series of Notes, the
obligation of the Issuer, which is absolute and unconditional, to pay principal of, premium and interest on such series of Notes in accordance with their terms or to perform any other obligation of the Issuer or any other obligor under this
Indenture, the Notes, the Parent Guarantee and the Security Documents; 
 (b) restrict the right of any holder to sue for
payments that are then due and owing, in a manner not inconsistent with the provisions of the Intercreditor Agreement; 
 (c)
prevent the Trustee, the Collateral Agent or any holder from exercising against the Issuer or any other obligor any of its other available remedies upon a Default or Event of Default (other than its rights as a secured party, which are subject to
the Intercreditor Agreement); or 
 (d) restrict the right of the Trustee, the Collateral Agent or any holder: 
 (1) to file and prosecute a petition seeking an order for relief in an involuntary bankruptcy case as to any obligor or otherwise to
commence, or seek relief commencing, any insolvency or liquidation proceeding involuntarily against any obligor; 
 (2) to
make, support or oppose any request for an order for dismissal, abstention or conversion in any insolvency or liquidation proceeding; 
 (3) to make, support or oppose, in any insolvency or liquidation proceeding, any request for an order extending or terminating any period during which the debtor (or any other Person) has the exclusive right to
propose a plan of reorganization or other dispositive restructuring or liquidation plan therein; 
  

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 (4) to seek the creation of, or appointment to, any official committee representing
creditors (or certain of the creditors) in any insolvency or liquidation proceedings and, if appointed, to serve and act as a member of such committee without being in any respect restricted or bound by, or liable for, any of the obligations under
this Article X; 
 (5) to seek or object to the appointment of any professional person to serve in any capacity in any
insolvency or liquidation proceeding or to support or object to any request for compensation made by any professional person or others therein; 
 (6) to make, support or oppose any request for order appointing a trustee or examiner in any insolvency or liquidation proceedings; or 
 (7) otherwise to make, support or oppose any request for relief in any insolvency or liquidation proceeding that it is permitted by law to
make, support or oppose: 
 if it were a holder of unsecured claims; or 
 (x) as to any matter relating to any plan of reorganization or other 
 (y) restructuring or liquidation plan or as to any matter relating to the administration of the estate or the disposition of the case or
proceeding (in each case except as set forth in the Intercreditor Agreement). 
 ARTICLE XI 
 COLLATERAL 
 SECTION 11.01.
Security Documents. The payment of the principal of and interest and premium, if any, on the Notes of each series when due, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise and whether by
the Issuer pursuant to the Notes or by the Parent Guarantor pursuant to its Parent Guarantee, the payment of all other Obligations and the performance of all other obligations of the Issuer and the Parent Guarantor under this Indenture, the Notes,
the Parent Guarantee and the Security Documents are secured as provided in the Security Documents which the Issuer, the Parent Guarantor and the Subsidiary Pledgors have entered into simultaneously with the execution of this Indenture and will be
secured by Security Documents hereafter delivered as required or permitted by this Indenture. The Issuer shall, and shall cause each Restricted Subsidiary to, and each Restricted Subsidiary shall, make all filings (including filings of continuation
statements and amendments to UCC financing statements that may be necessary to continue the effectiveness of such UCC financing statements) and all other actions as are necessary or required by the Security Documents to maintain (at the sole cost
and expense of the Issuer and its Restricted Subsidiaries) the security interest created by the Security Documents in the Collateral 

  

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(other than with respect to any Collateral the security interest in which is not required to be perfected under the Security Documents) as a perfected second
priority security interest subject only to Permitted Liens. 
 SECTION 11.02. Collateral Agent. (a) The Collateral Agent is
authorized and empowered to appoint one or more co-Collateral Agents as it deems necessary or appropriate. 
 (b) Subject to
Section 7.01, neither the Trustee nor the Collateral Agent nor any of their respective officers, directors, employees, attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any Collateral, for
the legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency or protection of any Second Priority Lien, or for any defect or deficiency as to any such matters, or for any
failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Second Priority Liens or Security Documents or any delay in doing so. 
 (c) The Collateral Agent will be subject to such directions as may be given it by the Trustee from time to time (as required or permitted by this Indenture). Except as directed by the Trustee as required or permitted
by this Indenture and any other representatives, the Collateral Agent will not be obligated: 
 (1) to act upon directions
purported to be delivered to it by any other Person; 
 (2) to foreclose upon or otherwise enforce any Second Priority Lien;
or 
 (3) to take any other action whatsoever with regard to any or all of the Second Priority Liens, Security Documents or
Collateral. 
 (d) The Collateral Agent will be accountable only for amounts that it actually receives as a result of the
enforcement of the Second Priority Liens or Security Documents. 
 (e) In acting as Collateral Agent or Co-Collateral Agent,
the Collateral Agent and each Co-Collateral Agent may rely upon and enforce each and all of the rights, powers, immunities, indemnities and benefits of the Trustee under Article VII hereof. 
 (f) The holders of Notes agree that the Collateral Agent shall be entitled to the rights, privileges, protections, immunities, indemnities
and benefits provided to the Collateral Agent by the Security Documents. Furthermore, each holder of a Note, by accepting such Note, consents to the terms of and authorizes and directs the Trustee (in each of its capacities) and the Collateral Agent
to enter into and perform the Intercreditor Agreement and Security Documents in each of its capacities thereunder. 
 (g) If
the Issuer (i) Incurs First Priority Lien Obligations at any time when no intercreditor agreement is in effect or at any time when Indebtedness constituting First Priority Lien Obligations entitled to the benefit of an existing Intercreditor
Agreement is 

  

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concurrently retired, and (ii) delivers to the Collateral Agent an Officers’ Certificate so stating and requesting the Collateral Agent to enter
into an intercreditor agreement (on substantially the same terms as the Intercreditor Agreement in effect on the Issue Date) in favor of a designated agent or representative for the holders of the First Priority Lien Obligations so Incurred, the
Collateral Agent shall (and is hereby authorized and directed to) enter into such intercreditor agreement, bind the holders on the terms set forth therein and perform and observe its obligations thereunder. 
 SECTION 11.03. Authorization of Actions to Be Taken. (a) Each holder of Notes of each such series, by its acceptance thereof, consents
and agrees to the terms of each Security Document and the Intercreditor Agreement, as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture, authorizes and directs
the Trustee and the Collateral Agent to enter into the Security Documents to which it is a party, authorizes and empowers the Trustee to direct the Collateral Agent to enter into, and the Collateral Agent to execute and deliver, the Intercreditor
Agreement, and authorizes and empowers the Trustee and the Collateral Agent to bind the holders of Notes of each such series and other holders of Obligations as set forth in the Security Documents to which it is a party and the Intercreditor
Agreement and to perform its obligations and exercise its rights and powers thereunder. 
 (b) The Collateral Agent and the
Trustee are authorized and empowered to receive for the benefit of the holders of Notes of each series any funds collected or distributed under the Security Documents to which the Collateral Agent or Trustee is a party and to make further
distributions of such funds to the holders of Notes of each series according to the provisions of this Indenture. 
 (c)
Subject to the provisions of Section 7.01, Section 7.02, and the Intercreditor Agreement, the Trustee may, in its sole discretion and without the consent of the holders, direct, on behalf of the holders, the Collateral Agent to take all
actions it deems necessary or appropriate in order to: 
 (1) foreclose upon or otherwise enforce any or all of the Second
Priority Liens; 
 (2) enforce any of the terms of the Security Documents to which the Collateral Agent or Trustee is a party;
or 
 (3) collect and receive payment of any and all Obligations. 
 Subject to the Intercreditor Agreement, the Trustee is authorized and empowered to institute and maintain, or direct the Collateral Agent to institute
and maintain, such suits and proceedings as it may deem expedient to protect or enforce the Second Priority Liens or the Security Documents to which the Collateral Agent or Trustee is a party or to prevent any impairment of Collateral by any acts
that may be unlawful or in violation of the Security Documents to which the Collateral Agent or Trustee is a party or this Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or protect its
interests and the interests of the holders of Notes of such series in the Collateral, 

  

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including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental
enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of holders, the
Trustee or the Collateral Agent. 
 SECTION 11.04. Release of Liens. (a) Subject to subsections (b) and (c) of
this Section 11.04, Collateral may be released from the Lien and security interest created by the Security Documents at any time or from time to time in accordance with the provisions of the Security Documents, the Intercreditor Agreement or as
provided hereby. The applicable assets included in the Collateral shall be released from the Liens securing the Notes at the Issuer’s sole cost and expense, under any one or more of the following circumstances: 
 (1) upon the Discharge of Senior Lender Claims and concurrent release of all other Liens on such property or assets securing First Priority Lien
Obligations (including all commitments and letters of credit thereunder); provided, however, that if the Issuer or the Parent Guarantor subsequently incurs First Priority Lien Obligations that are secured by Liens on property or assets
of the Issuer or the Parent Guarantor of the type constituting the Collateral and the related Liens are incurred in reliance on clause (6)(B) of the definition of Permitted Liens, then the Issuer and its Restricted Subsidiaries will be required
to reinstitute the security arrangements with respect to the Collateral in favor of the Notes, which, in the case of any such subsequent First Priority Lien Obligations, will be Second Priority Liens on the Collateral securing such First Priority
Lien Obligations to the same extent provided by the Security Documents and on the terms and conditions of the security documents relating to such First Priority Lien Obligations, with the Second Priority Lien held either by the administrative agent,
collateral agent or other representative for such First Priority Lien Obligations or by a collateral agent or other representative designated by the Issuer to hold the Second Priority Liens for the benefit of the holders of the Notes and subject to
an intercreditor agreement that provides the administrative agent or collateral agent substantially the same rights and powers as afforded under the Intercreditor Agreement; provided, however, that the Issuer will provide the Trustee and
Collateral Agent under the Collateral Agreement with prompt written notification of such reinstitution; 
 (2) to enable the Issuer or the
Parent Guarantor to consummate the disposition (other than any disposition to the Issuer or another Subsidiary Pledgor) of such property or assets to the extent not prohibited under Section 4.06, and to enable any release described in Sections
7.15(b), (c), (d), or (f) of the Collateral Agreement; 
 (3) in respect of the property and assets of a Subsidiary Pledgor, upon the
designation of such Subsidiary Pledgor to be an Unrestricted Subsidiary in accordance with Section 4.04 and the definition of “Unrestricted Subsidiary”; 
 (4) in respect of the property and assets of a Subsidiary Pledgor, upon the release or discharge of the pledge by such Subsidiary Pledgor of the Credit Agreement or other Indebtedness or the guarantee of any other
Indebtedness which resulted in the obligation to become a Subsidiary Pledgor; and 
  

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 (5) as described under Article IX. 
 Notwithstanding the foregoing, if an Event of Default under this Indenture exists on the date of Discharge of Senior Lender Claims, the Second Priority
Liens on the Collateral securing the Notes will not be released, except to the extent the Collateral or any portion thereof was disposed of in order to repay the First Priority Lien Obligations secured by the Collateral, and thereafter the Trustee
(or another designated representative acting at the direction of the holders of a majority of outstanding principal amount of the Notes and Other Second-Lien Obligations) will have the right to direct the First Lien Agent to foreclose upon the
Collateral (but in such event, the Liens on the Collateral securing the Notes will be released when such Event of Default and all other Events of Default under this Indenture cease to exist). 
 Upon the receipt of an Officers’ Certificate from the Issuer, as described in Section 11.04(b) below, if applicable, and any necessary or
proper instruments of termination, satisfaction or release prepared by the Issuer, the Collateral Agent shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to
this Indenture or the Security Documents or the Intercreditor Agreement. 
 (b) In connection with (x) any release of
Collateral pursuant to Section 11.04(a)(1), (3), (4) or (5) above, such Collateral may not be released from the Lien and security interest created by the Security Documents and (y) any release of Collateral pursuant to
Section 11.04(a)(2), the Collateral Agent shall not be required to execute, deliver or acknowledge any instruments of termination, satisfaction or release unless an Officers’ Certificate and Opinion of Counsel certifying that all
conditions precedent, including, without limitation, this Section 11.04, have been met and stating under which of the circumstances set forth in Section 11.04(a) above the Collateral is being released have been delivered to the Collateral
Agent on or prior to the date of such release. 
 (c) At any time when a Default or Event of Default has occurred and is
continuing and the maturity of the Notes has been accelerated (whether by declaration or otherwise) and the Trustee has delivered a notice of acceleration to the Collateral Agent, no release of Collateral pursuant to the provisions of this Indenture
or the Security Documents will be effective as against the holders, except as otherwise provided in the Intercreditor Agreement. 
 SECTION 11.05. Filing, Recording and Opinions. (a) The Issuer will comply with the provisions of TIA Sections 314(b), 314(c) and 314(d), in each case following qualification of this Indenture pursuant to the TIA and except
to the extent not required as set forth in any SEC regulation or interpretation (including any no-action letter issued by the Staff of the SEC, whether issued to the Issuer or any other Person). Following such qualification, to the extent the Issuer
is required to furnish to the Trustee an Opinion of Counsel pursuant to TIA Section 314(b)(2), the Issuer will furnish such opinion not more than 60 but not less than 30 days prior to each September 30. 
 Any release of Collateral permitted by Section 11.04 hereof will be deemed not to impair the Liens under this Indenture and the Security Documents
in contravention thereof and any person that is required to deliver an Officers’ Certificate or Opinion of Counsel pursuant to 

  

 108 

 
Section 314(d) of the TIA, shall be entitled to rely upon the foregoing as a basis for delivery of such certificate or opinion. The Trustee may, to the
extent permitted by Section 7.01 and 7.02 hereof, accept as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such documents and Opinion of Counsel. 
 (b) If any Collateral is released in accordance with this Indenture or any Security Document and if the Issuer has delivered the
certificates and documents required by the Security Documents and Section 11.04, the Trustee will determine whether it has received all documentation required by TIA Section 314(d) in connection with such release and, based on such
determination and the Opinion of Counsel delivered pursuant to Section 11.04, will, upon request, deliver a certificate to the Collateral Agent setting forth such determination. 
 SECTION 11.06. [Intentionally omitted]. 
 SECTION 11.07. Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article XI upon the Issuer or the Parent
Guarantor with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the
Issuer or the Parent Guarantor or of any officer or officers thereof required by the provisions of this Article XI; and if the Trustee shall be in the possession of the Collateral under any provision of this Indenture, then such powers may be
exercised by the Trustee. 
 SECTION 11.08. Release Upon Termination of the Issuer’s Obligations. In the event (i) that
the Issuer delivers to the Trustee, in form and substance acceptable to it, an Officers’ Certificate and Opinion of Counsel certifying that all the obligations under this Indenture, the Notes and the Security Documents have been satisfied and
discharged by the payment in full of the Issuer’s obligations under the Notes, this Indenture and the Security Documents, and all such obligations have been so satisfied, or (ii) a discharge, legal defeasance or covenant defeasance of this
Indenture occurs under Article VIII, the Trustee shall deliver to the Issuer and the Collateral Agent a notice stating that the Trustee, on behalf of the holders, disclaims and gives up any and all rights it has in or to the Collateral, and any
rights it has under the Security Documents, and upon receipt by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall do or cause to be done all acts
reasonably necessary to release such Lien as soon as is reasonably practicable. 
 SECTION 11.09. Designations. Except as
provided in the next sentence, for purposes of the provisions hereof and the Intercreditor Agreement requiring the Issuer to designate Indebtedness for the purposes of the terms First Priority Lien Obligations and Other Second-Lien Obligations or
any other such designations hereunder or under the Intercreditor Agreement, any such designation shall be sufficient if the relevant designation provides in writing that such First Priority Lien Obligations or Other Second-Lien Obligations are
permitted under this Indenture and is signed on behalf of the Issuer by an Officer and delivered to the Trustee, the Collateral Agent and the First Lien Agent. For all purposes hereof and the Intercreditor Agreement, the Issuer hereby designates the
Obligations pursuant to the Credit Agreement as in effect on the Issue Date as First Priority Lien Obligations. 
  

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 SECTION 11.10. Taking and Destruction. Following the Discharge of Senior Lender Claims, upon
any Taking or Destruction of any Collateral, all Net Insurance Proceeds received by the Issuer or any Restricted Subsidiary shall be deemed Net Proceeds and shall be applied in accordance with Section 4.06. 
 ARTICLE XII 
 GUARANTEE

 SECTION 12.01. Guarantee. 
 (a) The Parent Guarantor hereby irrevocably and unconditionally guarantees on an unsecured basis, as a primary obligor and not merely as a surety, to each holder and to the Trustee and its successors and assigns
(i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all obligations of the Issuer under this Indenture (including obligations to the Trustee) and the Notes, whether for payment
of principal of, premium, if any, or interest on in respect of the Notes and all other monetary obligations of the Issuer under this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other
obligations of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). The Parent Guarantor
further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from the Parent Guarantor, and that the Parent Guarantor shall remain bound under this Article XII notwithstanding any
extension or renewal of any Guaranteed Obligation. 
 (b) The Parent Guarantor waives presentation to, demand of payment from and protest to
the Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. The Parent Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of the Parent Guarantor hereunder
shall not be affected by (i) the failure of any holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement or otherwise;
(ii) any extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the
release of any security held by any holder or the Trustee for the Guaranteed Obligations or the Parent Guarantor; (v) the failure of any holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed
Obligations; or (vi) any change in the ownership of the Parent Guarantor, except as provided in Section 12.02(b). 
 (c) The Parent
Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted as payment of the Issuer’s or the Parent Guarantor’s obligations hereunder prior to any amounts being claimed from or
paid by the Parent Guarantor hereunder. The Parent Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued prior to an action being initiated against the Parent Guarantor. 
  

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 (d) The Parent Guarantor further agrees that its Parent Guarantee herein constitutes a guarantee of
payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any holder or the Trustee to any security held for payment of the Guaranteed Obligations. 
 (e) The Parent Guarantee of the Parent Guarantor is, to the extent and in the manner set forth in Article XII, equal in right of payment to all existing
and future Pari Passu Indebtedness, senior in right of payment to all existing and future Subordinated Indebtedness of the Issuer and subordinated and subject in right of payment to the prior payment in full of the principal of and premium, if any,
and interest on all Secured Indebtedness of the Parent Guarantor and is made subject to such provisions of this Indenture. 
 (f) Except as
expressly set forth in Sections 8.01(b), 12.02 and 12.06, the obligations of the Parent Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise.
Without limiting the generality of the foregoing, the obligations of the Parent Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any holder or the Trustee to assert any claim or demand or to enforce any
remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or
delay to do any other act or thing which may or might in any manner or to any extent vary the risk of the Parent Guarantor or would otherwise operate as a discharge of the Parent Guarantor as a matter of law or equity. 
 (g) The Parent Guarantor agrees that its Parent Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations.
The Parent Guarantor further agrees that its Parent Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is
rescinded or must otherwise be restored by any holder or the Trustee upon the bankruptcy or reorganization of the Issuer or otherwise. 
 (h)
In furtherance of the foregoing and not in limitation of any other right which any holder or the Trustee has at law or in equity against the Parent Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any
Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, the Parent Guarantor hereby promises to and shall, upon
receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid
interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the holders and the Trustee. 
  

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 (i) The Parent Guarantor agrees that it shall not be entitled to any right of subrogation in relation to
the holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations and all obligations to which the Guaranteed Obligations are subordinated as provided in Article XI. The Parent Guarantor
further agrees that, as between it, on the one hand, and the holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the
Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed
Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Parent Guarantor for the purposes of this Section 12.01. 
 (j) The Parent Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) Incurred by the
Trustee or any holder in enforcing any rights under this Section 12.01. 
 (k) Upon request of the Trustee, the Parent Guarantor shall
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 12.02. Limitation on Liability. 
 (a) Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by the Parent Guarantor shall not exceed the maximum amount that can be hereby
guaranteed without rendering this Indenture, as it relates to the Parent Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 (b) The Parent Guarantee shall terminate and be of no further force or effect and the Parent Guarantor shall be deemed to be released from all
obligations under this Article XII upon: 
 (i) the Issuer ceasing to be a Wholly Owned Subsidiary of Harrah’s
Entertainment; 
 (ii) the Issuer’s transfer of all or substantially all of its assets to, or merger with, an entity that
is not a Wholly Owned Subsidiary of Harrah’s Entertainment in accordance with Section 5.01 and such transferee entity assumes the Issuer’s obligations under this Indenture; and 
 (iii) the Issuer’s exercise of its legal defeasance option or covenant defeasance option under Article VIII or if the Issuer’s
obligations under this Indenture are discharged in accordance with the terms of this Indenture. 
 In addition, the Parent Guarantee will be
automatically released upon the election of the Issuer and Notice to the Trustee if the guarantee by Harrah’s Entertainment of the Credit Agreement, the Retained Notes or any Indebtedness which resulted in the obligation to guarantee the Notes
has been released or discharged. 
  

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 SECTION 12.03. Successors and Assigns. This Article XII shall be binding upon the Parent
Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the holders and, in the event of any transfer or assignment of rights by any holder or the Trustee, the rights and privileges
conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 SECTION 12.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the holders in exercising any right, power or
privilege under this Article XII shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the
holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XII at law, in equity, by statute or otherwise. 
 SECTION 12.05. Modification. No modification, amendment or waiver of any provision of this Article XII, nor the consent to any departure by
the Parent Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice to or demand on the Parent Guarantor in any case shall entitle the Parent Guarantor to any other or further notice or demand in the same, similar or other circumstances. 
 SECTION 12.06. Execution of Supplemental Indenture for Future Note Guarantors. Each Subsidiary and other Person which is required to become a
guarantor of the Notes pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a joinder to the Intercreditor Agreement and a supplemental indenture in the form of Exhibit D hereto pursuant to which such Subsidiary or
other Person shall become a guarantor under this Article XII and shall guarantee the Notes. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Opinion of Counsel and an
Officer’s Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent
conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Note Guarantee of such guarantor is a valid and binding
obligation of such guarantor, enforceable against such guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request. 
 SECTION 12.07. Non-Impairment. The failure to endorse a Guarantee on any Note shall not affect or impair the validity thereof. 
  

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 ARTICLE XIII 
 MISCELLANEOUS 
 SECTION 13.01. Trust Indenture Act Controls. If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318 of the TIA,
inclusive, such imposed duties or incorporated provision shall control. 
 SECTION 13.02. Notices. 
 (a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by first-class mail
addressed as follows: 
 if to the Issuer or the Parent Guarantor: 
 Harrah’s Operating Company, Inc. 
 One
Caesar’s Palace Drive 
 Las Vegas, Nevada 89101-8969 
 Telephone: (702) 407-6000 
 Facsimile: (702) 407-6418 
 Attn: General Counsel 
 if to the Trustee:

 U.S. Bank National Association 
 60 Livingston Avenue 
 St. Paul, Minnesota 55107-1419 
 Telephone: (651) 495-3909 
 Facsimile: (651) 495-8097 
 Attn: Corporate Trust Services, Raymond S. Haverstock 
 The
Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 (b)
Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time
prescribed. 
 (c) Failure to mail a notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to
other holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 
 SECTION 13.03. Communication by the Holders with Other Holders. The holders may communicate pursuant to Section 312(b) of the TIA with
other holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and other Persons shall have the protection of Section 312(c) of the TIA. 
  

 114 

 SECTION 13.04. Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee at the request of the Trustee: 
 (a) an Officers’ Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel in form
reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 13.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall
include: 
 (a) a statement that the individual making such certificate or opinion has read such covenant or condition; 
 (b) 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; 
 (c) a statement that, in the opinion of such individual, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a
statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’
Certificate or certificates of public officials. 
 SECTION 13.06. When Notes Disregarded. In determining whether the holders of
the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer, the Parent Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Issuer or the Parent Guarantor shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes
which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 
 SECTION 13.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of the holders. The Registrar and a Paying Agent may make reasonable rules for
their functions. 
  

 115 

 SECTION 13.08. Legal Holidays. If a payment date is not a Business Day, payment shall be made
on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular record date is not a
Business Day, the record date shall not be affected. 
 SECTION 13.09. GOVERNING LAW. THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 SECTION 13.10. No Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity Interests in the Issuer or of the Parent Guarantor or any direct or indirect parent corporation, as such,
shall have any liability for any obligations of the Issuer or the Parent Guarantor under the Notes or this Indenture 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. 
 SECTION 13.11. Successors. All agreements of the Issuer and the Parent Guarantor in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 13.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 SECTION 13.13. Table of
Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not
modify or restrict any of the terms or provisions hereof. 
 SECTION 13.14. Indenture Controls. If and to the extent that any
provision of the Notes limits, qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control. 
 SECTION 13.15. Severability. In case any provision in this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 
 SECTION 13.16.
Intercreditor Agreement. The terms of this Indenture are subject to the terms of the Intercreditor Agreement, dated as of December 24, 2008, by and among Bank of America, N.A., as First Lien Agent, U.S. Bank National Association, as
Trustee, and other parties thereto from time to time. 
 [Remainder of page intentionally left blank] 
  

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

			
	Harrah’s Entertainment, Inc.
		
	By:	 	  

	Name:	 	Jonathan S. Halkyard
	Title:	 	Senior Vice President CFO & Treasurer

  
  
  
  

 [Indenture] 

			
	Harrah’s Operating Company, Inc.
		
	By:	 	  

	Name:	 	Jonathan S. Halkyard
	Title:	 	Senior Vice President CFO & Treasurer

  
  
  
  

 [Indenture] 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	Name:	 	Raymond S. Haverstock
	Title:	 	Vice President

  
  
  
  

 [Indenture] 

 APPENDIX A 
 PROVISIONS RELATING TO INITIAL SECURITIES, ADDITIONAL SECURITIES 
 AND EXCHANGE SECURITIES 
 1. Definitions. 
 1.1 Definitions.

 For the purposes of this Appendix A the following terms shall have the meanings indicated below: 
 “Additional Interest” has the meaning set forth in the Registration Rights Agreement. 
 “Dealer Manager Agreement” means (a) the Dealer Manager Agreement dated November 14, 2008, among the Issuer, the Parent
Guarantor and the Dealer Managers and (b) any other similar Dealer Managers Agreement relating to Additional Notes. 
 “Dealer
Managers” means Citigroup Global Markets Inc. and Banc of America Securities LLC party to the Dealer Manager Agreement entered into in connection with the offers of the Notes. 
 “Definitive Note” means a certificated Initial Note or Exchange Note (bearing the Restricted Notes Legend if the transfer of such Note
is restricted by applicable law) that does not include the Global Notes Legend. 
 “Depository” means The Depository Trust
Issuer, its nominees and their respective successors. 
 “Global Notes Legend” means the legend set forth under that caption
in the applicable Exhibit to this Indenture. 
 “IAI” means an institutional “accredited investor” as described in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “QIB” means a “qualified institutional
buyer” as defined in Rule 144A. 
 “Registered Exchange Offer” means the offer by the Issuer, pursuant to the
Registration Agreement, to certain holders of Initial Notes, to issue and deliver to such holders, in exchange for their Initial Notes, a like aggregate principal amount of Exchange Notes registered under the Securities Act. 
 “Registration Rights Agreement” means (a) the Registration Rights Agreement dated as of December 24, 2008 among the Issuer,
the Parent Guarantor and the Dealer Managers relating to the Notes and (b) any other similar Registration Rights Agreement relating to Additional Notes. 
 “Regulation S” means Regulation S under the Securities Act. 
  

 Appendix A-1 

 “Regulation S Notes” means all Initial Notes offered and sold outside the United States
in reliance on Regulation S. 
 “Restricted Period,” with respect to any Notes, means the period of 40 consecutive days
beginning on and including the later of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be
promptly given by the Issuer to the Trustee, and (b) the Issue Date, and with respect to any Additional Notes that are Transfer Restricted Notes, it means the comparable period of 40 consecutive days. 
 “Restricted Notes Legend” means the legend set forth in Section 2.2(f)(i) herein. 
 “Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Rule 506” means Rule 506 under the Securities Act. 
 “Rule 144A” means Rule 144A under the Securities Act. 
 “Rule 144A Notes”
means all Initial Notes offered and sold to QIBs in reliance on Rule 144A and all Initial Notes offered and sold to IAIs in reliance on Rule 506. 
 “Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository) or any successor person thereto, who shall initially be the Trustee. 
 “Shelf Registration Statement” means a registration statement filed by the Issuer in connection with the offer and sale of Initial Notes
pursuant to the Registration Agreement. 
 “Transfer Restricted Definitive Notes” means Definitive Notes that bear or are
required to bear or are subject to the Restricted Notes Legend. 
 “Transfer Restricted Global Notes” means Global Notes
that bear or are required to bear or are subject to the Restricted Notes Legend. 
 “Unrestricted Definitive Notes” means
Definitive Notes that are not required to bear, or are not subject to, the Restricted Notes Legend. 
 “Unrestricted Global
Notes” means Global Notes that are not required to bear, or are not subject to, the Restricted Notes Legend. 
 1.2 Other
Definitions. 
  

			
	 Term:
	  	Defined in Section:
	 Agent Members
	  	2.1(b)
	 Global Notes
	  	2.1(b)
	 Regulation S Global Notes
	  	2.1(b)
	 Rule 144A Global Notes
	  	2.1(b)

  

 Appendix A-2 

 2. The Notes. 
 2.1 Form and Dating; Global Notes. 
 (a) The Initial Notes issued on the date hereof will be
(i) privately placed by the Issuer pursuant to the Offering Memorandum and (ii) sold, initially only to (1) QIBs in reliance on Rule 144A, (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation
S and (3) IAIs in reliance on Rule 506. Such Initial Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Notes offered
after the date hereof may be offered and sold by the Issuer from time to time pursuant to one or more agreements in accordance with applicable law. 
 (b) Global Notes. (i) Except as provided in clause (c) below, Rule 144A Notes initially shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons (collectively, the
“Rule 144A Global Notes”). 
 Regulation S Notes initially shall be represented by one or more Notes in fully registered,
global form without interest coupons (collectively, the “Regulation S Global Notes”), which shall be registered in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf
of Euroclear or Clearstream. 
 The term “Global Notes” means the Rule 144A Global Notes and the Regulation S Global Notes.
The Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member, (ii) be
delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Notes Legend. 
 Members of, or direct or
indirect participants in, the Depository (collectively, the “Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under
the Global Notes. The Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent
the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of
customary practices governing the exercise of the rights of a holder of any Note. 
 (ii) Transfers of Global Notes shall be
limited to transfer in whole, but not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the
applicable rules and procedures of the Depository and the provisions of Section 2.2. In addition, a Global Note shall be exchangeable for Definitive Notes if (x) the Depository (1) notifies the Issuer that it is unwilling or unable to
continue as depository for such Global Note and the Issuer thereupon fails to appoint a successor depository or (2) has ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an
Event of Default with respect to such Global Note; provided that in no event shall the Regulation S Global Note be exchanged by the Issuer for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt
by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Notes delivered in 

  

 Appendix A-3 

 
exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested by or on
behalf of the Depository in accordance with its customary procedures. 
 (iii) In connection with the transfer of a Global
Note as an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall
authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized
denominations. 
 (iv) Any Transfer Restricted Note delivered in exchange for an interest in a Global Note pursuant to
Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend. 
 (v)
Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in such Regulation S Global Note may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of
Section 2.2. 
 (vi) The holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent
Members and Persons that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes. 
 (c) Definitive Notes. To the extent that the purchaser of a Rule 144A Note is an IAI and is not an Agent Member or otherwise cannot hold a beneficial interest in a Global Note, then such Rule 144A Note shall be
represented by one or more Definitive Notes. 
 2.2 Transfer and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in Section 2.1(b). Global Notes
will not be exchanged by the Issuer for Definitive Notes except under the circumstances described in Section in Section 2.1(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.10 of
this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b) or 2.2(g). 
 (b)
Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the
applicable rules and procedures of the Depository. Beneficial interests in Transfer Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial
interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or
(ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Transfer Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note
in accordance with the transfer restrictions set forth in the Restricted Notes Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be
made to a U.S. Person or for the account or benefit of a U.S. Person. A beneficial interest in an 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 2.2(b)(i). 
  

 Appendix A-4 

 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written order from an Agent
Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository 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 (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase. Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note pursuant to Section 2.2(g). 
 (iii) Transfer of Beneficial Interests to Another Restricted
Global Note. A beneficial interest in a Transfer Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer complies with the
requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 
 (A) if the transferee will take
delivery in the form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note; and 
 (B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must
deliver a certificate in the form attached to the applicable Note. 
 (iv) Transfer and Exchange of Beneficial Interests in
a Transfer Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in a Transfer 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 2.2(b)(ii) above and the Registrar receives the
following: 
 (A) if the holder of such beneficial interest in a Transfer 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 attached to the applicable Note; or 
  

 Appendix A-5 

 (B) if the holder of such beneficial interest in a Transfer 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 attached to the applicable Note, 
 and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depository 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 Restricted Notes Legend are no longer
required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and,
upon receipt of an written order of the Issuer in the form of an Officers’ Certificate in accordance with Section 2.01, 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 or exchanged pursuant to this subparagraph (iv). 
 (v)
Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Transfer Restricted Global Note. 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 Transfer Restricted Global Note. 
 (c) Transfer and Exchange of
Beneficial Interests in Global Notes for Definitive Notes. A beneficial interest in a Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global
Note may not be transferred to a Person who takes delivery thereof in the form of a Definitive Note except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or
exchanged only for Definitive Notes. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes.
Transfers and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (ii) below, as applicable: 
 (i) Transfer Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. If any holder of a Transfer
Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer Restricted Definitive Note 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 Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Note for a beneficial interest in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the
applicable Note; 
  

 Appendix A-6 

 (B) if such Transfer Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 
 (C) if such Transfer Restricted Definitive Note is being transferred to a Non U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to
the applicable Note; 
 (D) if such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 
 (E) if such Transfer Restricted Definitive Note is being transferred to an IAI 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 from such holder in the form attached to the applicable Note, including the certifications, certificates and Opinion of
Counsel, if applicable; or 
 (F) if such Transfer Restricted Definitive Note is being transferred to the Issuer or a
Subsidiary thereof, a certificate from such holder in the form attached to the applicable Note; 
 the Trustee shall cancel the Transfer
Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note. 
 (ii) Transfer Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of a Transfer Restricted Definitive Note may exchange such Transfer Restricted Definitive Note for a
beneficial interest in an Unrestricted Global Note or transfer such Transfer 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 Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted
Definitive Note for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 
 (B) if the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer Restricted Definitive Note 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 attached to the applicable Note, 
  

 Appendix A-7 

 and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and
procedures of the Depository 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 Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Definitive
Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet
been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this subparagraph (ii). 
 (iii)
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or
transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel
the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time
when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes
in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive Notes transferred or exchanged pursuant to this subparagraph (iii). 
 (iv) Unrestricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. An Unrestricted Definitive Note
cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note. 
 (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 2.2(e), the Registrar
shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting holder shall 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 shall provide any additional certifications, documents and information, as
applicable, required pursuant to the following provisions of this Section 2.2(e). 
 (i) Transfer Restricted
Definitive Notes to Transfer Restricted Definitive Notes. A Transfer Restricted Note may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the Registrar
receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the
transferor must deliver a certificate in the form attached to the applicable Note; 
  

 Appendix A-8 

 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities
Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 
 (C) if the transfer will
be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note; 
 (D) if the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other than
those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Note; and 
 (E) if such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable Note. 
 (ii) Transfer Restricted Definitive Notes to Unrestricted Definitive Notes. Any Transfer Restricted Definitive Note may be exchanged by the holder thereof for an Unrestricted Definitive Note or transferred to a
Person who takes delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 
 (A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note; or

 (B) if the holder of such Transfer Restricted Definitive Note 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 attached to the applicable Note, 
 and, in each such case, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Issuer 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 Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act. 
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder of an Unrestricted Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the
form of an Unrestricted Definitive Note at any time. 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. 
  

 Appendix A-9 

 (iv) Unrestricted Definitive Notes to Transfer Restricted Definitive Notes. An
Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note. 
 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 shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. 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 shall be reduced accordingly and an endorsement shall be made on such Global
Note by the Trustee or by the Depository 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 shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 
 (f) Legend. 
 (i) Except as
permitted by the following paragraph (ii), (iii) or (iv), each Note certificate evidencing the Global Notes and the Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the
following form (each defined term in the legend being defined as such for purposes of the legend only): 
 “THIS SECURITY (OR ITS
PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) or (7) UNDER REGULATION D OF THE SECURITIES ACT (AN “IAI”), (2) AGREES
THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(d)(1) (TAKING INTO 

  

 Appendix A-10 

 
ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF APPLICABLE) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS
SECURITY, RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER, HET OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB OR PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED THAT PRIOR TO SUCH TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL
ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE AND PROVIDED THAT PRIOR TO SUCH TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES
ACT), (F) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF
SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NEW SECOND LIEN NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE TRUSTEE THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (G) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS
TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (2)(D) OR 2(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE,
THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE 
  

 Appendix A-11 

 HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED
HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.” 
 Each Definitive Note shall bear the following additional legends: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
FOREGOING RESTRICTIONS.” 
 “THE TERMS OF THIS SECURITY ARE SUBJECT TO THE TERMS OF THE INTERCREDITOR AGREEMENT, DATED DECEMBER 24,
2008, BY AND AMONG BANK OF AMERICA, N.A., AS FIRST LIEN AGENT, U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND THE OTHER PARTIES THERETO FROM TIME TO TIME.” 
 “THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO
MATURITY FOR SUCH NOTES BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE BORROWER AT THE FOLLOWING ADDRESS: HARRAH’S OPERATING COMPANY, INC., ONE CAESAR’S PALACE DRIVE, LAS VEGAS, NEVADA, 89101-8969, ATTENTION: GENERAL COUNSEL.”

 (ii) Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof to
exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar
that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note). 
 (iii) After a transfer of any Initial Notes during the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Notes, all requirements pertaining to the Restricted Notes Legend on
such Initial Notes shall cease to apply and the requirements that any such Initial Notes be issued in global form shall continue to apply. 
 (iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Notes pursuant to which holders of such Initial Notes are offered Exchange 

  

 Appendix A-12 

 
Notes in exchange for their Initial Notes, all requirements pertaining to Initial Notes that Initial Notes be issued in global form shall continue to apply,
and Exchange Notes in global form without the Restricted Notes Legend shall be available to holders that exchange such Initial Notes in such Registered Exchange Offer. 
 (v) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation S, all
requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply. 
 (vi) Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 
 (g) Cancellation or Adjustment of Global Note. 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 shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11 of this
Indenture. 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 shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository 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 shall be increased accordingly and an endorsement shall
be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 
 (h)
Obligations with Respect to Transfers and Exchanges of Notes. 
 (i) To permit registrations of transfers and
exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive Notes and Global Notes at the Registrar’s request. 
 (ii) No service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable
in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of this Indenture). 
 (iii) Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, a Paying Agent or the Registrar may
deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is
overdue, and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 
  

 Appendix A-13 

 (iv) All Notes issued upon any transfer or exchange pursuant to the terms of this
Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (i) No Obligation of the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of
the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of
any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the holders and all payments to be made to the holders under the Notes
shall be given or made only to the registered holders (which shall be the Depository or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the
applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
  

 Appendix A-14 

 EXHIBIT A-1 
 [FORM OF FACE OF INITIAL 2018 NOTE] 
 [Global Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
TO ON THE REVERSE HEREOF. 
 [Restricted Notes Legend] 
 “THIS SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) or (7) UNDER REGULATION D OF THE
SECURITIES ACT (AN “IAI”), (2) AGREES THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(d)(1) (TAKING INTO 

  

 A-1-1 

 
ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF APPLICABLE) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS
SECURITY, RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER, HET OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB OR PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED THAT PRIOR TO SUCH TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL
ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE AND PROVIDED THAT PRIOR TO SUCH TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES
ACT), (F) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF
SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NEW SECOND LIEN NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE TRUSTEE THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (G) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS
TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (2)(D) OR 2(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE,
THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE 
  

 A-1-2 

 HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED
HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.” 
 Each Definitive Note shall bear the following additional legend: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
FOREGOING RESTRICTIONS.” 
 “THE TERMS OF THIS SECURITY ARE SUBJECT TO THE TERMS OF THE INTERCREDITOR AGREEMENT, DATED DECEMBER 24,
2008, BY AND AMONG BANK OF AMERICA, N.A., AS FIRST LIEN AGENT, U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND THE OTHER PARTIES THERETO FROM TIME TO TIME.” 
 “THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO
MATURITY FOR SUCH NOTES BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE BORROWER AT THE FOLLOWING ADDRESS: HARRAH’S OPERATING COMPANY, INC., ONE CAESAR’S PALACE DRIVE, LAS VEGAS, NEVADA, 89101-8969, ATTENTION: GENERAL COUNSEL.”

  

 A-1-3 

 [FORM OF INITIAL 2018 NOTE] 
  

			
	No.	 	$                    

 10.00% Second-Priority Senior Secured Note due 2018 
 144A CUSIP No. 413627 BC3 
 144A ISIN No.
US413627BC37 
 REG S CUSIP No. U24658 AM5 
 REG S ISIN No. USU24658AM51 
 HARRAH’S OPERATING COMPANY, INC., a Delaware corporation, promises to pay to Cede &
Co., or registered assigns, the principal sum of [            ] Dollars on December 15, 2018. 
 Interest Payment Dates: June 15 and December 15 
 Record Dates: June 1 and December 1

 Additional provisions of this Note are set forth on the other side of this Note. 
  

 A-1-4 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 
  

			
	HARRAH’S OPERATING COMPANY, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated: 
  

 A-1-5 

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 U.S. BANK NATIONAL ASSOCIATION
 as Trustee,
certifies that this is one of the Notes
 referred to in the Indenture.

		
	By:	 	  

		 	Authorized Signatory

  

	*/	If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  

 A-1-6 

 [FORM OF REVERSE SIDE OF INITIAL 2018 NOTE] 
 10.00% Second-Priority Senior Secured Note Due 2018 
  

	1.	Interest 

 HARRAH’S OPERATING COMPANY, INC., a
Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at the rate per
annum shown above. The Issuer shall pay interest semiannually on June 15 and December 15 of each year (each an “Interest Payment Date”), commencing June 15, 2009. Interest on the Notes shall accrue from the most
recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from December 24, 2008, until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of
twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  

	2.	Method of Payment 

 The Issuer shall pay interest on
the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on June 1 or December 1 (each a “Record Date”) next preceding the interest payment date even if Notes are canceled
after the record date and on or before the interest payment date (whether or not a Business Day). Holders must surrender Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money
of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by
wire transfer of immediately available funds to the accounts specified by The Depository Trust Issuer or any successor depositary. The Issuer shall make all payments in respect of a certificated Note (including principal, premium, if any, and
interest) at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes
may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer
by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

  

	3.	Paying Agent and Registrar 

 Initially, U.S. Bank
National Association (the “Trustee”), will act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent or Registrar without notice. The Issuer or any of its domestically incorporated Wholly Owned
Subsidiaries may act as Paying Agent or Registrar. 
  

 A-1-7 

	4.	Indenture 

 The Issuer issued the Notes under an
Indenture dated as of December 24, 2008 (the “Indenture”), among the Issuer, the Parent Guarantor 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 Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa 77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement of such terms and provisions 
 The Notes are second-priority senior secured obligations of the Issuer. This Note is one of the Initial Notes referred to in the Indenture. The Notes
include the Initial Notes, any Additional Notes and any Exchange Notes issued in exchange for the Initial Notes or any Additional Notes pursuant to the Indenture. The Initial Notes, any Additional Notes and any Exchange Notes are treated as a single
class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other
distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such Restricted Subsidiaries,
enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer, each Subsidiary Pledgor and the Parent Guarantor to consolidate or merge with
or into any other Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the due and punctual payment
of the principal and interest on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the
Notes and the Indenture, the Parent Guarantor has unconditionally guaranteed the Guaranteed Obligations on a senior unsecured basis pursuant to the terms of the Indenture. 
  

	5.	Optional Redemption 

 On or after December 15,
2013, the Issuer may redeem the 2018 Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at the
following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on December 15 of the years set forth below: 
  

				
	 Period
	  	Redemption Price	 
	 2013
	  	105.000	%
	 2014
	  	103.333	%
	 2015
	  	101.667	%
	 2016 and thereafter
	  	100.000	%

  

 A-1-8 

 In addition, prior to December 15, 2013, the Issuer may redeem the 2018 Notes at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to 100% of the principal amount of the
2018 Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and additional interest, if any, to, the applicable redemption date (subject to the right of holders of record on the relevant record date to receive
interest due on the relevant interest payment date). 
 Notwithstanding the foregoing, at any time and from time to time on or prior to
December 15, 2011, the Issuer may redeem in the aggregate up to 35% of the original aggregate principal amount of the 2018 Notes (calculated after giving effect to any issuance of additional 2018 Notes) with the net cash proceeds of one or more
Equity Offerings (1) by the Issuer or (2) by any direct or indirect parent of the Issuer to the extent the net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase Capital Stock (other than
Disqualified Stock) of the Issuer from it, at a redemption price (expressed as a percentage of principal amount thereof) of 110.00%, plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the
right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 50% of the original aggregate principal amount of the 2018 Notes (calculated after
giving effect to any issuance of additional 2018 Notes) must remain outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is
consummated upon not less than 30 nor more than 60 days’ notice mailed to each holder of 2018 Notes being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
  

	6.	Mandatory Redemption 

 a. Except as set forth below,
the Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the 2018 Notes. 
 b. If the 2018
Notes would otherwise constitute “applicable high yield discount obligations” within the meaning of 163(i)(1) of the Code, at the end of each accrual period ending after the fifth anniversary of the 2018 Notes’ issuance (each, any
“AHYDO redemption date”), the Issuer will be required to redeem for cash a portion of each 2018 Note then outstanding equal to the “Mandatory Principal Redemption Amount” (such redemption a “Mandatory Principal
Redemption”). The redemption price for the portion of each 2018 Note redeemed pursuant to a Mandatory Principal Redemption will be 100% of the principal amount of such portion plus any accrued interest thereon on the date of
redemption. The “Mandatory Principal Redemption Amount” means the portion of a 2018 Note that must be required to be redeemed to prevent such 2018 Note from being treated as an “applicable high yield discount obligation” within
the meaning of Section 163(i)(1) of the Code. No partial redemption or repurchase of the 2018 Notes prior to the AHYDO redemption date pursuant to any other provision of the indenture will alter the Issuer’s obligation to make the
Mandatory Principal Redemption with respect to any 2018 Notes that remain outstanding on the AHYDO redemption date. 
  

 A-1-9 

	7.	Notice of Redemption 

 Notice of redemption will be
mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed at his, her or its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only
in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption
date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 
  

	8.	Repurchase of Notes at the Option of the holders upon Change of Control and Asset Sales 

 Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in the Indenture, to cause the
Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the
holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events. 
  

	9.	Ranking and Collateral 

 These Notes are secured by
a second-priority security interest in the Collateral pursuant to certain Security Documents. The Second Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking
to all present and future First Priority Liens and will be of equal ranking with all present and future Liens securing Other Second-Lien Obligations as set forth in the Intercreditor Agreement. 
  

	10.	Denominations; Transfer; Exchange 

 The Notes are in
registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000. A holder shall register the transfer of or exchange of Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the
Registrar and the Trustee may require a holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or
exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a period of 15 days prior to a selection of Notes to be redeemed.

  

	11.	Persons Deemed Owners 

 The registered holder of
this Note shall be treated as the owner of it for all purposes. 
  

 A-1-10 

	12.	Unclaimed Money 

 If money for the payment of
principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuer at their written request unless an abandoned property law designates another Person. After any such payment, the holders
entitled to the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 
  

	13.	Discharge and Defeasance 

 Subject to certain
conditions, the Issuer at any time may terminate some of or all its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to
redemption or maturity, as the case may be. 
  

	14.	Amendment; Waiver 

 Subject to certain exceptions
set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding Notes of such series and (ii) any past default or
compliance with any provisions may be waived with the written consent of the holders of at least a majority in principal amount of the outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any holder,
the Issuer and the Trustee may amend the Indenture, the Security Documents, the Intercreditor Agreement or the Notes (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to provide for the assumption by a Successor Issuer of
the obligations of the Issuer under the Indenture and the Notes; (iii) to provide for the assumption by a Successor Subsidiary Pledgor of the obligations of a Subsidiary Pledgor under the Indenture and the Security Documents; (iv) to
provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f)(2)(B) of the Code); (v) to conform the text of the Indenture, the Notes, the Security Documents, or the Intercreditor Agreement, to any provision of the “Description of New
Second Lien Notes” in the Offering Memorandum to the extent that such provision in the “Description of New Second Lien Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Notes, the Security
Documents, or the Intercreditor Agreement; (vi) to add a Subsidiary Pledgor with respect to the Notes or to add Collateral to secure the Notes; (vii) to add additional covenants of the Issuer for the benefit of the holders or to surrender
rights and powers conferred on the Issuer; (viii) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; (ix) to make any change that does not adversely affect the rights
of any holder; (x) to provide for the issuance of the Exchange Notes or Additional Notes; (xi) to release Collateral as permitted by the Indenture or the Intercreditor Agreement; or (xii) to add additional secured creditors holding
Other Second-Lien Obligations so long as such obligations are not prohibited by the Indenture or the Security Documents. 
  

	15.	Defaults and Remedies 

 If an Event of Default
occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) and is continuing, the Trustee 

  

 A-1-11 

 
or the holders of at least 30% in principal amount of the outstanding Notes of such series, in each case, by notice to the Issuer, may declare the principal
of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer occurs, the principal of, premium, if any, and
interest on all the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of the outstanding Notes
may rescind any such acceleration with respect to the Notes and its consequences. 
 If an Event of Default occurs and is continuing, the
Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security against any loss,
liability or expense and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture or the Notes
unless (i) such holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the holders of at least 30% in principal amount of the outstanding Notes of the applicable series have requested the Trustee in
writing to pursue the remedy, (iii) such holders have offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the
request and the offer of security or indemnity and (v) the holders of a majority in principal amount of the outstanding Notes of the applicable series have not given the Trustee a direction inconsistent with such request within such 60-day
period. Subject to certain restrictions, the holders of a majority in principal amount of the outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder or that
would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not
taking such action. 
  

	16.	Trustee Dealings with the Issuer 

 Subject to
certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates
and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 
  

	17.	No Recourse Against Others 

 No director, officer,
employee, incorporator or holder of any equity interests in the Issuer or of the Parent Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer or the Parent Guarantor under the
Notes, the Indenture 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. 
  

 A-1-12 

	18.	Authentication 

 This Note shall not be valid until
an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
  

	19.	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 rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act). 
  

	20.	Governing Law 

 THIS SECURITY SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
  

	21.	CUSIP Numbers; ISINs 

 The Issuer has caused CUSIP
numbers and ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the 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. 
 The Issuer will furnish to any holder of Notes upon written request and without charge to the holder a copy of the Indenture which has in it the text of this Note. 
  

 A-1-13 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to: 
  
  
 (Print or type assignee’s name, address and zip code) 
  
  
 (Insert assignee’s soc. sec. or tax I.D. No.)

 and irrevocably appoint                      agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

							
	Date:                     	 		 	Your Signature:	 	  

  
  
 Sign exactly as your name appears on the other side of this Note. 
 Signature
Guarantee: 
  

					
	Date:                     	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  

 A-1-14 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 
 REGISTRATION OF TRANSFER RESTRICTED SECURITIES 
 This certificate relates to
$             principal amount of Notes held in (check applicable space)              book-entry or
             definitive form by the undersigned. 
 The undersigned (check one box below):

  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depository a Note or Notes in definitive, registered
form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above); 

  

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144(k) under the Securities Act, the undersigned confirms that such
Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 
  

					
	 (1)
	  	 ̈	  	to the Issuer; or
			
	 (2)
	  	 ̈	  	to the Registrar for registration in the name of the holder, without transfer; or
			
	 (3)
	  	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	 (4)
	  	 ̈	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account
of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	 (5)
	  	 ̈	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note
shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
			
	 (6)
	  	 ̈	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter
containing certain representations and agreements; or
			
	 (7)
	  	 ̈	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced
by this certificate in the name of any Person other than the registered holder 

  

 A-1-15 

 
thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Trustee may require, prior to registering any
such transfer of the Notes, such legal opinions, certifications and other information as the Issuer or the Trustee have reasonably requested 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 of 1933. 
  

					
	Date:                    	 	Your Signature:	 	  

	
	  

	Sign exactly as your name appears on the other side of this Note.
			
	Signature Guarantee:	 		 	

  

					
	Date:                     	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  

 A-1-16 

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

			
	Date:                     	 	  

		 	NOTICE: To be executed by an executive officer

  

 A-1-17 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of
this Global Note is $            . The following increases or decreases 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
Notes Custodian

  

 A-1-18 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture,
check the box: 
 Asset Sale   ̈                                    
    Change of Control   ̈ 
 If you want to elect to have only part of this
Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000): 
 $ 
  

							
	Date:                     	 		 	Your Signature:	 	  

		 		 		 	(Sign exactly as your name appears on the other side of this Note)

  

					
	Signature Guarantee:	 	  
	 	
		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	

  

 A-1-19 

 EXHIBIT A-2 
 [FORM OF FACE OF INITIAL 2015 NOTE] 
 [Global Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
TO ON THE REVERSE HEREOF. 
 [Restricted Notes Legend] 
 “THIS SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) or (7) UNDER REGULATION D OF THE
SECURITIES ACT (AN “IAI”), (2)

  

 A-2-1 

 
AGREES THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(d)(1) (TAKING INTO ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT,
IF APPLICABLE) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS SECURITY, RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER, HET OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE HOLDER
REASONABLY BELIEVES IS A QIB OR PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT PROVIDED THAT PRIOR TO SUCH TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE AND PROVIDED THAT PRIOR TO SUCH TRANSFER, THE TRUSTEE IS FURNISHED WITH AN OPINION OF
COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT), (F) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NEW SECOND LIEN NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE
TRUSTEE THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT
IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (2)(D) OR 2(E) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN 

  

 A-2-2 

 
CONNECTION WITH ANY TRANSFER OF THIS SECURITY OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN
TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.” 
 Each Definitive Note shall bear the following additional legend: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 
 “THE TERMS OF THIS
SECURITY ARE SUBJECT TO THE TERMS OF THE INTERCREDITOR AGREEMENT, DATED DECEMBER 24, 2008, BY AND AMONG BANK OF AMERICA, N.A., AS FIRST LIEN AGENT, U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND THE OTHER PARTIES THERETO FROM TIME TO TIME.”

 “THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY
OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTES BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE BORROWER AT THE FOLLOWING ADDRESS: HARRAH’S OPERATING COMPANY, INC., ONE
CAESAR’S PALACE DRIVE, LAS VEGAS, NEVADA, 89101-8969, ATTENTION: GENERAL COUNSEL.” 
  

 A-2-3 

 [FORM OF INITIAL 2015 NOTE] 
  

			
	No.	 	$            

 10.00% Second-Priority Senior Secured Note due 2015 
 144A CUSIP No. 413627 BA7 
 144A ISIN No.
US413627BA70 
 REG S CUSIP No. U24658 AL7 
 REG S ISIN No. USU24658AL78 
 HARRAH’S OPERATING COMPANY, INC., a Delaware corporation, promises to pay to Cede &
Co., or registered assigns, the principal sum of [            ] Dollars on December 15, 2015. 
 Interest Payment Dates: June 15 and December 15 
 Record Dates: June 1 and December 1

 Additional provisions of this Note are set forth on the other side of this Note. 
  

 A-2-4 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 
  

					
		 	HARRAH’S OPERATING COMPANY, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
	Dated:	 		 	

  

 A-2-5 

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 U.S. BANK NATIONAL ASSOCIATION as Trustee, certifies that this is one of the Notes referred to in the
Indenture.

		
	By:	 	  

		 	Authorized Signatory

  

	*/	If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  

 A-2-6 

 [FORM OF REVERSE SIDE OF INITIAL 2015 NOTE] 
 10.00% Second-Priority Senior Secured Note Due 2015 
 1. Interest 
 HARRAH’S OPERATING COMPANY, INC., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred
to, being herein called the “Issuer”), promises to pay interest on the principal amount of this 2015 Note at the rate per annum shown above. The Issuer shall pay interest semiannually on June 15 and December 15 of each
year (each an “Interest Payment Date”), commencing June 15, 2009. Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly
provided for, from December 24, 2008, until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Notes, and
it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 2. Method of Payment 
 The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on June 1
or December 1 (each a “Record Date”) next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date (whether or not a Business Day). Holders must surrender
Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.
Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Issuer or any
successor depositary. The Issuer shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be
made by mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to
a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
 3. Paying Agent and
Registrar 
 Initially, U.S. Bank National Association (the “Trustee”), will act as Paying Agent and Registrar. The
Issuer may appoint and change any Paying Agent or Registrar without notice. The Issuer or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

 A-2-7 

 4. Indenture 
 The Issuer issued the Notes under an Indenture dated as of December 24, 2008 (the “Indenture”), among the Issuer, the Parent Guarantor 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 Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa 77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have
the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement of such terms and provisions

 The Notes are second-priority senior secured obligations of the Issuer. This Note is one of the Initial Notes referred to in the
Indenture. The Notes include the Initial Notes, any Additional Notes and any Exchange Notes issued in exchange for the Initial Notes or any Additional Notes pursuant to the Indenture. The Initial Notes, any Additional Notes and any Exchange Notes
are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments,
pay dividends and other distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such
Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer, each Subsidiary Pledgor and the Parent Guarantor to
consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the
due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise,
according to the terms of the Notes and the Indenture, the Parent Guarantor has unconditionally guaranteed the Guaranteed Obligations on a senior unsecured basis pursuant to the terms of the Indenture. 
 5. Optional Redemption 
 On or after December 15,
2012, the Issuer may redeem the 2015 Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at the
following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on December 15 of the years set forth below: 
  

				
	 Period
	  	Redemption Price	 
	 2012
	  	105.000	%
	 2013
	  	102.500	%
	 2014 and thereafter
	  	100.000	%

  

 A-2-8 

 In addition, prior to December 15, 2012, the Issuer may redeem the 2015 Notes at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to 100% of the principal amount of the
2015 Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and additional interest, if any, to, the applicable redemption date (subject to the right of holders of record on the relevant record date to receive
interest due on the relevant interest payment date). 
 Notwithstanding the foregoing, at any time and from time to time on or prior to
December 15, 2011, the Issuer may redeem in the aggregate up to 35% of the original aggregate principal amount of the 2015 Notes (calculated after giving effect to any issuance of additional 2015 Notes) with the net cash proceeds of one or more
Equity Offerings (1) by the Issuer or (2) by any direct or indirect parent of the Issuer to the extent the net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase Capital Stock (other than
Disqualified Stock) of the Issuer from it, at a redemption price (expressed as a percentage of principal amount thereof) of 110.00%, plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the
right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 50% of the original aggregate principal amount of the 2015 Notes (calculated after giving
effect to any issuance of additional 2015 Notes) must remain outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not
less than 30 nor more than 60 days’ notice mailed to each holder of 2015 Notes being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
 6. Mandatory Redemption 
 a. Except as set forth below, the Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the 2018 Notes. 
 b. If the 2015 Notes would otherwise constitute
“applicable high yield discount obligations” within the meaning of 163(i)(1) of the Code, at the end of each accrual period ending after the fifth anniversary of the 2015 Notes’ issuance (each, any “AHYDO redemption
date”), the Issuer will be required to redeem for cash a portion of each 2018 Note then outstanding equal to the “Mandatory Principal Redemption Amount” (such redemption a “Mandatory Principal Redemption”). The
redemption price for the portion of each 2018 Note redeemed pursuant to a Mandatory Principal Redemption will be 100% of the principal amount of such portion plus any accrued interest thereon on the date of redemption. The “Mandatory
Principal Redemption Amount” means the portion of a 2015 Note that must be required to be redeemed to prevent such 2015 Note from being treated as an “applicable high yield discount obligation” within the meaning of
Section 163(i)(1) of the Code. No partial redemption or repurchase of the 2015 Notes prior to the AHYDO redemption date pursuant to any other provision of the indenture will alter the Issuer’s obligation to make the Mandatory Principal
Redemption with respect to any 2015 Notes that remain outstanding on the AHYDO redemption date. 
  

 A-2-9 

 7. Notice of Redemption 
 Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed at his, her or its registered address. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the redemption
date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 
 8. Repurchase of Notes at the Option of the holders upon Change of Control and Asset Sales 
 Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in the Indenture, to cause the
Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the
holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events. 
 9. Ranking and Collateral 
 These Notes are secured by a second-priority security interest in the
Collateral pursuant to certain Security Documents. The Second Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to all present and future First Priority
Liens and will be of equal ranking with all present and future Liens securing Other Second-Lien Obligations as set forth in the Intercreditor Agreement. 
 10. Denominations; Transfer; Exchange 
 The Notes are in registered form, without coupons, in denominations of $2,000 and any
integral multiple of $1,000. A holder shall register the transfer of or exchange of Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a period of 15 days prior to a selection of Notes to be redeemed. 
  

 A-2-10 

 11. Persons Deemed Owners 
 The registered holder of this Note shall be treated as the owner of it for all purposes. 
 12. Unclaimed Money

 If money for the payment of principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back
to the Issuer at their written request unless an abandoned property law designates another Person. After any such payment, the holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent
shall have no further liability with respect to such monies. 
 13. Discharge and Defeasance 
 Subject to certain conditions, the Issuer at any time may terminate some of or all its obligations under the Notes and the Indenture if the Issuer
deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 
 14. Amendment; Waiver 
 Subject to certain exceptions set forth in the Indenture, (i) the
Indenture or the Notes may be amended with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding Notes of such series and (ii) any past default or compliance with any provisions may be waived
with the written consent of the holders of at least a majority in principal amount of the outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the
Indenture, the Security Documents, the Intercreditor Agreement or the Notes (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under the
Indenture and the Notes; (iii) to provide for the assumption by a Successor Subsidiary Pledgor of the obligations of a Subsidiary Pledgor under the Indenture and the Security Documents; (iv) to provide for uncertificated Notes in addition
to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in
Section 163(f)(2)(B) of the Code); (v) to conform the text of the Indenture, the Notes or the Intercreditor Agreement, to any provision of the “Description of New Second Lien Notes” in the Offering Memorandum to the extent
that such provision in the “Description of New Second Lien Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Notes, the Security Documents or the Intercreditor Agreement; (vi) to add a
Subsidiary Pledgor with respect to the Notes or to add Collateral to secure the Notes; (vii) to add additional covenants of the Issuer for the benefit of the holders or to surrender rights and powers conferred on the Issuer; (viii) to
comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; (ix) to make any change that does not adversely affect the rights of any holder; or (x) to provide for the issuance of
the Exchange Notes or Additional Notes; (xi) to release Collateral as permitted by the Indenture or the Intercreditor Agreement; or (xii) to add additional secured creditors holding Other Second-Lien Obligations so long as such obligations
are not prohibited by the Indenture or the Security Documents 
  

 A-2-11 

 15. Defaults and Remedies 
 If an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) and is continuing, the Trustee or the holders of at least 30% in
principal amount of the outstanding Notes of such series, in each case, by notice to the Issuer, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable. If an Event of Default relating
to certain events of bankruptcy, insolvency or reorganization of the Issuer occurs, the principal of, premium, if any, and interest on all the Notes shall become immediately due and payable without any declaration or other act on the part of the
Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 
 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at
the request or direction of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense and certain other conditions are complied with. Except to enforce the right to
receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture or the Notes unless (i) such holder has previously given the Trustee notice that an Event of Default is
continuing, (ii) the holders of at least 30% in principal amount of the outstanding Notes of the applicable series have requested the Trustee in writing to pursue the remedy, (iii) such holders have offered the Trustee reasonable security
or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the holders of a majority in principal
amount of the outstanding Notes of the applicable series have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain restrictions, the holders of a majority in principal amount of the
outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow
any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture,
the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 16. Trustee Dealings with the Issuer 
 Subject to certain limitations imposed by the TIA, the Trustee
under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its
Affiliates with the same rights it would have if it were not Trustee. 
  

 A-2-12 

 17. No Recourse Against Others 
 No director, officer, employee, incorporator or holder of any equity interests in the Issuer or of the Parent Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any
obligations of the Issuer or the Parent Guarantor under the Notes, the Indenture 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. 
 18. Authentication 
 This
Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
 19. 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 rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
 20. Governing Law 
 THIS SECURITY SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 21. CUSIP Numbers; ISINs

 The Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the Trustee to use CUSIP numbers and ISINs in
notices of redemption as a convenience to the 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. 
 The Issuer will furnish to any holder of Notes upon written request and without charge to the
holder a copy of the Indenture which has in it the text of this Note. 
  

 A-2-13 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to: 
  

			
	  

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

	(Insert assignee’s soc. sec. or tax I.D. No.)
	
	 and irrevocably appoint              agent to transfer this Note on
the books of the Issuer. The agent may substitute another to act for him.

									
					
	Date:	 	  
	 		 	Your Signature:	 	  

			
	
	  

	 Sign exactly as your name appears on the other side of this Note.

	
	Signature Guarantee:

							
				
	Date:	 	  
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 		 	Signature of Signature Guarantee

  

 A-2-14 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 
 REGISTRATION OF TRANSFER RESTRICTED SECURITIES 
 This certificate relates to
$             principal amount of Notes held in (check applicable space)              book-entry or
             definitive form by the undersigned. 
 The undersigned (check one box below):

  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Note held by the Depository a Note or Notes in definitive, registered
form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above); 

  

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144(k) under the Securities Act, the undersigned confirms that such
Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 
  

					
	(1)	  	 ̈	  	to the Issuer; or
			
	(2)	  	 ̈	  	to the Registrar for registration in the name of the holder, without transfer; or
			
	(3)	  	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(4)	  	 ̈	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of
a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	(5)	  	 ̈	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Note shall
be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
			
	(6)	  	 ̈	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter
containing certain representations and agreements; or
			
	(7)	  	 ̈	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  

 A-2-15 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by
this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Trustee may require, prior to registering any such transfer of the
Notes, such legal opinions, certifications and other information as the Issuer or the Trustee have reasonably requested 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 of 1933. 
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

									
	
	  

	Sign exactly as your name appears on the other side of this Note.
	
	Signature Guarantee:
				
	Date:	 	  
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 	Signature of Signature Guarantee

  

 A-2-16 

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Date:	 	  
	 		  	  

		 		 		  	NOTICE: To be executed by an executive officer

  

 A-2-17 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of
this Global Note is $            . The following increases or decreases 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 Notes
Custodian

  
  

 A-2-18 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture,
check the box: 
 Asset Sale   ̈                    Change of Control   ̈ 
 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the
Indenture, state the amount ($2,000 or any integral multiple of $1,000): 
 $ 
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

		 		 		 		 	(Sign exactly as your name appears on the other side of this Note)

					
			
	Signature Guarantee:	 	  
	 	
		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	

  

 A-2-19 

 EXHIBIT B-1 
 [FORM OF FACE OF 2018 EXCHANGE NOTE] 
 [Global Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
TO ON THE REVERSE HEREOF. 
 THE TERMS OF THIS SECURITY ARE SUBJECT TO THE TERMS OF THE INTERCREDITOR AGREEMENT, DATED DECEMBER 24, 2008, BY
AND AMONG BANK OF AMERICA, N.A., AS FIRST LIEN AGENT AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND THE OTHER PARTIES THERETO FROM TIME TO TIME. 
  

 B-1-1 

			
	No.	 	$                    

 10.00% Second-Priority Senior Secured Note due 2018 
 CUSIP No.              
 ISIN No.              
 HARRAH’S OPERATING COMPANY, INC., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of Dollars on December 15, 2018. 
 Interest Payment Dates: June 15 and December 15 
 Record Dates: June 1 and December 1 
 Additional provisions of this Note are set forth on the
other side of this Note. 
  

 B-1-2 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 
  

			
	HARRAH’S OPERATING COMPANY, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated: 
  

 B-1-3 

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee, certifies that this is one of the Notes referred to in the
Indenture.

		
	By:	 	  

		 	Authorized Signatory

  

	*/	If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  

 B-1-4 

 [FORM OF REVERSE SIDE OF 2018 EXCHANGE NOTE] 
 10.00% Second-Priority Senior Secured Note due 2018 
 1. Interest 
 Harrah’s Operating Company, Inc., a Delaware corporation (such corporation, and its successors and assigns under the indenture hereinafter referred
to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Issuer shall pay interest semiannually on June 15 and December 15 of each year
(each an “Interest Payment Date”), commencing June 15, 2009. Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided
for, from December 24, 2008 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Notes, and it shall
pay interest on overdue installments of interest at the same rate to the extent lawful. 
 2. Method of Payment 
 The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on June 1
or December 1 (each a “Record Date”) next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date (whether or not a Business Day). Holders must surrender
Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.
Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Issuer or any
successor depositary. The Issuer shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest), at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be
made by mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to
a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
 3. Paying Agent and
Registrar 
 Initially, U.S. Bank National Association (the “Trustee”), will act as Paying Agent and Registrar. The
Issuer may appoint and change any Paying Agent or Registrar without notice. The Issuer or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

 B-1-5 

 4. Indenture 
 The Issuer issued the Notes under an Indenture dated as of December 24, 2008 (the “Indenture”), among the Issuer, the Parent Guarantor 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 Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa 77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have
the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement of such terms and provisions.

 The Notes are second-priority senior secured obligations of the Issuer. This Note is one of the Exchange Notes referred to in the
Indenture. The Notes include the Initial Notes, any Additional Notes and any Exchange Notes issued in exchange for the Initial Notes or any Additional Notes pursuant to the Indenture. The Initial Notes, any Additional Notes and any Exchange Notes
are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments,
pay dividends and other distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such
Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer, each Subsidiary Pledgor and the Parent Guarantor to
consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the
due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise,
according to the terms of the Notes and the Indenture, the Parent Guarantor has unconditionally guaranteed the Guaranteed Obligations on a second-priority senior unsecured basis pursuant to the terms of the Indenture. 
 5. Optional Redemption 
 On or after December 15,
2013, the Issuer may redeem the 2018 Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at the
following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on December 15 of the years set forth below: 
  

				
	 Period
	  	Redemption Price	 
	 2013
	  	105.000	%
	 2014
	  	103.333	%
	 2015
	  	101.667	%
	 2016 and thereafter
	  	100.000	%

  

 B-1-6 

 In addition, prior to December 15, 2013, the Issuer may redeem the 2018 Notes at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to 100% of the principal amount of the
2018 Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and additional interest, if any, to, the applicable redemption date (subject to the right of holders of record on the relevant record date to receive
interest due on the relevant interest payment date). 
 Notwithstanding the foregoing, at any time and from time to time on or prior to
December 15, 2011, the Issuer may redeem in the aggregate up to 35% of the original aggregate principal amount of the 2018 Notes (calculated after giving effect to any issuance of additional 2018 Notes) with the net cash proceeds of one or more
Equity Offerings (1) by the Issuer or (2) by any direct or indirect parent of the Issuer to the extent the net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase Capital Stock (other than
Disqualified Stock) of the Issuer from it, at a redemption price (expressed as a percentage of principal amount thereof) of 110.00%, plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the
right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 50% of the original aggregate principal amount of the 2018 Notes (calculated after giving
effect to any issuance of additional 2018 Notes) must remain outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not
less than 30 nor more than 60 days’ notice mailed to each holder of 2018 Notes being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
 6. Mandatory Redemption 
 a. Except as set forth below, the Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the 2018 Notes. 
 b. If the 2018 Notes would otherwise constitute
“applicable high yield discount obligations” within the meaning of 163(i)(1) of the Code, at the end of each accrual period ending after the fifth anniversary of the 2018 Notes’ issuance (each, any “AHYDO redemption
date”), the Issuer will be required to redeem for cash a portion of each 2018 Note then outstanding equal to the “Mandatory Principal Redemption Amount” (such redemption a “Mandatory Principal Redemption”). The
redemption price for the portion of each 2018 Note redeemed pursuant to a Mandatory Principal Redemption will be 100% of the principal amount of such portion plus any accrued interest thereon on the date of redemption. The “Mandatory
Principal Redemption Amount” means the portion of a 2018 Note that must be required to be redeemed to prevent such 2018 Note from being treated as an “applicable high yield discount obligation” within the meaning of
Section 163(i)(1) of the Code. No partial redemption or repurchase of the 2018 Notes prior to the AHYDO redemption date pursuant to any other provision of the indenture will alter the Issuer’s obligation to make the Mandatory Principal
Redemption with respect to any 2018 Notes that remain outstanding on the AHYDO redemption date. 
  

 B-1-7 

 7. Notice of Redemption 
 Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed at his, her or its registered address. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the redemption
date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 
 8. Repurchase of Notes at the Option of the holders upon Change of Control and Asset Sales 
 Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in the Indenture, to cause the
Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the
holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events. 
 9. Ranking and Collateral 
 These Notes are secured by a second-priority security interest in the
Collateral pursuant to certain Security Documents. The Second Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to all present and future First Priority
Liens and will be of equal ranking with all present and future Liens securing Other Second-Lien Obligations as set forth in the Intercreditor Agreement. 
 10. Denominations; Transfer; Exchange 
 The Notes are in registered form, without coupons, in denominations of $2,000 and any
integral multiple of $1,000. A holder shall register the transfer of or exchange of Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a period of 15 days prior to a selection of Notes to be redeemed. 
 11. Persons Deemed Owners 
 The registered holder of this Note shall be treated as the owner of it for
all purposes. 
  

 B-1-8 

 12. Unclaimed Money 
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuer at their written request unless an abandoned property law
designates another Person. After any such payment, the holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 

13. Discharge and Defeasance 
 Subject to certain
conditions, the Issuer at any time may terminate some of or all its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to
redemption or maturity, as the case may be. 
 14. Amendment; Waiver 
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the holders of at least a majority in aggregate principal amount of the
outstanding Notes of each series and (ii) any past default or compliance with any provisions may be waived with the written consent of the holders of at least a majority in principal amount of the outstanding Notes. Subject to certain
exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture, the Security Documents, the Intercreditor Agreement or the Notes (i) to cure any ambiguity, omission, defect or
inconsistency; (ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under the Indenture and the Notes; (iii) to provide for the assumption by a Successor Subsidiary Pledgor of the obligations of a
Subsidiary Pledgor under the Indenture and the Security Documents; (iv) to provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for
purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code); (v) to conform the text of the Indenture, the Notes, the Security Documents or the
Intercreditor Agreement, to any provision of the “Description of New Second Lien Notes” in the Offering Memorandum to the extent that such provision in the “Description of New Second Lien Notes” was intended to be a
verbatim recitation of a provision of the Indenture, the Notes, the Security Documents or the Intercreditor Agreement; (vi) to add a Subsidiary Pledgor with respect to the Notes or to add Collateral to secure the Notes; (vii) to add
additional covenants of the Issuer for the benefit of the holders or to surrender rights and powers conferred on the Issuer; (viii) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture
under the TIA; (ix) to make any change that does not adversely affect the rights of any holder; (x) to provide for the issuance of the Exchange Notes or Additional Notes; (xi) to release Collateral as permitted by the Indenture or the
Intercreditor Agreement; or (xi) to add additional secured creditors holding Other Second-Lien Obligations so long as such obligations are not prohibited by the Indenture or the Security Documents. 
 15. Defaults and Remedies 
 If an Event of Default
occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) and is continuing, the Trustee 

  

 B-1-9 

 
or the holders of at least 30% in principal amount of the outstanding Notes, in each case, by notice to the Issuer, may declare the principal of, premium, if
any, and accrued but unpaid interest on all the Notes to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer occurs, the principal of, premium, if any, and interest on all
the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of the outstanding Notes may rescind any
such acceleration with respect to the Notes and its consequences. 
 If an Event of Default occurs and is continuing, the Trustee shall be
under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense
and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture or the Notes unless (i) such
holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the holders of at least 30% in principal amount of the outstanding Notes of the applicable series have requested the Trustee in writing to pursue the
remedy, (iii) such holders have offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer
of security or indemnity and (v) the holders of a majority in principal amount of the outstanding Notes of the applicable series have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
restrictions, the holders of a majority in principal amount of the outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in
personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 16. Trustee Dealings with the Issuer 
 Subject to
certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates
and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 
 17. No Recourse Against Others

 No director, officer, employee, incorporator or holder of any equity interests in the Issuer or of any Subsidiary Pledgor or any direct or
indirect parent corporation, as such, shall have any liability for any obligations of the Issuer or the Subsidiary Pledgors under the Notes, the Indenture 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. 
  

 B-1-10 

 18. Authentication 
 This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
 19. 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 rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift
to Minors Act). 
 20. Governing Law 
 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 21. CUSIP Numbers; ISINs 
 The Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the
Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the 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. 
 The Issuer will furnish to any holder of Notes upon written request
and without charge to the holder a copy of the Indenture which has in it the text of this Note. 
  

 B-1-11 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to: 
  
  
 (Print or type assignee’s name, address and zip code) 
  
  
 (Insert assignee’s soc. sec. or tax I.D. No.)

 and irrevocably appoint                      agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

							
	 Date:
                    
	 		 	Your Signature:	 	  

  
  
 Sign exactly as your name appears on the other side of this Note. 
 Signature
Guarantee: 
  

					
	Date:                     	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  

 B-1-12 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture,
check the box: 
 Asset Sale   ̈                                    
    Change of Control   ̈ 
 If you want to elect to have only part of this
Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000): 
 $ 
  

							
	Date:                     	 		 	Your Signature	 	  

		 		 		 	(Sign exactly as your name appears on the other side of this Note)

  

					
	Signature Guarantee:	 	  
	 	
		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	

  

 B-1-13 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of
this Global Note is $            . The following increases or decreases 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
 Notes
Custodian

		 		 		 		 	
		 		 		 		 	

  

 B-1-14 

 EXHIBIT B-2 
 [FORM OF FACE OF 2015 EXCHANGE NOTE] 
 [Global Notes Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, 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 IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
TO ON THE REVERSE HEREOF. 
 THE TERMS OF THIS SECURITY ARE SUBJECT TO THE TERMS OF THE INTERCREDITOR AGREEMENT, DATED DECEMBER 24, 2008, BY
AND AMONG BANK OF AMERICA, N.A., AS FIRST LIEN AGENT AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND THE OTHER PARTIES THERETO FROM TIME TO TIME. 
  

 B-2-1 

			
	No.	 	$                    

 10.00% Second-Priority Senior Secured Note due 2015 
 CUSIP No.                     
 ISIN No.                      
 HARRAH’S OPERATING COMPANY, INC., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of
                     Dollars on December 15, 2015. 
 Interest Payment Dates: June 15 and December 15 
 Record Dates: June 1 and December 1

 Additional provisions of this Note are set forth on the other side of this Note. 
  

 B-2-2 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 
  

			
	HARRAH’S OPERATING COMPANY, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated: 
  

 B-2-3 

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee, certifies that this is one of the Notes referred to in the Indenture.

		
	By:	 	  

		 	Authorized Signatory

  

	*/	If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  

 B-2-4 

 [FORM OF REVERSE SIDE OF 2015 EXCHANGE NOTE] 
 10.00% Second-Priority Senior Secured Note due 2015 
 1. Interest 
 Harrah’s Operating Company, Inc., a Delaware corporation (such corporation, and its successors and assigns under the indenture hereinafter referred
to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Issuer shall pay interest semiannually on June 15 and December 15 of each year
(each an “Interest Payment Date”), commencing June 15, 2009. Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided
for, from December 24, 2008 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Notes, and it shall
pay interest on overdue installments of interest at the same rate to the extent lawful. 
 2. Method of Payment 
 The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on June 1
or December 1 (each a “Record Date”) next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date (whether or not a Business Day). Holders must surrender
Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.
Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Issuer or any
successor depositary. The Issuer shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest), at the office of the Paying Agent, except that, at the option of the Issuer, payment of interest may be
made by mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by wire transfer to
a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later than 30 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
 3. Paying Agent and
Registrar 
 Initially, U.S. Bank National Association (the “Trustee”), will act as Paying Agent and Registrar. The
Issuer may appoint and change any Paying Agent or Registrar without notice. The Issuer or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 
  

 B-2-5 

 4. Indenture 
 The Issuer issued the Notes under an Indenture dated as of December 24, 2008 (the “Indenture”), among the Issuer, the Parent Guarantor 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 Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa 77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have
the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement of such terms and provisions.

 The Notes are second-priority senior secured obligations of the Issuer. This Note is one of the Exchange Notes referred to in the
Indenture. The Notes include the Initial Notes, any Additional Notes and any Exchange Notes issued in exchange for the Initial Notes or any Additional Notes pursuant to the Indenture. The Initial Notes, any Additional Notes and any Exchange Notes
are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments,
pay dividends and other distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Issuer and such
Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer, each Subsidiary Pledgor and the Parent Guarantor to
consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the
due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise,
according to the terms of the Notes and the Indenture, the Parent Guarantor has unconditionally guaranteed the Guaranteed Obligations on a second-priority senior unsecured basis pursuant to the terms of the Indenture. 
 5. Optional Redemption 
 On or after December 15,
2013, the Issuer may redeem the 2015 Notes at its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at the
following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on December 15 of the years set forth below: 
  

				
	 Period
	  	Redemption Price	 
	 2012
	  	105.000	%
	 2013
	  	102.500	%
	 2014 and thereafter
	  	100.000	%

  

 B-2-6 

 In addition, prior to December 15, 2012, the Issuer may redeem the 2015 Notes at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each holder’s registered address, at a redemption price equal to 100% of the principal amount of the
2015 Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and additional interest, if any, to, the applicable redemption date (subject to the right of holders of record on the relevant record date to receive
interest due on the relevant interest payment date). 
 Notwithstanding the foregoing, at any time and from time to time on or prior to
December 15, 2011, the Issuer may redeem in the aggregate up to 35% of the original aggregate principal amount of the 2015 Notes (calculated after giving effect to any issuance of additional 2015 Notes) with the net cash proceeds of one or more
Equity Offerings (1) by the Issuer or (2) by any direct or indirect parent of the Issuer to the extent the net cash proceeds thereof are contributed to the common equity capital of the Issuer or used to purchase Capital Stock (other than
Disqualified Stock) of the Issuer from it, at a redemption price (expressed as a percentage of principal amount thereof) of 110.00%, plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the
right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 50% of the original aggregate principal amount of the 2015 Notes (calculated after giving
effect to any issuance of additional 2015 Notes) must remain outstanding after each such redemption; provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not
less than 30 nor more than 60 days’ notice mailed to each holder of 2015 Notes being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
 6. Mandatory Redemption 
 a. Except as set forth below, the Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the 2018 Notes. 
 b. If the 2015 Notes would otherwise constitute
“applicable high yield discount obligations” within the meaning of 163(i)(1) of the Code, at the end of each accrual period ending after the fifth anniversary of the 2015 Notes’ issuance (each, any “AHYDO redemption
date”), the Issuer will be required to redeem for cash a portion of each 2015 Note then outstanding equal to the “Mandatory Principal Redemption Amount” (such redemption a “Mandatory Principal Redemption”). The
redemption price for the portion of each 2015 Note redeemed pursuant to a Mandatory Principal Redemption will be 100% of the principal amount of such portion plus any accrued interest thereon on the date of redemption. The “Mandatory
Principal Redemption Amount” means the portion of a 2015 Note that must be required to be redeemed to prevent such 2015 Note from being treated as an “applicable high yield discount obligation” within the meaning of
Section 163(i)(1) of the Code. No partial redemption or repurchase of the 2015 Notes prior to the AHYDO redemption date pursuant to any other provision of the indenture will alter the Issuer’s obligation to make the Mandatory Principal
Redemption with respect to any 2015 Notes that remain outstanding on the AHYDO redemption date. 
  

 B-2-7 

 7. Notice of Redemption 
 Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed at his, her or its registered address. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the redemption
date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 
 8. Repurchase of Notes at the Option of the holders upon Change of Control and Asset Sales 
 Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in the Indenture, to cause the
Issuer to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the
holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase Notes upon the occurrence of certain events. 
 9. Ranking and Collateral 
 These Notes are secured by a second-priority security interest in the
Collateral pursuant to certain Security Documents. The Second Priority Liens upon any and all Collateral are, to the extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to all present and future First Priority
Liens and will be of equal ranking with all present and future Liens securing Other Second-Lien Obligations as set forth in the Intercreditor Agreement. 
 10. Denominations; Transfer; Exchange 
 The Notes are in registered form, without coupons, in denominations of $2,000 and any
integral multiple of $1,000. A holder shall register the transfer of or exchange of Notes in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar and the Trustee may require a holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or to transfer or exchange any Notes for a period of 15 days prior to a selection of Notes to be redeemed. 
 11. Persons Deemed Owners 
 The registered holder of this Note shall be treated as the owner of it for
all purposes. 
  

 B-2-8 

 12. Unclaimed Money 
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuer at their written request unless an abandoned property law
designates another Person. After any such payment, the holders entitled to the money must look to the Issuer for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 

13. Discharge and Defeasance 
 Subject to certain
conditions, the Issuer at any time may terminate some of or all its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Notes to
redemption or maturity, as the case may be. 
 14. Amendment; Waiver 
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the holders of at least a majority in aggregate principal amount of the
outstanding Notes of each series and (ii) any past default or compliance with any provisions may be waived with the written consent of the holders of at least a majority in principal amount of the outstanding Notes. Subject to certain
exceptions set forth in the Indenture, without the consent of any holder, the Issuer and the Trustee may amend the Indenture, the Security Documents, the Intercreditor Agreement or the Notes (i) to cure any ambiguity, omission, defect or
inconsistency; (ii) to provide for the assumption by a Successor Issuer of the obligations of the Issuer under the Indenture and the Notes; (iii) to provide for the assumption by a Successor Subsidiary Pledgor of the obligations of a
Subsidiary Pledgor under the Indenture and the Security Documents; (iv) to provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes are issued in registered form for
purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code); (v) to conform the text of the Indenture, the Parent Guarantee, the Notes, the Security
Documents or the Intercreditor Agreement, to any provision of the “Description of New Second Lien Notes” in the Offering Memorandum to the extent that such provision in the “Description of New Second Lien Notes” was
intended to be a verbatim recitation of a provision of the Indenture, the Security Documents, the Notes or the Intercreditor Agreement; (vi) to add a Subsidiary Pledgor with respect to the Notes or to add Collateral to secure the Notes;
(vii) to add additional covenants of the Issuer for the benefit of the holders or to surrender rights and powers conferred on the Issuer; (viii) to comply with the requirements of the SEC in order to effect or maintain the qualification of
the Indenture under the TIA; (ix) to make any change that does not adversely affect the rights of any holder; (x) to provide for the issuance of the Exchange Notes or Additional Notes; (xi) to release Collateral as permitted by the
Indenture or the Intercreditor Agreement; or (xii) to add additional secured creditors holding Other Second-Lien Obligations so long as such obligations are not prohibited by the Indenture or the Security Documents 
 15. Defaults and Remedies 
 If an Event of Default
occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) and is continuing, the Trustee 

  

 B-2-9 

 
or the holders of at least 30% in principal amount of the outstanding Notes, in each case, by notice to the Issuer, may declare the principal of, premium, if
any, and accrued but unpaid interest on all the Notes to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer occurs, the principal of, premium, if any, and interest on all
the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of the outstanding Notes may rescind any
such acceleration with respect to the Notes and its consequences. 
 If an Event of Default occurs and is continuing, the Trustee shall be
under no obligation to exercise any of the rights or powers under the Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense
and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture or the Notes unless (i) such
holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the holders of at least 30% in principal amount of the outstanding Notes of the applicable series have requested the Trustee in writing to pursue the
remedy, (iii) such holders have offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer
of security or indemnity and (v) the holders of a majority in principal amount of the outstanding Notes of the applicable series have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
restrictions, the holders of a majority in principal amount of the outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in
personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 16. Trustee Dealings with the Issuer 
 Subject to
certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates
and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. 
 17. No Recourse Against Others

 No director, officer, employee, incorporator or holder of any equity interests in the Issuer or of any Subsidiary Pledgor or any direct or
indirect parent corporation, as such, shall have any liability for any obligations of the Issuer or the Subsidiary Pledgors under the Notes, the Indenture 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. 
  

 B-2-10 

 18. Authentication 
 This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
 19. 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 rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift
to Minors Act). 
 20. Governing Law 
 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 21. CUSIP Numbers; ISINs 
 The Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and has directed the
Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the 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. 
 The Issuer will furnish to any holder of Notes upon written request
and without charge to the holder a copy of the Indenture which has in it the text of this Note. 
  

 B-2-11 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to: 
  
  
 (Print or type assignee’s name, address and zip code) 
  
  
 (Insert assignee’s soc. sec. or tax I.D. No.)

 and irrevocably appoint                      agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

							
	Date:                     	 		 	Your Signature:	 	  

  
  
 Sign exactly as your name appears on the other side of this Note. 
 Signature
Guarantee: 
  

					
	Date:                     	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  

 B-2-12 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture,
check the box: 
 Asset Sale   ̈                                    
    Change of Control   ̈ 
 If you want to elect to have only part of this
Note purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000): 
 $ 
  

							
	Date:                     	 		 	Your Signature	 	  

		 		 		 	(Sign exactly as your name appears on the other side of this Note)

  

					
	Signature Guarantee:	 	  
	 	
		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	

  

 B-2-13 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of
this Global Note is $            . The following increases or decreases 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
 Notes
Custodian

		 		 		 		 	
		 		 		 		 	

  

 B-2-14 

 EXHIBIT C 
 [FORM OF] 
 TRANSFEREE LETTER OF REPRESENTATION 
 Harrah’s Operating Company, Inc. 
 c/o U.S. Bank National Association

 Corporate Trust Services 
 EP-MN-W53C 
 60 Livingston Avenue 
 St. Paul, Minnesota 55107-1419 
 Attention: Vice President 
 Ladies and Gentlemen: 
 This certificate is delivered to request a transfer of $[            ] principal amount of the
[10.00% Second-Priority Senior Secured Notes due 2018] [10.00% Second-Priority Senior Secured Notes due 2015] (the “Notes”) of Harrah’s Operating Company, Inc. (the “Issuer”). 
 Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 
  

			
	Name:	 	 
		
	Address:	 	  

			
		
	Taxpayer ID Number:	 	  

 The undersigned represents and warrants to you that: 
 1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of
1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $100,000 principal amount of the Notes, and we are acquiring the
Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We 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 invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

 2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is two years after the later of the date
of original issue and the last date on which either the Issuer or any affiliate of such Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) in the United States
to a person whom we reasonably believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) outside the United States in an offshore 

  

 C-1 

 
transaction in accordance with Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities
Act provided by Rule 144 thereunder (if applicable) or (d) pursuant to an effective registration statement under the Securities Act, in each of cases (a) through (d) in accordance with any applicable securities laws of any state of
the United States. In addition, we will, and each subsequent holder is required to, notify any purchaser of the Note evidenced hereby of the resale restrictions set forth above. The foregoing restrictions on resale will not apply subsequent to the
Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made to an institutional “accredited investor” prior to the Resale Restriction Termination Date, the transferor shall deliver a
letter from the transferee substantially in the form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuer and the Trustee
reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause 1(b), 1(c) or 1(d) above to require the delivery of an opinion of counsel, certifications or other
information satisfactory to the Issuer and the Trustee. 
 Dated:
                     
  

					
	TRANSFEREE:	 	  
	 	,

					
			
	By:	 	  
	 	

  

 C-2 

 EXHIBIT D 
 [FORM OF SUPPLEMENTAL INDENTURE] 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”)
dated as of [            ], among [GUARANTOR] (the “New Guarantor”), a subsidiary of HARRAH’S OPERATING COMPANY, INC. (or its successor), a Delaware corporation (the
“Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee under the indenture referred to below (the “Trustee”). 
 WITNESSETH: 
 WHEREAS the Issuer and the Parent Guarantor have heretofore executed and
delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of December 24, 2008, providing for the issuance of the Issuer’s Second-Priority Senior Secured Notes due
2018 and Second-Priority Senior Secured Notes due 2015 (collectively, the “Notes”), initially in the aggregate principal amount of $1,062,421,000; 
 WHEREAS Section 4.11 of the Indenture provides that under certain circumstances the Issuer is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which
the New Guarantor shall unconditionally guarantee all the Issuer’s Obligations under the Notes and the Indenture pursuant to a Note Guarantee on the terms and conditions set forth herein; and 
 WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee, the Issuer, the Parent Guarantor and other existing guarantors, if any, are
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 New Note Guarantor, the Parent Guarantor, the Issuer and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:

 1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are
used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of
such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof. 
 2. Agreement to Guarantee. The New Note Guarantor hereby agrees, jointly and severally with all existing
guarantors (if any), to unconditionally guarantee the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Articles XII and XIII of the Indenture and to be bound by all other applicable
provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture. 
  

 D-1 

 3. Notices. All notices or other communications to the New Note Guarantor shall be given as
provided in Section 13.02 of the Indenture. 
 4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all
purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5. Governing Law.
THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 6. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

 7. 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. 
 8. Effect of Headings. The Section headings herein are for convenience only
and shall not effect the construction thereof. 
  

 D-2 

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

			
	[NEW GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 D-3

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