Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

ASSET PURCHASE AGREEMENT 

This ASSET PURCHASE AGREEMENT (this “Agreement”) dated as of May 8, 2019 between Medavate Corp., a Colorado corporation
(“Buyer”) and Histogenics Corporation, a Delaware corporation (“Seller”). 
 WHEREAS, Seller conducts the
business of developing restorative cell therapies that may offer rapid-onset pain relief and restored function (the “Business”); 

WHEREAS, Buyer desires to purchase substantially all of the assets of the Business from Seller, and Seller desires to sell substantially all
of the assets of the Business to Buyer (the “Transaction”); 
 WHEREAS, Seller has entered into an Agreement and Plan of
Merger and Reorganization, by and among Seller, Restore Merger Sub, Inc. a Delaware corporation and wholly owned subsidiary of Seller (“Merger Sub”), and Ocugen, Inc., a Delaware corporation (“Ocugen”), dated as of
April 5, 2019 (as amended from time to time, the “Merger Agreement”), pursuant to which Merger Sub shall be merged with and into Ocugen, with Ocugen continuing as the surviving corporation thereafter (the
“Merger”); and 
 WHEREAS, the consummation of the Transaction is subject to and conditioned upon the closing of the Merger
pursuant to the terms of the Merger Agreement. 
 NOW, THEREFORE, the parties hereto agree as follows: 

ARTICLE 1 
 PURCHASE
AND SALE 
 Section 1.01. Purchase and Sale. Except as otherwise provided
below, Buyer agrees to purchase from Seller and Seller agrees to sell, convey, transfer, assign and deliver to Buyer, free and clear of all mortgages, liens, pledges, security interests and encumbrances (collectively, “Liens”), all
of Seller’s right, title and interest in, to and under the following assets, properties and business of the Business (the “Purchased Assets”): 

(a)    all trademarks, service marks, trade names, mask works, inventions, patents, trade secrets, copyrights, domain
names, know-how, related licenses and sublicenses, and any other rights, remedies against infringement of, and rights to protection of interests in Intellectual Property under the laws of all jurisdictions
(including any registrations or applications for registration of any of the foregoing) or any other similar type of proprietary intellectual property rights (collectively, “Intellectual Property Rights”) that are utilized or relied
upon by Seller in connection with the Business (collectively, the “Transferred IP”), including the patents (both issued, pending and applications), Internet domain names, trademarks, and all applications for the foregoing listed in
Exhibit A (the “Registered IP”); 
 (b)    all regulatory and clinical data, reports, filings,
documents, and communications or any related or similar type documents that would support the future regulatory approval of NeoCart for any indication and all items listed in Exhibit B; 

(c)    assignment of FDA IND #10587 to Buyer and all associated documents; 

  
 1 

 (d)    all contracts, agreements, leases, licenses, commitments, sales
and purchase orders and other instruments used or held for use in the conduct of the Business listed on Exhibit C (collectively, the “Business Contracts”); 

(e)    all machinery, equipment, and other tangible property listed on Exhibit D (collectively, the
“Personal Property”); 
 (f)    all books, records, files and papers, whether in hard copy or computer
format, used in the Business; and 
 (g)    all goodwill associated with the Business or the Purchased Assets. 

Section 1.02. Excluded Assets. Buyer expressly understands and agrees that all assets, properties and business of
Seller other than the Purchased Assets (the “Excluded Assets”) shall be retained by Seller. 
 Section 1.03.
Assumed Liabilities. Upon the terms and subject to the conditions of this Agreement, Buyer agrees to assume the liabilities and obligations of Seller arising under the Business Contracts, the Purchased Assets and the operation of the
Business (the “Assumed Liabilities”). 
 Section 1.04. Excluded Liabilities. Notwithstanding any
provision in this Agreement or any other writing to the contrary, Buyer is assuming only the Assumed Liabilities and is not assuming any other liability or obligation of Seller of whatever nature, whether presently in existence or arising hereafter.
All such other liabilities and obligations shall be retained by and remain obligations and liabilities of Seller (all such liabilities and obligations not being assumed being herein referred to as the “Excluded Liabilities”). 

Section 1.05. Purchase Price. The purchase price for the Purchased Assets (the “Purchase Price”) shall be
$6,500,000, which amount shall be paid by Buyer to Seller on the Closing Date (as defined in the Merger Agreement). 
 Section 1.06.
Closing. The closing of the Transactions contemplated hereby (the “Closing”) shall take place on the Closing Date immediately following the closing of the Merger. 

Section 1.07. Assignment and Assumption. Effective upon Seller’s receipt of the Purchase Price from Buyer: 

(a)    Seller does hereby sell, transfer, assign and deliver to Buyer all of the right, title and interest of Seller in,
to and under the Purchased Assets; and 
 (b)    Buyer does hereby accept all the right, title and interest of Seller
in, to and under all of the Purchased Assets (except as aforesaid) and Buyer assumes and agrees to pay, perform and discharge when due all of the Assumed Liabilities and to perform all of the obligations of Seller to be performed under the Business
Contracts. 
 (c)     Seller shall use its commercially reasonable efforts to assist Buyer to evidence, record and
perfect the foregoing assignment following the Closing. Seller hereby irrevocably designates and appoints Buyer as its agent and attorney-in-fact, coupled with an
interest and 

  
 2 

 
with full power of substitution, to act for and in Seller’s behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of the foregoing with
the same legal force and effect as if executed by Seller. 
 ARTICLE 2 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Seller represents and warrants to Buyer that as of the date hereof and as of the Closing Date: 

Section 2.01. Corporate Power and Authorization; Binding Agreement. Seller is a corporation duly incorporated, validly existing
and in good standing under the laws of the state of its incorporation and has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. The
execution, delivery and performance by Seller of this Agreement and, subject to the approval of the Merger by the requisite stockholders of Seller, the consummation of the transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of Seller. This Agreement constitutes a valid and binding agreement of Seller, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (b) rules of law
governing specific performance, injunctive relief and other equitable remedies. 
 Section 2.02. Noncontravention;
Governmental Authorization; No Consents. The execution, delivery and performance by Seller of this Agreement and the consummation of the transactions contemplated hereby do not and will not constitute a material default under or give rise to any
material right of termination, cancellation or acceleration of any right or loss of any benefit relating to the Business or result in the creation or imposition of any Lien on any Purchased Asset. The execution, delivery and performance by Seller of
this Agreement and the consummation of the transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority, agency or official. 

Section 2.03. Purchased Assets. The Purchased Assets constitute all of the property and assets used or held for use in the
Business and are adequate to conduct the Business as currently conducted. Except for Seller, no person has any equity, ownership, profit or other interest in the Business or any Purchased Asset. Upon consummation of the transactions contemplated
hereby, Buyer will have acquired good and marketable title in and to, or a valid leasehold interest in, each of the Purchased Assets, free and clear of all Liens. 

Section 2.04. Litigation; Compliance with Laws. There is no action, suit, investigation or proceeding (or any basis
therefor) pending against, or to the knowledge of Seller, threatened against or affecting, the Business or any Purchased Asset before any court, arbitrator or governmental authority. Seller is not in violation of, has not violated, and to the
knowledge of Seller, is not under investigation with respect to and has not been threatened to be charged with or given notice of any violation of, any applicable law relating to the Purchased Assets or the conduct of the Business. Seller’s FDA
regulatory filings are in good standing and are current with all required documentation and governmental laws. 
 Section 2.05.
Inventories. The Personal Property used in connection with the Business included in Exhibit D is of a quality that is usable in the ordinary course of business. No items in Exhibit D have been written down or have no net realizable
value on the corporate balance sheets. 

  
 3 

 Section 2.06. Maintenance of Licensed Intellectual Property. To the knowledge of
Seller, all maintenance and renewal fees for all Transferred IP licensed by Seller shall have been paid in a timely manner, and all requisite acts, preparations and filings of all applications, responses, affidavits and all other documents shall
have been taken in a timely manner in the course of prosecution and maintenance of the Transferred IP licensed by Seller. 

Section 2.07. NO OTHER REPRESENTATIONS. THE REPRESENTATIONS AND WARRANTIES MADE BY SELLER IN ARTICLE 2 OF THIS AGREEMENT
CONSTITUTE THE SOLE AND EXCLUSIVE REPRESENTATIONS AND WARRANTIES OF SELLER TO BUYER IN CONNECTION WITH THE TRANSACTION, AND BUYER UNDERSTANDS, ACKNOWLEDGES, AND AGREES THAT ALL OTHER REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE EXPRESS OR
IMPLIED (INCLUDING, BUT NOT LIMITED TO, ANY RELATING TO THE FUTURE OR HISTORICAL FINANCIAL CONDITION, RESULTS OF OPERATIONS, ASSETS OR LIABILITIES OR PROSPECTS OF THE SELLER BUSINESS) ARE SPECIFICALLY DISCLAIMED BY SELLER AND THE PURCHASED ASSETS
ARE, EXCEPT AS PROVIDED IN ARTICLE 2 OF THIS AGREEMENT, BEING PURCHASED BY BUYER ON AS IS, WHERE IS, BASIS. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer represents and warrants to Seller that: 

Section 3.01. Corporate Power and Authorization; Binding Agreement. Buyer is a corporation duly incorporated, validly
existing and in good standing under the laws of the state of its incorporation and has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted.
The execution, delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of Buyer. This Agreement constitutes a valid and
binding agreement of Buyer, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors; and (b) rules of law governing specific performance, injunctive relief and other equitable remedies. 

ARTICLE 4 
 SURVIVAL

 Section 4.01. Non-Survival of Representations and Warranties. The
representations and warranties of Buyer and Seller contained in this Agreement or any certificate or instrument delivered pursuant to this Agreement shall terminate at the Closing, and only the covenants that by their terms survive the Closing and
this Section 4.01 shall survive the Closing. 

  
 4 

 ARTICLE 5 

MISCELLANEOUS 

Section 5.01. Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. 

Section 5.02. Expenses. Except as otherwise provided herein, all costs and expenses incurred in connection with this
Agreement shall be paid by the party incurring such cost or expense. 
 Section 5.03. Successors and Assigns. The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations
under this Agreement without the consent of each other party hereto; except that Buyer may transfer or assign its rights and obligations under this Agreement; provided that no such transfer or assignment will relieve Buyer of its obligations
hereunder or enlarge, alter or change any obligation of any other party hereto or due to Buyer. 
 Section 5.04. Governing
Law. This Agreement shall be governed by and construed in accordance with the law of the State of Delaware, without regard to the conflicts of law rules of such state. 

Section 5.05. Entire Agreement; Counterparts; Exchanges by Electronic Transmission. This Agreement constitutes the entire
agreement and supersedes all prior agreements and understandings, both written and oral, among or between any of the parties with respect to the subject matter hereof and thereof; provided, however, that the
non-disclosure and confidentiality agreement, dated as of January 3, 2019 between Buyer and Seller shall not be superseded and shall remain in full force and effect in accordance with its terms. This
Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or otherwise) by all parties by
electronic transmission in .PDF format shall be sufficient to bind the parties to the terms and conditions of this Agreement. 

Section 5.06. Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in
any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions of this Agreement or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If a
final judgment of a court of competent jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the parties agree that the court making such determination shall have the power to limit such term or provision,
to delete specific words or phrases or to replace such term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement
shall be valid and enforceable as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the parties agree to replace such invalid or unenforceable term or provision with a valid and enforceable term or
provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term or provision. 

  
 5 

 Section 5.07. Specific Performance. The parties hereto agree that irreparable
damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties, without posting any bond, shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or
to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

					
	 Medavate Corp.
  

	By:	 	 /s/ Michael K. Handley

		 	Name:	 	Michael K. Handley
		 	Title:	 	Chief Executive Officer

  

					
	 Histogenics Corporation
  

	By:	 	 /s/ Adam Gridley

	 	 	Name:	 	Adam Gridley
	 	 	Title:	 	President

  
 7 

 Exhibit A (Transferred IP) 

 Exhibit B 

  
 2 

 Exhibit C 

Material Contracts 

 Exhibit D 

Personal Property (Equipment & Raw Materials) 

  
 2Exhibit 4.1

 

EXECUTION VERSION

 

 

TWIN RIVER WORLDWIDE HOLDINGS, INC.

 

$400,000,000

 

6.750% SENIOR NOTES DUE 2027

 

 

 

INDENTURE

 

Dated as of May 10, 2019

 

 

 

U.S. Bank National Association

 

as Trustee

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	
        Article
        1

        DEFINITIONS

	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	39
	Section 1.03	Rules of Construction	40
	Section 1.04	Financial Calculations for Limited Condition Transactions	40
	 	 	 
	
        Article
        2

        THE
        NOTES

	 
	Section 2.01	Form and Dating	41
	Section 2.02	Execution and Authentication	41
	Section 2.03	Registrar and Paying Agent	42
	Section 2.04	Paying Agent to Hold Money in Trust	42
	Section 2.05	Holder Lists	42
	Section 2.06	Transfer and Exchange	43
	Section 2.07	Replacement Notes	53
	Section 2.08	Outstanding Notes	53
	Section 2.09	Treasury Notes	54
	Section 2.10	Temporary Notes	54
	Section 2.11	Cancellation	54
	Section 2.12	Defaulted Interest	54
	Section 2.13	CUSIP and ISIN Numbers	54
	 	 	 
	
        Article
        3

        REDEMPTION
        AND PREPAYMENT

	 	 	 
	Section 3.01	Notices to Trustee	55
	Section 3.02	Selection of Notes to Be Redeemed or Purchased	55
	Section 3.03	Notice of Redemption	55
	Section 3.04	Effect of Notice of Redemption	56
	Section 3.05	Deposit of Redemption or Purchase Price	56
	Section 3.06	Notes Redeemed or Purchased in Part	57
	Section 3.07	Optional Redemption	57
	Section 3.08	Gaming Disposition, Redemption and Other Matters	58
	Section 3.09	Mandatory Redemption	59
	Section 3.10	Offer to Purchase by Application of Excess Proceeds	59
	 	 	 
	
        Article
        4

        COVENANTS

	 	 	 
	Section 4.01	Payment of Notes	61
	Section 4.02	Maintenance of Office or Agency	61
	Section 4.03	Reports	62
	Section 4.04	Compliance Certificate	63
	Section 4.05	Taxes	63
	Section 4.06	Stay, Extension and Usury Laws	63
	Section 4.07	Restricted Payments	63

 

    i

     

    

 

	Section 4.08	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	68
	Section 4.09	Incurrence of Indebtedness and Issuance of Subsidiary Preferred Stock	70
	Section 4.10	Asset Sales	75
	Section 4.11	Transactions with Affiliates	77
	Section 4.12	Liens	80
	Section 4.13	Business Activities	81
	Section 4.14	Corporate Existence	81
	Section 4.15	Offer to Repurchase Upon Change of Control	81
	Section 4.16	No Layering	83
	Section 4.17	Suspension of Covenants	83
	Section 4.18	Additional Note Guarantees	84
	Section 4.19	Designation of Restricted and Unrestricted Subsidiaries	84
	 	 	 
	
        Article
        5

        SUCCESSORS

	 	 	 
	Section 5.01	Merger, Consolidation or Sale of Assets	85
	Section 5.02	Successor Corporation Substituted	86
	 	 	 
	
        Article
        6

        DEFAULTS
        AND REMEDIES

	 	 	 
	Section 6.01	Events of Default	86
	Section 6.02	Acceleration	87
	Section 6.03	Other Remedies	88
	Section 6.04	Waiver of Past Defaults	88
	Section 6.05	Control by Majority	88
	Section 6.06	Limitation on Suits	88
	Section 6.07	Rights of Holders of Notes to Receive Payment	89
	Section 6.08	Collection Suit by Trustee	90
	Section 6.09	Trustee May File Proofs of Claim	90
	Section 6.10	Priorities	90
	Section 6.11	Undertaking for Costs	91
	Section 6.12	Remedies Subject to Applicable Law	91
	 	 	 
	
        Article
        7

        TRUSTEE

	 	 	 
	Section 7.01	Duties of Trustee	91
	Section 7.02	Rights of Trustee	92
	Section 7.03	Individual Rights of Trustee	94
	Section 7.04	Trustee’s Disclaimer	94
	Section 7.05	Notice of Defaults	94
	Section 7.06	Compensation and Indemnity	95
	Section 7.07	Replacement of Trustee	96
	Section 7.08	Successor Trustee by Merger, etc.	96
	Section 7.09	Eligibility; Disqualification	97

 

    ii

     

    

 

	
        Article
        8

        LEGAL
        DEFEASANCE AND COVENANT DEFEASANCE

	 	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	97
	Section 8.02	Legal Defeasance and Discharge	97
	Section 8.03	Covenant Defeasance	98
	Section 8.04	Conditions to Legal or Covenant Defeasance	98
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	99
	Section 8.06	Repayment to Issuer	100
	Section 8.07	Reinstatement	100
	 	 	 
	
        Article
        9

        AMENDMENT,
        SUPPLEMENT AND WAIVER

	 	 	 
	Section 9.01	Without Consent of Holders of Notes	100
	Section 9.02	With Consent of Holders of Notes	102
	Section 9.03	[Reserved]	103
	Section 9.04	Revocation and Effect of Consents	103
	Section 9.05	Notation on or Exchange of Notes	103
	Section 9.06	Trustee to Sign Amendments, etc.	103
	 	 	 
	Article 10 

NOTE GUARANTEES
	 	 	 
	Section 10.01	Guarantee	104
	Section 10.02	Limitation on Guarantor Liability	105
	Section 10.03	Execution and Delivery of Note Guarantee	105
	Section 10.04	Guarantors May Consolidate, etc., on Certain Terms	105
	Section 10.05	Releases	106
	 	 	 
	Article 11
	Satisfaction and Discharge
	 	 	 
	Section 11.01	Satisfaction and Discharge	107
	Section 11.02	Application of Trust Money	108
	 	 	 
	
        Article
        12

        MISCELLANEOUS

	 	 	 
	Section 12.01	[Reserved]	108
	Section 12.02	Notices	108
	Section 12.03	[Reserved]	110
	Section 12.04	Certificate and Opinion as to Conditions Precedent	110
	Section 12.05	Statements Required in Certificate or Opinion	110
	Section 12.06	Rules by Trustee and Agents	110
	Section 12.07	No Personal Liability of Directors, Partners, Members, Officers, Employees and Stockholders	110
	Section 12.08	Governing Law	111
	Section 12.09	No Adverse Interpretation of Other Agreements	111
	Section 12.10	Successors	111
	Section 12.11	Severability	111

 

    iii

     

    

 

	Section 12.12	Counterpart Originals	111
	Section 12.13	Table of Contents, Headings, etc.	111
	Section 12.14	Waiver of Jury Trial	111
	Section 12.15	U.S.A. PATRIOT Act	112
	Section 12.16	Force Majeure	112

 

EXHIBITS

 

	Exhibit A	FORM OF NOTE
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	FORM OF NOTATION OF GUARANTEE
	Exhibit E	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

    iv

     

    

 

INDENTURE dated as
of May 10, 2019 among Twin River Worldwide Holdings, Inc., a Delaware corporation (“Issuer”), the Guarantors
(as defined herein) party hereto, and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”).

 

RECITALS

 

The Issuer has duly
authorized the creation of and issue of 6.750% Senior Notes due 2027 (the “Notes”) and of the tenor and amount
hereinafter set forth, and to provide therefor the Issuer has duly authorized the execution and delivery of this Indenture.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration
of the premises and the purchase of the Notes by the Holders (as defined herein) thereof, each party agrees as follows for the
benefit of each other and for the equal and ratable benefit of the Holders of the Notes:

 

Article
1

DEFINITIONS

 

Section 1.01         Definitions.

 

For purposes of this Indenture, unless
otherwise specifically indicated, the term “consolidated” with respect to any Person refers to such Person on a consolidated
basis in accordance with GAAP, but excluding from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary
were not an Affiliate of such Person.

 

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

 

“Acquired
Debt” means, with respect to any specified Person:

 

(1)         Indebtedness,
Disqualified Stock or preferred stock of any other Person existing at the time such other Person is merged, acquired, consolidated,
liquidated or amalgamated with, by or into or became a Restricted Subsidiary of such specified Person, whether or not such Indebtedness,
Disqualified Stock or preferred stock is incurred in connection with, or in contemplation of, such other Person merging with or
into, or becoming a Restricted Subsidiary of, such specified Person; and

 

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

 

provided that, for the avoidance
of doubt, if such Indebtedness, Disqualified Stock, or preferred stock is redeemed, retired, or defeased (whether by covenant or
legal defeasance), repurchased, discharged or otherwise repaid or acquired (or if irrevocable deposit has been made for the purpose
of such repurchase, redemption, retirement, defeasance (whether covenant or legal), discharge or repayment or other acquisition)
at the time, or substantially concurrently with the consummation, of the transaction by which such Person is merged, acquired,
consolidated, liquidated or amalgamated with, by or into or became a Restricted Subsidiary (including by designation) of such specified
Person, then such Indebtedness, Disqualified Stock, or preferred stock shall not constitute Acquired Debt.

 

    1

     

    

 

“Acquisition”
means, with respect to any Person, any transaction or series of related transactions for the (a) acquisition of all or substantially
all of the Property of any other Person, or of any business or division of any other Person (other than any then-existing Company),
(b) acquisition of more than 50% of the Equity Interests of any other Person, or otherwise causing any other Person to become a
Subsidiary of such Person or (c) merger or consolidation of such Person or any other combination of such Person with any other
Person (other than any of the foregoing between or among any then-existing Companies).

 

“Additional
Notes” means additional notes (other than the Initial Notes) issued under this Indenture in accordance with Sections
2.02 and 4.09 hereof, as part of the same series as the Initial Notes.

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified; provided that as to the Issuer and each of the Guarantors
or any Subsidiary thereof. “Control” shall mean the possession, directly or indirectly, of the power to (x) vote more
than 50% (or, for purposes of Section 4.11, 15%) of the outstanding voting interests of a Person or cause the direction of the
management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled” have meanings correlative thereto.

 

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

 

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

 

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

 

(2)         the
excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at June 1, 2022 (such redemption
price being set forth in the table appearing in Section 3.07 hereof), plus (ii) all required interest payments due on the
Note through June 1, 2022 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal
to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of such Note. The Trustee shall
have no duty to calculate or verify the calculation of the Applicable Premium.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Asset Sale”
means:

 

(1)         the
sale, lease, conveyance or other disposition, whether in a single transaction or a series of related transactions, of any assets
or rights whether effected pursuant to a Division or otherwise, by the Issuer or any of the Issuer’s Restricted Subsidiaries;
provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer and
its Restricted Subsidiaries taken as a whole will be governed by Section 4.15 and/or Section 5.01 hereof and not by Section 4.10
hereof; and

 

(2)         the
issuance of Equity Interests by any of the Issuer’s Restricted Subsidiaries or the sale by the Issuer or any of the Issuer’s
Restricted Subsidiaries of Equity Interests in any of the Issuer’s Restricted Subsidiaries (other than preferred stock issued
in compliance with Section 4.09 hereof).

 

    2

     

    

 

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

 

(1)         any
single transaction or series of related transactions that involves assets having a Fair Market Value not to exceed the greater
of (x) $10.0 million and (y) 5.0% of Consolidated EBITDA at the time of determination for the Test Period most recently ended prior
to such date;

 

(2)         any
transaction that is consummated in accordance with the provisions of Section 5.01 hereof;

 

(3)         a
transfer of assets between or among the Issuer and its Restricted Subsidiaries;

 

(4)         an
issuance of Equity Interests by a Restricted Subsidiary of the Issuer to the Issuer or to a Restricted Subsidiary of the Issuer;

 

(5)         the
sale, disposition, exchange for replacement items or other items used or useful in a Permitted Business, lease or other transfer
of inventory, products, services or accounts receivable in the ordinary course of business or in bankruptcy or similar proceedings;

 

(6)         any
sale or other disposition of damaged, non-core, worn-out or obsolete assets in the ordinary course of business (including the abandonment
or other disposition of intellectual property that is, in the reasonable judgment of the Issuer, no longer economically practicable
to maintain or useful in the conduct of the business of the Issuer and its Restricted Subsidiaries taken as a whole);

 

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

 

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

 

(9)         the
granting of Liens not prohibited by Section 4.12 hereof;

 

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

 

(11)       a
Restricted Payment that does not violate Section 4.07 hereof or a Permitted Investment;

 

(12)       any
exchange of property pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended, for use in a related business;

 

(13)       foreclosures,
condemnations or any similar action on assets;

 

(14)       any
leases of retail, restaurant or entertainment venues and other similar spaces in the ordinary course of business;

 

(15)       terminations
of Hedging Obligations;

 

(16)       any
settlement, release, waiver or surrender of contract rights or contract, tort or other litigation claims, or voluntary terminations
of other contracts or assets, in the ordinary course of business;

 

    3

     

    

 

(17)        any
disposition of Equity Interests of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other
than the Issuer or any of its Restricted Subsidiaries) 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;

 

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

 

(19)        any
surrender or waiver of contractual rights or the settlement, release or surrender or contractual rights or other litigation claims
in the ordinary course of business;

 

(20)        the
sale, lease, assignment, sublease or discount of inventory, equipment, accounts receivable, notes receivable or other current assets
in the ordinary course of business or the conversion of accounts receivable for notes receivable or other dispositions or accounts
receivable in connection with the collection or compromise thereof;

 

(21)        any
financing transaction with respect to property constructed, acquired, replaced, repaired or improved (including any reconstruction,
refurbishment, renovation and/or development of Real Property) by the Issuer or any of its Restricted Subsidiaries, including sale
and leaseback transactions and asset securitizations, permitted by this Indenture;

 

(22)        the
lease, assignment, sublease, license or sublicense of any real or personal property in the ordinary course of business and which
do not materially interfere with the business of the Issuer and the Restricted Subsidiaries taken as a whole;

 

(23)        the
licensing of intellectual property or other general intangibles in the ordinary course of business or that is immaterial;

 

(24)       any
disposition of Equity Interests of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other
than the Issuer or any of its Restricted Subsidiaries) 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;

 

(25)       sales
of Unrestricted Subsidiaries or Joint Ventures or other development ventures, or issuances or sales of Equity Interests, Indebtedness,
other securities or other Investments therein, or assets thereof;

 

(26)       any
transfer of Equity Interests of any Restricted Subsidiary or any Gaming/Racing Facility in connection with the occurrence of a
Triggering Event;

 

(27)       (i)
the lease, sublease or license of any portion of any Property to Persons who, either directly or through Affiliates of such Persons,
intend to operate or manage nightclubs, bars, restaurants, recreation areas, spas, pools, exercise or gym facilities, or entertainment
or retail venues or similar or related establishments of facilities and (ii) the grant of declarations of covenants, conditions
and restrictions and/or easements with respect to common area spaces and similar instruments benefiting such tenants of such leases,
subleases and licenses;

 

    4

     

    

 

(28)        the
dedication of space or other dispositions of Property in connection with and in furtherance of constructing structures or improvements
reasonably related to the development, construction and operation of any project;

 

(29)        dedications
of, or the granting of easements, rights of way, rights of access and/or similar rights, to any Governmental Authority, utility
providers, cable or other communication providers and/or other parties providing services or benefits to any project, any Real
Property held by the Issuer or any Restricted Subsidiary or the public at large that would not reasonably be expected to interfere
in any material respect with the operations of the Issuer and any Restricted Subsidiary; and

 

(30)        the
disposition of non-core assets acquired in connection with any acquisition or Investment permitted under this Indenture in an amount
not to exceed 25% of the aggregate purchase price for such acquisition or Investment.

 

In the event that a
transaction (or a portion thereof) meets the criteria of more than one of the categories described in clauses (1) through (30),
the Issuer, in its sole discretion, will be entitled to divide and classify or reclassify such transaction (or a portion thereof)
between or among such categories.

 

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

 

“Bankruptcy
Code” means Title 11 of the United States Code.

 

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

 

“Board of
Directors” means:

 

(1)         with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board;

 

(2)         with
respect to a partnership, the Board of Directors of the general partner of the partnership;

 

(3)         with
respect to a limited liability company, the board of managers of such limited liability company or any committee thereof duly authorized
to act on behalf of such board or the managing member or members or any controlling committee of managing members thereof, as applicable;
and

 

    5

     

    

 

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

 

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

 

“Capital Lease”
as applied to any Person, means any lease of any Property by that Person as lessee that, in conformity with GAAP, is required to
be classified and accounted for as a capital lease on the balance sheet of that Person; provided, however, that for the avoidance
of doubt, any lease that was accounted for by any Person as an operating lease as of December 31, 2018 and any similar lease entered
into after December 31, 2018 by any Person may, in the sole discretion of the Issuer, be accounted for as an operating lease and
not as a Capital Lease.

 

“Capital Lease
Obligation” means, for any Person, all obligations of such Person to pay rent or other amounts under a Capital Lease,
and, for purposes of this Indenture, the amount of such obligations shall be the capitalized amount thereof, determined in accordance
with GAAP; provided, however, that for the avoidance of doubt, any lease that was accounted for by any Person as an operating lease
as of December 31, 2018 and any similar lease entered into after December 31, 2018 by any Person may, in the sole discretion of
the Issuer, be accounted for as an operating lease and not as a Capital Lease.

 

“Capital Stock”
means:

 

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

 

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

 

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

 

(4)         any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person;

 

but excluding from all of the
foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation
with Capital Stock.

 

“Cash Equivalents”
means, for any Person: (1) direct obligations of the United States, or of any agency thereof, or obligations guaranteed as to principal
and interest by the United States, or by any agency thereof, in either case maturing not more than one year from the date of acquisition
thereof by such Person; (2) time deposits, certificates of deposit or bankers’ acceptances (including eurodollar deposits)
issued by (i) any bank or trust company organized under the laws of the United States or any state thereof and having capital,
surplus and undivided profits of at least $500.0 million that is assigned at least a “B” rating by Thomson Financial
BankWatch or (ii) any lender under the Senior Credit Facilities (“Lender”) or bank holding company owning any Lender
(in each case, at the time of acquisition); (3) commercial paper maturing not more than one year from the date of acquisition thereof
by such Person and (i) issued by any Lender or bank holding company owning any Lender or (ii) rated at least “A 2”
or the equivalent thereof by S&P or at least “P-2” or the equivalent thereof by Moody’s, respectively, (in
each case, at the time of acquisition); (4) repurchase obligations with a term of not more than thirty (30) days for underlying
securities of the types described in clause (a) above or (e) below entered into with a bank meeting the qualifications described
in clause (b) above (in each case, at the time of acquisition); (5) securities with maturities of one year or less from the date
of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, or by any political subdivision
or taxing authority thereof or by any foreign government, and rated at least “A” by S&P or “A” by Moody’s
(in each case, at the time of acquisition); (6) securities with maturities of six months or less from the date of acquisition backed
by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (2) above (in each
case, at the time of acquisition); (7) money market mutual funds that invest primarily in the foregoing items (determined at the
time such investment in such fund is made); (8) solely with respect to any Foreign Subsidiary, (i) marketable direct obligations
issued by, or unconditionally guaranteed by, the country in which such Foreign Subsidiary maintains its chief executive office
or principal place of business, or issued by any agency of such country and backed by the full faith and credit of such country,
and rated at least “A” or the equivalent thereof by S&P or “A2” or the equivalent thereof by Moody’s
(in each case, at the time of acquisition), (ii) time deposits, certificates of deposit or bankers’ acceptances issued by
any commercial bank which is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its
chief executive office and principal place of business, or payable to a Company promptly following demand and maturing within one
year of the date of acquisition and (iii) other customarily utilized high-quality or cash equivalent-type Investments in the country
where such Foreign Subsidiary maintains its chief executive office or principal place of business; (9) such local currencies held
by the Issuer or any Restricted Subsidiary from time to time in the ordinary course of business; or (10) investment funds investing
at least 90% of their assets in securities of the types described in clauses (1) through (9) above.

 

    6

     

    

 

“Cash Management
Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit
or debit card, electronic funds transfer and other cash management arrangements.

 

“CFC”
means a “controlled foreign corporation” within the meaning of Section 957 of the Internal Revenue Code.

 

“CFC Holdco”
means any domestic subsidiary that has no material assets other than Equity Interests (or Equity Interests and Indebtedness) of
one or more Subsidiaries of the Issuer that are CFC’s or other CFC Holdcos.

 

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

 

(1)         the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries
taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act))
other than Permitted Holders; or

 

(2)         the
consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any Person
(including any “person” (as defined above)), other than (i) any employee benefit plan of such Person or its subsidiaries,
any Person or entity acting in its capacity as Trustee, agent or other fiduciary or administrator of any such plan, or any Person
formed as a holding company for the Issuer (in a transaction where the Voting Stock of the Issuer outstanding prior to such transaction
is converted into or exchanged for the Voting Stock of the surviving or transferee Person constituting all or substantially all
of the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such
issuance)), (ii) any Person that has received Voting Stock of the Issuer in consideration of any acquisition or Investment, whether
by purchase, merger, consolidation or otherwise, by the Issuer or any of its Subsidiaries, which Person is temporarily holding
such Voting Stock pending distribution to other Persons (so long as, immediately after giving effect to such distribution, no Change
of Control shall otherwise have occurred) and (iii) a Permitted Holder, becomes the Beneficial Owner, directly or indirectly, of
more than 50% of the Voting Stock of the Issuer measured by voting power rather than number of shares.

 

    7

     

    

 

“Change of
Control Time” has the meaning assigned to that term in the definition of “Rating Decline”.

 

“Change of
Control Triggering Event” means both (1) a Change of Control and (2) a Rating Decline.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Comfort Letters”
means, collectively, (i) the letter agreement between the Division and UTGR dated May 10, 2013, (ii) the letter agreement between
DBR and UTGR dated May 9, 2013, (iii) the letter agreement dated July 10, 2014, among DBR, the Division and UTGR, (iv) the letter
agreement dated July 14, 2015 among DBR, the Division and PE II, (v) the Assignment, Assumption and Amendment of Regulatory Agreement
dated as of October 31, 2018 among DBR, the Division, Borrower, TRMG, UTGR, PE II and Tiverton, (vi) the letter agreement among
DBR, the Division, UTGR and Tiverton dated May 10, 2019 and (vii) each other “comfort letter” among DBR, the Division
and Borrower, UTGR, Tiverton or any other Company.

 

“Companies”
means the Issuer and its Subsidiaries; and “Company” means any one of them.

 

“Consolidated
EBITDA” means, for any Test Period, the sum (without duplication) of Consolidated Net Income for such Test Period; plus

 

(1)          in
each case to the extent deducted in calculating such Consolidated Net Income:

 

(a)          provisions
for taxes based on income or profits or capital gains, plus franchise or similar taxes and for state taxes payable in lieu of income
taxes, of the Issuer and its Restricted Subsidiaries for such Test Period (in each case in this clause (i), other than gaming taxes
under Title 29 of the Delaware Code or otherwise in effect in the State of Delaware);

 

(b)          consolidated
interest expense (net of interest income (other than interest income in respect of notes receivable and similar items)) of the
Issuer and its Restricted Subsidiaries for such Test Period, whether paid or accrued and whether or not capitalized;

 

(c)          any
cost, charge, fee or expense (including discounts and commissions and including fees and charges incurred in respect of letters
of credit or bankers acceptance financings) (or any amortization of any of the foregoing) associated with any issuance (or proposed
issuance) of debt, or equity or any refinancing transaction (or proposed refinancing transaction) or any amendment or other modification
of any debt instrument;

 

(d)          depreciation
and amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses
that were paid in a prior period);

 

(e)          any
Pre-Opening Expenses;

 

(f)           the
amount of any restructuring costs, charges, accruals, expenses or reserves (including those relating to severance, relocation costs,
contract termination costs and one-time compensation charges), costs and expenses incurred in connection with any non-recurring
strategic initiatives, integration costs, referendum costs and other business optimization expenses (including incentive costs
and expenses relating to business optimization programs and signing, retention and completion bonuses) and costs associated with
establishing new facilities (other than to the extent such items represent the reversal of any accrual or reserve added back in
a prior period);

 

    8

     

    

 

(g)          any
unusual or non-recurring costs, charges, accruals, reserves or items of loss or expense (including, without limitation, losses
on asset sales (other than asset sales in the ordinary course of business) and non-recurring litigation expenses) (other than to
the extent such items represent the reversal of any accrual or reserve added back in a prior period);

 

(h)          any
charges, fees and expenses (or any amortization thereof) (including, without limitation, all legal, accounting, advisory or other
transaction-related fees, charges, costs and expenses and any bonuses or success fee payments related to the Transactions) related
to the Transactions, any Permitted Investment (including any other Acquisition) or disposition (or any such proposed acquisition,
Investment or disposition) (including amortization or write offs of debt issuance or deferred financing costs, premiums and prepayment
penalties), in each case, whether or not successful;

 

(i)           any
losses resulting from mark to market accounting of Swap Contracts or other derivative instruments; and

 

(j)           license
fees paid by the Issuer to the State of Delaware described in Section 4819(d), Title 29 of the Delaware Code;

 

(k)          any
non-cash compensation charge arising from any grant of stock, stock options or other equity-based awards;

 

(l)           professional
fees paid to consultants to assist the Credit Parties to preserve tax refunds resulting from prior net operating losses;

 

(m)         to
the extent included in calculating such Consolidated Net Income, non-cash items decreasing such Consolidated Net Income for such
Test Period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future
period (other than amortization of a prepaid cash item that was paid in a prior period), (A) the Issuer may elect not to add back
such non-cash charge in the current period and (B) to the extent the Issuer elects to add back such non-cash charge, the cash payment
in respect thereof in such future period shall be subtracted from Consolidated EBITDA in such future period pursuant to (b)(iv)
below to such extent); minus

 

(2)          each
of the following:

 

(a)          to
the extent included in calculating such Consolidated Net Income, non-cash items increasing such Consolidated Net Income for such
period, other than (A) any non-cash items to the extent they represent the reversal of an accrual or reserve for a potential cash
item that reduced Consolidated EBITDA in any prior period and (B) any non-cash gains with respect to cash actually received in
a prior period so long as such cash did not increase Consolidated EBITDA in such prior period;

 

    9

     

    

 

(b)          to
the extent included in calculating such Consolidated Net Income, the amount of any gains resulting from mark to market accounting
of Swap Contracts or other derivative instruments;

 

(c)          to
the extent included in calculating such Consolidated Net Income, any unusual or non-recurring items of income or gain to the extent
increasing Consolidated Net Income for such Test Period; and

 

(d)          to
the extent not deducted in calculating such Consolidated Net Income, cash payments in such Test Period in respect of non-cash charges
the Issuer previously elected to add back pursuant to (1)(k) above; plus

 

(3)          the
amount of cost savings, operating expense reductions, other operating improvements and synergies projected by the Issuer in good
faith to be realized as a result of specified actions taken or with respect to which steps have been initiated (in the good faith
determination of the Issuer) during such Test Period (or with respect to Specified Transactions, are reasonably expected to be
initiated within eighteen (18) months of the closing date of the Specified Transaction), including in connection with the Transactions
or any Specified Transaction (calculated on a Pro Forma Basis as though such cost savings, operating expense reductions, other
operating improvements and synergies had been realized during the entirety of such Test Period), net of the amount of actual benefits
realized during such period from such actions; provided that (i) such actions are to be taken within eighteen (18) months after
the consummation of such Specified Transaction, restructuring or implementation of an initiative that is expected to result in
such cost savings, expense reductions, other operating improvements or synergies, (ii) no cost savings, operating expense reductions,
other operating improvements and synergies shall be added pursuant to this clause (3) to the extent duplicative of any expenses
or charges otherwise added to Consolidated EBITDA, whether through a pro forma adjustment or otherwise, for such Test Period, and
(iii) projected amounts (and not yet realized) may no longer be added in calculating Consolidated EBITDA pursuant to this clause
(3) to the extent more than eighteen (18) months have elapsed after the specified action taken (or in the case of a Specified Transaction,
more than eighteen (18) months have elapsed after the date of such Specified Transaction) in order to realize such projected cost
savings, operating expense reductions, other operating improvements and synergies; provided, that the aggregate amount of additions
made to Consolidated EBITDA for any Test Period pursuant to this clause (3) shall not (i) exceed 25.0% of Consolidated EBITDA for
such period (before giving effect to this clause (3) or (ii) be duplicative of one another; plus

 

(4)          to
the extent not included in Consolidated Net Income or, if otherwise excluded from Consolidated EBITDA due to the operation of clause
(2)(c) above, the amount of insurance proceeds received during such Test Period or after such Test Period and on or prior to the
date the calculation is made with respect to such Test Period, attributable to any property which has been closed or had operations
curtailed for such Test Period; provided that such amount of insurance proceeds shall only be included pursuant to this clause
(4) to the extent the amount of insurance proceeds plus Consolidated EBITDA attributable to such property for such Test Period
(without giving effect to this clause (4)) does not exceed Consolidated EBITDA attributable to such property during the most recently
completed four fiscal quarters for which financial results are available that such property was fully operational (or if such property
has not been fully operational for four consecutive fiscal quarters for which financial results are available prior to such closure
or curtailment, the Consolidated EBITDA attributable to such property during the Test Period prior to such closure or curtailment
(for which financial results are available) annualized over four fiscal quarters); plus

 

    10

     

    

 

(5)          cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated
Net Income in any Test Period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated
EBITDA pursuant to paragraph (2) above for any previous Test Period and not added back.

 

Consolidated EBITDA
shall be further adjusted (without duplication):

 

		(A)	to include the Consolidated EBITDA of (i) any Person, property,
business or asset (including a management agreement or similar agreement) (other than an Unrestricted Subsidiary) acquired by
the Issuer or any Restricted Subsidiary during such Test Period and (ii) any Unrestricted Subsidiary the designation of which
as such is revoked and converted into a Restricted Subsidiary during such Test Period, in each case, based on the Consolidated
EBITDA of such Person (or attributable to such property, business or asset) for such period (including the portion thereof occurring
prior to such acquisition or Revocation), determined as if references to the Issuer and its Restricted Subsidiaries in Consolidated
Net Income and other defined terms therein were to such Person and its Subsidiaries;

 

		(B)	to exclude the Consolidated EBITDA of (i) any Person, property,
business or asset (other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as
discontinued operations by the Issuer or any Restricted Subsidiary during such Test Period and (ii) any Restricted Subsidiary
that is designated as an Unrestricted Subsidiary during such Test Period, in each case based on the actual Consolidated EBITDA
of such Person for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closing, classification
or conversion), determined as if references to the Issuer and its Restricted Subsidiaries in Consolidated Net Income and other
defined terms therein were to such Person and its Subsidiaries;

 

		(C)	in the event of any Expansion Capital Expenditures that
were opened for business during such Test Period, by multiplying the Consolidated EBITDA attributable to such Expansion Capital
Expenditures (as determined by the Issuer in good faith) in respect of the first three (3) complete fiscal quarters following
opening of the business representing such Expansion Capital Expenditures by: (x) 4 (with respect to the first such quarter), (y)
2 (with respect to the first two such quarters), and (z) 4/3 (with respect to the first three such quarters) and, for the avoidance
of doubt, excluding Consolidated EBITDA attributable to such Expansion Capital Expenditures during the quarter in which the business
representing such Expansion Capital Expenditure opened (unless such business opened on the first day of a fiscal quarter);

 

		(D)	in the event of any Development Project that was opened
for business during such Test Period, by multiplying the Consolidated EBITDA attributable to such Development Project (as determined
by the Issuer in good faith) in respect of the first three (3) complete fiscal quarters following opening of the business representing
such Development Project by: (x) 4 (with respect to the first such quarter), (y) 2 (with respect to the first two such quarters),
and (z) 4/3 (with respect to the first three such quarters) and, for the avoidance of doubt, excluding Consolidated EBITDA attributable
to such Development Project during the quarter in which such Development Project opened (unless such business opened on the first
day of a fiscal quarter); and

 

    11

     

    

 

		(E)	in the event of any new operations of the Issuer or any
Subsidiary that have been organically developed by the Issuer or any Subsidiary (e.g., not a Permitted Acquisition, but self-developed
or self-constructed) that were opened during such Test Period, by multiplying the Consolidated EBITDA attributable to such new
organically developed operations (as determined by the Issuer in good faith) in respect of the first three (3) complete fiscal
quarters following opening of the business representing such organically developed operations by: (x) 4 (with respect to the first
such quarter), (y) 2 (with respect to the first two such quarters), and (z) 4/3 (with respect to the first three such quarters)
and, for the avoidance of doubt, excluding Consolidated EBITDA attributable to such new organically developed operations during
the quarter in which such new organically developed operations opened (unless such business opened on the first day of a fiscal
quarter);

 

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

 

		(G)	to the extent that a Tax Reduction Event occurs during
such Test Period, Consolidated EBITDA for such Test Period shall be calculated on a Pro Forma Basis as if such Tax Reduction Event
(and the resultant reduction in gaming taxes payable to the State of Delaware) had occurred on the first day of such Test Period.

 

“Consolidated
Interest Expense” means, for any Test Period, the sum of interest expense of the Issuer and its Restricted Subsidiaries
for such Test Period as determined on a consolidated basis in accordance with GAAP, plus, to the extent deducted in arriving at
Consolidated Net Income and without duplication, (a) the interest portion of payments on Capital Leases, (b) amortization of financing
fees, debt issuance costs and interest or deferred financing or debt issuance costs, (c) arrangement, commitment or upfront fees,
original issue discount, redemption or prepayment premiums, (d) commissions, discounts and other fees and charges owed with respect
to letters of credit and bankers’ acceptance financing, (e) interest with respect to Indebtedness that has been Discharged
and any Escrowed Indebtedness, (f) the accretion or accrual of discounted liabilities during such period, (g) interest expense
attributable to the movement of the mark-to-market valuation of obligations under Swap Contracts or other derivative instruments,
(h) net payments made under Swap Contracts relating to interest rates with respect to such Test Period and any costs associated
with breakage in respect of hedging agreements for interest rates, (i) all interest expense consisting of liquidated damages for
failure to timely comply with registration rights obligations and financing fees, all as calculated on a consolidated basis in
accordance with GAAP, (j) fees and expenses associated with the consummation of the Transactions, (k) costs and fees associated
with obtaining Swap Contracts and fees payable thereunder.

 

    12

     

    

 

“Consolidated
Leverage Ratio” means, as at any date of determination, the ratio of (a) Consolidated Net Indebtedness as of such date
to (b) Consolidated EBITDA for the Test Period most recently ended prior to such date; provided, however that for purposes of the
amount described in clause (a) above shall be calculated without giving effect to clause (c) of the definition of Consolidated
Net Indebtedness.

 

“Consolidated
Net Income” means, for any Test Period, the aggregate of the net income of the Issuer and its Restricted Subsidiaries
for such Test Period, on a consolidated basis, determined in accordance with GAAP; provided that, without duplication:

 

(1)          any
gain or loss (together with any related provision for taxes thereon) realized in connection with (i) any asset sale outside the
ordinary course of business or (ii) any disposition of any securities by such Person or any of its Restricted Subsidiaries shall
be excluded;

 

(2)          any
extraordinary gain or loss (together with any related provision for taxes thereon) shall be excluded;

 

(3)          the
net income of any Person that (i) is not a Restricted Subsidiary, (ii) is accounted for by the equity method of accounting, (iii)
is an Unrestricted Subsidiary or (iv) is a Restricted Subsidiary (or former Restricted Subsidiary) with respect to which a Trigger
Event has occurred following the occurrence and during the continuance of such Trigger Event shall be excluded; provided that Consolidated
Net Income of the Issuer and its Restricted Subsidiaries shall be increased by the amount of dividends or distributions or other
payments (including management fees) that are actually paid or are payable in cash to the Issuer or a Restricted Subsidiary thereof
in respect of such period by such Persons (or to the extent converted into cash);

 

(4)          the
undistributed earnings of any Restricted Subsidiary of the Issuer that is not a Guarantor to the extent that, on the date of determination
the payment of cash dividends or similar cash distributions by such Restricted Subsidiary (or loans or advances by such subsidiary
to any parent company) are not permitted by the terms of any Contractual Obligation (other than under this Indenture) or Requirement
of Law applicable to such Restricted Subsidiary shall be excluded, unless such restrictions with respect to the payment of cash
dividends and other similar cash distributions have been waived; provided that Consolidated Net Income of the Issuer and its Restricted
Subsidiaries shall be increased by the amount of dividends or distributions or other payments (including management fees) that
are actually paid or are payable in cash to the Issuer or a Restricted Subsidiary (not subject to such restriction) thereof in
respect of such period by such Restricted Subsidiaries (or to the extent converted into cash);

 

(5)          any
goodwill or other asset impairment charges or other asset write-offs or write downs, including any resulting from the application
of Accounting Standards Codification Nos. 350 and No. 360, and any expenses or charges relating to the amortization of intangibles
as a result of the application of Accounting Standards Codification No. 805, shall be excluded;

 

(6)          any
non-cash charges or expenses related to the repurchase of stock options to the extent not prohibited by this Indenture, and any
non-cash charges or expenses related to the grant, issuance or repricing of, or any amendment or substitution with respect to,
or otherwise in respect of, stock appreciation or similar rights, stock options, restricted stock, or other Equity Interests or
other equity based awards or rights or equivalent instruments, shall be excluded;

 

(7)          the
cumulative effect of a change in accounting principles shall be excluded;

 

    13

     

    

 

(8)          any
expenses or reserves for liabilities shall be excluded to the extent that the Issuer or any of its Restricted Subsidiaries is entitled
to indemnification therefor under binding agreements; provided that any such liabilities for which the Issuer or any of its Restricted
Subsidiaries is not actually indemnified shall reduce Consolidated Net Income for the period in which it is determined that the
Issuer or such Restricted Subsidiary will not be indemnified (to the extent such liabilities would otherwise reduce Consolidated
Net Income without giving effect to this clause (8));

 

(9)          losses,
to the extent covered by insurance and actually reimbursed, or, so long as the Issuer 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 (i) not
denied by the applicable carrier in writing within 180 days and (ii) 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;

 

(10)        gains
and losses resulting solely from fluctuations in currency values and the related tax effects shall be excluded, and charges relating
to Accounting Standards Codification Nos. 815 and 820 shall be excluded; and

 

(11)       
the net income (or loss) of a Restricted Subsidiary that is not a Wholly Owned Subsidiary shall be included in an amount proportional
to the Issuer’s economic ownership interest therein.

 

“Consolidated
Net Indebtedness” means, as at any date of determination, (a) the aggregate amount of all Indebtedness of the Issuer
and its Restricted Subsidiaries (other than any such Indebtedness that has been Discharged and any Escrowed Indebtedness) on such
date, in an amount that would be reflected on a balance sheet on such date prepared on a consolidated basis in accordance with
GAAP, consisting of Indebtedness for borrowed money, obligations in respect of Capital Leases, purchase money Indebtedness, Indebtedness
evidenced by promissory notes and similar instruments and Contingent Obligations in respect of any of the foregoing (to be included
only to the extent set forth in clause (iii) below), minus (b) Unrestricted Cash, minus (c) Development Expenses (x) of the type
in clause (a) of the definition thereof and (y) to the extent paid using Unrestricted Cash or the proceeds of Indebtedness that
was previously included in clause (a) of the definition thereof, of the type in clause (b) in such definition thereof (excluding
Development Expenses that consist of Unrestricted Cash that was deducted from Consolidated Net Indebtedness pursuant to clause
(b) above, if any); provided that (i) Consolidated Net Indebtedness shall not include (A) Indebtedness in respect of letters of
credit (including Letters of Credit), except to the extent of unreimbursed amounts thereunder or (B) Indebtedness of the type described
in clause (i) of the definition thereof, (ii) the amount of Consolidated Net Indebtedness, in the case of Indebtedness of a Restricted
Subsidiary that is not a Wholly Owned Subsidiary, shall be reduced by an amount directly proportional to the amount (if any) by
which Consolidated EBITDA was reduced (including through the calculation of Consolidated Net Income) in respect of such non-controlling
interest in such Restricted Subsidiary owned by a Person other than the Issuer or any of its Restricted Subsidiaries, (iii) Consolidated
Net Indebtedness shall not include Contingent Obligations, provided, however, that if and when any such Contingent Obligation that
does not constitute Consolidated Net Indebtedness is demanded for payment from the Issuer or any of its Restricted Subsidiaries,
then the amounts of such Contingent Obligation shall be included in such calculations of Consolidated Net Indebtedness and (iv)
the amount of Consolidated Net Indebtedness, in the case of Indebtedness of a Subsidiary of the Issuer that is not a Guarantor
and which Indebtedness is not guaranteed by the Issuer or any Guarantor in an amount in excess of the proportion of such Indebtedness
that would not be so excluded shall be reduced by an amount directly proportional to the amount by which Consolidated EBITDA was
reduced due to the undistributed earnings of such Subsidiary being excluded from Consolidated Net Income pursuant to clause (4)
thereof.

 

    14

     

    

 

“Consolidated
Secured Leverage Ratio” means, as at any date of determination, the ratio of (a) Consolidated Secured Net Indebtedness
as of such date to (b) Consolidated EBITDA for the Test Period most recently ended prior to such date.

 

“Consolidated
Secured Net Indebtedness” means Consolidated Net Indebtedness minus the sum of the portion of Indebtedness of the Issuer
or any Restricted Subsidiary included in Consolidated Net Indebtedness that is not secured by any Lien on property or assets of
the Issuer or any Restricted Subsidiary.

 

“Contingent
Obligation” means as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness
(“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, including any obligation of such Person, whether or not contingent, (a) to purchase any such primary obligation or
any property constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the purchase or payment
of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor; (c) 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;
or (d) otherwise to assure or hold harmless the Holder of such primary obligation against loss in respect thereof; provided, however,
that the term Contingent Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course
of business and any lease guarantees executed in the ordinary course of business. The amount of any Contingent Obligation shall
be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent
Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to
the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated
potential liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in
good faith.

 

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

 

“Core Property”
means, collectively, (i) Twin River Casino, (ii) Tiverton Casino Hotel, (iii) Dover Downs Hotel & Casino and (iv) Hard Rock
Hotel and Casino Biloxi.

 

“Corporate
Trust Office of the Trustee” means the office of the Trustee at which any time its corporate trust business related to
this Indenture shall be administered, which office at the date hereof is (a) solely for purposes of the transfer, exchange or surrender
of the Notes, 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Twin River Worldwide Holdings, Inc., and (b) for all other purposes,
225 Asylum Street, 23rd Floor, Hartford, CT 06103, Attention: Twin River Worldwide Holdings, Inc., or such other address as the
Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any
successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and
the Issuer).

 

“Credit Facility,”
or “Credit Facilities” means, one or more debt facilities (including, without limitation, the Senior Credit
Facilities), indentures, notes, notes purchase agreements or commercial paper facilities, in each case, with banks or other institutional
lenders or accredited investors or institutional investors providing for revolving credit loans, term loans, term debt, debt securities,
receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow
from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, extended,
increased, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced (including by means
of sales of debt securities to institutional investors)in whole or in part from time to time.

 

    15

     

    

 

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

 

“DBR”
means the State of Rhode Island Department of Business Regulation.

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06
hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not
have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

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

 

“Development
Expenses” means without duplication, the aggregate principal amount, not to exceed $75.0 million at any time, of (a)
outstanding Indebtedness incurred after the Issue Date, the proceeds of which, at the time of determination, as certified in an
Officer’s Certificate, are pending application and are required or intended to be used to fund and (b) amounts spent after
the Issue Date (whether funded with the proceeds of Indebtedness, cash flow or otherwise) to fund, in each case, (i) Expansion
Capital Expenditures of the Issuer or any Restricted Subsidiary, (ii) a Development Project or (iii) interest, fees or related
charges with respect to such Indebtedness; provided that (A) the Issuer or the Restricted Subsidiary or other Person that owns
assets subject to the Expansion Capital Expenditure or Development Project, as applicable, is diligently pursuing the completion
thereof and has not at any time ceased construction of such Expansion Capital Expenditure or Development Project, as applicable,
for a period in excess of 90 consecutive days (other than as a result of a force majeure event or inability to obtain requisite
Gaming/Racing Approvals or other governmental authorizations, so long as, in the case of any such Gaming/Racing Approvals or other
governmental authorizations, the Issuer or a Restricted Subsidiary or other applicable Person is diligently pursuing such Gaming/Racing
Approvals or governmental authorizations), (B) no such Indebtedness or funded costs shall constitute Development Expenses with
respect to an Expansion Capital Expenditure or a Development Project from and after the end of the first full fiscal quarter after
the completion of construction of the applicable Expansion Capital Expenditure or Development Project or, in the case of a Development
Project or Expansion Capital Expenditure that was not open for business when construction commenced, from and after the end of
the first full fiscal quarter after the date of opening of such Development Project or Expansion Capital Expenditure, if earlier,
and (C) in order to avoid duplication, it is acknowledged that to the extent that the proceeds of any Indebtedness referred to
in clause (a) above have been applied (whether for the purposes described in clauses (i), (ii) or (iii) above or any other purpose),
such Indebtedness shall no longer constitute Development Expenses under clause (a) above (it being understood, however, that any
such application in accordance with clauses (i), (ii) or (iii) above shall, subject to the other requirements and limitations of
this definition, constitute Development Expenses under clause (b) above).

 

    16

     

    

 

“Development
Project” means Investments, directly or indirectly, (a) in any Joint Ventures or Unrestricted Subsidiaries in which the
Issuer or any of its Restricted Subsidiaries, directly or indirectly, has control or with whom it has a management, development
or similar contract and, in the case of a Joint Venture, in which the Issuer or any of its Restricted Subsidiaries owns (directly
or indirectly) at least 25% of the Equity Interest of such Joint Venture, or (b) in, or expenditures with respect to, casinos,
 “racinos,” full-service casino resorts, non-gaming resorts or Persons that own casinos, “racinos,” full-service
casino resorts or non-gaming resorts (including casinos, “racinos,” full-service casino resorts or non-gaming resorts
in development or under construction that are not presently open or operating) with respect to which the Issuer or any of its Restricted
Subsidiaries will directly manage the development thereof or (directly or indirectly through Subsidiaries) the Issuer or any of
its Restricted Subsidiaries has entered into a management, development or similar contract (or an agreement to enter into such
a management, development or similar contract) and such contract remains in full force and effect at the time of such Investment,
though it may be subject to regulatory approvals, in each case, used to finance, or made for the purpose of allowing such Joint
Venture, Unrestricted Subsidiary, casino, “racino,” full-service casino resort or non-gaming resort, as the case may
be, to finance the purchase or other acquisition or construction of any fixed or capital assets or the refurbishment of existing
assets or properties that develops, adds to or significantly improves the property of such Joint Venture, Unrestricted Subsidiary,
casino, “racino,” full-service casino resort or non-gaming resort and assets ancillary or related thereto, or the construction
and development of a casino, “racino,” full-service casino resort, non-gaming resort or assets ancillary or related
thereto and including Pre-Opening Expenses with respect to such Joint Venture, Unrestricted Subsidiary, casino, “racino,”
full-service casino resort or non-gaming resort and other fees and payments to be made to such Joint Venture, Unrestricted Subsidiary
or the owners of such casino, “racino,” full-service casino resort or non-gaming resort.

 

“Discharged”
means Indebtedness that has been defeased (pursuant to a contractual or legal defeasance) or discharged pursuant to the prepayment
or deposit of amounts sufficient to satisfy such Indebtedness as it becomes due or irrevocably called for redemption (and regardless
of whether such Indebtedness constitutes a liability on the balance sheet of the obligors thereof); provided, however, that the
Indebtedness shall be deemed Discharged if the payment or deposit of all amounts required for defeasance or discharge or redemption
thereof have been made even if certain conditions thereto have not been satisfied, so long as such conditions are reasonably expected
to be satisfied within 95 days after such prepayment or deposit.

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the Holder of the Capital Stock), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the Holder
of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the Holders of the Capital Stock
have the right to require the Issuer to repurchase such Capital Stock upon the occurrence of a Change of Control, an Asset Sale
or an event of loss will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Issuer may not repurchase
or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof.
The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount
that the Issuer and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory
redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. Disqualified Stock shall not include any shares
of Capital Stock, which, after the issuance thereof, become subject to mandatory redemption due to the actions or requirements
of any Gaming/Racing Authority, to the extent that such issuance was made in compliance with applicable laws and, at the time of
such issuance, such Capital Stock did not constitute Disqualified Stock.

 

    17

     

    

 

“Dividing
Person” has the meaning assigned to it in the definition of “Division”.

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing
Person and pursuant to which the Dividing Person may or may not survive.

 

“Division
of Lotteries” means the Division of Lotteries of the State of Rhode Island Department of Revenue.

 

“Division
Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion
of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of
such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed
a Division Successor upon the occurrence of such Division.

 

“Domestic
Subsidiary” means any Restricted Subsidiary of the Issuer (a) that was formed under the laws of the United States or
any state of the United States or the District of Columbia and does not constitute an Immaterial Subsidiary, a CFC Holdco, or a
Subsidiary of a CFC, or (b) that directly or indirectly, guarantees, or pledges any property or assets to secure Indebtedness incurred
under a Credit Facility.

 

“Dover Acquisition”
means the transactions contemplated by the Dover Agreement.

 

“Dover Agreement”
means the Merger Agreement, dated July 22, 2018, as amended on October 8, 2018, among Dover Downs Gaming & Entertainment, Inc.,
the Issuer, Double Acquisition Corp. and DD Acquisition LLC.

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

 

“Equity Offering”
means a public or private sale of Equity Interests of the Issuer by the Issuer (other than Disqualified Stock and other than to
a Subsidiary of the Issuer).

 

“Escrowed
Indebtedness” means Indebtedness issued in escrow pursuant to customary escrow arrangements pending the release thereof.

 

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

 

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

 

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

 

    18

     

    

 

“Fair Market
Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving
distress or necessity of either party, which shall be determined in good faith by the Board of Directors of the Issuer if expected
to be greater than $5.0 million.

 

“FF&E”
means furniture, fixtures and equipment used in the ordinary course of business in the operation of a Permitted Business.

 

“FF&E
Financing” means Indebtedness, the proceeds of which will be used solely to finance or refinance the acquisition or lease
by the Issuer or a Restricted Subsidiary of the Issuer of FF&E.

 

“Fixed Charge
Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated EBITDA of such
Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its
Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases, or otherwise discharges any Indebtedness
(other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement
of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for
which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge
Coverage Ratio will be calculated on a Pro Forma Basis.

 

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

 

(1)          the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including,
without limitation, amortization of original issue discount or premium, non-cash interest payments (but excluding any non-cash
interest expense attributable to the movement in the mark-to-market valuation of Hedging Obligations or other derivative instruments
pursuant to Accounting Standards Codification Nos. 815 and 820), the interest component of any deferred payment obligations, the
interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt,
commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings,
and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates but excluding
any amortization or write-off of deferred financing costs or debt issuance costs and excluding commitment fees, underwriting fees,
assignment fees, debt issuance costs or fees, redemption or prepayment premiums, and other transaction expenses or costs or fees
consisting of Transaction Activities associated with undertaking, or proposing to undertake, any Transaction Activity; plus

 

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

 

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

 

    19

     

    

 

(4)          the
product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of such Person
or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Issuer
(other than Disqualified Stock) or to the Issuer or a Restricted Subsidiary of the Issuer, times (b) a fraction, the numerator
of which is one and the denominator which is one minus the then current combined federal, state and local statutory tax rate of
such Person, expressed as a decimal, in each case, determined on a consolidated basis and in accordance with GAAP.

 

“Foreign Subsidiary”
means each Subsidiary that is organized under the laws of a jurisdiction other than the United States or any state thereof, or
the District of Columbia.

 

“GAAP”
means generally accepted accounting principles set forth as of the relevant date 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 agencies with similar functions of comparable stature and authority within the U.S. accounting profession),
including, without limitation, any Accounting Standards Codifications, which are applicable to the circumstances as of the date
of determination.

 

“Gaming/Racing
Authority” shall mean the applicable gaming and/or racing board, commission or other federal, state, local or foreign
governmental agency or regulatory body responsible for the administration, execution and administrative enforcement of the Gaming/Racing
Laws applicable to Issuer or any of its Restricted Subsidiaries, including, without limitation, the DBR, the Division, the Mississippi
Gaming Commission, the Delaware Gaming Authorities and the Delaware Harness Racing Commission.

 

“Gaming/Racing
Facility” means, collectively, (i) each Core Property and (ii) any other casino or other gaming or racing establishment
or operation owned, managed or operated by Issuer or any of its Restricted Subsidiaries from time to time.

 

“Gaming/Racing
Laws” means, as clarified and supplemented by the Comfort Letters, as applicable, all laws, rules, regulations, ordinances,
orders and other enactments applicable to Casino Gaming (as defined in R.I. Gen. Laws § 42-61.2-1(8)), dog racing, horse racing,
simulcasting, video lottery terminal and/or any other gaming activities with respect to Issuer or any of its Restricted Subsidiaries,
as applicable, as in effect from time to time, including the policies, interpretations, orders, decisions, judgments, awards, decrees
and administration thereof by any Gaming/Racing Authority, including, without limitation, R.I. Gen. Laws §§ 41-1-1, et
seq., 41-3-1, et seq., 41-3.1-1, et seq., 41-4-1, et seq., 41-7-1, et seq., 41-11-1, et seq., 42-14-17 and 42-35-1, et seq., R.I.
Gen. Laws §§ 42-61-1, et seq., 42-61.1-1, et seq., 42-61.2-1, et seq. and 42-61.3-1. et seq., as amended, the DBR’s
and Division’s Rules and Regulations promulgated by the respective directors pursuant to applicable Rhode Island laws, and
the provisions of the Mississippi Gaming Control Act, as codified in Chapter 76 of Title 75 of the Mississippi Code of 1972, as
amended, and the rules and regulations promulgated by the Mississippi Gaming Commission, as amended, and any consents, rulings,
orders, directives or similar issuances of the Mississippi Gaming Commission pursuant thereto, and and Title 29, Chapter 48 of
the Delaware Code, as amended, and the regulations promulgated pursuant thereto, and all amendments and any consents, rulings,
orders, directives or similar issuances of the Delaware Gaming Authorities pursuant thereto and Title 3, Chapter 100 of the Delaware
Code, as amended, and the regulations promulgated pursuant thereto, and all amendments and any consents, rulings, orders, directives
or similar issuances of the Harness Racing Commission pursuant thereto and the regulations promulgated pursuant thereto.

 

“Gaming/Racing
License” means any licenses, permits, franchises, approvals, findings of suitability or other authorizations from any
Gaming/Racing Authority or any other federal, state, local or foreign governmental agency or regulatory body required to own, develop,
lease, manage, operate or host (directly or indirectly) any lottery, gambling, betting, wagering or simulcasting operations conducted
or hosted or proposed to be conducted or hosted by Issuer or any of its Restricted Subsidiaries or required by Gaming/Racing Laws,
as clarified and supplemented by the Comfort Letters to the extent applicable.

 

    20

     

    

 

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

 

“Global Notes”
means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on
behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears
the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued
in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(d)(3) hereof.

 

“Government
Securities” means securities that are direct obligations of the United States of America for the timely payment of which
its full faith and credit is pledged.

 

“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, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).

 

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

 

“Hedging Obligations”
of any Person means the obligations of such Person pursuant to (1) any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement or other similar agreement or arrangement designed to protect such Person against fluctuations in
interest rates, (2) agreements or arrangements designed to protect such Person against fluctuations in foreign currency exchange
rates in the conduct of its operations, or (3) any forward contract, commodity swap agreement, commodity option agreement
or other similar agreement or arrangement designed to protect such Person against fluctuations in commodity prices, in each case
entered into in the ordinary course of business for bona fide hedging purposes and not for purposes of speculation.

 

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

 

“Immaterial
Subsidiary” means (a) as of the Issue Date, those Subsidiaries of the Issuer which are designated by the Issuer as “Immaterial
Subsidiary”; provided that no Person shall be so designated (or in the cases of clauses (i), (ii), (iii) and (iv) below,
if already designated, remain), if, as of the date of its designation (or if already designated, as of any date following such
designation) (i) (x) such Person’s (1) Consolidated EBITDA for the then most recently ended Test Period is in excess of 2.5%
of the Consolidated EBITDA of the Issuer and its Restricted Subsidiaries or (2) Consolidated Total Assets as of the last day of
the then most recently ended Test Period is in excess of 2.5% of the Consolidated Total Assets of the Issuer and its Restricted
Subsidiaries on a consolidated basis and (y) when such Person is taken together with all other Immaterial Subsidiaries as of such
date, all such Immaterial Subsidiaries’ (1) Consolidated EBITDA for the then most recently ended Test Period is in excess
of 10.0% of the Consolidated EBITDA of the Issuer and its Restricted Subsidiaries or (2) Consolidated Total Assets as of the last
day of the then most recently ended Test Period is in excess of 10.0% of the Consolidated Total Assets of the Issuer and its Restricted
Subsidiaries on a consolidated basis, (ii) it owns, leases or operates any portion (other than de minimis assets) of any Core Property
or owns any Equity Interests in any Guarantor, (iii) it owns any material assets which are used in connection with any Gaming/Racing
Facility (other than a Gaming/Racing Facility with 200 gaming machines or less), (iv) it owns any Real Property which would be
required to be a collateral under the Senior Credit Facilities hereunder if such Subsidiary were not an Immaterial Subsidiary or
(v) any Event of Default has occurred and remains continuing.

 

    21

     

    

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money; (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person under conditional sale or other
title retention agreements relating to property purchased by such Person; (d) all obligations of such Person issued or assumed
as the deferred purchase price of property or services (excluding (i) trade accounts payable and accrued obligations incurred in
the ordinary course of business, (ii) the financing of insurance premiums, (iii) any such obligations payable solely through the
issuance of Equity Interests and (iv) any earn-out obligation until such obligation appears in the liabilities section of the balance
sheet of such Person in accordance with GAAP (excluding disclosure on the notes and footnotes thereto); provided that any earn-out
obligation that appears in the liabilities section of the balance sheet of such Person shall be excluded to the extent (x) such
Person is indemnified for the payment thereof and such indemnification is not disputed or (y) amounts to be applied to the payment
therefor are in escrow); (e) all Indebtedness (excluding prepaid interest thereon) of others secured by any Lien on property owned
or acquired by such Person, whether or not the obligations secured thereby have been assumed; provided, however, that if such obligations
have not been assumed, the amount of such Indebtedness included for the purposes of this definition will be the amount equal to
the lesser of the fair market value of such property and the amount of the Indebtedness secured; (f) with respect to any Capital
Lease Obligations of such Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as
of such date in accordance with GAAP; (g) all net obligations of such Person in respect of Swap Contracts; (h) all obligations
of such Person as an account party in respect of letters of credit and bankers’ acceptances, except obligations in respect
of letters of credit issued in support of obligations not otherwise constituting Indebtedness shall not constitute Indebtedness
except to the extent such letter of credit is drawn and not reimbursed within three (3) Business Days of such drawing; (i) all
obligations of such Person in respect of Disqualified Stock; and (j) all Contingent Obligations of such Person in respect of Indebtedness
of others of the kinds referred to in clauses (a) through (i) above. The Indebtedness of any Person shall include the Indebtedness
of any partnership in which such Person is a general partner unless recourse is limited, in which case the amount of such Indebtedness
shall be the amount such Person is liable therefor (except to the extent the terms of such Indebtedness expressly provide that
such Person is not liable therefor). The amount of Indebtedness of the type described in clause (d) shall be calculated based on
the net present value thereof. The amount of Indebtedness of the type referred to in clause (g) above of any Person shall be zero
unless and until such Indebtedness shall be terminated, in which case the amount of such Indebtedness shall be the then termination
payment due thereunder by such Person. For the avoidance of doubt, it is understood and agreed that (x) casino “chips”
and gaming winnings of customers, (y) any obligations of such Person in respect of Cash Management Agreements and (z) any obligations
of such Person in respect of employee deferred compensation and benefit plans shall not constitute Indebtedness. Operating leases
shall not constitute Indebtedness hereunder regardless of whether required to be recharacterized as Capitalized Leases pursuant
to GAAP. “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

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

 

    22

     

    

 

“Initial Purchasers”
means Credit Suisse Securities (USA) LLC, Citizens Capital Markets, Inc., Deutsche Bank Securities, Inc., Fifth Third Securities,
Inc., Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey, Inc., Cowen
and Company, LLC, and Union Gaming Securities, LLC.

 

“Insolvency
or Liquidation Proceeding” means:

 

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

 

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

 

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

 

“Internal
Revenue Code” means the Internal Revenue Code of 1986, as amended.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s (or any successor to the
rating agency business thereof) and BBB– (or the equivalent) by S&P (or any successor to the rating agency business thereof).

 

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

 

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

 

    23

     

    

 

“Issue Date”
means May 10, 2019.

 

“Joint Venture”
means any Person, other than an individual or a Wholly-Owned Subsidiary of the Issuer, in which the Issuer or a Restricted Subsidiary
or the Issuer (directly or indirectly) holds or acquires an ownership interest (whether by way of capital stock, partnership or
limited liability company interest, or other evidence of ownership).

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for
the intervening period.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, or any lease in the nature thereof.

 

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

 

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

 

“Net Proceeds”
means the aggregate cash proceeds and Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries in respect
of any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale), net of (i) the direct costs relating to such Asset Sale, including, without
limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result
of the Asset Sale, (ii) taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available
tax credits or deductions and any tax sharing arrangements, (iii) amounts required to be applied to the repayment of Indebtedness,
other than Indebtedness under a Credit Facility, secured by a Lien on the asset or assets that were the subject of such Asset Sale,
(iv) all distributions to other Holders of Equity Interests in Restricted Subsidiaries contractually required to be made as
a result of such Asset Sale, (v) any reserve for adjustment or indemnification obligations in respect of the sale price of
such asset or assets established in accordance with GAAP and (vi) amounts reserved, in accordance with GAAP, against any liabilities
associated with the Asset Sale and related thereto, including pension and other retirement benefit liabilities, purchase price
adjustments, liabilities related to environmental matters and liabilities under any indemnification obligations associated with
such Asset Sale; provided that Net Proceeds shall include any cash payments received upon the reversal (without the satisfaction
of any applicable liabilities in cash in a corresponding amount) of any reserve described in clause (vi) or, if such liabilities
have not been satisfied in cash and such reserve is not reversed within eighteen (18) months after such Asset Sale, the amount
of such reserve.

 

“Non-Recourse
Debt” means Indebtedness as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support
of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly
liable as a guarantor or otherwise. Notwithstanding the foregoing, the Issuer and its Restricted Subsidiaries may enter into customary
 “completion guaranties” or “support agreements” in respect of construction projects undertaken by Unrestricted
Subsidiaries so long as such “completion guaranties” or “support agreements”: (i) are unsecured or secured
only by cash deposits; (ii) are subject to a fixed liability cap stated in United States dollars; and (iii) the aggregate amount
of capped liability of such “completion guaranties” or “support agreements” shall not exceed $25.0 million
at any one time outstanding. For the avoidance of doubt, any such “completion guaranties” or “support agreements”
that satisfy the requirements of the preceding sentence shall constitute “Non-Recourse Debt” for purposes of the definition
of Unrestricted Subsidiary.

 

    24

     

    

 

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

 

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

 

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

 

“Notes”
means the $400,000,000 aggregate principal amount of the Issuer’s 6.750% Senior Notes due 2027.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Indebtedness (including, without limitation, interest accruing at the then applicable rate provided
in such documentation after the maturity of such Indebtedness and interest accruing at the then applicable rate provided in such
documentation after the filing of a petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding,
relating to any debtor under such documentation, whether or not a claim for post-filing or post-petition interest is allowed in
such proceeding).

 

“Offering
Memorandum” means the final Offering Memorandum, dated May 3, 2019 related to the Notes offered hereby.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Senior Vice President,
any Vice President or any Assistant Vice President of such Person.

 

“Officer’s
Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer.

 

“Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Section 12.05 hereof. The counsel may be an employee of or counsel to the Issuer, any Subsidiary of the Issuer or the Trustee.

 

“Pari Passu
Debt” means any Indebtedness of the Issuer or any Guarantor that ranks equally in right of payment with the Notes or
the Note Guarantee of such Guarantor, as applicable (without giving effect to collateral arrangements).

 

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

 

    25

     

    

 

“Permitted
Acquisition” means any acquisition, whether by purchase, merger, consolidation or otherwise, by the Issuer or any of
its Restricted Subsidiaries of all or substantially all of the business, property or assets of, or of more than 50% of the Equity
Interests in, a Person or any division or line of business of a Person so long as (a) immediately after giving pro forma effect
to such acquisition and related transactions, no Event of Default has occurred and is continuing or would result therefrom, (b)
immediately after giving effect thereto, neither the Issuer nor any Restricted Subsidiary shall directly or indirectly be engaged
to any material extent (determined on a consolidated basis) in any line or lines of business activity other than Permitted Business
and (c) in the case of a Permitted Acquisition consisting of a purchase or acquisition of the Equity Interests in any Person that
does not become a Guarantor hereunder (except to the extent becoming a Guarantor is prohibited by applicable Gaming/Racing Laws)
or of an acquisition by a Person that is not the Issuer or a Guarantor (and does not become a Guarantor) hereunder, the consideration
(excluding Equity Interests in Borrower) paid in all such Permitted Acquisitions shall not exceed an aggregate amount equal to
the sum of (i) $40.0 million plus (ii) the amounts available for Investments set forth in clause (23) of the definition of “Permitted
Investments”.

 

“Permitted
Business” means any business of the type in which the Issuer and its Restricted Subsidiaries are engaged or proposed
to be engaged on the Issue Date, or any business reasonably related, incidental or ancillary thereto (including assets or businesses
complementary thereto and reasonable expansions and developments thereof).

 

“Permitted
Holder” means (a) Standard General L.P. and its affiliates and any funds managed by it or its affiliates (“Standard
General Investors”) and (b) any person or entity with whom any Standard General Investor forms a “group” (within
the meaning of federal securities laws). so long as, in the case of this clause (b), the relevant Standard General Investors (taken
as a whole) directly or indirectly beneficially own more than 50% of the relevant voting power of the issued and outstanding voting
stock of Issuer owned by such “group”.

 

“Permitted
Investments” means:

 

(1)          any
Investment in the Issuer or in a Restricted Subsidiary of the Issuer;

 

(2)          any
Investment in cash or Cash Equivalents;

 

(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, including by means of a Division; or

 

(b)          such
Person is merged, consolidated or amalgamated with or into, or divided pursuant to a Division, or transfers or conveys substantially
all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer;

 

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

 

(5)          any
Investment the payment of which consists of Equity Interests (other than Disqualified Stock) of the Issuer or proceeds from the
sale of such Equity Interests; provided that such Equity Interests will not increase the amount available for Investments
under Section 4.07(a)(C) hereof;

 

    26

     

    

 

(6)          receivables
owing to the Issuer or its Restricted Subsidiaries, if created or acquired in the ordinary course of business and payable or dischargeable
in accordance with customary trade terms, including without limitation credit extended to customers;

 

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

 

(8)          Investments
represented by Hedging Obligations;

 

(9)          loans
and advances to officers, directors and employees for payroll, business-related travel expenses, moving or relocation expenses,
drawing accounts and other similar expenses, in each case, made in the ordinary course of business;

 

(10)         other
loans or advances to officers, directors, managers and employees in an aggregate principal amount not to exceed $10.0 million at
any one time outstanding;

 

(11)        repurchases
of the Notes;

 

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

 

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

 

(14)        Investments
acquired after the Issue Date as a result of the acquisition by the Issuer or any Restricted Subsidiary of the Issuer of another
Person, including by way of a merger, amalgamation or consolidation with or into the Issuer or any of its Restricted Subsidiaries
in a transaction that is not prohibited by Section 5.01 hereof 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;

 

(15)        Permitted
Acquisitions;

 

(16)        Investments
resulting from the acquisition of a Restricted Subsidiary that was otherwise permitted by this Indenture, which Investments were
held by such Restricted Subsidiary at the time of such acquisition and were not acquired in contemplation of such acquisition;

 

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

 

    27

     

    

 

(18)        Investments
required by a Gaming/Racing Authority or made in lieu of payment of a tax or in consideration of a reduction in tax;

 

(19)        Investments
in prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance
and similar deposits entered into as a result of the operations of the business in the ordinary course of business;

 

(20)        Investments
in Joint Ventures established to develop or operate nightclubs, bars, restaurants, hotels, timeshares, recreation, exercise or
gym facilities, or entertainment or retail venues or similar or related establishments or facilities within, in close proximity
to or otherwise for the benefit of any Property of the Issuer and its Restricted Subsidiaries (as reasonably determined by Issuer)
(provided that Investments pursuant to this clause (20) shall not exceed $25.0 million in the aggregate outstanding at any time,
plus an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments,
income and similar amounts) actually received in respect of any such Investment;

 

(21)        Investments
in Joint Ventures or other non-wholly Owned Subsidiaries of Issuer or any of its Restricted Subsidiaries taken together with all
other Investments made pursuant to this clause (21) that are at that time outstanding not to exceed the sum of (i) the greater
of (x) $35.0 million and (y) 17.5% of Consolidated EBITDA (in each case, determined on the date such Investment is made, with the
fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value),
plus (i) any reduction in the amount of such Investments as provided in the definition of “Investments;”

 

(22)        Investments
in Unrestricted Subsidiaries taken together with all other Investments made pursuant to this clause (22) that are at that time
outstanding not to exceed the sum of (i) the greater of $10.0 million and 5% of Consolidated EBITDA at the time of determination
for the Test Period most recently ended (in each case, determined on the date such Investment is made, with the fair market value
of each Investment being measured at the time made and without giving effect to subsequent changes in value) plus (ii) any reduction
in the amount of such Investments as provided in the definition of “Investments”;

 

(23)        Investments
in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect
to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (23) that are at the
time outstanding not to exceed the greater of (x) $100.0 million and (y) 50% of Consolidated EBITDA; provided, however,
that if an Investment made pursuant to this clause (23) is made in any Person that is not a Restricted Subsidiary as of the date
of the making of such Investment and such Person becomes a Restricted Subsidiary 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 (23) for so
long as such Person continues to be a Restricted Subsidiary;

 

(24)        guarantee
obligations of the Issuer or any of its Restricted Subsidiaries in respect of leases (other than Capital Lease Obligations);

 

(25)        Investments
consisting of purchases and acquisitions of assets or services in the ordinary course of business and any earnest money deposits
in connection therewith; and

 

    28

     

    

 

(26)        any
Investment so long as, at the time the Investment is made and after giving effect thereto, (i) no Event of Default has occurred
and is continuing and (y) the Consolidated Leverage Ratio of the Issuer is less than or equal to 3.50 to 1.00 on a Pro Forma Basis.

 

“Permitted Liens”
means:

 

(1)          Liens
securing Permitted Debt incurred pursuant to and outstanding under Section 4.09(b)(1);

 

(2)          (a)
Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like
nature incurred in the ordinary course of business; (b) Liens incurred or deposits made in the ordinary course of business in connection
with workers’ compensation, unemployment insurance and other types of insurance or social security or premiums with respect
thereto (and Liens on proceeds of related policies); (c) Liens imposed by Gaming/Racing Laws or Gaming/Racing Authorities, and
Liens on deposits made to secure Gaming/Racing License applications or to secure the performance of surety or other bonds; and
(d) Liens securing obligations with respect to letters of credit issued in connection with any of the items referred to in this
clause (2);

 

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

 

(4)          Liens
on property or assets (including Capital Stock) of a Person (or its Subsidiaries) existing at the time such Person is merged with
or into or consolidated with the Issuer or any Subsidiary of the Issuer or otherwise becomes a Subsidiary of the Issuer and amendments
or modifications thereto and replacements or refinancings thereof; provided that such Liens were not granted in connection
with, or in anticipation of, such merger or consolidation or acquisition (except for Liens securing Indebtedness incurred pursuant
Section 4.09(b)(17)) and do not extend to any assets other than those of such Person (and its Subsidiaries) merged into or consolidated
with the Issuer or the Subsidiary or which becomes a Subsidiary of the Issuer;

 

(5)          Liens
(including extensions, renewals or replacements thereof) on property existing at the time of acquisition of the property by the
Issuer or any Subsidiary of the Issuer; provided that (except for Liens securing Indebtedness incurred pursuant to Section 4.09(b)(17))
such Liens were in existence prior to, or not incurred in contemplation of, such acquisition;

 

(6)          Liens
to secure Indebtedness (including Capital Lease Obligations and FF&E Financing) permitted by Section 4.09(b)(4) hereof covering
only the assets acquired with or financed by such Indebtedness (and directly related assets, including proceeds (including insurance
proceeds) and replacements thereof or assets which were financed with Indebtedness permitted by such clause that has been refinanced
(including successive refinancings));

 

(7)          Liens
existing on the Issue Date;

 

(8)          Liens
for taxes, assessments or governmental charges, levies or claims that are not yet due and payable or delinquent or that are being
contested in good faith by appropriate proceedings; provided that any reserve or other appropriate provision as is required
in conformity with GAAP has been made therefor;

 

    29

     

    

 

(9)          Liens
imposed by law, such as carriers’, warehousemen’s, materialmen’s, repairmen’s, supplier’s, construction,
landlord’s and mechanics’ or other like liens, in each case, incurred in the ordinary course of business;

 

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

 

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

 

(12)        Liens
to secure any Permitted Refinancing Indebtedness (and customary obligations related thereto); provided, however, that the
new Lien is limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which
the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions
thereof);

 

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

 

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

 

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

 

(16)        Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

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

 

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

 

(19)        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;

 

(20)        other
Liens incidental to the conduct of the business of the Issuer and its Subsidiaries or the ownership of their Properties which were
not created in connection with the incurrence of Indebtedness and do not in the aggregate materially detract from the value of
such Properties or materially impair the use thereof;

 

    30

     

    

 

(21)        Liens
securing obligations to the Trustee pursuant to the compensation and indemnity provisions of this Indenture and Liens owing to
an indenture Trustee in respect of any other Indebtedness permitted to be incurred pursuant to Section 4.09 hereof;

 

(22)        Liens
disclosed by the title insurance policies delivered on or subsequent to the Issue Date pursuant to any Credit Facility and any
replacement, extension or renewal of any such Lien; provided, that such replacement, extension or renewal Lien shall not cover
any property other than the property that was subject to such Lien prior to such replacement, extension or renewal; provided, further,
that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted by this Indenture;

 

(23)        pledges
or deposits made in connection with any letter of intent or purchase agreement;

 

(24)        Liens
to secure Indebtedness permitted by Sections 4.09(b)(12) and (b)(24) hereof, provided that such Liens to secure Indebtedness
permitted by Section 4.09(b)(24) do not encumber any property other than the Property of any Joint Venture and the Equity Interests
in the applicable Joint Venture;

 

(25)        Liens
securing Hedging Obligations that are incurred in the ordinary course of business (and not for speculative purposes);

 

(26)        Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods in the ordinary course of business;

 

(27)        Liens
securing customary cash management obligations not otherwise prohibited by this Indenture;

 

(28)        Liens
solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in connection with any letter
of intent or purchase agreement permitted under this Indenture;

 

(29)        Liens
on Equity Interests in an Unrestricted Subsidiary to the extent that such Liens secure Non-Recourse Debt or other Indebtedness
of an Unrestricted Subsidiary or Joint Venture;

 

(30)        Liens
on securities constituting “margin stock” within the meaning of Regulation T, U or X promulgated by the Board of Governors
of the Federal Reserve System, to the extent that (i) prohibiting such Liens would result in the classification of the obligations
of the Issuer under the notes as a ‘‘purpose credit’’ and (ii) the Investment by the Issuer in such margin
stock is permitted by this Indenture;

 

(31)        Permitted
Vessel Liens;

 

(32)        Liens
arising under applicable Gaming/Racing Laws; provided, however, that no such Lien constitutes a Lien securing repayment of Indebtedness
for borrowed money;

 

(33)        Liens
with respect to obligations incurred at a time that the Issuer’s Consolidated Secured Leverage Ratio is not greater than
4.00 to 1.00 after giving pro forma effect to the incurrence of such obligation;

 

    31

     

    

 

(34)        licenses
of intellectual property granted by the Issuer or any Restricted Subsidiary in the ordinary course of business and not interfering
in any material respect with the ordinary conduct of the business of the Issuer and its Restricted Subsidiaries, taken as a whole;
and

 

(35)        Liens
pursuant to leases entered into for the purpose of, or with respect to, operating or managing gaming facilities and related assets,
which Liens are limited to the leased property under the applicable lease and granted to the landlord under such lease for the
purpose of securing the obligations of the tenant under such lease to such landlord and (ii) Liens on cash and Cash Equivalents
(and on the related escrow accounts or similar accounts, if any) required to be paid to the lessors (or lenders to such lessors)
under such leases or maintained in an escrow account or similar account pending application of such proceeds in accordance with
the applicable lease; and

 

(36)        Liens
securing Indebtedness; provided, that the principal amount of such Indebtedness secured pursuant to this clause (36) together with
all other Indebtedness then outstanding and incurred under this clause (36) does not to exceed the greater of (i) $50.0 million
and (ii) 25.0% of Consolidated EBITDA at the time of determination for the Test Period most recently ended prior to such date

 

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

 

(1)          the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) (or, if greater, the committed amount (only to the extent the committed amount could have been
incurred or issued on the date of initial incurrence or issuance and was deemed incurred or issued at such time for the purposes
of Section 4.09 hereof)) of the Indebtedness, Disqualified Stock or preferred stock renewed, refunded, refinanced, replaced, defeased
or discharged (plus all accrued interest on the Indebtedness, all accrued or accumulated dividends on the Disqualified Stock or
preferred stock, and the amount of all penalties, fees, expenses, costs, discounts and premiums incurred in connection therewith
and any original issue discount or debt issuance costs with respect thereto);

 

(2)          other
than in connection with a refinancing of the Notes (including any redemption or repurchase) that is financed with Indebtedness
under a Credit Facility, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of,
and has a Weighted Average Life to Maturity that is (a) equal to or greater than the Weighted Average Life to Maturity of, the
Indebtedness, Disqualified Stock or preferred stock being renewed, refunded, refinanced, replaced, defeased or discharged or (b)
more than 90 days after the final maturity date of the Notes;

 

(3)          to
the extent the Permitted Refinancing Indebtedness refinances (a) Indebtedness that is subordinated in right of payment to the Notes,
such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes on terms at least as favorable, taken
as a whole, to the Holders of Notes as those contained in the documentation governing the Indebtedness being refinanced or (b)
Disqualified Stock or preferred stock, such Permitted Refinancing Indebtedness is Disqualified Stock or preferred stock, as applicable;
and

 

    32

     

    

 

(4)          if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is unsecured, such Permitted Refinancing
Indebtedness is unsecured;

 

provided, however, that,
unless otherwise permitted herein, Permitted Refinancing Indebtedness shall not include Indebtedness of the Issuer or any Restricted
Subsidiary that refinances debt of a Subsidiary that is not a Guarantor.

 

“Permitted
Vessel Liens” means maritime Liens on ships, barges or other vessels for damages arising out of a maritime tort, wages
of a stevedore, when employed directly by a person listed in 46 U.S.C. Section 31341, crew’s wages, salvage and general average,
whether now existing or hereafter arising and other maritime Liens which arise by operation of law during normal operations of
such ships, barges or other vessels.

 

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

 

“Pre-Opening
Expenses” means, with respect to any fiscal period, the amount of expenses (including Consolidated Interest Expense)
incurred with respect to capital projects which are appropriately classified as “pre-opening expenses” on the applicable
financial statements of the Issuer and its Subsidiaries for such period.

 

“Pro Forma
Basis” means, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination
or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with:

 

(a)          Notwithstanding
anything to the contrary herein, the Consolidated Leverage Ratio, the Consolidated Secured Leverage Ratio and the Fixed Charge
Coverage Ratio shall be calculated in the manner prescribed by this definition;

 

(b)          For
purposes of calculating the Consolidated Leverage Ratio, the Consolidated Secured Leverage Ratio and the Fixed Charge Coverage
Ratio, Specified Transactions (and the incurrence or repayment of any Indebtedness in connection therewith) that have been made
(i) during the applicable Test Period and (ii) subsequent to such Test Period and prior to or simultaneously with the event for
which the calculation of any such ratio is made shall be calculated on a Pro Forma Basis assuming that all such Specified Transactions
(and any increase or decrease in Consolidated EBITDA and the component financial definitions used therein attributable to any Specified
Transaction) had occurred on the first day of the applicable Test Period. If, since the beginning of any applicable Test Period,
any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or consolidated with or into the Issuer
or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would
have required adjustment pursuant to this definition, then the Consolidated Leverage Ratio, the Consolidated Secured Leverage Ratio
and the Fixed Charge Coverage Ratio shall be calculated to give pro forma effect thereto in accordance with this definition.

 

(c)          Whenever
pro forma effect is to be given to a Specified Transaction, the pro forma calculations shall be made in good faith by a Responsible
Officer of the Issuer and include, for the avoidance of doubt, the amount of cost savings, operating expense reductions, other
operating improvements and synergies projected by the Issuer in good faith to be realized as a result of specified actions taken
or with respect to which steps have been initiated, or are reasonably expected to be initiated, within eighteen (18) months of
the closing date of such Specified Transaction (in the good faith determination of the Issuer) (calculated on a Pro Forma Basis
as though such cost savings, operating expense reductions, other operating improvements and synergies had been realized during
the entirety of the applicable period), net of the amount of actual benefits realized during such period from such actions; provided
that, with respect to any such cost savings, operating expense reductions, other operating improvements and synergies, the limitations
and requirements set forth in clause (c) of the definition of Consolidated EBITDA (other than the requirement set forth in clause
(c) of Consolidated EBITDA that steps have been initiated or taken) shall apply; provided, further, that the aggregate amount of
additions made to Consolidated EBITDA for any Test Period pursuant to this clause (c) and clause (c) of the definition of “Consolidated
EBITDA” shall not (i) exceed 25.0% of Consolidated EBITDA for such Test Period (before giving effect to this clause (c) and
clause (c) of the definition of “Consolidated EBITDA”) or (ii) be duplicative of one another.

 

    33

     

    

 

(d)          In
the event that the Issuer or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays (including by redemption,
repayment, prepayment, retirement, exchange or extinguishment) any Indebtedness included in the calculations of the Consolidated
Leverage Ratio, the Consolidated Secured Leverage Ratio or the Fixed Charge Coverage Ratio, as the case may be (in each case, other
than Indebtedness incurred or repaid under any revolving credit facility without a corresponding permanent reduction in the commitments
with respect thereto), (i) during the applicable Test Period and/or (ii) subsequent to the end of the applicable Test Period and
prior to or simultaneously with the event for which the calculation of any such ratio is made, then the Consolidated Leverage Ratio,
the Consolidated Secured Leverage Ratio and the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such
incurrence or repayment of Indebtedness, to the extent required, as if the same had occurred on (A) the last day of the applicable
Test Period in the case of the Consolidated Leverage Ratio and the Consolidated Secured Leverage Ratio and (B) on the first day
of the applicable Test Period in the case of the Fixed Charge Coverage Ratio. Interest on a Capital Lease 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 Capital Lease in accordance with GAAP. Interest on Indebtedness that may optionally be determined at an interest
rate based upon a factor of a prime or similar rate, a London interbank offered rate, or other rate, shall be determined to have
been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as the Issuer may designate.

 

“Private Placement
Legend” means the legend set forth in Section 2.06(g)(1)(A) hereof to be placed on all Notes issued under this Indenture
except where otherwise permitted by the provisions of this Indenture.

 

“Property”
means, with respect to any Person, any interest of such Person in any land, property or asset, whether real, personal or mixed,
or tangible or intangible, including, without limitation, Capital Stock in any other Person.

 

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

 

“Qualifying
Equity Interests” means Equity Interests of the Issuer other than Disqualified Stock.

 

“Rating Agency”
means (a) Moody’s or S&P or (b) if Moody’s or S&P or both shall not make a rating on the Notes publicly available,
a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer which shall be substituted
for Moody’s or S&P or both, as the case may be.

 

    34

     

    

 

“Rating Decline”
shall be deemed to have occurred if, at any date within 90 calendar days after the earliest of (x) the occurrence of a Change
of Control, (y) the date of public disclosure of the occurrence of a Change of Control and (z) public notice of the intention
of the Issuer to effect a Change of Control (the earlier of such events in clauses (x), (y) and (z), the “Change of Control
Time”) (which 90-day period shall be extended for so long as the Issuer’s debt ratings are under publicly announced
consideration for possible downgrading (or without an indication of the direction of a possible ratings change) by either Moody’s
or S&P or their respective successors), the Notes no longer have Investment Grade Status.

 

“Real Property”
shall mean, as to any Person, all the right, title and interest of such Person in and to land, improvements and appurtenant fixtures,
including leaseholds.

 

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

 

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

 

“Representative”
shall mean Credit Suisse Securities (USA) LLC, in its capacity as representative of the initial purchasers.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the Corporate Trust Office of the Trustee (or
any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers who shall have direct responsibility for the administration of this Indenture at the Corporate
Trust Office of the Trustee, and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with the particular subject.

 

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

 

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

 

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

 

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

 

“Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

 

“Revocation”
means the Issuer’s revocation of any designation of a Subsidiary as an Unrestricted Subsidiary.

 

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

 

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

 

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

 

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

 

    35

     

    

 

“S&P”
means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, and its successors.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

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

 

“Senior Credit
Facilities” means the revolving credit facility and term loan facility under that certain Credit Agreement, dated as
of the Issue Date, among the Issuer, as borrower, the lenders from time to time party thereto and Citizens Bank, N.A., as administrative
agent, swingline lender and issuing lender, providing for up to $250.0 million of revolving credit borrowings and up to $300.0
million of term loan borrowings, including any related notes, guarantees, collateral documents, instruments and agreements executed
in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether
upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors)
in whole or in part from time to time.

 

“Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article
1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date.

 

“Specified
Restricted Payment End Date” means the date determined by the Issuer and set forth in a written notice delivered by the
Issuer to the Trustee after which the Issuer and any Restricted Subsidiary shall no longer be permitted to make Restricted Payments
pursuant to Section 4.07(b)(11).

 

“Specified
Restricted Payments” means Restricted Payments made pursuant to Section 4.07(b)(11).

 

“Specified
Transaction” means (a) any incurrence or repayment of Indebtedness (other than for working capital purposes or under
a revolving facility), (b) any Investment that results in a Person becoming a Restricted Subsidiary or an Unrestricted Subsidiary,
(c) any Permitted Acquisition or other Acquisition, (d) any Asset Sale or designation of a Restricted Subsidiary that results in
a Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Issuer or redesignation of an Unrestricted Subsidiary that
results in an Unrestricted Subsidiary becoming a Restricted Subsidiary and (e) any Acquisition or Investment constituting an acquisition
of assets constituting a business unit, line of business or division of another Person.

 

“S&P”
means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, and its successors.

 

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

 

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

 

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

 

    36

     

    

 

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

 

“Swap Contract”
means any agreement entered into in the ordinary course of business (as a bona fide hedge and not for speculative purposes) (including
any master agreement and any schedule or agreement, whether or not in writing, relating to any single transaction) that is an interest
rate swap agreement, basis swap, forward rate agreement, commodity swap, commodity option, equity or equity index swap or option,
bond option, interest rate option, foreign exchange agreement, rate cap, collar or floor agreement, currency swap agreement, cross-currency
rate swap agreement, swap option, currency option or any other similar agreement (including any option to enter into any of the
foregoing) and is designed to protect any Company against fluctuations in interest rates, currency exchange rates, commodity prices,
or similar risks (including any Interest Rate Protection Agreement). For the avoidance of doubt, the term “Swap Contract”
includes, without limitation, any call options, warrants and capped calls entered into as part of, or in connection with, an issuance
of convertible or exchangeable debt by the Issuer or its Restricted Subsidiaries.

 

“Tax Reduction
Event” means the Issuer or its applicable Restricted Subsidiaries have achieved the requirements as outlined in Section
4815(b)(3)a.1., Title 29 of the Delaware Code to qualify for the reduction in video lottery proceeds required to be returned to
the State of Delaware as described in such Section of the Delaware Code and such reduction has become effective.

 

“Tax Sharing
Agreement” shall mean that certain Amended and Restated Tax Sharing Agreement, dated as of May 10, 2019, by and among
the Issuer and its Subsidiaries, as amended, amended and restated or otherwise modified from time to time.

 

“Test Period”
means, for any date of determination, the period of the four most recently ended consecutive fiscal quarters of the Issuer and
its Restricted Subsidiaries for which quarterly or annual financial statements have been delivered or are required to have been
delivered to the Trustee or have been filed with the SEC.

 

“Transaction
Activity” means any of the following (and, in each case, whether or not successful): (a) the actual or attempted incurrence
of any Indebtedness or the issuance of any Equity Interests by the Issuer or any Restricted Subsidiary, activities related to any
such actual or attempted incurrence or issuance, or the issuance of commitments in respect thereof; (b) amending or modifying,
or redeeming, refinancing, tendering for, refunding, defeasing (whether by covenant or legal defeasance), discharging, repaying,
retiring or otherwise acquiring for value, any Indebtedness prior to the Stated Maturity thereof or any Equity Interests (including
any premium, penalty, commissions or fees); (c) the termination of any Hedging Obligations or other derivative instruments or any
fees paid to enter into any Hedging Obligations or other derivative instruments; or (d) any acquisition or disposition of any Person,
property or assets permitted pursuant to the terms of this Indenture.

 

    37

     

    

 

“Treasury
Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has
become publicly available at least two (2) Business Days prior to the redemption date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to June
1, 2022; provided, however, that if the period from the redemption date to June 1, 2022, 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.

 

“Triggering
Event” means the transfer of shares of Equity Interests of any Restricted Subsidiary or any Gaming/Racing Facility into
trusts or other similar arrangements required by any Gaming/Racing Authority from time to time.

 

“Trustee”
means U.S. Bank National Association, until a successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter means the successor serving hereunder.

 

“Unrestricted
Cash” means, as of any date of determination, the excess of (i) the sum of (x) unrestricted cash and Cash Equivalents
  of the Issuer and its Restricted  Subsidiaries plus (y) cash and Cash Equivalents of Issuer and its Restricted
  Subsidiaries that are restricted in favor of the obligations under the Senior Credit Facilities (which may include cash and
Cash Equivalents  securing other Indebtedness secured by a Lien on the collateral securing the Senior Credit Facilities) over
(ii) the sum of (a) $50 million and (b) if such determination is on or prior to the Specified Restricted Payment End Date,
any amounts available for Specified Restricted Payments; provided, that on any dates prior to the Specified Restricted Payment
End Date, the Issuer may in its discretion elect by written notice to the Trustee that any portion of Specified Restricted Payments
available as of such date and designated in such written notice may not be used to make Specified Restricted Payments from and
after the date specified in such notice and clause (ii)(b) of this definition shall be reduced by such amount from and after the
date specified in such notice; provided further, however, that in no event shall “Unrestricted Cash” be less
than zero.

 

“Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted
Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted
Subsidiary” means any Subsidiary of the Issuer that is designated by the Board of Directors of the Issuer as an Unrestricted
Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that as of the time of such designation:

 

(1)          such
Subsidiary has no Indebtedness other than Non-Recourse Debt (other than “completion guaranties” or “support agreements”
that constitute Non-Recourse Debt); and

 

(2)          such
Subsidiary does not own Capital Stock or Indebtedness of or hold any Lien on any Property of the Issuer or any Subsidiary of the
Issuer that is not a Subsidiary of the Subsidiary so designated.

 

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

 

    38

     

    

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person.

 

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

 

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

 

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

 

“Wholly Owned
Subsidiary” mean, with respect to any Person, any corporation, partnership, limited liability company or other entity of
which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares or nominee shares
required under applicable law) are directly or indirectly owned or controlled by such Person and/or one or more Wholly Owned Subsidiaries
of such Person. Unless the context clearly requires otherwise, all references to any Wholly Owned Subsidiary shall mean a Wholly
Owned Subsidiary of the Issuer.

 

Section 1.02         Other
Definitions.

 

	 	 	Defined in 
	Term	 	Section
	“Affiliate Transaction”	 	4.11(a)
	“Asset Sale Offer”	 	4.10(e)
	“Authentication Order”	 	2.02
	“Change of Control Offer”	 	4.15(a)
	“Change of Control Payment”	 	4.15(a)
	“Change of Control Payment Date”	 	4.15(a)
	“Covenant Defeasance”	 	8.03
	“Covenant Suspension Event”	 	4.17(a)
	“DTC”	 	2.03
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.10(e)
	“incur”	 	4.09(a)
	“Legal Defeasance”	 	8.02
	“Offer Amount”	 	3.10(b)
	“Offer Period”	 	3.10(b)
	“Paying Agent”	 	2.03
	“Permitted Debt”	 	4.09(b)
	“Payment Default”	 	6.01(5)(A)
	“Purchase Date”	 	3.10(b)
	“Registrar”	 	2.03
	“Restricted Payments”	 	4.07(a)(4)
	“Reversion Date”	 	4.17(b)
	“Suspended Covenants”	 	4.17(a)
	“Suspension Period”	 	4.17(b)

 

    39

     

    

 

Section 1.03         Rules
of Construction.

 

Unless the context
otherwise requires:

 

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

 

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

 

(3)         “or”
is not exclusive;

 

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

 

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

 

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

 

(7)         references
to sections of or rules under the Securities Act or the Exchange Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time.

 

Section 1.04         Financial
Calculations for Limited Condition Transactions.

 

When calculating the
availability under any basket or ratio under this Indenture, in each case in connection with a Limited Condition Transaction and
other transactions in connection therewith (including any incurrence or issuance of Indebtedness, Disqualified Stock or preferred
stock and the use of proceeds thereof), the date of determination of such basket or ratio and of any Default or Event of Default
may, at the option of the Issuer, be the date the definitive agreement(s) for such Limited Condition Transaction is entered into.
Any such ratio or basket shall be calculated on a Pro Forma Basis, after giving effect to such Limited Condition Transaction and
other transactions in connection therewith (including any incurrence or issuance of Indebtedness, Disqualified Stock or preferred
stock and the use of proceeds thereof) as if they had been consummated at the beginning of the applicable period for purposes of
determining the ability to consummate any such Limited Condition Transaction; provided that if the Issuer elects to make
such determination as of the date of such definitive agreement(s), then (x) the Issuer shall be deemed to be in compliance
with such ratios or baskets solely for purposes of determining whether the Limited Condition Transaction and other transactions
in connection therewith (including any incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock and the use
of proceeds thereof), is permitted under this Indenture, and (y) such ratios or baskets shall not be tested at the time of
consummation of such Limited Condition Transaction or related transactions; provided, further, that if the Issuer
elects to have such determinations occur at the time of entry into such definitive agreement(s), any such transactions (including
any incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock and the use of proceeds thereof) shall be deemed
to have occurred on the date the definitive agreement(s) is entered into and shall be deemed outstanding thereafter for purposes
of calculating any ratios or baskets under this Indenture after the date of such definitive agreement(s) and before the consummation
of such Limited Condition Transaction, unless such definitive agreement(s) is terminated or such Limited Condition Transaction
or incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock or such other transaction to which pro forma effect
is being given does not occur.

 

    40

     

    

 

Article
2

THE NOTES

 

Section 2.01          Form
and Dating.

 

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

 

(b)          Additional
Notes. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. Additional
Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Issuer without notice
to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same
terms as to status, redemption or otherwise (other than issue date, issue price and, if applicable, the first Interest Payment
Date and the first date from which interest will accrue) as the Initial Notes; provided that the Issuer’s ability
to issue Additional Notes shall be subject to the Issuer’s compliance with Section 4.09. If any Additional Notes are not
fungible with the Notes for U.S. federal income tax or securities law purposes, such Additional Notes shall be issued as a separate
series under this Indenture and shall have a separate CUSIP number and ISIN from the Notes.

 

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

 

Section 2.02          Execution
and Authentication.

 

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

 

If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be
valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.

 

The Trustee will, upon
receipt of a written order signed by an Officer of the Issuer (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount
of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant
to one or more Authentication Orders, except as provided in Section 2.07 hereof.

 

    41

     

    

 

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

 

Section 2.03         Registrar
and Paying Agent.

 

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

 

The Issuer initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Issuer initially
appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 

In acting hereunder
and in connection with the Notes, the Registrar and Paying Agent shall act solely as agents of the Issuer, and will not thereby
assume any obligations towards or relationship of agency or trust for or with any Holder of the Notes.

 

Section 2.04         Paying
Agent to Hold Money in Trust.

 

The Issuer will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal of, premium on, if any, or interest, if any, on,
the Notes, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer
or a Subsidiary) will have no further liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it will segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Issuer, the Trustee will automatically serve as Paying Agent for the Notes without any further action.

 

Section 2.05         Holder
Lists.

 

The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders.
If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least seven Business Days before each interest payment
date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders of Notes.

 

    42

     

    

 

Section 2.06          Transfer
and Exchange.

 

(a)          Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Issuer
for Definitive Notes if:

 

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

 

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

 

(3)         there
has occurred and is continuing a Default or Event of Default with respect to the Notes and the Depositary or the Issuer specifically
requests such exchange.

 

Upon the occurrence
of either of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct
the Trustee in writing. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10
hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to
this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note.
A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests
in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof.

 

(b)          Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the
extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with
either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(1)         Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

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

 

    43

     

    

 

(A)         both:

 

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

 

2.          instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

(B)          both:

 

1.          a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

2.          instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above;

 

(3)          Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)         if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

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

 

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

 

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

 

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

 

    44

     

    

 

and, in each such case set forth
in this subparagraph (4), if the Issuer or the Registrar so requests or if the Applicable Procedures so require, 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 Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

 

If any such transfer
is effected pursuant to subparagraph (4) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests
transferred pursuant to subparagraph (4) above.

 

Beneficial interests
in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial
interest in a Restricted Global Note.

 

(c)           Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(1)          Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, subject to Section 2.06(a), upon receipt
by the Registrar of the following documentation:

 

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

 

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

 

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

 

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

 

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

 

(F)         if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer shall
execute and, upon receipt of an Authentication Order, the Trustee shall authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest
in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall be registered in such name or names and in such authorized
denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from
the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose
names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer
contained therein.

 

    45

     

    

 

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

 

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

 

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

 

and, in each such case set forth
in this subparagraph (2), if the Issuer or the Registrar so requests or if the Applicable Procedures so require, 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 Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

 

Upon satisfaction of
the conditions set forth in Section 2.06(b)(3) hereof and this Section 2.06(c)(2), the Trustee will cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute
and, upon receipt of an Authentication Order, the Trustee will authenticate and deliver to the Person designated in the instructions
a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant
to this Section 2.06(c)(2) will be registered in such name or names and in such authorized denomination or denominations as the
Holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant
or Indirect Participant.

 

(3)         Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any Holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Definitive Note, then, subject to Section 2.06(a) and upon satisfaction of the conditions
set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to
be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and, upon receipt of an Authentication Order,
the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal
amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered
in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest requests through
instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver
such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend.

 

    46

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(F)         if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee will cancel the Restricted
Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above, the Regulation
S Global Note.

 

Upon satisfaction of
the conditions of any of the subparagraphs in this Section 2.06(d)(1), the Trustee will cancel the Definitive Notes and increase
or cause to be increased the aggregate principal amount of the applicable Restricted Global Note.

 

(2)          Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following:

 

    47

     

    

 

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

 

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

 

and, in each such case set forth
in this subparagraph (2), if the Issuer or the Registrar so requests or if the Applicable Procedures so require, 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 Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

 

Upon satisfaction of
the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase
or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

 

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

 

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

 

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

 

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

 

    48

     

    

 

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

 

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

 

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

 

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

 

(A)         the
Registrar receives the following:

 

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

 

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

 

and, in each such case set forth
in this subparagraph (2), if the Issuer or 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 Private Placement Legend are no longer required in order to maintain compliance with the Securities
Act.

 

(3)          Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer,
the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

(f)           
Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture.

 

(1)         Private
Placement Legend.

 

(A)         Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the legend in substantially the following form:

 

    49

     

    

 

“THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION.  NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.  THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS ONE YEAR (IN THE CASE OF THE 144A NOTES) OR 40 DAYS (IN THE CASE OF
THE REGULATION S NOTES) AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THE NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE
OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE SECURITIES
ACT, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT OR (E) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, OTHER THAN THE EXEMPTION PROVIDED BY RULE 144,
SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHTS PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C),
(D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.”

 

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

 

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

 

“THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT
OF THE ISSUER.

 

    50

     

    

 

UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”

 

(g)           Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior
to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented
by such Global Note will be reduced accordingly and an endorsement will be made on the Schedule of Exchanges of Interests in such
Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on the Schedule of
Exchanges of Interests in such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase.

 

(h)           General
Provisions Relating to Transfers and Exchanges.

 

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

 

(2)         No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Issuer and/or the Trustee may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.10, 4.10, 4.15 and 9.05 hereof).

 

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

 

    51

     

    

 

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

 

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

 

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

 

(B)         to
register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part; or

 

(C)         to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 

(6)          Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by
notice to the contrary.

 

(7)          The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

(8)          All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by facsimile.

 

(9)          Neither
the Issuer, the Trustee nor any Agent shall have any responsibility or obligation to any beneficial owner in a Global Note, a Participant,
an Indirect Participant or other Person with respect to the accuracy of the records of the applicable Depositary or their respective
nominees or of any Participant, with respect to any ownership interest in the Notes or with respect to the delivery to any Participant,
Indirect Participant, beneficial owner or other Person (other than the Depositary of any notice (including any notice of redemption)
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 Holders under the Notes and this Indenture shall be given or made only to or upon the order of the registered
holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in a Global
Note shall be exercised only through the Depositary, subject to the applicable procedures. The Issuer, the Trustee, and any Agent
shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to
their members, participants and any beneficial owners. The Issuer, the Trustee and the Agents shall be entitled to deal with the
Depositary, and any nominee thereof, that is the registered holder of any Global Note for all purposes of this Indenture relating
to such Global Note (including the payment of principal, premium, if any, and interest, and the giving of instructions or directions
by or to the owner or holder of a beneficial ownership interest in such Global Note) as the sole holder of such Global Note and
shall have no obligations to the beneficial owners thereof. None of the Issuer, the Trustee or any Agent shall have any responsibility
or liability for any acts or omissions of the Depositary, for the records of any such depositary, including records in respect
of beneficial ownership interests in respect of any such Global Note, for any transactions between the Depositary and any Participant
or between or among the Depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Note,
or for any transfers of beneficial interests in any such Global Note.

 

    52

     

    

 

(10)        Neither
the Trustee nor the Registrar shall have any duty to monitor the Issuer’s compliance with or have any responsibility with
respect to the Issuer’s compliance with any federal or state securities laws in connection with registrations of transfers
and exchanges of the Notes. Neither the Trustee nor the Registrar shall have any 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 Notes (including any transfers between or among the Depositary’s participants or beneficial owners
of interests in any Global Note) other than to require delivery of such certificates and other documentation, as is 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.

 

Section 2.07          Replacement
Notes.

 

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

 

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

 

Section 2.08          Outstanding
Notes.

 

The Notes outstanding
at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because
the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Issuer or a Subsidiary of the Issuer
shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof.

 

If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a protected purchaser.

 

If the principal amount
of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
(other than the Issuer, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient
to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease
to accrue interest.

 

    53

     

    

 

Section 2.09         Treasury
Notes.

 

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

 

Section 2.10         Temporary
Notes.

 

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

 

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

 

Section 2.11         Cancellation.

 

The Issuer at any time
may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes in accordance with its standard
procedures (subject to the record retention requirement of the Exchange Act). Certification of the cancellation of all canceled
Notes will be delivered to the Issuer upon request. The Issuer may not issue new Notes to replace Notes that it has paid or that
have been delivered to the Trustee for cancellation.

 

Section 2.12         Defaulted
Interest.

 

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

 

Section 2.13         CUSIP
and ISIN Numbers.

 

The Issuer in issuing
the Notes may use CUSIP, ISIN or other similar numbers, if then generally in use, and thereafter with respect to such series, the
Trustee may use such numbers in any notice with respect to the Notes provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice (including any notice
of redemption or exchange) and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such notice or notice of redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly
notify the Trustee in writing of any change in the CUSIP, ISIN or other similar numbers.

 

    54

     

    

 

Article
3

REDEMPTION AND PREPAYMENT

 

Section 3.01          Notices
to Trustee.

 

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

 

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

 

(2)         the
redemption date;

 

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

 

(4)         the
redemption price (or manner of calculation if not then known).

 

If the redemption price
is not known at the time such notice is to be given, the actual redemption price, calculated as described in the terms of the Notes,
will be set forth in an Officer’s Certificate delivered to the Trustee no later than two Business Days prior to the redemption
date.

 

Section 3.02         Selection
of Notes to Be Redeemed or Purchased.

 

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

 

In the event of partial
redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein,
not less than 15 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously
called for redemption or purchase.

 

The Trustee will promptly
notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial
redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be
in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed
or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. Except as provided in
the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions
of Notes called for redemption or purchase.

 

Section 3.03          Notice
of Redemption.

 

Subject to the provisions
of Sections 3.10 hereof, at least 15 days (unless a shorter notice period shall be satisfactory to the Trustee) but not more than
60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail (or send such notices electronically
in accordance with the applicable procedures of the Depositary in the case of Notes in global form), a notice of redemption to
each Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), except that redemption notices
may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes
or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof.

 

    55

     

    

 

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

 

(1)         the
redemption date;

 

(2)         the
redemption price (or manner of calculation if not then known);

 

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

 

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

 

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

 

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

 

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

 

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

 

(9)         any
conditions to such redemption.

 

At the Issuer’s
written request, the Trustee will give the notice of redemption in the Issuer’s name and at its expense; provided,
however, that the Issuer has delivered to the Trustee, at least 30 days prior to the redemption date (unless a shorter notice
period shall be satisfactory to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding paragraph along with a copy of the redemption notice
to be delivered to the Holders.

 

Section 3.04          Effect
of Notice of Redemption.

 

Any notice of redemption
may be conditional in accordance with Section 3.07(f).

 

Section 3.05          Deposit
of Redemption or Purchase Price.

 

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

 

    56

     

    

 

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

 

Section 3.06          Notes
Redeemed or Purchased in Part.

 

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

 

Section 3.07          Optional
Redemption.

 

(a)          At
any time prior to June 1, 2022, the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount
of Notes issued under this Indenture, upon not less than 15 nor more than 60 days’ prior written notice to the Holders and
the Trustee, at a redemption price equal to 106.750% of the principal amount of the Notes redeemed, plus accrued and unpaid
interest, if any, to, but not including, the date of redemption (subject to the rights of Holders of Notes on the relevant record
date to receive interest on the relevant interest payment date) with the net cash proceeds of an Equity Offering; provided
that:

 

(1)         at
least 50% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the Issuer
and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

 

(2)         the
redemption occurs prior to 180 days after the date of the closing of such Equity Offering.

 

(b)           At
any time prior to June 1, 2022, the Issuer, at its option, may on one or more occasions redeem all or a part of the Notes, upon
not less than 15 nor more than 60 days’ prior written notice to the Holders and the Trustee, at a redemption price equal
to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest,
if any, to, but not including, the date of redemption, subject to the rights of Holders on the relevant record date to receive
interest due on the relevant payment date.

 

(c)          Except
pursuant to the two preceding paragraphs, the Notes will not be redeemable at the Issuer’s option prior to June 1, 2022.

 

(d)          On
or after June 1, 2022, the Issuer may on any one or more occasions redeem all or a part of the Notes upon not less than 15 nor
more than 60 days’ prior written notice to the Holders and the Trustee, at the redemption prices (expressed as percentages
of principal amount) set forth below, plus accrued and unpaid interest, if any on the Notes redeemed, to, but not including, the
applicable date of redemption, if redeemed during the 12-month period beginning on June 1 of the years indicated below (subject
to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date):

 

    57

     

    

 

	Year	 	Percentage	 
	2022	 	 	105.063	%
	2023	 	 	103.375	%
	2024	 	 	101.688	%
	2025 and thereafter	 	 	100.000	%

 

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

 

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

 

(f)          Any
redemption notice in connection with this Section 3.07 (including upon an Equity Offering, financing transaction, or in connection
with a transaction (or series of related transactions) or an event that constitutes a Change of Control) may, at the Issuer’s
discretion, be given prior to the completion or the occurrence thereof and any such redemption or notice may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including, but not limited to, completion or occurrence of the related
transaction or event, as the case may be. In addition, if such redemption or purchase is subject to the satisfaction of one or
more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s
discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption
was mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied, or such redemption
or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied
by the redemption date, or by the redemption date as so delayed, or such notice may be rescinded at any time in the Issuer’s
discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer
may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with respect
to such redemption may be performed by another Person.

 

(g)          The
Issuer may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions
or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of
this Indenture.

 

Section 3.08        Gaming
Disposition, Redemption and Other Matters

 

Each Holder, by accepting
a Note, shall be deemed to have agreed that, if any Gaming/Racing Authority requires that a Person who is a Holder or the beneficial
owner of Notes be registered, licensed, qualified, found suitable or respond to any other regulatory inquiry under applicable Gaming/Racing
Laws (a “Holder Gaming Requirement”), such Holder or beneficial owner, as the case may be, shall comply with such Holder
Gaming Requirement in accordance with such Gaming/Racing Laws. If such Person fails to comply with a Holder Gaming Requirement,
the Issuer shall have the right, at its option:

 

(a)          to
require such Holder to dispose of its Notes or beneficial interest therein within 30 days of receipt of notice of the Issuer’s
election or by such earlier date as may be requested or prescribed by such Gaming/Racing Authority; or

 

    58

     

    

 

(b)          to
redeem such Notes, upon not less than 30 days’ prior written notice to the affected Holder and the Trustee (or by such earlier
date as may be requested or prescribed by such Gaming/Racing Authority), at a redemption price equal to:

 

(1)          the
lesser of:

 

(A)         the
Holder’s cost for such Notes, plus accrued and unpaid interest, if any, to the earlier of the date of redemption and the
date of the finding of unsuitability or failure to comply with the Holder Gaming Requirement; and

 

(B)         100%
of the principal amount thereof, plus accrued and unpaid interest, if any, to the earlier of the date of redemption and the date
of the finding of unsuitability or failure to comply with the Holder Gaming Requirement; or

 

(2)          such
other amount as may be required by applicable law or order of the Gaming/Racing Authority.

 

(c)          The
Issuer shall notify the Trustee in writing of any such disqualified holder status or redemption as soon as practicable. Neither
the Issuer nor the Trustee shall be responsible for any costs or expenses any Holder or beneficial owner may incur in connection
with its registration, application for a license, qualification or a finding of suitability, or any renewal or continuation of
the foregoing or compliance with any other requirement of a Gaming/Racing Authority. Those costs and expenses will be the obligations
of the Holder or beneficial owner, as applicable.

 

Section 3.09          Mandatory
Redemption.

 

The Issuer is not required
to make mandatory redemption (except as required under Section 3.08) or sinking fund payments with respect to the Notes.

 

Section 3.10          Offer
to Purchase by Application of Excess Proceeds.

 

(a)          In
the event that, pursuant to Section 4.10 hereof, the Issuer is required to commence an Asset Sale Offer, it will follow the procedures
specified below.

 

(b)          The
Asset Sale Offer shall be made to all Holders (with a copy to the Trustee) and all Holders of other Pari Passu Debt containing
provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds
of Asset Sales. The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and
not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”).
No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuer will
apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other Pari Passu Debt (on a pro rata
basis based on the principal amount of Notes and such other Pari Passu Debt surrendered, if applicable) or, if less than the Offer
Amount has been tendered, all Notes and other Pari Passu Debt tendered in response to the Asset Sale Offer. Payment for any Notes
so purchased will be made in the same manner as interest payments are made.

 

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

 

    59

     

    

 

(d)          Upon
the commencement of an Asset Sale Offer, the Issuer will send, by first class mail (or in the case of Notes in global form, electronically
in accordance with the applicable procedures of the Depository), a notice to the Trustee and each of the Holders. The notice will
contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice,
which will govern the terms of the Asset Sale Offer, will state:

 

(A)         that
the Asset Sale Offer is being made pursuant to this Section 3.10 and Section 4.10 hereof and the length of time the Asset Sale
Offer will remain open;

 

(B)          the
Offer Amount, the purchase price and the Purchase Date;

 

(C)          that
any Note not tendered or accepted for payment will continue to accrue interest;

 

(D)         that,
unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease to
accrue interest after the Purchase Date;

 

(E)          that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in minimum denominations
of $2,000 or an integral multiple of $1,000 in excess thereof;

 

(F)          that
Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Issuer, a Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the notice at least three
days before the Purchase Date;

 

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

 

(H)          that,
if the aggregate principal amount of Notes and other Pari Passu Debt surrendered by Holders thereof exceeds the Offer Amount, the
Issuer will select the Notes and other Pari Passu Debt to be purchased on a pro rata basis based on the principal amount of Notes
and such other Pari Passu Debt surrendered (with such adjustments as may be deemed appropriate by the Issuer so that only Notes
in minimum denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be left outstanding); and

 

(I)           that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered (or transferred by book-entry transfer).

 

On or before the Purchase
Date, the Issuer will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered,
all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s
Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer in accordance with the terms of
this Section 3.10. The Issuer, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later
than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes
tendered by such Holder and accepted by the Issuer for purchase, and the Issuer will promptly issue a new Note, and the Trustee,
upon receipt of an Authentication Order, will authenticate and mail or deliver (or cause to be transferred by book entry) such
new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted
shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer will publicly announce the results of the
Asset Sale Offer on the Purchase Date.

 

    60

     

    

 

Other than as specifically
provided in this Section 3.10, any purchase pursuant to this Section 3.10 shall be made pursuant to the provisions of Sections
3.01 through 3.06 hereof.

 

Article
4

COVENANTS

 

Section 4.01         Payment
of Notes.

 

The Issuer will pay
or cause to be paid the principal of, premium on, if any, and interest, on, the Notes on the dates and in the manner provided in
the Notes. Principal, premium, if any, and interest, will be considered paid on the date due if the Paying Agent, if other than
the Issuer or a Subsidiary thereof, holds as of 10:00 a.m. New York City Time on the due date money deposited by the Issuer in
immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then
due.

 

The Issuer will pay
interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue principal at a rate that is
1% per annum higher than the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition
interest in any proceeding under the Bankruptcy Code) on overdue installments of interest, if any (without regard to any applicable
grace period), at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

 

Section 4.02         Maintenance
of Office or Agency.

 

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

 

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

 

The Issuer hereby designates
the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03 hereof; provided
that no office of the Trustee shall be an office or agency of the Issuer for purposes of service of legal process against the Issuer
or any Guarantor.

 

    61

     

    

 

Section 4.03         Reports.

 

Whether or not required
by the SEC, so long as any Notes are outstanding, the Issuer will furnish to the Trustee:

 

(a)          within
90 days after the end of each fiscal year, annual reports of the Issuer containing the information that would have been required
to be contained in an Annual Report on Form 10-K under the Exchange Act if the Issuer had been a reporting company under the Exchange
Act, including (A) “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and
(B) audited financial statements prepared in accordance with GAAP;

 

(b)          within
45 days after the end of each of the first three fiscal quarters of each fiscal year, quarterly reports of the Issuer containing
the information that would have been required to be contained in a Quarterly Report on Form 10-Q under the Exchange Act if the
Issuer had been a reporting company under the Exchange Act, including (A) “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” and (B) unaudited quarterly financial statements prepared in accordance with
GAAP and reviewed pursuant to Public Company Accounting Oversight Board on Auditing Standards No. 4105 (or any successor provision);
and

 

(c)          within
five Business Days after the occurrence of each event that would have been required to be reported in a Current Report on Form
8-K under the Exchange Act if the Issuer had been a reporting company under the Exchange Act, current reports containing substantially
all of the information that would have been required to be contained in a Current Report on Form 8-K under the Exchange Act if
the Issuer had been a reporting company under the Exchange Act; provided, however, that no such current report will be required
to be furnished if the Issuer determines in its good faith judgment that such event is not material to noteholders or the business,
assets, operations, financial positions or prospects of the Issuer and its Restricted Subsidiaries, taken as a whole;

 

provided, that such distribution
requirements shall be deemed to have been satisfied if the Issuer files all such information meeting the above requirements within
the applicable time periods with the SEC through the SEC’s Electronic Data Gathering, Analysis, and Retrieval System (EDGAR)
(or any successor system);

 

provided further, however,
that all such reports (A) will not be required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or
related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP
financial measures contained therein), (B) will not be required to contain the separate financial information for Guarantors contemplated
by Rule 3-10 or Rule 3-16 of Regulation S-X promulgated by the SEC, (C)  will only be required to include limited executive
compensation disclosure consisting of a summary compensation table (including any equity awards), a description of employment agreements
with officers and a description of any incentive plans and (D) will not be required to include exhibits that would otherwise
be required to be filed pursuant to Item 601 of Regulation S-K.

 

In addition, the Issuer
shall furnish to noteholders, prospective investors, broker-dealers and securities analysts, upon their request, any information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable
under the Securities Act.

 

    62

     

    

 

Section 4.04         Compliance
Certificate.

 

(a)          The
Issuer and each Guarantor shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officer’s Certificate
that need not comply with Section 12.05 stating that a review of the activities of the Issuer and its Subsidiaries during the preceding
fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Issuer has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate,
that to the best of his or her knowledge the Issuer has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this
Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or
she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto).

 

(b)          So
long as any of the Notes are outstanding, the Issuer will deliver to the Trustee, within 5 Business Days upon any Officer becoming
aware of any Default or Event of Default that remains continuing, an Officer’s Certificate specifying such Default or Event
of Default and what action the Issuer is taking or proposes to take with respect thereto.

 

Section 4.05         Taxes.

 

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

 

Section 4.06         Stay,
Extension and Usury Laws.

 

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

 

Section 4.07         Restricted
Payments.

 

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

 

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

 

(2)         purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation
involving the Issuer, any direct or indirect parent of the Issuer or any Restricted Subsidiary) any Equity Interests of the Issuer
or any Restricted Subsidiary (other than Disqualified Stock within one year of the Stated Maturity thereof or any such Equity Interests
held by the Issuer, any direct or indirect parent of the Issuer or a Restricted Subsidiary of the Issuer);

 

    63

     

    

 

(3)         make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the
Issuer or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee (excluding any intercompany Indebtedness
between or among the Issuer and any of its Restricted Subsidiaries), except a payment of interest or principal at the Stated Maturity
thereof or a purchase, repurchase, or other acquisition of Indebtedness subordinated in right of payment to the Notes or any Note
Guarantee made in contemplation of satisfying a sinking fund obligation, principal installment or final maturity, in each case,
due within one year of the date of such purchase, redemption or other acquisition; or

 

(4)         make
any Restricted Investment,

 

(all such payments and other
actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”)
unless, at the time of and after giving effect to such Restricted Payment:

 

(A)         no
Default or Event of Default shall have occurred and be continuing or would occur as a consequence of such Restricted Payment;

 

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

 

(C)          such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
since the Issue Date (excluding Restricted Payments permitted by clauses (2) through (15) of Section 4.07(b)), is less than the
sum, without duplication, of:

 

1.          50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from the beginning of the fiscal quarter
in which the Notes are initially issued 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, if such Consolidated Net Income for such period
is a deficit, less 100% of such deficit); plus

 

2.          100%
of the aggregate net cash proceeds and the fair market value (as determined in good faith by the Issuer) of marketable securities
or other property received by the Issuer and its Restricted Subsidiaries since the Issue Date as a contribution to its equity capital
or from the issue or sale of:

 

(i)          Qualifying
Equity Interests of the Issuer or from the issue or sale of convertible or exchangeable Disqualified Stock of the Issuer or convertible
or exchangeable debt securities of the Issuer, in each case that have been converted into or exchanged for Qualifying Equity Interests
of the Issuer (other than Qualifying Equity Interests and convertible or exchangeable Disqualified Stock or debt securities sold
to a Subsidiary of the Issuer);

 

    64

     

    

 

(ii)         Qualifying
Equity Interests to any future, current or former officer, director, employee or consultant (or family members, spouses or former
spouses, heirs of, estates of or trusts formed by such persons) of the Issuer or its Subsidiaries (excluding contributions to the
extent such amounts have been applied to Restricted Payments made in accordance with clause (10) of the next succeeding paragraph);
plus

 

3.          to
the extent that any Restricted Investment that was made after the Issue Date is (a) sold or otherwise cancelled, liquidated
or repaid for value, or results in, or is otherwise returned or reduced by, the payment of principal, interest, dividends or distributions,
or repayments of loans or advances, or other transfers of assets, or the satisfaction, release, expiration, cancellation or reduction
(other than by means of payments by the Issuer or a Restricted Subsidiary) of Indebtedness or other obligations (including any
such Indebtedness or other obligations guaranteed by the Issuer or any of its Restricted Subsidiaries), or any payments under management
contracts or services agreements, or (b) made in an entity that subsequently becomes a Restricted Subsidiary of the Issuer
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, the amount of any such cash payment or the Fair Market Value of any such Property so received
in a transaction described in clause (a) and, in the case of clause (b) the Fair Market Value of such Restricted Investment;
plus

 

4.          to
the extent that any Unrestricted Subsidiary of the Issuer designated as such after the Issue Date is redesignated as a Restricted
Subsidiary after the Issue Date, the Fair Market Value of the Issuer’s Restricted Investment in such Subsidiary as of the
date of such redesignation; plus

 

5.          100%
of any dividends or distributions received in cash and 100% of the Fair Market Value of any Property received in any such dividend
or distribution by the Issuer or a Restricted Subsidiary of the Issuer after the Issue Date from an Unrestricted Subsidiary of
the Issuer, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the Issuer for such
period; plus

 

6.          100%
of any remaining Excess Proceeds after the completion of an Asset Sale Offer (assuming such Excess Proceeds were not reset at zero);
plus

 

7.          $40
million.

 

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

 

(1)         the
payment of any dividend or the consummation of any irrevocable repurchase, redemption, defeasance or other acquisition or retirement
within 60 days after the date of declaration of the dividend or giving of the notice of repurchase, redemption, defeasance
or other acquisition or retirement, as the case may be, if at the date of declaration or notice, the dividend or repurchase, redemption,
defeasance or other acquisition or retirement would have complied with the provisions of this Indenture;

 

    65

     

    

 

(2)          the
making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially concurrent sale
(other than to a Subsidiary of the Issuer) of, Equity Interests of the Issuer (other than Disqualified Stock) or from the substantially
concurrent contribution of equity capital to the Issuer; provided that the amount of any such net cash proceeds that are utilized
for any such Restricted Payment will not be considered to be net proceeds of Qualifying Equity Interests for purposes of Section
4.07(a)(C)(2) and will not be considered to be net cash proceeds from an Equity Offering for purposes of Section 3.07 of this Indenture;

 

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

 

(4)          the
repurchase, redemption, defeasance (whether by covenant or legal defeasance) or other acquisition or retirement for value of Indebtedness
of the Issuer or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee or any Disqualified Stock
of the Issuer or any Restricted Subsidiary thereof (including all accrued interest on the Indebtedness, all accrued and unpaid
dividends on Disqualified Stock, and the amount of all penalties, fees, costs, expenses, discounts and premiums incurred in connection
therewith and any original issue discount or debt issuance costs with respect thereto) in exchange for or with the net cash proceeds
from a substantially concurrent incurrence of Permitted Refinancing Indebtedness or through conversion of such Indebtedness or
Disqualified Stock into, or exchange of such Indebtedness or Disqualified Stock for Equity Interests;

 

(5)          repurchases
of Indebtedness of the Issuer or any Guarantor that is unsecured or contractually subordinated in right of payment to the Notes
or a Note Guarantee at a purchase price not greater than (i) 101% of the principal amount of such subordinated Indebtedness in
the event of a Change of Control or (ii) 100% of the principal amount of such subordinated Indebtedness in the event of an Asset
Sale, in each case, plus accrued and unpaid interest thereon, to the extent required by the terms of such Indebtedness, but only
if:

 

(A)         in
the case of a Change of Control, the Issuer has first complied with and fully satisfied its obligations under the provisions described
under Section 4.15; or

 

(B)         in
the case of an Asset Sale, the Issuer has complied with and fully satisfied its obligations under the provisions described under
Section 4.10;

 

(6)          the
payment of amounts necessary to repurchase or retire Indebtedness or Equity Interests of the Issuer or any Subsidiary to the extent
required by any Gaming/Racing Authority or deemed necessary by the Board of Directors of the Issuer in order to avoid the suspension,
revocation or denial of a Gaming/Racing License by any Gaming/Racing Authority;

 

(7)          the
repurchase of Equity Interests deemed to occur upon the exercise, conversion or exchange of stock options, warrants, other rights
to acquire Equity Interests or other convertible or exchangeable securities if such Equity Interests represent all or a portion
of the exercise price thereof or upon the grant, vesting or exercise of restricted stock, restricted stock units or similar equity
incentives to satisfy tax withholding or similar tax obligations with respect thereto;

 

    66

     

    

 

(8)          the
payment, by the Issuer, of cash in lieu of the issuance of fractional shares upon the exercise of any option, warrant or similar
instrument or upon the conversion or exchange of Equity Interests of the Issuer;

 

(9)          the
declaration and payment of regularly scheduled or accrued dividends to Holders of any class or series of Disqualified Stock of
the Issuer or any preferred stock of any Restricted Subsidiary of the Issuer issued on or after the Issue Date in accordance with
the Fixed Charge Coverage Ratio test set forth in Section 4.09(a);

 

(10)        the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Issuer or any Restricted Subsidiary
of the Issuer held by any current or former officer, director, employee or consultant (or family members, spouses or former spouses,
heirs of, estates of or trusts formed by such persons) of the Issuer or any of its Restricted Subsidiaries pursuant to any equity
subscription agreement, stock option agreement, employment agreement, severance agreement, shareholders’ agreement or similar
agreement; provided that the aggregate amount of payments made under this clause may not exceed in any fiscal year of the Issuer
the greater of (x) $10.0 million and (y) 5.0% of Consolidated EBITDA at the time of determination for the Test Period most recently
ended prior to such date (with unused amounts in any fiscal year being carried over to succeeding fiscal years) in any twelve-month
period;

 

(11)        so
long as no Default or Event of Default has occurred and is continuing, any repurchases, or any other transaction involving a Restricted
Payment, of the Issuer’s Equity Interests in an aggregate amount not to exceed $250.0 million;

 

(12)        the
distribution, as a dividend or otherwise, of Equity Interests of, or Indebtedness owed to the Issuer or a Restricted Subsidiary
by, Unrestricted Subsidiaries;

 

(13)        payments
and distributions to dissenting shareholders pursuant to applicable law, pursuant to or in connection with a merger, amalgamation,
consolidation or transfer of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a whole, that
complies with the terms of this Indenture;

 

(14)        any
Restricted Payment, so long as (i) immediately before and after giving effect to such Restricted Payment no Event of Default has
occurred and is continuing and (ii) after giving effect to such Restricted Payment, the Consolidated Leverage Ratio of the Issuer
on a Pro Forma Basis is less than 3.25 to 1.00; and

 

(15)        so
long as no Default or Event of Default has occurred and is continuing, other Restricted Payments in an aggregate amount not to
exceed the greater of (x) $50.0 million and (y) 25% of Consolidated EBITDA at the time of determination for the Test Period most
recently ended prior to such date.

 

(c)          The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the
asset(s) or securities proposed to be transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant
to the Restricted Payment.

 

(d)          For
purposes of determining compliance with this Section 4.07, in the event that a Restricted Payment or Investment (or a portion thereof)
meets the criteria of more than one of the categories described in clauses (1) through (15) above, or is permitted pursuant to
the first paragraph of this covenant or pursuant to any of clauses (1) through (26) of the definition of “Permitted Investments,”
the Issuer will be entitled to divide or classify such Restricted Payment or Investment (or, in each case, portion thereof) on
the date of its payment or later divide, classify, or reclassify, in whole or in part in its sole discretion, such Restricted Payment
or Investment (or, in each case, portion thereof) in any manner that complies with this covenant.

 

    67

     

    

 

(e)          If
any Person in which an Investment is made, which Investment constitutes a Restricted Payment when made, thereafter becomes a Restricted
Subsidiary in accordance with this Indenture, all such Investments previously made in such Person shall be Permitted Investments
under clause (3) of the definition thereof, and for the avoidance of doubt, all such Investments shall no longer be counted as
Restricted Payments pursuant to Section 4.07(a)(C), in each case, to the extent such Investments would otherwise be so counted.

 

Section 4.08         Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)          The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or
become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)         pay
dividends or make any other distributions on its Capital Stock to the Issuer or any of its Restricted Subsidiaries, or with respect
to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Issuer or any of its
Restricted Subsidiaries;

 

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

 

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

 

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

 

(1)          agreements
in effect on the Issue Date and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or
refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings,
replacements or refinancings are not, in the good faith determination of the Board of Directors of the Issuer, materially more
restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements
on the Issue Date;

 

(2)          this
Indenture, the Notes and the Note Guarantees;

 

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

 

(4)          applicable
law, rule, regulation or order, including without limitation restrictions imposed by Gaming/Racing Authorities;

 

(5)          any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Issuer 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; provided that, in the case of
Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

 

    68

     

    

 

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

 

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

 

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

 

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

 

(10)        Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not, in the good faith determination of the Board of Directors of the Issuer, materially more restrictive, taken
as a whole, than those contained in the agreements governing the Indebtedness being refinanced;

 

(11)        Liens
permitted to be incurred under the provisions of Section 4.12 hereof that limit the right of the debtor to dispose of the assets
subject to such Liens;

 

(12)        agreements
in existence with respect to a Restricted Subsidiary at the time it becomes a Restricted Subsidiary; provided, however, that such
agreements are not entered into in anticipation or contemplation thereof;

 

(13)        provisions
limiting the disposition or distribution of assets or property in Joint Venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted
Investment), which limitation is applicable only to the assets that are the subject of such agreements;

 

(14)        restrictions
on cash or other deposits or net worth made to secure letters of credit or surety or other bonds issued in connection therewith
or imposed by customers or suppliers under contracts entered into in the ordinary course of business;

 

(15)        Credit
Facilities that, taken as a whole, are, in the good faith determination of the Board of Directors of the Issuer, customary for
Credit Facilities of Persons engaged in a Permitted Business; and

 

(16)        restrictions
contained in Indebtedness used to finance, or incurred for the purpose of financings, Expansion Capital Expenditures and/or Development
Projects and Permitted Refinancing Indebtedness in respect thereof, provided that such restrictions apply only to the asset (or
the Person owning such asset) being financed pursuant to such Indebtedness.

 

    69

     

    

 

Section 4.09         Incurrence
of Indebtedness and Issuance of Subsidiary Preferred Stock.

 

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

 

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

 

(1)         
the incurrence by the Issuer or any Guarantor (and/or the guarantee thereof by the Issuer or any Guarantor) of Indebtedness and
letters of credit under the Senior Credit Facilities or other Credit Facilities; provided that the aggregate principal amount
of all such Indebtedness outstanding under this clause (1) as of any date of incurrence (after giving pro forma effect to
the application of the proceeds of such incurrence), including all Permitted Refinancing Indebtedness incurred to repay, redeem,
extend, refinance, renew, replace, defease or refund any Indebtedness incurred pursuant to this clause (1), shall not exceed
the greater of (i) $745.0 million and (ii) 4.0 times Consolidated EBITDA at the time of determination for the Test
Period most recently ended prior to such date of the Issuer and its Restricted Subsidiaries for the 12-month period ended at the
end of the most recent fiscal quarter for which financial statements are available, to be reduced dollar-for-dollar by the aggregate
amount of all Net Proceeds from Asset Sales applied by the Issuer or any of its Restricted Subsidiaries to permanently repay Indebtedness
under the Credit Facilities pursuant to Section 4.10(e);

 

(2)          Indebtedness
of the Issuer and its Restricted Subsidiaries in existence on the Issue Date;

 

(3)          the
incurrence by the Issuer and the Guarantors of Indebtedness represented by the Notes to be issued on the Issue Date and the related
Note Guarantees;

 

(4)          the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, FF&E
Financing, mortgage financings or purchase money obligations or other Indebtedness, in each case, incurred in connection with capital
expenditures or for the purpose of financing all or any part of the purchase price or cost of design, construction, installation,
renovation, repair, expansion, replacement, refurbishment or improvement of property (real or personal), plant or equipment used
or useful in the business of the Issuer or any of its Restricted Subsidiaries, whether through the direct purchase of assets or
the Capital Stock of any Person owning such assets, in an aggregate principal amount, including all Permitted Refinancing Indebtedness
incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (4) not to
exceed the greater of $75.0 million and 37.5% of Consolidated EBITDA at the time of determination for the Test Period most recently
ended prior to such date;

 

    70

     

    

 

(5)          the
incurrence by the Issuer or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge, any Indebtedness (other than intercompany
Indebtedness) that was permitted by this Indenture to be incurred under the first paragraph of this covenant or clauses (2), (3),
(4), (5), (17) of this Section 4.09(b);

 

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

 

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

 

(B)         (i)
any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than
the Issuer or a Restricted Subsidiary of the Issuer and (ii) any sale or other transfer of any such Indebtedness to a Person
that is not either the Issuer or a Restricted Subsidiary of the Issuer, will be deemed, in each case, to constitute an incurrence
of such Indebtedness by the Issuer or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6);

 

(7)          the
issuance by any of the Issuer’s Restricted Subsidiaries to the Issuer or to any of its Restricted Subsidiaries of shares
of preferred stock; provided, however, that:

 

(A)         any
subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than
the Issuer or a Restricted Subsidiary of the Issuer; and

 

(B)         
any sale or other transfer of any such preferred stock to a Person that is not either the Issuer or a Restricted Subsidiary of
the Issuer, will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that
was not permitted by this clause (7);

 

(8)          the
incurrence by the Issuer or any of its Restricted Subsidiaries of Hedging Obligations in the ordinary course of business;

 

(9)          the
incurrence of Escrowed Indebtedness;

 

(10)        the
incurrence of Indebtedness that has been Discharged;

 

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

 

(12)        the
incurrence by the Issuer or any of the Guarantors of Indebtedness in respect of bid, payment or other performance bonds, surety
bonds, release, appeal and similar bonds, statutory obligations, workers’ compensation claims, self-insurance obligations,
bankers’ acceptances, completion guarantees and letters of credit provided by the Issuer or any of its Restricted Subsidiaries
in the ordinary course of business (including to support the Issuer’s or any of its Restricted Subsidiaries’ applications
for Gaming/Racing Licenses or for the purposes referenced in this Section 4.09(b)(12)), and reimbursement obligations in respect
of the foregoing;

 

    71

     

    

 

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

 

(14)        the
incurrence by the Issuer or any of its Restricted Subsidiaries arising in connection with endorsement of instruments for deposit
in the ordinary course of business;

 

(15)        the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness deemed to exist pursuant to the terms of a Joint
Venture agreement as a result of a failure of the Issuer or such Restricted Subsidiary to make a required capital contribution
therein; provided that the only recourse on such Indebtedness is limited to the Issuer’s or such Restricted Subsidiary’s
equity interests in the related Joint Venture;

 

(16)        Indebtedness
arising from agreements of the Issuer or any of its Restricted Subsidiaries providing for indemnification, adjustment of purchase
price or similar obligations, in each case, incurred or assumed in connection with any Investments or any acquisition or disposition
of any business, assets or a subsidiary, 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 that acquisition;

 

(17)        Acquired
Debt and other Indebtedness of Persons outstanding on the date on which such Person became a Restricted Subsidiary or was acquired
by, or merged into, the Issuer or any of its Restricted Subsidiaries or incurred or issued to finance a merger consolidation or
other acquisition; provided, however, that (A) at the time such Person is acquired, either (i) the Issuer would have been able
to incur at least $1.00 of additional Indebtedness pursuant to the first paragraph of this covenant on a Pro Forma Basis after
giving effect to the incurrence of such Acquired Debt or Indebtedness pursuant to this clause (17) or (ii) on a Pro Forma Basis,
the Fixed Charge Coverage Ratio of the Issuer and its Restricted Subsidiaries would be no lower than such ratio immediately prior
to such acquisition or merger or (B) such Indebtedness is Indebtedness of a Restricted Subsidiary that existed at the time such
Person became a Subsidiary and was not created in contemplation thereof; provided, further, that Restricted Subsidiaries that are
not Guarantors may not incur Indebtedness pursuant to this clause (17) if, on a Pro Forma Basis, the aggregate principal amount
of Indebtedness of Restricted Subsidiaries that are not Guarantors incurred pursuant to this clause (17), together with amounts
incurred pursuant to clause (20) of this covenant by Restricted Subsidiaries that are not Guarantors that would be outstanding
at such time would exceed (x) $35.0 million and (y) 17.5% of Consolidated EBITDA at the time of determination for the Test Period
most recently ended prior to such date;

 

(18)        the
incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness in an aggregate principal amount (or accreted value,
as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance,
replace, defease or discharge any Indebtedness incurred pursuant to this clause (18) not to exceed the greater of (x) $75.0 million
and (y) 37.5% of Consolidated EBITDA at the time of determination for the Test Period most recently ended prior to such date;

 

    72

     

    

 

(19)      
(i) Indebtedness representing deferred compensation to employees of the Issuer or any of its Restricted Subsidiaries incurred in
the ordinary course of business, and (ii) Indebtedness consisting of obligations of the Issuer or any of its Restricted Subsidiaries
under deferred compensation or other similar arrangements incurred by such Person in connection with any Investment permitted under
Section 4.07;

 

(20)        Indebtedness,
Disqualified Stock or preferred stock of Restricted Subsidiaries that are not Guarantors, together with amounts incurred and outstanding
pursuant to clause (17) of this covenant, in an aggregate principal amount not to exceed the greater of (x) $35.0 million and (y)
17.5% of Consolidated EBITDA at the time of determination for the Test Period most recently ended prior to such date;

 

(21)        Indebtedness
consisting of the financing of insurance premiums;

 

(22)        Indebtedness
constituting Development Expenses that are used to finance, or incurred or issued for the purpose of financing, Expansion Capital
Expenditures or Development Projects in an aggregate principal amount not to exceed $75.0 million at any time outstanding so longs
as no Event of Default shall have occurred and be continuing after giving effect thereto;

 

(23)        Indebtedness,
Disqualified Stock or preferred stock of the Issuer or any Restricted Subsidiary in an aggregate principal amount or liquidation
preference up to 100% of the net cash proceeds received by the Issuer after the Issue Date from the issue or sale of Equity Interests
of the Issuer or cash contributed to the capital of the Issuer (in each case, other than proceeds of Disqualified Stock or sales
of Equity Interests to the Issuer or any of its Subsidiaries) as determined in accordance with Section 4.07(b)(2), to the extent
such net cash proceeds or cash have not been applied pursuant to such clause to make Restricted Payments or to make other Investments,
payments or exchanges pursuant to Section 4.07(d) or to make Permitted Investments (other than Permitted Investments specified
in clauses (1), (2) and (3) of the definition thereof);

 

(24)        Indebtedness
of Joint Ventures in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would
not, at any time outstanding, exceed the greater of (x) $20.0 million and (y) 10.0% of Consolidated EBITDA at the time of determination
for the Test Period most recently ended prior to such date;

 

(25)        Indebtedness
of the Issuer or any of its Restricted Subsidiaries supported by a letter of credit issued pursuant to a Senior Credit Facility,
in a principal amount not in excess of the stated amount of such letter of credit;

 

(26)        Indebtedness
incurred by the Issuer or any of the Restricted Subsidiaries to the extent that the net proceeds thereof are promptly deposited
with the Trustee to satisfy and discharge the Notes in accordance with this Indenture; and

 

(27)        all
premiums (if any, including tender premiums), defeasance costs, interest (including post-petition interest), fees, expenses, charges
and additional or contingent interest on obligations described in clauses (1) through (26) of this Section 4.09(b).

 

    73

     

    

 

For purposes of determining
compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than one of the categories
of Permitted Debt described in clauses (2) through (27) above, or is entitled to be incurred pursuant to the first paragraph of
this Section 4.09, the Issuer will be permitted to divide or classify (or later divide, classify, or reclassify, in whole or in
part in its sole discretion) such item of Indebtedness. For the avoidance of doubt, all Indebtedness under the Senior Credit Facilities
will be deemed to have been incurred on such date in reliance on the exception provided by clause (1) of the definition of Permitted
Debt and may not be reclassified; provided, however, if obligations in respect of letters of credit are incurred pursuant to a
Credit Facility and relate to other Indebtedness, then such letters of credit shall be treated as incurred pursuant to clause (1)
of the definition of Permitted Debt. Except as provided in the preceding sentence, Guarantees of, or obligations in respect of
letters of credit relating to, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness
shall not be included. In connection with the incurrence or issuance, as applicable, of (x) revolving loan Indebtedness under this
Section 4.09 or (y) any commitment relating to the incurrence or issuance of Indebtedness, Disqualified Stock or preferred stock
under this Section 4.09 and the granting of any Lien to secure any such Indebtedness, the Issuer or the applicable Restricted Subsidiary
may designate such incurrence or issuance and the granting of any such Lien as having occurred on the date of first incurrence
or issuance of such revolving loan Indebtedness or commitment (such date, the “Deemed Date”), and any related subsequent
actual incurrence or issuance or granting of any such Lien therefor will be deemed for all purposes under this Indenture to have
been incurred or issued and granted on such Deemed Date, including, without limitation, for purposes of calculating the Fixed Charge
Coverage Ratio and usage of any other baskets or ratios under this Indenture (as applicable).

 

The accrual of interest
or preferred stock dividends, the accretion or amortization of original issue discount, the payment of interest on, or fees with
respect to, any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock
as Indebtedness due to a change in accounting principles, and the payment of dividends on preferred stock or Disqualified Stock
in the form of additional shares of the same class of preferred stock or Disqualified Stock will not be deemed to be an incurrence
of Indebtedness or an issuance of preferred stock or Disqualified Stock for purposes of this Section 4.09; provided, in each such
case, that the amount of any such accrual, accretion or payment shall be included in Fixed Charges of the Issuer as accrued. For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be utilized, calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was incurred. Notwithstanding any other provision of this Section 4.09, the
maximum amount of Indebtedness that the Issuer or any Restricted Subsidiary may incur pursuant to this Section 4.09 shall not be
deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

 

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

 

(1)          the
accreted value of the Indebtedness determined on a constant yield to maturity basis over time, in the case of any Indebtedness
issued with original issue discount;

 

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

 

(3)          in
the case of a Guarantee of Indebtedness, the maximum amount of the Indebtedness guaranteed under such Guarantee; and

 

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

 

    74

     

    

 

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

 

(B)          the
amount of the Indebtedness of the other Person secured by such Lien.

 

Section 4.10          Asset
Sales.

 

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

 

(1)         the
Issuer (or such Restricted Subsidiary, as the case may be) receives consideration (including by way of relief from, or by any other
Person assuming responsibility for, any liabilities, contingent or otherwise) at the time of the Asset Sale at least equal to the
Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) as determined in good faith
by the Issuer, of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

(2)         at
least 75% of the consideration from such Asset Sale received by the Issuer or such Restricted Subsidiary is in the form of cash
or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash:

 

(A)         any
liabilities, as shown on the Issuer’s most recent consolidated balance sheet, of the Issuer or any Restricted Subsidiary
(other than liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee
of any such assets pursuant to a customary novation or indemnity agreement that releases the Issuer or such Restricted Subsidiary
from or indemnifies against further liability or that are otherwise cancelled or terminated as a result of payment by the buyer
in such Asset Sale in connection with the transaction with the transferee;

 

(B)         any
securities, notes or other obligations received by the Issuer or any such Restricted Subsidiary from such transferee that are within
180 days following the closing of such Asset Sale converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents,
to the extent of the cash or Cash Equivalents actually so received;

 

(C)         Indebtedness
(other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or a Note Guarantee) of any
Restricted Subsidiary that ceases to be a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Issuer and
each other Restricted Subsidiary are released from any Guarantee of or other liability on account of such Indebtedness;

 

(D)         any
Designated Non-Cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate fair
market value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (d) that is at the
time outstanding, not to exceed an amount equal to the greater of (x) $35.0 million and (y) 17.5% of the Issuer’s Consolidated
EBITDA (determined as of the date of the definitive agreement with respect to such Asset Sale), with the fair market value of each
item of Designated Non-Cash Consideration being measured as of the date of the definitive agreement with respect to such Asset
Sale and without giving effect to subsequent changes in value; and

 

(E)         any
stock or assets of the kind referred to in clauses (2), (3) or (4) of Section 4.10(b).

 

    75

     

    

 

(b)          Within
365 days after the receipt of any Net Proceeds from an Asset Sale, the Issuer (or the applicable Restricted Subsidiary, as
the case may be) may apply an amount equal to such Net Proceeds:

 

(1)          to
permanently repay, prepay, redeem or purchase;

 

(A)         Obligations
under (i) the Senior Credit Facilities (and, in the case of revolving obligations, permanently reduce commitments with respect
thereto); (ii) other secured Indebtedness of the Issuer, if applicable (other than any Disqualified Stock), or secured Indebtedness
of any Guarantor and (iii) other Indebtedness of a non-Guarantor Restricted Subsidiary; and/or

 

(B)          Obligations
under this Indenture governing the Notes, the Notes and the Note Guarantees or any other Pari Passu Debt of the Issuer or any Guarantor;
provided that if the Issuer or any Restricted Subsidiary shall so repay or prepay any such other Pari Passu Debt, the Issuer will
reduce (or offer to reduce) Obligations under this Indenture governing the Notes, the Notes and the Note Guarantees on a pro rata
basis (based on the amount so applied to such repayments or prepayments) by, at its option, (i) redeeming Notes pursuant to Article
3 of this Indenture, (ii) making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all Holders
to purchase their Notes; or (iii) purchasing Notes through privately negotiated transactions or open market purchases in a manner
that complies with this Indenture governing the Notes and applicable securities law at a purchase price of at least 100% of the
principal amount thereof, plus the amount of accrued but unpaid interest thereon up to the principal amount of Notes to be repurchased;

 

(2)         to
acquire all or substantially all of the assets of, or any Capital Stock of, one or more other Persons engaged in a Permitted Business,
if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary
of the Issuer;

 

(3)         to
make capital expenditures or to make other expenditures for maintenance, repair or improvement of existing properties and assets;

 

(4)         to
acquire other assets and properties (including fee and leasehold interests) that are used or useful in a Permitted Business, or
that replace, in whole or in part, the properties or assets that are the subject of such Asset Sale; or

 

(5)         any
combination of clauses (1) through (4) of this Section 4.10(b);

 

provided, however, that if the Issuer
or any Restricted Subsidiary contractually commits within such 365 day period to apply the Net Proceeds within 180 days of such
contractual commitment in accordance with any of the above clauses (1) through (5) of this Section 4.10(b) (an “Acceptable
Commitment”), and such Net Proceeds are subsequently applied as contemplated by such contractual commitment, then the requirement
for the application of Net Proceeds set forth in this paragraph shall be considered satisfied, and, in the event any Acceptable
Commitment is later cancelled or terminated for any reason before the Net Proceeds are applied in connection therewith, then such
Net Proceeds shall constitute Excess Proceeds (defined below) unless the Issuer or such Restricted Subsidiary enters into another
Acceptable Commitment within 180 days of such cancellation or termination (a “Second Commitment”) and such Net Proceeds
are actually applied in such manner within such 180 days; provided, further, that if any Second Commitment is later cancelled or
terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds to the
extent the Asset Sale Proceeds Application Period has expired.

 

    76

     

    

 

(c)          [Reserved]

 

(d)          Pending
the final application of any Net Proceeds, the Issuer (or the applicable Restricted Subsidiary) may temporarily reduce revolving
credit borrowings or otherwise invest the Net Proceeds from Asset Sales in any manner that is not prohibited by this Indenture.

 

(e)          Any
Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10(b) will constitute “Excess Proceeds.”
Within 20 Business Days (or earlier at the Issuer’s option) after the aggregate amount of Excess Proceeds exceeds $50.0 million,
the Issuer will make an offer (an “Asset Sale Offer”) to all Holders of Notes (with a copy to the Trustee) and all
Holders of other Pari Passu Debt containing provisions similar to those set forth in this Indenture with respect to offers to purchase,
prepay or redeem with the proceeds of sales of assets to purchase, prepay or redeem the maximum principal amount of Notes and such
other Pari Passu Debt (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums,
incurred in connection therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. The offer price in any
Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to, but not including,
the date of purchase, prepayment or redemption, subject to the rights of Holders of Notes on the relevant record date to receive
interest due on the relevant interest payment date, and will be payable in cash. The Issuer may satisfy the foregoing obligation
with respect to Net Proceeds from an Asset Sale by making an Asset Sale Offer in advance of being required to do so by this Indenture
(an “Advance Offer”) with respect to all or part of the available Net Proceeds (the “Advance Portion”).
If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Issuer may use those Excess Proceeds for any purpose
not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other Pari Passu Debt tendered into
(or required to be prepaid or redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, the Issuer
will select the Notes and such other Pari Passu Debt to be purchased on a pro rata basis or by lot (and, in the case of notes in
global form, in accordance with the applicable procedures of DTC), based on the amounts tendered or required to be prepaid or redeemed
(with such adjustments as may be deemed appropriate by the Issuer so that only Notes in minimum denominations of $2,000, or an
integral multiple of $1,000 in excess thereof, will be left outstanding). Upon completion of each Asset Sale Offer, the amount
of Excess Proceeds will be reset at zero (regardless of whether there are any remaining Excess Proceeds upon such completion),
and in the case of an Advance Offer, the Advance Portion shall be excluded in subsequent calculation of Excess Proceeds.

 

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

 

Section 4.11         Transactions
with Affiliates.

 

(a)          The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, make any payment to or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer involving
aggregate payments or consideration in excess of $5.0 million (each, an “Affiliate Transaction”) unless:

 

    77

     

    

 

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

 

(2)          with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$20.0 million, a majority of the disinterested members of the Board of Directors of the Issuer (and of any affected Restricted
Subsidiary, where applicable) shall have approved such Affiliate Transaction, as evidenced by a resolution of the Board of Directors
of the Issuer.

 

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

 

(1)         
any indemnification or employment, consultancy, advisory, severance or separation agreement, employee benefit plan or any similar
arrangement, including any issuances of securities, loans or other payments, grants or awards, in each case in respect of or to
employees, officers, directors, advisors or consultants entered into by the Issuer or any of its Restricted Subsidiaries in the
ordinary course of business and payments pursuant thereto;

 

(2)         any
transaction between or among the Issuer and any Restricted Subsidiary (or entity that becomes a Restricted Subsidiary as a result
of such transaction), or between or among Restricted Subsidiaries;

 

(3)          management
agreements entered into, consistent with past practice, by the Issuer or any Restricted Subsidiary, on the one hand, and an Unrestricted
Subsidiary or other entity, on the other hand, pursuant to which the Issuer or such Restricted Subsidiary controls the day-to-day
operations of such entity;

 

(4)          any
payments or other transactions pursuant to a tax sharing agreement or other tax management arrangement between the Issuer and any
other Person with which the Issuer files a consolidated, unitary or combined tax return or with which the Issuer is part of a consolidated,
unitary or combined group for tax purposes;

 

(5)          transactions
with a Person (other than an Unrestricted Subsidiary of the Issuer) that is an Affiliate of the Issuer solely because the Issuer
owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;

 

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

 

(7)          any
issuance of Equity Interests (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer;

 

(8)          Permitted
Investments and Restricted Payments that do not violate Section 4.07 hereof;

 

(9)          loans
or advances to employees in the ordinary course of business not to exceed $1.0 million in the aggregate at any one time outstanding;

 

    78

     

    

 

(10)        any
transaction pursuant to any contract or arrangement in existence on the date the Notes are first issued (including pursuant to
any amendment thereto) or by any renewal, replacement, supplement or modification thereof so long as any such amendment, renewal,
replacement, supplement or modification is not more disadvantageous to the Holders in any material respect taken as a whole as
compared to the original agreement or arrangement as in effect on the date the Notes are first issued as determined in good faith
by the Board of Directors of the Issuer;

 

(11)        transactions
with Persons who have entered into an agreement, contract or arrangement with the Issuer or any of its Restricted Subsidiaries
to manage, own or operate a Gaming/Racing Facility because the Issuer and its Restricted Subsidiaries have not received the requisite
approvals of the Gaming/Racing Authorities or are otherwise not permitted to manage, own or operate such Gaming/Racing Facility
under applicable Gaming/Racing Laws; provided that such transactions shall have been approved by a majority of the disinterested
members of the Issuer’s Board of Directors (or by the audit committee or any committee of the Board of Directors consisting
of disinterested members of the Board of Directors) and determined by them to be in the best interests of the Issuer;

 

(12)        transactions
with customers, clients, suppliers, contractors, landlords, lessors, lessees, licensors, licensees, Joint Venture or development
partners or purchasers or sellers 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 taken as a whole, in the determination
of the Issuer’s Board of Directors (or by the audit committee or any committee of the Board of Directors) or management,
or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party;

 

(13)        transactions
with Joint Ventures and Subsidiaries thereof and Unrestricted Subsidiaries relating to the provision of management services, overhead,
sharing of customer lists and customer loyalty programs or that are approved by a majority of the disinterested members of the
Issuer’s Board of Directors (or by the audit committee or any committee of the Board of Directors consisting of disinterested
members of the Board of Directors) (a director shall be disinterested if he or she has no interest in such Joint Venture or Unrestricted
Subsidiary other than through the Issuer and its Restricted Subsidiaries); provided that no Affiliate of the Issuer (other than
the Issuer’s Restricted Subsidiaries) has an interest (other than indirectly through the Issuer and other than Unrestricted
Subsidiaries or such Joint Ventures) in any such Joint Venture or Unrestricted Subsidiary;

 

(14)        any
transaction with respect to which the Issuer or any of its Restricted Subsidiaries obtains an opinion as to the fairness to the
Issuer or such Restricted Subsidiary, as applicable, of such Affiliate Transaction from a financial point of view issued by an
accounting, appraisal or investment banking firm of national standing;

 

(15)        transactions
with a Person who is not an Affiliate immediately before the consummation of such transaction that becomes an Affiliate as a result
of such transaction;

 

(16)        (x)
any lease entered into between the Issuer or any Restricted Subsidiary, as lessee and any Affiliate of the Issuer, as lessor, which
is approved by the Board of Directors of the Issuer in good faith or (y) any lease entered into between the Issuer or any Restricted
Subsidiary, as lessee, and any Affiliate of the Issuer, as lessor in the ordinary course of business; provided that, in each case,
such lease includes fair and reasonable terms no less favorable to the Issuer or such Restricted Subsidiary, as the case may be,
than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate;

 

    79

     

    

 

(17)        payments
to and from, and transactions with, any Joint Ventures entered into in the ordinary course of business (including, including without
limitation, any cash management activities related thereto);

 

(18)        the
payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities provided to stockholders
of the Issuer or any Parent Entity pursuant to a stockholders agreement or a registration rights agreement entered into on or after
the Issue Date in connection therewith or similar equity Holder’s agreements or limited liability company agreements;

 

(19)        pledges
of Equity Interests of Unrestricted Subsidiaries;

 

(20)        transactions
pursuant to the Tax Sharing Agreement; and

 

(21)        transactions
between the Issuer or any Restricted Subsidiary and any Person, which is an Affiliate solely due to a director or directors of
such Person (or a parent company of such Person) also being a director of the Issuer; provided, however, that any such director
abstains from voting as a director of the Issuer on any matter involving such other Person.

 

Section 4.12          Liens.

 

(a)          The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur or assume any
Lien, except a Permitted Lien on or with respect to any of its property or assets including any shares of stock or Indebtedness
of any Restricted Subsidiary, whether owned on the Issue Date or thereafter acquired, or any income, profits or proceeds therefrom,
unless, in the case of any Lien securing Indebtedness that is contractually subordinate in right of payment to the Notes or the
Note Guarantees, the Notes or the Note Guarantees are secured by a Lien on such property, assets or proceeds that is senior in
priority to such Lien; and in all other cases, the Notes or the Note Guarantees, as the case may be, are secured on an equal and
ratable basis with the obligations secured by such Lien for so long as such obligations are secured by such Lien.

 

(b)          Any
Lien created for the benefit of the Holders of the Notes pursuant to the preceding paragraph shall provide by its terms that the
Lien securing the Notes or the Guarantees, as the case may be, shall automatically and unconditionally be released and discharged
upon the release and discharge of such Lien securing such Indebtedness or any sale, exchange or transfer to any Person not an Affiliate
of the Issuer of the property or assets secured by such Lien securing such Indebtedness, or all of the Capital Stock held by the
Issuer or any Restricted Subsidiary in, or all or substantially all of the properties and assets of, any Restricted Subsidiary
that created such Lien securing such Indebtedness, in each case, in accordance with the provisions of this Indenture.

 

(c)          For
purposes of determining compliance with this Section 4.12, (1) a Lien securing an item of Indebtedness need not be permitted solely
by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens”
or pursuant to Section 4.12(a), but may be permitted in part under any combination thereof and (2) in the event that a Lien securing
an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens (or any
portion thereof) described in the definition of “Permitted Liens” or pursuant to Section 4.12(a), the Issuer may, in
its sole discretion, classify or reclassify, or later divide, classify or reclassify (as if incurred or issued at such later time),
such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this Section 4.12 and
at the time of incurrence, issuance, classification or reclassification will be entitled to only include the amount and type of
such Lien or such item of Indebtedness secured by such Lien (or any portion thereof) in one of the categories of permitted Liens
(or any portion thereof) described in the definition of “Permitted Liens” or pursuant to Section 4.12(a) and, in such
event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being incurred, issued or existing
pursuant to only such clause or clauses (or any portion thereof) or pursuant to Section 4.12(a) without giving pro forma effect
to such item (or portion thereof) when calculating the amount of Liens or Indebtedness that may be incurred or issued pursuant
to any other clause or paragraph (or portion thereof) at such time. In addition, with respect to any revolving loan Indebtedness
or commitment relating to the incurrence or issuance of Indebtedness that is designated to be incurred or issued on any date pursuant
to Section 4.09(b)(4), any Lien that does or that shall secure such Indebtedness may also be designated by the Issuer or any Restricted
Subsidiary to be incurred on such date and, in such event, any related subsequent actual incurrence of such Lien shall be deemed
for all purposes under this Indenture to be incurred on such prior date, including for purposes of calculating usage of any “Permitted
Lien.”

 

    80

     

    

 

(d)          With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence or issuance
of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased
Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness that is not deemed to be an incurrence
of Indebtedness for purposes of Section 4.09.

 

Section 4.13         Business
Activities.

 

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

 

Section 4.14         Corporate
Existence.

 

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

 

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

 

(2)         the
rights (charter and statutory), licenses and franchises of the Issuer and its Subsidiaries; provided, however, that
the Issuer shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders of the Notes.

 

Section 4.15         Offer
to Repurchase Upon Change of Control.

 

(a)          If
(i) a Change of Control (if, at the Change of Control Time, the Notes do not have Investment Grade Status) or (ii) a Change of
Control Triggering Event (if, at the Change of Control Time, the Notes have Investment Grade Status), occurs, each Holder of Notes
will have the right to require the Issuer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that Holder’s Notes pursuant to a Change of Control Offer on the terms set forth in this Indenture. In the Change
of Control Offer, the Issuer will offer a Change of Control Payment in cash equal to 101% of the aggregate principal amount of
Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of purchase,
subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment
date (the “Change of Control Payment”). Within ten business days following any Change of Control, the Issuer
will mail a notice to each Holder and the Trustee (or send electronically in accordance with the applicable procedures of DTC in
the case of notes in global form) describing the transaction or transactions that constitute the Change of Control and offering
to repurchase Notes on the Change of Control Payment Date specified in the notice, which date will be no earlier than 15 days and
no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant to
the procedures required by this Indenture and described in such notice. The Issuer will comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities
laws or regulations conflict with the Change of Control provisions of this Indenture, the Issuer will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions
of this Indenture by virtue of such compliance.

 

    81

     

    

 

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

 

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

 

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

 

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

 

(c)          The
Paying Agent will promptly send (but in any case not later than five days after the Change of Control Payment Date) to each Holder
of Notes properly tendered the Change of Control Payment for such Notes, and upon receipt of a written direction, the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry in accordance with the applicable procedures of the Depositary)
to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. The Issuer will
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

 

(d)          Notwithstanding
anything to the contrary in this Section 4.15, the Issuer will not be required to make a Change of Control Offer upon a Change
of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with
the requirements set forth in this Section 4.15 and purchases all Notes properly tendered and not withdrawn under the Change of
Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 hereof, unless and until there is a default
in payment of the applicable redemption price.

 

(e)          If
Holders of not less than 90% in aggregate principal amount of the Notes then outstanding validly tender and do not withdraw such
Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as
described in Section 4.15(d) hereof, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer
or such third party will have the right, upon not less than 15 nor more than 60 days’ prior notice, given not more than 15
days following such purchase pursuant to the Change of Control Offer described in Section 4.15(d) hereof, to redeem all Notes that
remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid
interest to, but not including, the date of redemption (subject to the right of Holders of record of Notes on the relevant record
date to receive interest due on the relevant interest payment date).

 

    82

     

    

 

(f)          Notwithstanding
anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned
upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the
Change of Control Offer is made.

 

(g)          The
Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to a Change of Control
Offer. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of
this Section 4.15, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached
its obligations under this Section 4.15 by virtue of such compliance.

 

Section 4.16         No
Layering.

 

The Issuer will not,
and will not permit any Guarantor to, incur or suffer to exist Indebtedness that is contractually subordinated in right of payment
to any other Indebtedness of the Issuer or such Guarantor, as the case may be, unless such Indebtedness is also contractually subordinated
in right of payment to the Notes or such Guarantor’s Note Guarantee, as the case may be. For the avoidance of doubt, this
covenant shall not restrict the Issuer or the Guarantors from incurring or suffering to exist Indebtedness in the form of Additional
Notes or other senior notes that are pari passu to the Notes so long as such incurrence or suffering to exist is otherwise
permitted under this Indenture.

 

Section 4.17         Suspension
of Covenants.

 

(a)          During
any period of time that: (i) the Notes have Investment Grade Status and (ii) no Default or Event of Default has occurred and is
continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant
Suspension Event”), the Issuer and its Restricted Subsidiaries will not be subject to the provisions of Sections 4.07,
4.09 and 4.10 (collectively, the “Suspended Covenants”); provided that with respect to those covenants that
will remain in effect (the “Effective Covenants”), references in such Effective Covenants to clauses in the
Suspended Covenants will be deemed to continue to exist for purposes of interpretation of the Effective Covenants.

 

(b)          In
the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants with respect to the Notes
for any period of time as a result of the preceding sentence and, subsequently, at least one of the two designated Rating Agencies
withdraws its rating or assigns the Notes a rating below the required Investment Grade Ratings (such date, the “Reversion
Date”), then the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants for
the benefit of the Notes. The period of time between the date of the suspension of the covenants and the Reversion Date is referred
to in this Indenture as the “Suspension Period.”

 

(c)          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 4.09(a) or (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 4.09(a) or (b),
such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been Existing Indebtedness, so that it is classified
as permitted under Section 4.09(b)(ii).

 

    83

     

    

 

(d)          Calculations
made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.07 will be made as though
such Section 4.07 had been in effect since 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 4.07(a). Notwithstanding that
the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred on the Reversion Date
solely as a result of any actions taken by the Issuer or its Restricted Subsidiaries during the Suspension Period. For purposes
of Section 4.10 on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero.

 

(e)          In
the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants with respect to the Notes
for any period of time as described above, during such period no Restricted Subsidiary may be designated as an Unrestricted Subsidiary.

 

(f)          The
Issuer shall deliver promptly (and no more than 20 Business Days after becoming aware of any Covenant Suspension Event or Reversion
Date) to the Trustee an Officer’s Certificate notifying the Trustee of any Covenant Suspension Event or Reversion Date, as
the case may be, pursuant to this Section 4.17, and the Trustee may rely on such Officer’s Certificate without independent
investigation.

 

Section 4.18         Additional
Note Guarantees.

 

If the Issuer or any
of its Restricted Subsidiaries acquires or creates another Domestic Subsidiary after the Issue Date that (i) incurs or guarantees
Indebtedness under the Senior Credit Facilities or (ii) incurs, Guarantees or otherwise becomes liable for any other Indebtedness
of the Issuer or any Guarantor in an aggregate amount in excess of $10.0 million, then, in either case, that Domestic Subsidiary
will become a Guarantor and execute a supplemental indenture within thirty (30) days after the date on which it incurred, guaranteed
or became liable, as applicable, for the Indebtedness contemplated in clauses (i) and (ii) above (or such longer period of time
as may be required to obtain any necessary approvals under applicable Gaming/Racing Laws or other regulatory requirements). The
Issuer shall use commercially reasonable efforts to obtain all approvals of any Gaming/Racing Authority necessary to permit a Domestic
Subsidiary to become a Guarantor as promptly as practicable.

 

Section 4.19         Designation
of Restricted and Unrestricted Subsidiaries.

 

The Board of Directors
of the Issuer may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default.
If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments
owned by the Issuer and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to
be either (1) an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments
under Section 4.07 hereof or (2) a Permitted Investment under one or more clauses of the definition of Permitted Investments, as
determined by the Issuer. That designation will only be permitted if the Investment would be permitted at that time and if the
Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of the Issuer may re-designate
any Unrestricted Subsidiary to be a Restricted Subsidiary if that re-designation would not cause a Default.

 

    84

     

    

 

Article
5

SUCCESSORS

 

Section 5.01         Merger,
Consolidation or Sale of Assets.

 

The Issuer will not,
directly or indirectly: (1) consolidate or merge with or into another Person or consummate a Division as the Dividing Person (whether
or not the Issuer is the surviving entity or Division Successor, as applicable); or (2) sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Issuer and its Restricted Subsidiaries taken as a whole,
in one or more related transactions, to another Person, unless:

 

(1)         (a)
the Issuer is the surviving entity; (b) the Person formed by or surviving any such consolidation or merger (if other than the Issuer)
or to which such sale, assignment, transfer, conveyance or other disposition has been made (the “Successor”)
is an entity organized or existing under the laws of the United States, any state of the United States or the District of Columbia;
and, if such entity is not a corporation, a co-obligor of the Notes is a corporation organized or existing under any such laws;
or (c) in the case of a Division where the Issuer is the Dividing Person, either all Division Successors shall become co-Issuers
of the Notes or the Division, as to any Division Successor that will not be a co-Issuer, is permitted by Section 4.07.

 

(2)         the
Successor (if other than the Issuer), assumes all the obligations of the Issuer under the Notes and this Indenture pursuant to
supplemental indentures;

 

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

 

(4)         the
Issuer or the Successor would, on the date of such transaction after giving pro forma effect thereto and any related financing
transactions as if the same had occurred at the beginning of the applicable four-quarter period (a) be permitted to incur
at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); or (b) have
had a Fixed Charge Coverage Ratio equal to or greater than the actual Fixed Charge Coverage Ratio for the Issuer for such four
quarter period.

 

In addition, the Issuer
will not, directly or indirectly, lease all or substantially all of the properties and assets of it and its Restricted Subsidiaries
taken as a whole, in one or more related transactions, to any other Person.

 

A Guarantor may not
sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into or consummate
a Division as the Dividing Person (whether or not such Guarantor is the surviving Person or Division Successor, as applicable),
another Person, other than the Issuer or another Guarantor, unless:

 

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

 

(2)          either:

 

(A)         the
Person or Division Successor, as applicable, acquiring the property in any such sale, disposition or Division or the Person formed
by or surviving any such consolidation, merger or Division assumes all the obligations of that Guarantor under its Note Guarantee
and this Indenture pursuant to a supplemental indenture; or

 

    85

     

    

 

(B)        
the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture.

 

(C)          Upon
any sale, assignment, transfer, conveyance or other disposition of all or substantially all of the Issuer’s and its Restricted
Subsidiaries’ assets, taken as a whole, in compliance with the provisions of this Section 5.01, the Issuer will be released
from the obligations under the Notes and this Indenture except with respect to any obligations that arise from, or are related
to, such transaction.

 

(D)         This
Section 5.01 will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among
the Issuer and its Restricted Subsidiaries. Clauses (3) and (4) of this Section 5.01 will not apply to (1) any merger or consolidation
of the Issuer with or into one of its Restricted Subsidiaries for any purpose or (2) with or into an Affiliate solely for the purpose
of reincorporating the Issuer in another jurisdiction.

 

Section 5.02         Successor
Corporation Substituted.

 

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

 

Article
6

DEFAULTS AND REMEDIES

 

Section 6.01          Events
of Default.

 

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

 

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

 

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

 

(3)         failure
by the Issuer or any of its Restricted Subsidiaries to comply with the provisions of Section 5.01 hereof;

 

(4)         subject
to the last paragraph of Section 6.06, failure by the Issuer or any of its Restricted Subsidiaries for 60 days after notice
to the Issuer by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding (with a
copy to the Trustee if given by the Holders) voting as a single class to comply with any of the other agreements in this Indenture;

 

    86

     

    

 

(5)          default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Issuer or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Issuer or
any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, if
that default:

 

(A)         is
caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness on the date of such default (a “Payment Default”); or

 

(B)         results
in the acceleration of such Indebtedness prior to its express maturity,

 

and, in each case, the principal
amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates $25.0 million or more; provided, however, that if,
prior to any acceleration of the Notes, (i) any such Payment Default is cured or waived, (ii) any such acceleration is rescinded,
or (iii) such Indebtedness is repaid during the 15 business day period commencing upon the end of any applicable grace period for
such Payment Default or the occurrence of such acceleration, as the case may be, any Default or Event of Default (but not any acceleration
of the Notes) caused by such Payment Default or acceleration shall be automatically rescinded, so long as such rescission does
not conflict with any judgment, decree or applicable law;

 

(6)          failure
by the Issuer or any of its Restricted Subsidiaries to pay final non-appealable judgments entered by a court or courts of competent
jurisdiction in an uninsured aggregate amount in excess of $25.0 million, which judgments are not paid, waived, satisfied, discharged
or stayed for a period of 60 days;

 

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

 

(8)          any
Insolvency or Liquidation Proceeding with respect to the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary
or any group of its Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary

 

Section 6.02         Acceleration.

 

In the case of an Event
of Default specified in clause 8 of Section 6.01 hereof, with respect to the Issuer, any of its Restricted Subsidiaries that is
a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event
of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding
Notes by notice to the Issuer (with a copy to the Trustee if given by the Holders) may declare all the Notes to be due and payable
immediately.

 

Subject to certain
limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise
of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default
if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of
principal, interest or premium, if any.

 

    87

     

    

 

Section 6.03         Other
Remedies.

 

If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium on, if any,
or interest on, the Notes or to enforce the performance of any provision of the Notes, the Note Guarantees or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted
by law

 

Section 6.04         Waiver
of Past Defaults.

 

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

 

Section 6.05         Control
by Majority.

 

Holders of a majority
in aggregate principal amount of the then-outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the
rights of other Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any
such directions are unduly prejudicial to such Holders), of Notes or that may involve the Trustee in personal liability. The Trustee
may take any other action deemed proper by the Trustee which is not inconsistent with such direction. Prior to taking any action
hereunder, the Trustee shall be entitled to indemnification and/or security satisfactory to it in its sole discretion against all
losses and expenses caused by taking or not taking such action.

 

The Trustee may withhold
from Holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in their
interest, except a Default or Event of Default relating to the payment of principal, interest, or premium, if any.

 

Section 6.06         Limitation
on Suits.

 

Subject to Section
7.01, in case an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights
or powers under this Indenture at the request or direction of any Holders of Notes unless such Holders have offered to the Trustee
indemnity and/or security satisfactory to the Trustee against any loss, liability or expense. Except to enforce the right to receive
payment of principal, premium, if any, or interest when due, no Holder of a Note may pursue any remedy with respect to this Indenture
or the Notes unless:

 

    88

     

    

 

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

 

(2)          Holders
of at least 25% in aggregate principal amount of the then-outstanding Notes have requested the Trustee to pursue the remedy in
writing;

 

(3)          such
Holders offered the Trustee security and/or indemnity against any loss, liability or expense;

 

(4)          the
Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security and/or indemnity;
and

 

(5)          Holders
of a majority in aggregate principal amount of the then-outstanding Notes have not given the Trustee a direction inconsistent with
such request within such 60-day period.

 

Notwithstanding clause
(4) of Section 6.01 hereof, except as provided in the second to last sentence of this paragraph, the sole remedy for any failure
to comply by the Issuer with Section 4.03 hereof shall be the payment of liquidated damages as described in the following sentence,
such failure to comply shall not constitute an Event of Default, and Holders of the Notes shall not have any right under this Indenture
to accelerate the maturity of the Notes as a result of any such failure to comply. If a failure to comply by the Issuer with Section
4.03 hereof continues for 60 days after the Issuer receives notice of such failure to comply in accordance with clause (4) of the
first paragraph of Section 6.01 hereof (such notice, the “Reports Default Notice”), and is continuing on
the 60th day following the Issuer’s receipt of the Reports Default Notice, the Issuer will pay liquidated damages to all
Holders of Notes at a rate per annum equal to 0.25% of the principal amount of the Notes from the 60th day following the Issuer’s
receipt of the Reports Default Notice to but not including the earlier of (x) the 121st day following the Issuer’s receipt
of the Reports Default Notice and (y) the date on which the failure to comply by the Issuer with Section 4.03 hereof shall have
been cured or waived. On the earlier of the dates specified in the immediately preceding clauses (x) and (y), such liquidated damages
will cease to accrue. If the failure to comply by the Issuer with Section 4.03 hereof shall not have been cured or waived on or
before the 121st day following the Issuer’s receipt of the Reports Default Notice, then the failure to comply by the Issuer
with Section 4.03 hereof shall on such 121st day constitute an Event of Default. A failure to comply with Section 4.03 hereof automatically
shall cease to be continuing and shall be deemed cured at such time as the Issuer furnishes to the Trustee the applicable information
or report (it being understood that the availability of such information or report on the Commission’s EDGAR service (or
any successor thereto) shall be deemed to satisfy the Issuer’s obligation to furnish such information or report to the Trustee);
provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information,
documents or reports have been filed pursuant to the EDGAR service (or its successor).

 

Section 6.07         Rights
of Holders of Notes to Receive Payment.

 

Notwithstanding any
other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, premium on, if any, or
interest, if any, on, the Note, on or after the respective due dates expressed in the Note (including in connection with an offer
to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for
the enforcement or payment if and to the extent that the institution or prosecution thereof or the entry of judgment therein would,
under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject
to such Lien.

 

    89

     

    

 

Section 6.08         Collection
Suit by Trustee.

 

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

 

Section 6.09         Trustee
May File Proofs of Claim.

 

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

 

Section 6.10         Priorities.

 

After an Event of Default
any moneys or properties distributable in respect of the Issuer’s or any Guarantor’s obligations under this Indenture,
or if the Trustee collects any money pursuant to this Article 6, shall be paid out or distributed in the following order:

 

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

 

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

 

    90

     

    

 

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

 

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

 

Section 6.11         Undertaking
for Costs.

 

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

 

Section 6.12         Remedies
Subject to Applicable Law.

 

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

 

Section 6.13         Restoration
of Rights and Remedies

 

If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceedings, the Issuer, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding has been instituted.

 

Article
7

TRUSTEE

 

Section 7.01         Duties
of Trustee.

 

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

 

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

 

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

 

    91

     

    

 

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

 

(c)          The
Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or
its own willful misconduct, except that:

 

(1)         this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(2)         the
Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court
of competent jurisdiction that the Trustee was grossly negligent in ascertaining the pertinent facts; and

 

(3)         the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 hereof.

 

(d)          Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

 

(e)          No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be
under no obligation to exercise any of its rights or powers under this Indenture at the request or direction of any Holders, unless
such Holders have offered to the Trustee security and/or indemnity satisfactory to the Trustee against any loss, liability or expense.

 

(f)          The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)          The
Trustee shall not be responsible for, and makes no representation as to any Gaming/Racing Law or any Gaming/Racing Authority, whether
any Holder or beneficial owner of Notes could be licensed, qualified or found suitable under any Gaming/Racing Law or by any Gaming/Racing
Authority, and any consequence to any Holder or beneficial owner of Notes under any Gaming/Racing Law or by any Gaming/Racing Authority.

 

Section 7.02         Rights
of Trustee.

 

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

 

(b)          Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel will
be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon.

 

    92

     

    

 

(c)          The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent or attorney
appointed with due care.

 

(d)          The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture. The permissive right of the Trustee to do things enumerated in this Indenture
shall not be construed as a duty of the Trustee.

 

(e)          Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient
if signed by an Officer of the Issuer.

 

(f)           The
Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee indemnity and/or security satisfactory to the Trustee against
the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction.

 

(g)          The
Trustee shall not be required to give a note, bond or surety in respect of the trusts and powers under this Indenture.

 

(h)          Delivery
of reports, information and documents to the Trustee described in Section 4.03 of this Indenture is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely conclusively on Officer’s Certificates).  The Trustee is under no duty to examine such reports,
information or documents to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise
of the information or the statements contained therein.

 

(i)           In
no event shall the Trustee 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 action.

 

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

 

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

 

(l)           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.

 

    93

     

    

 

(m)         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.

 

(n)          The
Trustee shall have no duty to inquire as to the performance of the Issuer with respect to the covenants contained in Article 4
or to make any calculation in connection therewith or in connection with any redemption of the Notes. In addition, except as otherwise
expressly provided herein, the Trustee shall have no obligation to monitor or verify compliance by the Issuer or any Guarantor
with any other obligation or covenant under this Indenture or the unavailability of the Federal Reserve Bank wire or facsimile
or other wire communication facility.

 

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 any Affiliate
of the Issuer with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties.
The Trustee is also subject to Section 7.10 and Section 7.11 hereof.

 

Section 7.04         Trustee’s
Disclaimer.

 

The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes or the Note Guarantees,
it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the
Issuer’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than
its certificate of authentication. The Trustee shall have no responsibility or liability with respect to any information, statement
or recital in the Offering Memorandum or in any other disclosure material prepared or distributed with respect to the Issuance
of the Notes. The Trustee does not assume any responsibility for any failure or delay in performance or any breach by the Issuer
or any Guarantor under this Indenture.

 

Section 7.05         Notice
of Defaults.

 

If a Default or Event
of Default occurs and is continuing and if the Trustee has notice (in accordance with Section 7.02(j)), the Trustee will mail (at
the Issuer’s expense) to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except
in the case of a Default or Event of Default in payment of principal of, premium on, if any, or interest, on, any Note, the Trustee
may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the
notice is in the interests of the Holders of the Notes.

 

    94

     

    

 

Section 7.06         Compensation
and Indemnity.

 

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

 

(b)          The
Issuer and the Guarantors will, jointly and severally, indemnify the Trustee against any and all losses, damages, claims, liabilities
or expenses (including reasonable attorneys’ fees and expenses) incurred by it arising out of or in connection with the administration
of this trust, the acceptance or administration of its duties under this Indenture or the exercise of its rights and powers under
this Indenture, the Notes and the Guarantees, including the costs and expenses of enforcing this Indenture against the Issuer and
the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Issuer, the Guarantors,
any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder,
except to the extent any such loss, liability or expense may be attributable to its gross negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final, non-appealable judgement). The Trustee will notify the Issuer promptly
of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer or any
of the Guarantors of their obligations hereunder. Except in cases where the interest of the Issuer or a Guarantor, on the one hand,
and the Trustee, on the other hand, may be adverse, such Issuer or such Guarantor will defend the claim and the Trustee will cooperate
in the defense. The Trustee may have separate counsel and the Issuer and the Guarantors, jointly and severally, will pay the reasonable
fees and expenses of such counsel. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which
consent will not be unreasonably withheld. Any settlement which affects the Trustee may not be entered into without the consent
of the Trustee, unless the Trustee is given a full and unconditional release from liability with respect to the claims covered
thereby and such settlement does not include a statement or admission of fault, culpability, or failure to act by or on behalf
of the Trustee. References in this paragraph 7.06(b) shall include the Trustee and its officers, directors, employees and agents.

 

(c)          The
obligations of the Issuer and the Guarantors under this Section 7.06 will survive the (i) satisfaction and discharge of this Indenture
and (ii) resignation or removal of the Trustee.

 

(d)          To
secure the Issuer’s and the Guarantors’ payment obligations in this Section 7.06, the Trustee will have a Lien prior
to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium
on, if any, or interest, on, particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture.

 

(e)          When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under the Bankruptcy Code.

 

(f)          “Trustee”
for the purposes of this Section 7.06 shall include (i) any predecessor Trustee and such predecessor Trustee’s officers,
directors, employees, and agents, and (ii) the Trustee in each of its capacities hereunder and each agent, custodian and other
person employed to act hereunder; provided, however, that the negligence, gross negligence, willful misconduct or
bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

    95

     

    

 

Section 7.07         Replacement
of Trustee.

 

(a)          A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.07.

 

(b)          The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders
of a majority in aggregate principal amount of the then-outstanding Notes may remove the Trustee by so notifying the Trustee and
the Issuer in writing. The Issuer may remove the Trustee if:

 

(1)         the
Trustee fails to comply with Section 7.09 hereof;

 

(2)         the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under the Bankruptcy
Code;

 

(3)         a
custodian or public officer takes charge of the Trustee or its property; or

 

(4)         the
Trustee becomes incapable of acting.

 

(c)          If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then-outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.

 

(d)          If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Issuer, or the Holders of at least 10% in aggregate principal amount of the then-outstanding Notes may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

 

(e)          If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.09
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)          A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring
Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.07, the Issuer’s obligations under Section 7.06 hereof will continue for the benefit of
the retiring Trustee.

 

Section 7.08         Successor
Trustee by Merger, etc.

 

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

 

    96

     

    

 

Section 7.09         Eligibility;
Disqualification.

 

There will at all times
be a Trustee hereunder that is a corporation or a national banking association organized and doing business under the laws of the
United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is
subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0
million as set forth in its most recent published annual report of condition.

 

Article
8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01         Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer may at any
time, at the option of its Board of Directors evidenced by a resolution accompanied by an Officer’s Certificate, elect to
have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below
in this Article 8.

 

Section 8.02         Legal
Defeasance and Discharge.

 

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

 

(1)         the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest, or premium on, if any,
or interest, such Notes when such payments are due from the trust referred to in Section 8.05 hereof;

 

(2)         the
Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed,
lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

 

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

 

(4)         this
Article 8.

 

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

 

    97

     

    

 

Section 8.03         Covenant
Defeasance.

 

Upon the Issuer’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and each of the Guarantors will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants
contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.18, and 4.19 hereof and clause (4) of Section 5.01
hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes and Note Guarantees, the Issuer and the Guarantors may omit to comply with and will have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof,
but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby.
In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3), (4), (5), (6) and (7) hereof will not
constitute Events of Default.

 

Section 8.04         Conditions
to Legal or Covenant Defeasance.

 

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

 

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

 

(2)         in
the case of an election under Section 8.02 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel in form reasonably
acceptable to the Trustee confirming that:

 

(A)         the
Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(B)         since
the Issue Date, there has been a change in the applicable federal income tax law,

 

in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

    98

     

    

 

(3)         in
the case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel in form reasonably
acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)         no
Default or Event of Default (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such
deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting of Liens to secure such borrowings)
shall have occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from transactions
occurring substantially contemporaneously with the borrowing of funds, or from the borrowing of funds to be applied to such deposit
(and any similar concurrent deposit relating to other Indebtedness), and the granting of Liens to secure such borrowings);

 

(5)         such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged
or replaced) to which the Issuer or any of the Guarantors is a party or by which the Issuer or any of the Guarantors is bound;

 

(6)         The
Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the
intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying
or defrauding any creditors of the Issuer or others; and

 

(7)         The
Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05         Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section
8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying
Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal,
premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 

The Issuer and the
Guarantors, jointly and severally, will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed
against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest
received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes.

 

Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the written request of
the Issuer any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then
be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

    99

     

    

 

Section 8.06         Repayment
to Issuer.

 

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

 

Section 8.07         Reinstatement.

 

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

 

Article
9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01         Without
Consent of Holders of Notes.

 

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

 

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

 

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

 

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

 

(4)         to
make any change that would provide any additional rights or benefits to the holders of any Notes or that does not adversely affect
the legal rights under this Indenture of any holder of Notes, including to comply with requirements of the SEC or any applicable
securities depository in order to maintain the transferability of the Notes pursuant to Rule 144A or Regulation S;

 

    100

     

    

 

(5)          to
make any change that would provide any additional rights or benefits to the Holders of the Notes and, in each case, the release,
suspension or termination thereof, or that does not adversely affect the legal rights hereunder of any such Holder;

 

(6)          to
conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the “Description of the notes”
section of the Offering Memorandum, to the extent that such provision in that “Description of the notes” was intended
to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees;

 

(7)          to
release the Note Guarantee of a Guarantor in accordance with the terms of this Indenture;

 

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

 

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

 

(10)        to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act of 1939, as amended, if then applicable;

 

(11)        to
comply with requirements of applicable Gaming/Racing Laws or to provide for requirements imposed by applicable Gaming/Racing Authorities;

 

(12)        to
provide for the acceptance or appointment of a successor trustee; or

 

(13)        to
amend the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including
to facilitate the issuance and administration of the Notes.

 

For the avoidance of
doubt, no amendment or deletion of any of the covenants described under Article 4 hereof in accordance with the amendment provisions
set forth in this Indenture, or action taken in compliance with such covenants in effect at the time of such action, shall be deemed
to make any change in the provisions of this Indenture relating to the contractual right of any Holder of the Notes to receive
payments of principal of, or interest or premium, if any, on the Note.

 

The consent of the
Holders is not necessary under this Indenture to approve the particular form of any proposed amendment, supplement, waiver or consent.
It is sufficient if such consent approves the substance of the proposed amendment, supplement, waiver or consent.

 

Upon the request of
the Issuer for the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described
in Sections 7.02 and 9.06 hereof, the Trustee will join with the Issuer and the Guarantors in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that
affects its own rights, duties or immunities under this Indenture or otherwise. Notwithstanding the foregoing, no Opinion of Counsel
or board resolution, shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery
by such Guarantor and the Trustee of a supplemental indenture to this Indenture, in the form attached as Exhibit E hereto.

 

    101

     

    

 

Section 9.02         With
Consent of Holders of Notes.

 

Except as provided
below in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture (including, without
limitation, Section 3.10, 4.10 and 4.15 hereof) and the Notes and the Note Guarantees with the consent of the Holders of at least
a majority in aggregate principal amount of the then-outstanding Notes (including, without limitation, Additional Notes, if any)
voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than
a Default or Event of Default in the payment of the principal of, premium on, if any, or interest on the Notes, except a payment
default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes,
or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then-outstanding
Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Section 2.08 hereof shall determine which
Notes are considered to be “outstanding” for purposes of this Section 9.02.

 

It is not necessary
for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement
or waiver, but it is sufficient if such consent approves the substance thereof.

 

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

 

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

 

(2)         reduce
the principal of or change the fixed maturity of any Note or the premium payable in connection with the redemption of the Notes;

 

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

 

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

 

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

 

    102

     

    

 

(6)         make
any change in the provisions of this Indenture relating to waivers of past Defaults or the contractual rights of Holders of Notes
to receive payments of principal of, premium on, if any, or interest on, the Notes (other than as permitted by clause (7) below);

 

(7)         waive
a redemption payment with respect to any Note (other than a payment required by Sections 3.10, 4.10 or 4.15 hereof);

 

(8)         contractually
subordinate the Notes or the Guarantees to any other Indebtedness; or

 

(9)         make
any change in the preceding amendment and waiver provisions.

 

Section 9.03         [Reserved].

 

Section 9.04         Revocation
and Effect of Consents.

 

Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even
if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke
the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder.

 

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.

 

Section 9.05         Notation
on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

 

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

 

Section 9.06         Trustee
to Sign Amendments, etc.

 

The Trustee will not
be obligated to enter into any amended or supplemental indenture, including, without limitation, any amended or supplemental indenture
under Section 9.02 hereof, that affects its own rights, duties or immunities under this Indenture or otherwise. Upon the request
of the Issuer for the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents
described in Section 9.06 hereof, the Trustee will sign any amended or supplemental indenture authorized pursuant to this Article
9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing
any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully
protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officer’s Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture.
Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officer’s Certificate, nor a resolution, shall be required
for the Trustee to execute any supplemental indenture to this Indenture, the form of which is attached as Exhibit E hereto adding
a new Guarantor under this Indenture.

 

    103

     

    

 

Article
10

NOTE GUARANTEES

 

Section 10.01      Guarantee.

 

(a)          Subject
to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:

 

(1)         the
principal of, premium on, if any, and interest, on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest, on, the Notes, if lawful,
and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or
performed, all in accordance with the terms hereof and thereof; and

 

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

 

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

 

(b)          The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenant
that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this
Indenture.

 

(c)          If
any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

    104

     

    

 

(d)          Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any
declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable)
will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right
to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders
under the Note Guarantee.

 

Section 10.02         Limitation
on Guarantor Liability.

 

Each Guarantor, and
by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To
effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of
such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights
to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under this Article 10, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
transfer or conveyance.

 

Section 10.03         Execution
and Delivery of Note Guarantee.

 

To evidence its Note
Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially
in the form attached as Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered
by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers.

 

Each Guarantor hereby
agrees that its Note Guarantee set forth in Section 10.01 hereof will remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Note Guarantee.

 

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

 

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

 

In the event that the
Issuer or any of its Restricted Subsidiaries creates or acquires any Subsidiary after the Issue Date, if required by Section 4.18
hereof, the Issuer will cause such Restricted Subsidiary to comply with the provisions of Section 4.18 hereof and this Article
10, to the extent applicable.

 

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

 

Except as otherwise
provided in Section 10.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Issuer or another
Guarantor, unless:

 

    105

     

    

 

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

 

(2)          either:

 

(A)         subject
to Section 10.05 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving
any such consolidation or merger unconditionally assumes all the obligations of that Guarantor under its Note Guarantee and this
Indenture, pursuant to a supplemental indenture in form satisfactory to the Trustee; or

 

(B)         the
Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including
without limitation, Section 4.10 hereof.

 

In case of any such
consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due
and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor
Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor.
Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable
hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Note Guarantees so issued
will in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter
issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the
execution hereof.

 

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

 

Section 10.05       Releases.

 

The Note Guarantee of a Guarantor will be
released:

 

(1)         in
connection with any sale, assignment, exchange, transfer, conveyance or other disposition of all or substantially all of the properties
or assets of that Guarantor (including by way of merger, consolidation, amalgamation or otherwise) to a Person that is not (either
before or after giving effect to such transaction) the Issuer or a Restricted Subsidiary of the Issuer, if such sale, assignment,
exchange, transfer, conveyance or other disposition is made in accordance with the applicable provisions of this Indenture;

 

(2)         in
connection with any sale, assignment, exchange, transfer, conveyance or other disposition of Capital Stock of that Guarantor by
way of merger, consolidation, amalgamation or otherwise after which the applicable Guarantor is no longer a Restricted Subsidiary,
if such sale, assignment, exchange, transfer, conveyance or other disposition is made in accordance with the applicable provisions
of this Indenture;

 

(3)         if
the release or discharge of the Guarantee by such Guarantor is with respect to the Indebtedness that resulted in the creation of
such Guarantee;

 

    106

     

    

 

(4)         if
the Issuer designates any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with Section
4.19 hereof;

 

(5)         upon
Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or Satisfaction and Discharge of this Indenture in
accordance with Article 11 hereof; or

 

(6)         upon
the liquidation or dissolution of a Guarantor in a transaction or series of transactions that does not violate the terms of this
Indenture.

 

Upon delivery to the
Trustee of an Officer’s Certificate and Opinion of Counsel to the effect that the conditions set forth in clauses (1) through
(6) hereof, as applicable, have been complied with, the Trustee, at the Issuer’s expense, will execute any documents reasonably
requested by the Issuer to evidence the release of the applicable Note Guarantee.

 

Any Guarantor not released
from its obligations under its Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal
of, premium on, if any, and interest, if any, on, the Notes and for the other obligations of any Guarantor under this Indenture
as provided in this Article 10.

 

Article
11

Satisfaction and Discharge

 

Section 11.01      Satisfaction
and Discharge.

 

This Indenture will
be satisfied and discharged and will cease to be of further effect as to all Notes issued hereunder, when:

 

(a)           either:

 

(1)         all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation;
or

 

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

 

(b)          any
Issuer has or any Guarantor has paid or caused to be paid all sums payable by them under this Indenture; and

 

(c)          the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case may be.

 

    107

     

    

 

In addition, the Issuer
must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been complied with.

 

The satisfaction and
discharge will be effective on the day on which all the applicable conditions above have been satisfied. Upon compliance with the
foregoing, the Trustee shall execute, at the Issuer’s expense, such instrument(s) requested by the Issuer acknowledging the
satisfaction and discharge of all of the Issuer’s Obligations under the Notes and this Indenture.

 

Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (2) of clause
(a) of this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section
11.01 will be deemed to discharge those provisions of Section 7.06 hereof, that, by their terms, survive the satisfaction and discharge
of this Indenture.

 

Section 11.02      Application
of Trust Money.

 

Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuer acting as their own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal, premium, if any, and interest, for whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Issuer has made any payment of
principal of, premium on, if any, or interest, on, any 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 Government Securities held by
the Trustee or Paying Agent.

 

Article
12

MISCELLANEOUS

 

Section 12.01      [Reserved]

 

Section 12.02      Notices.

 

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

 

If to the Issuer and/or any Guarantor:

Twin River Worldwide Holdings, Inc.

100 Twin River Road

Lincoln, RI 02865

Facsimile: (401) 727-4770

Attention: Chief Financial Officer

 

    108

     

    

 

With a copy to:

Jones Day

250 Vesey Street

New York, NY 10281-1047

Facsimile: (212) 326-3814

Attention: Rory T. Hood

 

If to the Trustee:

U.S. Bank National Association

225 Asylum Street, 23rd Floor,

Hartford, CT 06103

Facsimile No.: (860) 241-6881

Attention: Philip G. Kane Jr., Vice President

 

With a copy to:

Hinckley, Allen & Snyder LLP

28 State Street

Boston, MA 02108

Facsimile: (617) 378-4397

Attention: Jonathan R. Winnick, Esq.

 

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

 

All notices and communications
(other than those sent to Holders of Notes) will be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted
by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery; and on the date sent to DTC if otherwise given in accordance with the procedures of DTC; provided that any notice
or communication delivered to the Trustee or an Agent shall be deemed effective upon actual receipt thereof and on the first date
on which publication is made, if given by publication (including by posting of information on the website or online data system
maintained in accordance with ‎Section 4.03).

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar, or in the case of Notes in global form,
sent electronically in accordance with the applicable procedures of the Depository. Failure to send a notice or communication to
a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

    109

     

    

 

Section 12.03      [Reserved]

 

Section 12.04      Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or
application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee:

 

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

 

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

 

Section 12.05         Statements
Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to Section 4.04(a) must include:

 

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

 

(2)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)         a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

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

 

Section 12.06      Rules
by Trustee and Agents.

 

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

 

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

 

No director, partner,
member officer, employee, incorporator or stockholder of the Issuer or any Guarantor, as such, will have any liability for any
obligations of the Issuer or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective
to waive liabilities under the federal securities laws.

 

    110

     

    

 

Section 12.08         Governing
Law.

 

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

 

Section 12.09         No
Adverse Interpretation of Other Agreements.

 

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

 

Section 12.10         Successors.

 

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

 

Section 12.11         Severability.

 

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

 

Section 12.12         Counterpart
Originals.

 

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

 

Section 12.13         Table
of Contents, Headings, etc.

 

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

 

Section 12.14         Waiver
of Jury Trial.

 

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

 

    111

     

    

 

Section 12.15         U.S.A.
PATRIOT Act.

 

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

 

Section 12.16         Force
Majeure.

 

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

 

[Signatures on following page]

 

    112

     

    

 

Dated as of the date first written above.

 

	 	TWIN RIVER WORLDWIDE HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Craig Eaton
	 	 	Name: Craig Eaton
	 	 	Title:   Senior Vice President, General Counsel and Secretary

 

[Signature Page to Indenture]

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Philip G. Kane, Jr.
	 	 	Name: Philip G. Kane, Jr.
	 	 	Title:   Vice President

 

[Signature Page to Indenture]

 

     

     

    

 

Face of Note

 

	 	
        CUSIP:

        ISIN:

 

6.750% Senior Notes due 2027

 

	No. ____	$____________

 

TWIN RIVER WORLDWIDE HOLDINGS, INC.

 

promises to pay to [CEDE & CO.] or
registered assigns,

 

the principal sum of __________________________________________________________
DOLLARS* on June 1, 2027.

 

Interest Payment Dates: June 1 and December
1

 

Record Dates: May 15 and November 15

 

Dated: ___________, 201_

 

    	 	A-1	 

     

    

 

	 	TWIN RIVER WORLDWIDE HOLDINGS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-2	 

     

    

 

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

 

    	 	A-3	 

     

    

 

Back of Note

6.750% Senior Notes due 2027

 

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

 

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

 

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

 

		(1)	Interest.
Twin River Worldwide Holdings, Inc., a Delaware corporation (the “Issuer”), promises to pay or cause to be
paid interest on the principal amount of this Note at 6.750% per annum from May 10, 2019 until maturity. The Issuer will pay interest,
if any, semi-annually in arrears on June 1 and December 1 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that,
if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date,
interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment
Date shall be December 1, 2019. The Issuer will pay interest (including post-petition interest in any proceeding under the Bankruptcy
Code) on overdue principal at a rate that is 1% per annum higher than the then applicable interest rate on the Notes to the extent
lawful; it will pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments
of interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful.

 

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

 

		(2)	Method of Payment.
The Issuer will pay interest on the Notes (except defaulted interest), if any, to the Persons who are registered Holders of Notes
at the close of business on the May 15 or November 15 next preceding the Interest Payment Date, even if such Notes are canceled
after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect
to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, if any, at the office or agency
of the Paying Agent and Registrar, or, at the option of the Issuer, payment of interest, if any, may be made by check mailed to
the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately
available funds will be required with respect to principal of, premium on, if any, and interest, if any, on, all Global Notes
and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or the Paying Agent. Such
payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts;

 

		(3)	Paying Agent
and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Issuer may change the Paying Agent or Registrar without prior notice to the Holders of the Notes. The Issuer
or any of its Subsidiaries may act as Paying Agent or Registrar.

 

    	 	A-4	 

     

    

 

		(4)	Indenture.
The Issuer issued the Notes under an Indenture dated as of May 10, 2019 (the “Indenture”) among the Issuer,
the guarantors party thereto and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject
to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Notes are unsecured obligations
of the Issuer. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions
of the Indenture shall govern and be controlling. The Indenture does not limit the aggregate principal amount of Notes that may
be issued thereunder. The Issuer shall be entitled to issue Additional Notes pursuant to Section 2.01 and Section 4.09 of the
Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under
the Indenture.

 

		(5)	Optional Redemption.

 

		(a)	At any time prior to June 1, 2022, the Issuer may on any
one or more occasions redeem up to 40% of the aggregate principal amount of Notes issued under this Indenture, upon not less than
15 nor more than 60 days’ prior written notice to the Holders and the Trustee, at a redemption price equal to 106.750% of
the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption (subject
to the rights of Holders of Notes on the relevant record date to receive interest on the relevant interest payment date) with
the net cash proceeds of an Equity Offering by the Issuer; provided that:

 

		(1)	at least 50% of the aggregate principal amount of Notes
originally issued under the Indenture (excluding Notes held by the Issuer and its Subsidiaries) remains outstanding immediately
after the occurrence of such redemption; and

 

		(2)	the redemption occurs prior to 180 days after the date
of the closing of such Equity Offering.

 

		(b)	At any time prior to June 1, 2022, the Issuer, at its option,
may on one or more occasions redeem all or a part of the Notes, upon not less than 15 nor more than 60 days’ prior written
notice to the Holders and the Trustee, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus
the Applicable Premium as of, and accrued and unpaid interest, if any, to, but not including, the date of redemption, subject
to the rights of Holders on the relevant record date to receive interest due on the relevant payment date.

 

		(c)	Except pursuant to the two preceding paragraphs, the Notes
will not be redeemable at the Issuer’s option prior to June 1, 2022.

 

		(d)	On or after June 1, 2022, the Issuer may on any one or
more occasions redeem all or a part of the Notes upon not less than 15 nor more than 60 days’ prior written notice to the
Holders and the Trustee, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued
and unpaid interest, if any on the Notes redeemed, to, but not including, the applicable date of redemption, if redeemed during
the 12-month period beginning on June 1 of the years indicated below (subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant interest payment date):

 

    	 	A-5	 

     

    

 

	Year	 	Percentage	 
	2022	 	 	105.063	%
	2023	 	 	103.375	%
	2024	 	 	101.688	%
	2025 and thereafter	 	 	100.000	%

 

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

 

		(6)	GAMING REDEMPTION. Each Holder, by accepting a Note,
shall be deemed to have agreed that, if any Gaming/Racing Authority requires that a person who is a Holder or the beneficial owner
of Notes be registered, licensed, qualified, found suitable or respond to any other regulatory inquiry under applicable Gaming/Racing
Laws (a “Holder Gaming Requirement”), such Holder or beneficial owner, as the case may be, shall comply with such
Holder Gaming Requirement in accordance with such Gaming/Racing Laws.  If such Person fails to comply with a Holder Gaming
Requirement, the Issuer shall have the right, at its option:

 

		(a)	to require such Holder to dispose of its Notes or beneficial
interest therein within 30 days of receipt of notice of the Issuer’s election or such earlier date as may be requested
or prescribed by such Gaming/Racing Authority; or

 

		(b)	to redeem such Notes, upon not less than 30 days’
prior written notice to the affected Holder and the Trustee (or such earlier date as may be requested or prescribed by such Gaming/Racing
Authority), at a redemption price equal to:

 

		(1)	the lesser of:

 

		(A)	the Holder’s cost for such Notes, plus accrued and
unpaid interest, if any, to the earlier of the date of redemption or the date of the finding of unsuitability or failure to comply
with the Holder Gaming Requirement; and

 

		(B)	100% of the principal amount thereof, plus accrued and
unpaid interest, if any, to the earlier of the date of redemption or the date of the finding of unsuitability or failure to comply
with the Holder Gaming Requirement; or

 

		(C)	such other amount as may be required by applicable law
or order of the Gaming/Racing Authority.

 

		(c)	the Issuer shall notify the Trustee in writing of any such
disqualified holder status or redemption as soon as practicable. Neither the Issuer nor the Trustee shall be responsible for any
costs or expenses any Holder or beneficial owner may incur in connection with its registration, application for a license, qualification
or a finding of suitability, or any renewal or continuation of the foregoing or compliance with any other requirement of a Gaming/Racing
Authority. Those costs and expenses will be the obligations of the Holder or beneficial owner, as applicable. In addition, any
holder or beneficial owner, as applicable, required to be licensed, qualified or found suitable under applicable Gaming/Racing
Laws must pay all investigative fees and costs of any Gaming/Racing Authority in connection with such license, qualification,
finding of suitability or application therefor.

 

    	 	A-6	 

     

    

 

		(7)	Mandatory Redemption.
The Issuer is not required to make mandatory redemption (except as set forth in paragraph (6) hereof) or sinking fund payments
with respect to the Notes.

 

		(8)	REPURCHASE AT
THE OPTION OF HOLDER.

 

		(a)	Upon the occurrence of (i) a Change of Control (if,
at the Change of Control Time, the Notes do not have Investment Grade Status) or (ii) a Change of Control Triggering Event
(if, at the Change of Control Time, the Notes have Investment Grade Status), the Issuer will be required to make an offer (a “Change
of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in
excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes
repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of purchase, subject
to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date (the
 “Change of Control Payment”). Within 10 Business Days following any Change of Control, the Issuer will mail
a notice to each Holder and setting forth the procedures governing the Change of Control Offer as required by the Indenture.

 

		(b)	If the Issuer or a Restricted Subsidiary of the Issuer
consummates any Asset Sales, within 20 Business Days (for earlier at the Issuer’s option) after each date on which the aggregate
amount of Excess Proceeds exceeds $50.0 million, the Issuer will make an offer (an “Asset Sale Offer”) to all Holders
of Notes (with a copy to the Trustee) and all Holders of other Pari Passu Debt containing provisions similar to those set forth
in the Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets to purchase, prepay
or redeem the maximum principal amount of Notes and such other Pari Passu Debt (plus all accrued interest on the Indebtedness
and the amount of all fees and expenses, including premiums, incurred in connection therewith) that may be purchased, prepaid
or redeemed out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount,
plus accrued and unpaid interest, if any, to the date of purchase, prepayment or redemption, subject to the rights of holders
of Notes on the relevant record date to receive interest due on the relevant interest payment date, and will be payable in cash.
The Issuer may satisfy the foregoing obligation with respect to Net Proceeds from an Asset Sale by making an Asset Sale Offer
in advance of being required to do so by the Indenture (an “Advance Offer”) with respect to all or part of the available
Net Proceeds (the “Advance Portion”). If any Excess Proceeds remain after consummation of an Asset Sale Offer, the
Issuer may use those Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount
of Notes and other Pari Passu Debt tendered into (or required to be prepaid or redeemed in connection with) such Asset Sale Offer
exceeds the amount of Excess Proceeds, the Issuer will select the Notes and the Pari Passu Debt to be purchased on a pro rata
basis or by lot (and, in the case of Notes in global form, in accordance with the Applicable procedures of the Depositary),
based on the amounts tendered or required to be prepaid or redeemed (with such adjustments as may be deemed appropriate by the
Issuer so that only Notes in minimum denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be left
outstanding). Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero (regardless of whether
there are any remaining Excess Proceeds upon such completion), and in the case of an Advance Offer, the Advance Portion shall
be excluded in subsequent calculation of Excess Proceeds. Holders of Notes that are the subject of an offer to purchase will receive
an Asset Sale Offer from the Issuer prior to any related purchase date and may elect to have such Notes purchased by completing
the form entitled “Option of Holder to Elect Purchase” attached to the Notes.

 

    	 	A-7	 

     

    

 

		(9)	Notice of Redemption.
At least 15 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class
mail (or send such notices electronically in accordance with the Applicable procedures of the Depositary in the case of Notes
in global form), a notice of redemption to each Holder whose Notes are to be redeemed at its registered address (with a copy to
the Trustee), except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 11 thereof.
Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that
if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall
be redeemed or purchased

 

		(10)	Denominations,
Transfer, Exchange. The Notes are in registered form in minimum denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or
register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note
being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before
a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date.

 

		(11)	Persons Deemed
Owners. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered Holders
have rights under the Indenture.

 

		(12)	Amendment, Supplement
and Waiver. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees may be amended or supplemented
with the consent of the Holders of at least a majority in aggregate principal amount of the then-outstanding Notes including Additional
Notes, if any, voting as a single class, and any existing Default or Event of Default or compliance with any provision of the
Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal
amount of the then-outstanding Notes including Additional Notes, if any, voting as a single class.  Without the consent of
any Holder of Notes, the Indenture, the Notes or the Note Guarantees may be amended or supplemented to cure any ambiguity, defect,
omission, mistake or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide
for the assumption of the Issuer’s or a Guarantor’s obligations to the Holders of the Notes and Note Guarantees by
a successor to such Issuer or such Guarantor pursuant to Article 5 or Article 10 of the Indenture to any change that would provide
any additional rights or benefits to the holders of any Notes or that does not adversely affect the legal rights under the indenture
of any holder of Notes, including to comply with requirements of the SEC or any applicable securities depository in order to maintain
the transferability of the Notes pursuant to Rule 144A under the Securities Act or Regulation S under the Securities Act, to make
any change that would provide any additional rights or benefits to the Holders of the Notes, and in each case, the release, suspension
or termination thereof, or that does not adversely affect the legal rights hereunder of any such Holder, to conform the text of
the Indenture, the Notes or the Note Guarantees to any provision of the “Description of the notes” section of the
Offering Memorandum, to the extent that such provision in that “Description of the notes” was intended to be a verbatim
recitation of a provision of the Indenture, the Notes or the Note Guarantees, to release the Note Guarantee of a Guarantor in
accordance with the terms of the Indenture, to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee
with respect to the Notes, to provide for the issuance of Additional Notes in accordance with the limitations set forth in the
Indenture as of the Issue Date, to comply with requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the TIA, if then applicable, to comply with requirements of applicable Gaming/Racing Laws, to provide for requirements
imposed by applicable Gaming/Racing Authorities, to provide for the acceptance or appointment of a successor trustee, or to amend
the provisions of the Indenture relating to the transfer and legending of Notes as permitted by the indenture, including to facilitate
the issuance and administration of the Notes.

 

    	 	A-8	 

     

    

 

		(13)	Defaults and
Remedies. Events of Default include:  (i) default for 30 days in the payment when due of interest on the Notes;
(ii) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on the
Notes; (iii) failure by the Issuer or any of its Restricted Subsidiaries to comply with the provisions of Section 5.01 of the
Indenture; (iv) subject to certain exceptions, failure by the Issuer or any of its Restricted Subsidiaries for 60 days after notice
to the Issuer from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding (with
a copy to the Trustee if given by the Holders) voting as a single class to comply with any of the other agreements in the Indenture;
(v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness for money borrowed by the Issuer or any of its Restricted Subsidiaries (or the payment of which is guaranteed
by the Issuer or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the
Issue Date, if that default (a) is caused by a failure to pay principal of, premium on, if any, or interest on, if any, such Indebtedness
prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”)
or (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $25.0 million or more; provided, however, that if, prior
to any acceleration of the Notes, (i) any such Payment Default is cured or waived, (ii) any such acceleration is rescinded, or
(iii) such Indebtedness is repaid during the 15 business day period commencing upon the end of any applicable grace period for
such Payment Default or the occurrence of such acceleration, as the case may be, any Default or Event of Default (but not any
acceleration of the Notes) caused by such Payment Default or acceleration shall be automatically rescinded, so long as such rescission
does not conflict with any judgment, decree or applicable law; (vi) failure by the Issuer or any of its Restricted Subsidiaries
to pay final non-appealable judgments entered by a court or courts of competent jurisdiction in an uninsured aggregate amount
in excess of $25.0 million, which judgments are not paid, waived, satisfied, discharged or stayed, for a period of 60 days; (vii)
except as permitted by the Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or
ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies
or disaffirms its obligations under its Note Guarantee; and (viii) any Insolvency or Liquidation Proceeding with respect to the
Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of its Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary.

 

    	 	A-9	 

     

    

 

In the case of an Event of Default
arising from certain events of bankruptcy or insolvency with respect to the Issuer, any Restricted Subsidiary of the Issuer that
is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice.  If any other
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then-outstanding
Notes by notice to the Issuer (with a copy to the Trustee if given by the Holders) may declare all the Notes to be due and payable
immediately.  Holders may not enforce the Indenture or the Notes except as provided in the Indenture.  Subject to certain
limitations, Holders of a majority in aggregate principal amount of the then-outstanding Notes may direct the time, method and
place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred
on it.  The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a
Default or Event of Default relating to the payment of principal, premium, if any, or interest, if any) if it determines that withholding
notice is in their interest.  The Holders of a majority in aggregate principal amount of the then-outstanding Notes by notice
to the Trustee may, on behalf of all the Holders, rescind an acceleration or waive an existing Default or Event of Default and
its respective consequences under the Indenture except a continuing Default or Event of Default in the payment of principal of,
premium on, if any, or interest, if any, on, the Notes (including in connection with an offer to purchase).  The Issuer is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required, upon
becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.

 

		(14)	Trustee Dealings
with Issuer. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform
services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee.

 

		(15)	No Recourse Against
Others. No director, partner, member, officer, employee, incorporator or stockholder of the Issuer or any Guarantor,
as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Indenture, the Note
Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance
of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

 

    	 	A-10	 

     

    

 

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

 

		(17)	Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

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

 

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

 

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

 

Twin River Worldwide Holdings, Inc.

100 Twin River Road

Lincoln, RI 02865

Facsimile: (401) 727-4770

Attention: [  ]

 

    	 	A-11	 

     

    

 

Assignment
Form

 

To assign this Note,
fill in the form below:

 

	(I) or (we) assign and transfer this Note to:  	 
	 	(Insert assignee’s legal name)

 

 

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

 

 

 

 

 

 

 

 

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

 

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

 

Date: _______________

 

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

 

Signature Guarantee*: _________________________

 

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

 

    	 	A-12	 

     

    

 

Option
of Holder to Elect Purchase

 

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

 

	 	 ̈
    Section     4.10	 	 ̈ Section
    4.15

 

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

 

$_______________

 

Date: _______________

 

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

 

	 	Tax Identification No.:  	 

 

Signature Guarantee*: _________________________

 

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

 

    	 	A-13	 

     

    

 

Schedule
of Exchanges of Interests in the Global Note *

 

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	Amount of

decrease in

Principal Amount

at maturity of 

this Global Note	 	Amount of

increase in

Principal Amount 

at maturity of 

this Global Note	 	Principal Amount 

at maturity of this

Global Note

following such

decrease 

(or increase)	 	Signature of

authorized officer

of Trustee or

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

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

 

    	 	A-14	 

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Twin River Worldwide Holdings, Inc.

100 Twin River Road

Lincoln, RI 02865

 

U.S. Bank National Association, as Trustee

225 Asylum Street, 23rd Floor

Hartford, CT 06103

Facsimile No.: 241-6881

Attention: Phil G. Kane, Jr.

 

Re: 6.750% Senior Notes due 2027

 

Reference is hereby
made to the Indenture, dated as of May 10, 2019 (the “Indenture”), among Twin River Worldwide Holdings, Inc.,
as issuer (the “Company”) and U.S. Bank National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

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

 

[CHECK ALL THAT APPLY]

 

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

 

2.      ̈     Check
if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant
to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United
States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii)
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed
transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for
the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note
and in the Indenture and the Securities Act.

 

    	 	B-1	 

     

    

 

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

 

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

 

or

 

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

 

or

 

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

 

4.      ̈   Check
if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

 

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

 

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

 

    	 	B-2	 

     

    

 

(c)       ̈    Check
if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii)
the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

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

 

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

 

Dated: _______________________

 

    	 	B-3	 

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

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

 

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

 

		(a)	 ̈  a beneficial interest in the:

 

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

 

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

 

		(b)	 ̈  a Restricted Definitive Note.

 

		2.	After the Transfer the Transferee will hold:

 

[CHECK ONE]

 

		(a)	 ̈  a beneficial interest in the:

 

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

 

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

 

		(iii)	 ̈  Unrestricted Global Note (CUSIP _________); or

 

		(b)	 ̈  a Restricted Definitive Note; or

 

		(c)	 ̈  an Unrestricted Definitive Note,

 

in accordance
with the terms of the Indenture.

 

    	 	B-4	 

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Twin River Worldwide Holdings, Inc.

100 Twin River Road

Lincoln, RI 02865

 

U.S. Bank National Association, as Registrar

225 Asylum Street, 23rd Floor

Hartford, CT 06103

Facsimile No.: (866) 241-6881

Attention: Phil G. Kane, Jr.

 

Re: 6.750% Senior Notes due 2027

 

(CUSIP: )

 

Reference is hereby
made to the Indenture, dated as of May 10, 2019 (the “Indenture”), among Twin River Worldwide Holdings, Inc.,
as issuer (the “Company”), the Guarantors party thereto and U.S. Bank National Association, as trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture.

 

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

 

1.            Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note

 

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

 

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

 

    	 	C-1	 

     

    

 

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

 

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

 

2.            Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes

 

(a)    
 ̈     Check if Exchange is from beneficial interest
in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies
that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of
the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and
in the Indenture and the Securities Act.

 

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

 

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

 

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

 

Dated: _____________________

 

    	 	C-2	 

     

    

 

EXHIBIT D

 

FORM OF NOTATION OF GUARANTEE

 

For value received,
each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed,
to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of May 10, 2019 (the “Indenture”),
among Twin River Worldwide Holdings, Inc., as issuer (the “Company”), the Guarantors party thereto and U.S.
Bank National Association, as Trustee, (a) the due and punctual payment of the principal of, premium on, if any, and interest,
if any, on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest
on overdue principal of, premium on, if any, and interest, if any, on, the Notes, if any, if lawful, and the due and punctual performance
of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b)
in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the
Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise
terms of the Note Guarantee.

 

Capitalized terms used
but not defined herein have the meanings given to them in the Indenture.

 

	 	[Name of Guarantor(s)] 
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	 	D-1	 

     

    

 

EXHIBIT E

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

Supplemental
Indenture (this “Supplemental Indenture”), dated as of ________________, among __________________ (the
 “Guaranteeing Subsidiary”), a subsidiary of Twin River Worldwide Holdings, Inc. (or its permitted successor),
a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred
to herein) and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).

 

WITNESSETH

 

WHEREAS, the Company
has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of May 10, 2019
providing for the issuance of 6.750% Senior Notes due 2027 (the “Notes”);

 

WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture without the consent
of Holders of the Notes.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the benefit of each other and the equal and ratable benefit
of the Holders of the Notes as follows:

 

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

 

2.          Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.

 

3.          No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as
such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees,
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
The waiver may not be effective to waive liabilities under the federal securities laws.

 

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

 

5.          Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

    	 	E-1	 

     

    

 

The exchange of copies
of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes.

 

6.          Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

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

 

8.          Ratification
of Indenture; Supplemental Indenture 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 shall be bound hereby.

 

    	 	E-2	 

     

    

 

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

 

Dated: _______________,

 

	 	[Guaranteeing Subsidiary]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	E-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]