Document:

Exhibit 4.6

 

Execution Version

 

	
 
    

 

EQT MIDSTREAM PARTNERS, LP

 

as Issuer

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

as Trustee

 

 

Fifth Supplemental Indenture

 

Dated as of June 25, 2018

 

 

to the Indenture
 Dated as of August 1, 2014

 

 

6.500% Senior Notes due 2048

 

	
 
    

 

 

TABLE OF CONTENTS

 

	
 
    	
Page
    
	
 
    	
 
    
	
ARTICLE 1   SUPPLEMENT OF THE ORIGINAL INDENTURE
    	
1
    
	
 
    	
 
    
	
SECTION 1.01
    	
Supplement to   Article I of the Original Indenture
    	
1
    
	
SECTION 1.02
    	
Supplement to   Article IV of the Original Indenture
    	
4
    
	
SECTION 1.03
    	
Effect of   Article 1
    	
7
    
	
 
    	
 
    	
 
    
	
ARTICLE 2   THE NOTES
    	
7
    
	
 
    	
 
    
	
SECTION 2.01
    	
Form and Terms
    	
7
    
	
SECTION 2.02
    	
Designation, Amount,   etc.
    	
7
    
	
SECTION 2.03
    	
Payment of Principal and   Interest
    	
8
    
	
SECTION 2.04
    	
Future Subsidiary   Guarantors
    	
9
    
	
SECTION 2.05
    	
Legends
    	
9
    
	
SECTION 2.06
    	
Redemption at the   Option of the Issuer
    	
9
    
	
 
    	
 
    	
 
    
	
ARTICLE 3   REPRESENTATIONS OF THE ISSUER
    	
9
    
	
 
    	
 
    
	
SECTION 3.01
    	
Authority of the Issuer
    	
9
    
	
SECTION 3.02
    	
Truth of Recitals and   Statements
    	
9
    
	
 
    	
 
    	
 
    
	
ARTICLE 4   CONCERNING THE TRUSTEE
    	
10
    
	
 
    	
 
    
	
SECTION 4.01
    	
Acceptance of Trusts
    	
10
    
	
SECTION 4.02
    	
No Responsibility of   Trustee for Recitals, Etc.
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE 5   MISCELLANEOUS PROVISIONS
    	
10
    
	
 
    	
 
    
	
SECTION 5.01
    	
Relation to the Original   Indenture
    	
10
    
	
SECTION 5.02
    	
Meaning of Terms
    	
10
    
	
SECTION 5.03
    	
Counterparts of   Supplemental Indenture
    	
10
    
	
SECTION 5.04
    	
Governing Law
    	
10
    

 

Exhibit A                                             Form of Note

 

This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions.

 

i

 

THIS FIFTH SUPPLEMENTAL INDENTURE, dated as of June 25, 2018, is between EQT Midstream Partners, LP, a Delaware limited partnership (the “Issuer”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) under the Indenture (as defined below).

 

W I T N E S S E T H:

 

WHEREAS, the Issuer has duly authorized the issuance from time to time of its debentures, notes, bonds or other evidences of indebtedness (the “Securities”), which are to be issued in one or more series, and the Issuer and certain Subsidiaries of the Issuer party thereto have heretofore made, executed and delivered to the Trustee an Indenture dated as of August 1, 2014 (the “Original Indenture”) pursuant to which the Securities are issuable;

 

WHEREAS, Sections 2.01, 2.03 and 9.01 of the Original Indenture provide that the form or terms of any series of Securities may be established in a supplemental indenture, and the Issuer desires to establish in this Fifth Supplemental Indenture both the form and terms of a separate series of Securities designated as its 6.500% Senior Notes due 2048 (the “Notes”); and

 

WHEREAS, all things necessary to authorize the execution and delivery of this Fifth Supplemental Indenture, to establish the Notes as provided for in this Fifth Supplemental Indenture, and to make the Original Indenture, as supplemented with respect to the Notes by this Fifth Supplemental Indenture and as it may otherwise be supplemented thereafter with applicability to the Notes (the Original Indenture, as so supplemented, being sometimes referred to herein as the “Indenture”), a valid agreement of the Issuer, in accordance with its terms, have been done;

 

NOW, THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE WITNESSETH that, for and in consideration of the premises and the purchase of the Notes by the Holders, the Issuer and the Trustee mutually covenant and agree, solely for the equal and proportionate benefit of the respective Holders from time to time of Notes, as follows:

 

ARTICLE 1
 SUPPLEMENT OF THE ORIGINAL INDENTURE

 

SECTION 1.01                                      Supplement to Article I of the Original Indenture.  Section 1.01 of the Original Indenture is supplemented or superseded with respect to the Notes, in the case of definitional paragraphs that may be inconsistent, by inserting therein, in alphabetical order, the following definitional paragraphs:

 

“Comparable Treasury Issue” means the U.S. Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes, determined as if the Notes matured on the Par Call Date (the “Remaining Life”), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of the Notes.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after

 

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excluding the highest and lowest Reference Treasury Dealer Quotations; or (ii) if the Quotation Agent is unable to obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the Quotation Agent.

 

“Consolidated Net Tangible Assets” means, at any date of determination, the total amount of consolidated assets of the Issuer and its Subsidiaries after deducting therefrom (1) all current liabilities (excluding (a) any current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed and (b) current maturities of long-term debt), and (2) the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and other like intangible assets, all as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of the Issuer and its Subsidiaries for the most recently completed fiscal quarter, prepared in accordance with GAAP.

 

“Credit Facility” means the Second Amended and Restated Credit Agreement, dated as of July 31, 2017, by and among the Issuer, Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders named therein, as amended, restated, refinanced, replaced or refunded from time to time.

 

“Debt” of any Person at any date means any obligation created or assumed by such Person for the repayment of borrowed money and, without duplication, any guarantee by such Person of any such obligation of others.

 

“Indenture” has the meaning specified in the recitals.

 

“Issue Date” means June 25, 2018, the date on which the Notes are first authenticated and delivered under the Indenture.  For the avoidance of doubt, the words “date of the Indenture” have the same meaning.

 

“Lien” means, with respect to any asset, any mortgage, lien, security interest, pledge, charge or other encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law.

 

“Notes” has the meaning specified in the recitals.

 

“Original Indenture” has the meaning specified in the recitals.

 

“Par Call Date” means January 15, 2048.

 

“Principal Property” means, whether currently owned or leased or subsequently acquired, any pipeline, gathering system, terminal, storage facility, processing plant or other plant or facility located in the United States owned or leased by the Issuer or any of its Subsidiaries and used in transporting, distributing, terminalling, gathering, treating, processing, marketing or storing natural gas, natural gas liquids or other hydrocarbons, except (1) any property or asset consisting of inventories, furniture, office fixtures and equipment (including data processing equipment), vehicles and equipment used on, or

 

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useful with, vehicles (but excluding vehicles that generate transportation revenues) and (2) any such pipeline or other plant or facility that, in the good faith opinion of the Board of Directors of the Issuer as evidenced by a Board Resolution, is not material in relation to the activities of the Issuer and its Subsidiaries, taken as a whole.

 

“Principal Subsidiary” means any of the Issuer’s Subsidiaries that owns or leases, directly or indirectly, a Principal Property.

 

“Quotation Agent” means a Reference Treasury Dealer selected by the Issuer.

 

“Reference Treasury Dealer” means each of (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc., and their respective successors, so long as it is a primary U.S. government securities dealer (a “Primary Treasury Dealer”), and (ii) a Primary Treasury Dealer selected by PNC Capital Markets LLC or its successor, provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Issuer will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, an average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Sale-Leaseback Transaction” means the sale or transfer by the Issuer or any Principal Subsidiary of any Principal Property to a Person (other than the Issuer or a Principal Subsidiary) and the taking back by the Issuer or any Principal Subsidiary, as the case may be, of a lease of such Principal Property.

 

“Swap Contract” means (1) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, futures contracts traded on or subject to the rules of a designated contract market, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (2) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, any North American Energy Standard Board Master Agreement, or any other master agreement, including any such obligations or liabilities under any master agreement.

 

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“Treasury Rate” means, with respect to any Redemption Date for the Notes, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date; provided, however, that if no maturity is within three months before or after the Par Call Date, yields for the two published maturities most closely corresponding to such United States Treasury security will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month.  The Treasury Rate will be calculated by the Quotation Agent on the third Business Day preceding the Redemption Date.

 

SECTION 1.02                                      Supplement to Article IV of the Original Indenture.  Article IV of the Original Indenture is supplemented with respect to the Notes by inserting the following new Sections at the end thereof:

 

SECTION 4.08              Limitation on Liens.

 

While any of the Notes remain outstanding, the Issuer shall not, and shall not permit any of its Principal Subsidiaries to, create, or permit to be created or to exist, any Lien upon any Principal Property of the Issuer or any of its Principal Subsidiaries, or upon any equity interests of any Principal Subsidiary, whether such Principal Property is, or equity interests are, owned on or acquired after the date of the Indenture, to secure any Debt, unless the Notes then outstanding are equally and ratably secured by such Lien for so long as any such Debt is so secured, other than:

 

(1)                              purchase money mortgages, or other purchase money Liens of any kind upon property acquired by the Issuer or any Principal Subsidiary after the date of the Indenture, or Liens of any kind existing on any property or any equity interests at the time of the acquisition thereof (including Liens that exist on any property or any equity interests of a Person that is consolidated with or merged with or into the Issuer or any Principal Subsidiary or that transfers or leases all or substantially all of its properties or assets to the Issuer or any Principal Subsidiary), or conditional sales agreements or other title retention agreements and leases in the nature of title retention agreements with respect to any property acquired after the date of the Indenture, so long as no such Lien shall extend to or cover any other property of the Issuer or such Principal Subsidiary;

 

(2)                                 Liens upon any property of the Issuer or any Principal Subsidiary or any equity interests of any Principal Subsidiary existing as of the Issue Date or upon the property or any equity interests of any Person, which Liens existed at the time such Person became a Subsidiary of the Issuer;

 

(3)                                 Liens for taxes or assessments or other governmental charges or levies relating to amounts that are not yet delinquent or are being contested in good faith;

 

(4)                                 pledges or deposits to secure: (a) any other governmental charges or levies; (b) obligations under workers’ compensation laws, unemployment insurance and other social security legislation; (c) performance in connection with bids, tenders,

 

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contracts (other than contracts for the payment of money) or leases to which the Issuer or any Principal Subsidiary is a party; (d) public or statutory obligations of the Issuer or any Principal Subsidiary; and (e) surety, stay, appeal, indemnity, customs, performance or return-of-money bonds or pledges or deposits in lieu thereof;

 

(5)                                 statutory or governmental Liens or Liens arising by operation of law, or builders’, materialmen’s, mechanics’, carriers’, warehousemen’s, workers’, repairmen’s, operators’, landlords’ or other similar Liens, in the ordinary course of business;

 

(6)                                 Liens created by or resulting from any litigation or proceeding that at the time is being contested in good faith by appropriate proceedings, including Liens relating to judgments thereunder as to which the Issuer or any Principal Subsidiary has not exhausted its appellate rights;

 

(7)                                 Liens on deposits required by any Person with whom the Issuer or any Principal Subsidiary enters into forward contracts, futures contracts, Swap Contracts or other commodities contracts in the ordinary course of business and in accordance with established risk management policies;

 

(8)                                 Liens in connection with leases (other than capital leases) made, or existing on property acquired, in the ordinary course of business; and Liens, if any, in connection with leases for the operation of pipelines, gathering systems, terminals, plants and facilities and the performance of related services;

 

(9)                                 easements (including, without limitation, reciprocal easement agreements and utility agreements), zoning restrictions, rights-of-way, covenants, consents, reservations, encroachments, variations and other restrictions on the use of property or minor irregularities in title thereto, charges or encumbrances (whether or not recorded) affecting the use of real property and which are incidental to, and do not materially impair the use of such property in the operation of the business of the Issuer and its Subsidiaries, taken as a whole, or the value of such property for the purpose of such business;

 

(10)                          Liens in favor of the United States of America, any State, any foreign country or any department, agency or instrumentality or political subdivision of any such jurisdiction, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any Debt incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the property subject to such Liens, including, without limitation, Liens to secure Debt of the pollution control, industrial development or similar revenue bond type;

 

(11)                          Liens of any kind upon any property acquired, constructed, developed or improved by the Issuer or any Principal Subsidiary (whether alone or in association with others) after the date of the Indenture that are created prior to, at the time of, or within 12 months after such acquisition (or in the case of property constructed, developed or improved, after the completion of such construction, development or improvement and commencement of full commercial operation of such property, whichever is later) to 

 

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secure or provide for the payment of any part of the purchase price or cost thereof; provided that in the case of such construction, development or improvement the Liens shall not apply to any property theretofore owned by the Issuer or any Principal Subsidiary other than theretofore unimproved real property;

 

(12)                          Liens upon any additions, improvements, replacements, repairs, fixtures, appurtenances or component parts thereof attaching to or required to be attached to property or assets pursuant to the terms of any mortgage, pledge agreement, security agreement or other similar instrument, creating a Lien upon such property or assets permitted by clauses (1) through (11) above;

 

(13)                          Liens in favor of the Issuer, one or more Principal Subsidiaries, one or more wholly owned Subsidiaries of the Issuer or any of the foregoing in combination;

 

(14)                          the replacement, extension or renewal (or successive replacements, extensions or renewals), as a whole or in part, of any Lien, or of any agreement, referred to in the clauses above, or the replacement, extension or renewal of the Debt secured thereby (not exceeding the principal amount of Debt secured thereby, other than to provide for the payment of any underwriting or other fees related to any such replacement, extension or renewal, as well as any premiums owed on and accrued and unpaid interest payable in connection with any such replacement, extension or renewal); provided that such replacement, extension or renewal is limited to all or a part of the same property that secured the Lien replaced, extended or renewed (plus improvements thereon or additions or accessions thereto);

 

(15)                          Liens resulting from the deposit of moneys or evidence of indebtedness in trust for the purpose of defeasing any Debt of the Issuer or any Principal Subsidiary, or Liens on any amounts held by a trustee under any indenture issued in escrow pursuant to customary escrow arrangements pending the release thereof; or

 

(16)                          any Lien not excepted by the foregoing clauses (1) through (15); provided that immediately after the creation or assumption of such Lien the aggregate principal amount of Debt of the Issuer or any Principal Subsidiary secured by all Liens created or assumed under the provisions of this clause (16), together with all net sale proceeds from any Sale-Leaseback Transactions (reduced by the amounts applied pursuant to Section 4.09(1) and Section 4.09(3)(a)) shall not exceed an amount equal to 15% of the Consolidated Net Tangible Assets for the fiscal quarter that was most recently completed prior to the creation or assumption of such Lien.

 

Notwithstanding the foregoing, for purposes of making the calculation set forth in clause (16) of this Section 4.08, with respect to any such secured Debt of a non-wholly-owned Principal Subsidiary of the Issuer with no recourse to the Issuer or any wholly-owned Principal Subsidiary thereof, only that portion of the aggregate principal amount of such secured Debt reflecting the Issuer’s pro rata ownership interest in such non-wholly-owned Principal Subsidiary shall be included in calculating compliance herewith.

 

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SECTION 4.09              Limitation on Sale/Leaseback Transactions

 

While any of the Notes remain outstanding, the Issuer shall not, and shall not permit any of its Principal Subsidiaries to, engage in a Sale-Leaseback Transaction, unless:

 

(1)                                 the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the relevant Principal Property or the date of the completion of construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later, and the Issuer has elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction, development, repair or improvement of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (3) below);

 

(2)                                 the Issuer or such Principal Subsidiary would be entitled to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or

 

(3)                                 the Issuer or such Principal Subsidiary, within a 270-day period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption or retirement of any unsubordinated Debt of the Issuer or any of its Subsidiaries or (b) the investment in another Principal Property.

 

SECTION 1.03                                      Effect of Article 1.  The supplements to the Original Indenture set forth in Article 1 of this Fifth Supplemental Indenture affect only the provisions of the Original Indenture as such provisions relate to the Notes, the series of Securities comprised of the Notes and the rights, remedies and obligations of the Issuer, the Holders of Notes, the Trustee and other Persons set forth in the Original Indenture as such rights, remedies and obligations relate to the Notes.

 

ARTICLE 2
 THE NOTES

 

SECTION 2.01                                      Form and Terms.  The Notes shall be issued upon original issuance in whole in the form of one or more Global Securities (the “Global Notes”).  The Depository Trust Company and the Trustee are hereby designated as the Depositary and the Security Custodian, respectively, for the Global Notes under the Indenture.  The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto (the “Form of Note”).  The terms of the Notes set forth on Exhibit A hereto are incorporated by reference herein as if set forth herein in their entirety.

 

SECTION 2.02                                      Designation, Amount, etc.

 

(a)                                 The Notes shall be entitled the “6.500% Senior Notes due 2048” of the Issuer.  The Notes shall be separate series of Securities under the Indenture.

 

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(b)                                 The initial limit upon the aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.08, 2.09, 2.12, 2.17, 3.07 or 9.05 of the Indenture and except for any Notes which, pursuant to Section 2.04 or 2.17 of the Indenture, are deemed never to have been authenticated and delivered thereunder) is $550,000,000; provided, however, that the authorized aggregate principal amount of the Notes may be increased before or after the issuance of any Notes by a Board Resolution (or action pursuant to a Board Resolution) to such effect.  The Notes issued on the Issue Date and any such additional Notes subsequently issued shall be treated as a single series for all purposes under the Indenture, including, without limitation, waivers, amendments and redemptions.

 

(c)                                  The Notes shall not be entitled to the benefit of Section 4.03(b) of the Original Indenture (and shall not constitute Rule 144A Securities).

 

SECTION 2.03                                      Payment of Principal and Interest.

 

(a)                                 The date on which the principal of the Notes is payable shall be July 15, 2048.

 

(b)                                 The rate at which the Notes shall bear interest shall be 6.500% per annum.  Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.  The Interest Payment Dates on which such interest shall be payable shall be January 15 and July 15 of each year, commencing January 15, 2019.  The record dates for the interest payable on the Notes on any Interest Payment Date shall be the December 31 and June 30, as the case may be, next preceding such Interest Payment Date.

 

(c)                                  No Additional Amounts with respect to the Notes shall be payable.

 

(d)                                 The place or places where the principal of, premium (if any) on and interest on the Notes shall be payable shall be the office or agency of the Issuer maintained for that purpose, initially the office of the Trustee in The City of New York, and any other office or agency maintained by the Issuer for such purpose.  Payments in respect of Global Notes (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by the Holder of such Notes.  In all other cases, at the option of the Issuer, payment of interest may be made by check mailed to the address of the person entitled thereto as such address shall appear in the register of the Notes maintained by the Registrar.

 

(e)                                  The Paying Agent and Registrar for the Notes initially shall be the Trustee.

 

(f)                                   If the principal of, premium (if any) on or interest on the Notes is payable on any day that is not a Business Day, such payment shall be made on the next succeeding Business Day, and no interest will accrue as a result of such delay.

 

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SECTION 2.04                                      Future Subsidiary Guarantors.

 

(a)                                 The Notes initially shall not be entitled to the benefits of any Guarantee of any Subsidiary Guarantor contemplated by Article X of the Original Indenture.

 

(b)                                 If any Subsidiary of the Issuer that is not then a Subsidiary Guarantor provides a guarantee under the Credit Facility, then the Issuer shall cause such Subsidiary to promptly execute and deliver to the Trustee a supplemental indenture in accordance with Section 10.02 of the Original Indenture to evidence its Guarantee set forth in Section 10.01 of the Original Indenture and such Subsidiary shall be named as a Subsidiary Guarantor with respect to the Notes.

 

SECTION 2.05                                      Legends. Each Global Note shall bear the legend set forth on the face of the Form of Note.

 

SECTION 2.06                                      Redemption at the Option of the Issuer.

 

(a)                                 The Notes are subject to redemption, in whole at any time and in part from time to time, at the option of the Issuer, in principal amounts of $1,000 and integral multiples of $1,000 above such amount (provided that the unredeemed portion of any Note redeemed in part may not be less than $2,000), upon not less than 15 nor more than 60 days’ prior notice as provided in the Indenture, at a Redemption Price equal to (i) if the Redemption Date is prior to the Par Call Date, the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on such Notes that would have been due if the Notes matured on the Par Call Date (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points; or (ii) if the Redemption Date is on or after the Par Call Date, 100% of the principal amount of the Notes to be redeemed; plus, in each of clauses (i) and (ii), accrued and unpaid interest, if any, on the principal amount being redeemed to such Redemption Date.

 

(b)                                 The Issuer shall have no obligation to redeem, purchase or repay Notes pursuant to any sinking fund or analogous provision or at the option of a Holder thereof.

 

ARTICLE 3
 REPRESENTATIONS OF THE ISSUER

 

SECTION 3.01                                      Authority of the Issuer.  The Issuer is duly authorized to execute and deliver this Fifth Supplemental Indenture, and all partnership action on its part required for the execution and delivery of this Fifth Supplemental Indenture has been duly and effectively taken.

 

SECTION 3.02                                      Truth of Recitals and Statements.  The Issuer warrants that the recitals of fact and statements contained in this Fifth Supplemental Indenture are true and correct, and that the recitals of fact and statements contained in all certificates and other documents furnished thereunder will be true and correct.

 

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ARTICLE 4
 CONCERNING THE TRUSTEE

 

SECTION 4.01                                      Acceptance of Trusts.  The Trustee accepts the trusts hereunder and agrees to perform the same, but only upon the terms and conditions set forth in the Original Indenture and in this Fifth Supplemental Indenture, to all of which the Issuer and the respective Holders of the Notes at any time hereafter outstanding agree by their acceptance thereof.

 

SECTION 4.02                                      No Responsibility of Trustee for Recitals, Etc.  The recitals and statements contained in this Fifth Supplemental Indenture shall be taken as the recitals and statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same.  The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture, except that the Trustee is duly authorized by all necessary corporate actions to execute and deliver this Fifth Supplemental Indenture.

 

ARTICLE 5
 MISCELLANEOUS PROVISIONS

 

SECTION 5.01                                      Relation to the Original Indenture.  The provisions of this Fifth Supplemental Indenture shall become effective immediately upon the execution and delivery hereof.  This Fifth Supplemental Indenture and all the terms and provisions herein contained shall form a part of the Original Indenture as fully and with the same effect as if all such terms and provisions had been set forth in the Original Indenture; provided, however, such terms and provisions shall be so included in this Fifth Supplemental Indenture solely for the benefit of the Issuer, the Trustee and the Holders of the Notes.  The Original Indenture is hereby ratified and confirmed and shall remain and continue in full force and effect in accordance with the terms and provisions thereof, as supplemented by this Fifth Supplemental Indenture, and the Original Indenture and this Fifth Supplemental Indenture shall be read, taken and construed together as one instrument.

 

SECTION 5.02                                      Meaning of Terms.  Any term used in this Fifth Supplemental Indenture which is defined in the Original Indenture shall have the meaning specified in the Original Indenture, unless the context shall otherwise require.

 

SECTION 5.03                                      Counterparts of Supplemental Indenture. This Fifth Supplemental Indenture may be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument.

 

SECTION 5.04                                      Governing Law.  THIS FIFTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

[Signature Page Follows]

 

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

 

 

	
 
    	
EQT   MIDSTREAM PARTNERS, LP
    
	
 
    	
 
    
	
 
    	
By:
    	
EQT Midstream Services,   LLC,
    
	
 
    	
 
    	
its   general partner
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Robert J. McNally
    
	
 
    	
 
    	
Name:
    	
Robert   J. McNally
    
	
 
    	
 
    	
Title:
    	
Senior   Vice President and Chief Financial Officer
    
	
 
    	
 
    
					

 

Signature Page to Fifth Supplemental Indenture

 

 

	
 
    	
THE BANK OF NEW YORK   MELLON TRUST COMPANY, N.A., as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   R. Tarnas
    
	
 
    	
Name: 
    	
R. Tarnas
    
	
 
    	
Title: 
    	
Vice President
    
				

 

Signature Page to Fifth Supplemental Indenture

 

 

*                         To be included only if the Security is a Global Security.

 

Exhibit A

 

[FORM OF FACE OF SECURITY]

 

[Unless and until it is exchanged in whole or in part for Securities in definitive form, this Security 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.  The Depository Trust Company (55 Water Street, New York, New York), a New York corporation (“DTC”), shall act as the Depositary until a successor shall be appointed by the Issuer and the Registrar.  Unless this certificate is presented by an authorized representative of 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 in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]*

 

EQT MIDSTREAM PARTNERS, LP

 

6.500% SENIOR NOTE DUE 2048

 

CUSIP No.                   

 

	
No.                         
    	
$                   
    

 

EQT Midstream Partners, LP, a Delaware limited partnership (the “Issuer,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, promises to pay to              or registered assigns, the principal sum of                        Dollars [, or such greater or lesser amount as indicated on the Schedule of Exchanges of Securities hereto,]* on July 15, 2048.

 

	
Interest Payment Dates:
    	
January 15 and   July 15
    
	
 
    	
 
    
	
Record Dates:
    	
December 31 and   June 30
    

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

A-1

 

IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officers.

 

Dated:

	
 
    	
EQT   MIDSTREAM PARTNERS, LP
    
	
 
    	
 
    
	
 
    	
By:
    	
EQT Midstream Services,   LLC,
    
	
 
    	
 
    	
its   General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

A-2

 

	
Certificate of   Authentication:
    	
 
    
	
 
    	
 
    
	
This is one of the   Securities of the series
    	
 
    
	
designated therein   referred to in the within-
    	
 
    
	
mentioned Indenture.
    	
 
    
	
 
    	
 
    
	
THE BANK OF NEW YORK   MELLON
    	
 
    
	
TRUST COMPANY, N.A., as Trustee
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
Authorized Officer
    	
 
    
	
 
    	
 
    
	
Dated:
    	
 
    
				

 

A-3

 

[FORM OF REVERSE OF SECURITY]

 

EQT MIDSTREAM PARTNERS, LP

 

6.500% SENIOR NOTE DUE 2048

 

This Security is one of a duly authorized issue of 6.500% Senior Notes due 2048 (the “Securities”) of EQT Midstream Partners, LP, a Delaware limited partnership (the “Issuer”).

 

1.                                      Interest.  The Issuer promises to pay interest on the principal amount of this Security at 6.500% per annum.  The Issuer will pay interest semiannually on January 15 and July 15 of each year (each an “Interest Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day (and no interest will accrue as a result of such delay).  Interest on the Securities will accrue from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from June 25, 2018; provided that if there is no existing Default in the payment of interest, and if this Security is authenticated between a record date referred to on the face hereof (each, a “Record Date”) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be January 15, 2019.  The Issuer shall pay interest on overdue principal and premium (if any) from time to time at a rate equal to the interest rate then in effect; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time at the same rate to the extent lawful.  Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

2.                                      Method of Payment.  The Issuer will pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the Record Date next preceding the Interest Payment Date, even if such Securities are canceled after such Record Date and on or before such Interest Payment Date.  The Holder must surrender this Security to a Paying Agent to collect principal payments.  The Issuer will pay the principal of, premium (if any) on and interest on the Securities in money of the United States of America that at the time of payment is legal tender for payment of public and private debts.  Such amounts shall be payable at the offices of the Trustee (as defined below); provided that, at the option of the Issuer, the Issuer may pay such amounts (1) by wire transfer with respect to Global Securities or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Securities.

 

3.                                      Paying Agent and Registrar.  Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), the trustee under the Indenture (as defined below), will act as Paying Agent and Registrar.  The Issuer may change any Paying Agent or Registrar without notice to any Holder.  The Issuer or any Subsidiary of the Issuer may act in any such capacity.

 

4.                                      Indenture.  The Issuer issued the Securities under an Indenture, dated as of August 1, 2014 (the “Base Indenture”), among the Issuer, certain Subsidiaries of the Issuer party thereto and the Trustee, as amended and supplemented with respect to the Securities by the Fifth Supplemental Indenture thereto, dated as of June 25, 2018 and as it may otherwise be amended and supplemented thereafter with applicability to the Securities (the Base Indenture, as so 

 

A-4

 

amended and supplemented, the “Indenture”).  The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”), as in effect on the date of execution of the Indenture.  The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms and for the definitions of capitalized terms used but not defined herein.  The Securities are unsecured general obligations of the Issuer limited to $550,000,000 in aggregate principal amount; provided, however, that the authorized aggregate principal amount of the Securities may be increased before or after the issuance of any Securities by a Board Resolution (or action pursuant to a Board Resolution) to such effect.  The Base Indenture provides for the issuance of other series of debt securities (including the Securities, the “Debt Securities”) thereunder.

 

5.                                      Denominations, Transfer, Exchange.  The Securities are in registered form without coupons in minimum denominations of $2,000 and any integral multiples of $1,000.  The transfer of Securities may be registered and Securities 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 to pay any taxes and fees required by law or permitted by the Indenture.  Neither the Issuer, the Trustee nor the Registrar shall be required to register the transfer or exchange of (a) any Security selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part, or (b) any Security during the period beginning 15 Business Days before the giving of notice of redemption of Securities to be redeemed and ending at the close of business on the day of transmission.

 

6.                                      Persons Deemed Owners.  The registered Holder of a Security shall be treated as its owner for all purposes.

 

7.                                      Redemption.  The Securities are subject to redemption, in whole at any time and in part from time to time, at the option of the Issuer, in principal amounts of $1,000 and integral multiples of $1,000 above such amount (provided that the unredeemed portion of any Security redeemed in part may not be less than $2,000), upon not less than 15 nor more than 60 days’ prior notice as provided in the Indenture, at a Redemption Price equal to (i) if the Redemption Date is prior to the Par Call Date, the greater of (1) 100% of the principal amount of the Securities to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on such Securities that would have been due if the Securities matured on the Par Call Date (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points; or (ii) if the Redemption Date is on or after the Par Call Date, 100% of the principal amount of the Securities to be redeemed; plus, in each of clauses (i) and (ii), accrued and unpaid interest, if any, on the principal amount being redeemed to such Redemption Date.

 

8.                                      Amendments and Waivers.  Subject to certain exceptions and limitations, the Indenture or the Securities may be amended or supplemented with the consent of the Holders of a majority in principal amount of the then outstanding Debt Securities of all series affected by such amendment or supplement (acting as one class), and any existing or past Default or Event of Default under, or compliance with any provision of, the Indenture may be waived (other than any continuing Default or Event of Default in the payment of the principal of, premium (if any) 

 

A-5

 

on or interest on the Securities) by the Holders of a majority in principal amount of the then outstanding Debt Securities of any series or of all series (acting as one class) in accordance with the terms of the Indenture.  Without the consent of any Holder, the Issuer, the Subsidiary Guarantors, if any, and the Trustee may amend or supplement the Indenture or the Securities or waive any provision of either: (i) to cure any ambiguity, omission, defect or inconsistency; (ii) if required, to provide for the assumption of the obligations of the Issuer or any Subsidiary Guarantor under the Indenture in the case of the merger, consolidation or sale, lease, conveyance, transfer or other disposition of all or substantially all of the assets of the Issuer or such Subsidiary Guarantor; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to provide any security for, or to add any guarantees of or additional obligors on, the Securities or any related Guarantees; (v) to comply with any requirement in order to effect or maintain the qualification of the Indenture under the TIA; (vi) to add to the covenants of the Issuer or any Subsidiary Guarantor for the benefit of the Holders of the Securities, or to surrender any right or power conferred by the Indenture upon the Issuer or any Subsidiary Guarantor; (vii) to add any additional Events of Default with respect to all or any series of the Debt Securities; (viii) to change or eliminate any of the provisions of the Indenture, provided that no outstanding Security is adversely affected in any material respect; (ix) to supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of the Securities pursuant to the Indenture; or (x) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee with respect to the Securities and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder by more than one Trustee, pursuant to the requirements of the Indenture.

 

The right of any Holder to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of the Issuer or any Subsidiary Guarantor to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Securities with respect to which such consent is required or sought as of a date identified by the Issuer or such Subsidiary Guarantor in a notice furnished to Holders in accordance with the terms of the Indenture.

 

Without the consent of each Holder affected, an amendment, supplement or waiver may not (i) reduce the amount of Debt Securities whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the rate of or change the time for payment of interest, including default interest, on any Security; (iii) reduce the principal of or premium on, or change the Stated Maturity of, any Security; (iv) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may be redeemed; (v) change the coin or currency in which any Security or any premium or interest with respect thereto is payable; (vi) impair the right to institute suit for the enforcement of any payment of principal of or premium (if any) or interest on any Security, except as provided in the Indenture; (vii) make any change in the percentage of principal amount of Debt Securities necessary to waive compliance with certain provisions of the Indenture or make any change in the provision for modification; or (viii) waive a continuing Default or Event of Default in the payment of principal of or premium (if any) or interest on the Securities.

 

A supplemental indenture that changes or eliminates any covenant or other provision of the Base Indenture, as supplemented from time to time, which has expressly been 

 

A-6

 

included solely for the benefit of one or more particular series of Debt Securities under the Base Indenture, or which modifies the rights of the Holders of Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under the Indenture of the Holders of Debt Securities of any other series.

 

9.                                      Defaults and Remedies.  Events of Default are defined in the Indenture and generally include: (i) default for 30 days in payment of any interest on the Securities; (ii) default in any payment of principal of or premium, if any, on the Securities as and when due and payable; (iii) default by the Issuer or any Subsidiary Guarantor in compliance with any of its other covenants or agreements in, or provisions of, the Securities or in the Indenture which shall not have been remedied within 90 days after written notice by the Trustee or by the holders of at least 25% in principal amount of the Securities then outstanding (or, in the event that other Debt Securities issued under the Base Indenture are also affected by the default, then 25% in principal amount of all outstanding Debt Securities so affected); (iv) certain events involving bankruptcy, insolvency or reorganization of the Issuer or any Subsidiary Guarantor that is a Significant Subsidiary or (v) any Guarantee by a Subsidiary Guarantor that is a Significant Subsidiary ceases to be in full force and effect with respect to Securities (except as otherwise provided in the Indenture) or is declared null and void in a judicial proceeding, or any such Subsidiary Guarantor denies or disaffirms its obligations under the Indenture or such Guarantee.  If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities (or, in the case of an Event of Default described in clause (iii) above, if outstanding Debt Securities of other series are affected by such Default, then at least 25% in principal amount of the then outstanding Debt Securities so affected), may declare the principal of and interest on all the Securities (or such Debt Securities) to be immediately due and payable, except that in the case of an Event of Default described in clause (iv) above, all outstanding Debt Securities under the Base Indenture become due and payable immediately without further action or notice.  The amount due and payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus accrued interest to the date of payment.  Holders may not enforce the Indenture or the Securities except as provided in the Indenture.  The Trustee may require security or indemnity satisfactory to it before it enforces the Indenture or the Securities.  Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Securities (or affected Debt Securities) may direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium or interest) if it determines that withholding notice is in their interests.  The Issuer must furnish annual compliance certificates to the Trustee.

 

10.                               Discharge Prior to Maturity.  The Indenture with respect to the Securities shall be discharged and canceled upon the payment of all of the Securities and shall be discharged except for certain obligations upon the irrevocable deposit with the Trustee of any combination of funds and Government Obligations sufficient for such payment.

 

11.                               Trustee Dealings with Issuer.  The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may make loans to, accept deposits from, and perform services for the Issuer or any of its Affiliates, and may otherwise deal with the Issuer or any such Affiliates, as if it were not Trustee.

 

A-7

 

12.                               No Recourse Against Others. Obligations of the Issuer and any Subsidiary Guarantor under the Indenture, the Securities and any related Guarantees are non-recourse to the General Partner and its Affiliates (other than the Issuer and such Subsidiary Guarantor), and payable only out of cash flow and assets of the Issuer and such Subsidiary Guarantor.  The Trustee, and each Holder of a Security by its acceptance hereof, will be deemed to have agreed in the Indenture that (1) the General Partner and its assets (and any of its Affiliates other than the Issuer and a Subsidiary Guarantor) shall not be liable for any of the obligations of the Issuer and a Subsidiary Guarantor under the Indenture, the Securities or any related Guarantees, and (2) no director, manager, member, officer, employee, stockholder, partner, unitholder or other owner of the Issuer, any Subsidiary Guarantor, the Trustee, the General Partner or any Affiliate of the foregoing entities shall have any liability in respect of the obligations of the Issuer and a Subsidiary Guarantor under the Indenture, the Securities or any related Guarantees by reason of his, her or its status.  Each Holder by accepting a Security waives and releases all such liability.  The waiver and release is part of the consideration for the issuance of the Securities.

 

13.                               Authentication.  This Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

14.                               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 Securities as a convenience to the Holders of the Securities.  No representation is made as to the accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed thereon.

 

15.                               Abbreviations.  Customary abbreviations may be used in the name of a Holder or an assignee, such as:  TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

A-8

 

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture.  Request may be made to:

 

EQT Midstream Services, LLC

625 Liberty Avenue, Suite 1700

Pittsburgh, Pennsylvania 15222

Attn:  General Counsel

 

A-9

 

SCHEDULE OF EXCHANGES OF SECURITIES*

 

The following exchanges of a part of this Global Security for other Securities have been made:

 

	
Date of Exchange
    	
 
    	
Amount of
   Decrease in
   Principal Amount
   of this Global Security
    	
 
    	
Amount of
   Increase in
   Principal Amount
   of this Global Security
    	
 
    	
Principal Amount
   of this Global
   Security Following
   Such Decrease
   or Increase
    	
 
    	
Signature of
   Authorized Officer
   of Trustee or
   Security Custodian
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

A-10

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to:

 

	
 
    
	
(Insert assignee’s social security or tax I.D. number)
    

 

	
 
    
	
 
    
	
 
    

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

 

and irrevocably appoint                                                                                                 as agent to transfer this Security 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 Security)
    
	
 
    	
 
    
	
Signature   Guarantee:
    	
 
    
	
(Participant in a   Recognized Signature Guarantee Medallion Program)
    
						

 

A-11Exhibit 4.1

 Exhibit 4.1 
  

 
 BOYD GAMING CORPORATION 

AND 
 THE GUARANTORS NAMED HEREIN

 6.000% SENIOR NOTES DUE 2026 
  

 
 INDENTURE 

Dated as of June 25, 2018 
  

 
  

 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Trustee 
  

 
  

 CROSS-REFERENCE TABLE* 
  

			
	Trust Indenture
Act Section	  	Indenture Section
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	7.10
	 (b)
	  	7.10
	 (c)
	  	N.A.
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N.A.
	 312(a)
	  	2.04
	 (b)
	  	12.03
	 (c)
	  	12.03
	 313(a)
	  	7.06
	 (b)(1)
	  	10.03
	 (b)(2)
	  	7.07
	 (c)
	  	7.06;12.02
	 (d)
	  	7.06
	 314(a)
	  	1.01; 4.03;6.12;
 12.02;12.05

	 (b)
	  	N.A.
	 (c)(1)
	  	12.04
	 (c)(2)
	  	12.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	12.05
	 (f)
	  	N.A.
	 315(a)
	  	7.01
	 (b)
	  	7.05;12.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	 316(a) (last sentence)
	  	2.08
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	9.01
	 (b)
	  	6.07
	 (c)
	  	9.04
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.03
	 318(a)
	  	12.01
	 (b)
	  	N.A.
	 (c)
	  	12.01

 N.A. means not applicable. 
  

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

 TABLE OF CONTENTS 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	
			
	 Section 1.01.
	    	Definitions	  	 	1	
	 Section 1.02.
	    	Other Definitions	  	 	27	
	 Section 1.03.
	    	Incorporation by Reference of Trust Indenture Act	  	 	28	
	 Section 1.04.
	    	Rules of Construction	  	 	28	
		
	 ARTICLE 2. THE NOTES
	  	 	29	
			
	 Section 2.01.
	    	Form; Dating; Execution and Authentication	  	 	29	
	 Section 2.02.
	    	Registrar and Paying Agent	  	 	30	
	 Section 2.03.
	    	Paying Agent to Hold Money in Trust	  	 	30	
	 Section 2.04.
	    	Holder Lists	  	 	30	
	 Section 2.05.
	    	Transfer and Exchange	  	 	31	
	 Section 2.06.
	    	Replacement Notes	  	 	40	
	 Section 2.07.
	    	Outstanding Notes	  	 	40	
	 Section 2.08.
	    	Treasury Notes	  	 	40	
	 Section 2.09.
	    	Temporary Notes	  	 	41	
	 Section 2.10.
	    	Cancellation	  	 	41	
	 Section 2.11.
	    	Defaulted Interest	  	 	41	
	 Section 2.12.
	    	CUSIP, ISIN and Other Numbers	  	 	41	
	 Section 2.13.
	    	Issuance of Additional Notes	  	 	42	
		
	 ARTICLE 3. REDEMPTION AND PREPAYMENT
	  	 	42	
			
	 Section 3.01.
	    	Notices to Trustee	  	 	42	
	 Section 3.02.
	    	Selection of Notes to Be Redeemed	  	 	42	
	 Section 3.03.
	    	Notice of Redemption	  	 	43	
	 Section 3.04.
	    	Effect of Notice of Redemption	  	 	43	
	 Section 3.05.
	    	Deposit of Redemption Price	  	 	44	
	 Section 3.06.
	    	Notes Redeemed in Part	  	 	44	
	 Section 3.07.
	    	Optional Redemption	  	 	44	
	 Section 3.08.
	    	Mandatory Redemption	  	 	45	
	 Section 3.09.
	    	Mandatory Disposition or Redemption Pursuant to Gaming Laws	  	 	45	
		
	 ARTICLE 4. COVENANTS
	  	 	45	
			
	 Section 4.01.
	    	Payment of Notes	  	 	45	

  
 i 

							
	 Section 4.02.
	    	Maintenance of Office or Agency	  	 	46	
	 Section 4.03.
	    	Reports	  	 	46	
	 Section 4.04.
	    	Compliance Certificate	  	 	47	
	 Section 4.05.
	    	Stay and Extension Laws	  	 	47	
	 Section 4.06.
	    	Corporate Existence	  	 	48	
	 Section 4.07.
	    	Limitation on Status as an Investment Company	  	 	48	
	 Section 4.08.
	    	Payment for Consent	  	 	48	
	 Section 4.09.
	    	Additional Note Guarantees	  	 	48	
	 Section 4.10.
	    	Change of Control	  	 	49	
	 Section 4.11.
	    	Asset Sales	  	 	50	
	 Section 4.12.
	    	Limitation on Indebtedness	  	 	52	
	 Section 4.13.
	    	Limitation on Layered Indebtedness	  	 	55	
	 Section 4.14.
	    	Limitation on Liens	  	 	55	
	 Section 4.15.
	    	Limitation on Restricted Payments	  	 	56	
	 Section 4.16.
	    	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	59	
	 Section 4.17.
	    	Limitation on Transaction with Affiliates	  	 	61	
	 Section 4.18.
	    	Business Activities	  	 	62	
	 Section 4.19.
	    	Designation of Restricted and Unrestricted Subsidiaries	  	 	62	
	 Section 4.20.
	    	Certain Suspended Covenants	  	 	63	
		
	 ARTICLE 5. SUCCESSORS
	  	 	63	
			
	 Section 5.01.
	    	Merger, Consolidation and Sale of Assets	  	 	63	
	 Section 5.02.
	    	Successor Corporation Substituted	  	 	64	
		
	 ARTICLE 6. DEFAULTS AND REMEDIES
	  	 	64	
			
	 Section 6.01.
	    	Events of Default	  	 	64	
	 Section 6.02.
	    	Acceleration	  	 	66	
	 Section 6.03.
	    	Other Remedies	  	 	66	
	 Section 6.04.
	    	Waiver of Past Defaults	  	 	66	
	 Section 6.05.
	    	Control by Majority	  	 	67	
	 Section 6.06.
	    	Limitation on Suits	  	 	67	
	 Section 6.07.
	    	Rights of Holders of Notes to Receive Payment	  	 	67	
	 Section 6.08.
	    	Collection Suit by Trustee	  	 	67	
	 Section 6.09.
	    	Trustee May File Proofs of Claim	  	 	68	
	 Section 6.10.
	    	Priorities	  	 	68	
	 Section 6.11.
	    	Undertaking for Costs	  	 	68	
	 Section 6.12.
	    	Reporting Defaults	  	 	69	

  
 ii 

							
		
	 ARTICLE 7. TRUSTEE
	  	 	69	
			
	 Section 7.01.
	    	Duties of Trustee	  	 	69	
	 Section 7.02.
	    	Rights of Trustee	  	 	70	
	 Section 7.03.
	    	Individual Rights of Trustee	  	 	72	
	 Section 7.04.
	    	Trustee’s Disclaimer	  	 	72	
	 Section 7.05.
	    	Notice of Defaults	  	 	72	
	 Section 7.06.
	    	Reports by Trustee to Holders of the Notes	  	 	72	
	 Section 7.07.
	    	Compensation and Indemnity	  	 	72	
	 Section 7.08.
	    	Replacement of Trustee	  	 	73	
	 Section 7.09.
	    	Successor Trustee by Merger, etc.	  	 	74	
	 Section 7.10.
	    	Eligibility; Disqualification	  	 	74	
	 Section 7.11.
	    	Preferential Collection of Claims Against Company	  	 	75	
		
	 ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	75	
			
	 Section 8.01.
	    	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	75	
	 Section 8.02.
	    	Legal Defeasance and Discharge	  	 	75	
	 Section 8.03.
	    	Covenant Defeasance	  	 	75	
	 Section 8.04.
	    	Conditions to Legal or Covenant Defeasance	  	 	76	
	 Section 8.05.
	    	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	  	 	77	
	 Section 8.06.
	    	Repayment to Company	  	 	77	
	 Section 8.07.
	    	Reinstatement	  	 	78	
		
	 ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	78	
			
	 Section 9.01.
	    	Without Consent of Holders of Notes	  	 	78	
	 Section 9.02.
	    	With Consent of Holders of Notes	  	 	79	
	 Section 9.03.
	    	Compliance with Trust Indenture Act	  	 	80	
	 Section 9.04.
	    	Revocation and Effect of Consents	  	 	80	
	 Section 9.05.
	    	Notation on or Exchange of Notes	  	 	81	
	 Section 9.06.
	    	Trustee to Sign Amendments, etc.	  	 	81	
	 Section 9.07.
	    	Reference in Notes to Supplemental Indentures	  	 	81	
		
	 ARTICLE 10. NOTE GUARANTEES
	  	 	81	
			
	 Section 10.01.
	    	Note Guarantees	  	 	81	
	 Section 10.02.
	    	Limitation on Liability; Termination, Release and Discharge	  	 	83	
	 Section 10.03.
	    	Right of Contribution	  	 	84	
	 Section 10.04.
	    	No Subrogation	  	 	84	

  
 iii 

							
		
	 ARTICLE 11. satisfaction and discharge
	  	 	84	
			
	 Section 11.01.
	    	Satisfaction and Discharge	  	 	84	
	 Section 11.02.
	    	Application of Trust Money	  	 	85	
		
	 ARTICLE 12. MISCELLANEOUS
	  	 	86	
			
	 Section 12.01.
	    	Trust Indenture Act Controls	  	 	86	
	 Section 12.02.
	    	Notices	  	 	86	
	 Section 12.03.
	    	Communication by Holders of Notes with Other Holders of Notes	  	 	87	
	 Section 12.04.
	    	Certificate and Opinion as to Conditions Precedent	  	 	87	
	 Section 12.05.
	    	Statements Required in Certificate or Opinion	  	 	87	
	 Section 12.06.
	    	Rules by Trustee and Agents	  	 	88	
	 Section 12.07.
	    	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	88	
	 Section 12.08.
	    	Governing Law	  	 	88	
	 Section 12.09.
	    	No Adverse Interpretation of Other Agreements	  	 	88	
	 Section 12.10.
	    	Successors	  	 	88	
	 Section 12.11.
	    	Severability	  	 	89	
	 Section 12.12.
	    	Counterpart Originals	  	 	89	
	 Section 12.13.
	    	Table of Contents, Headings, etc.	  	 	89	

 EXHIBIT LIST 
  

							
	 Exhibit A
	 	-	 		 	 FORM OF NOTE

	 Exhibit B
	 	-	 		 	 FORM OF GLOBAL NOTE LEGEND

	 Exhibit C
	 	-	 		 	 FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM RESTRICTED GLOBAL NOTE TO REGULATION S GLOBAL NOTE

	 Exhibit D
	 	-	 		 	 FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM REGULATION S GLOBAL NOTE TO RESTRICTED GLOBAL NOTE

	 Exhibit E
	 	-	 		 	 FORM OF CERTIFICATE OF TRANSFER

	 Exhibit F
	 	-	 		 	 FORM OF CERTIFICATE OF EXCHANGE

  

  
 iv 

 INDENTURE dated as of June 25, 2018 by and among Boyd Gaming Corporation, a
Nevada corporation (including any and all successors thereto, the “Company”), the Guarantors (as defined herein) and Wilmington Trust, National Association, as trustee (the “Trustee”). 

WHEREAS, the Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and
proportionate benefit of all Persons who hereafter become Holders of the 6.000% Senior Notes due 2026 (the “Notes”): 
 ARTICLE 1.
DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions. 

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

 “Acquired Debt” means, with respect to any specified Person, (1) Indebtedness of another Person and
any of such other Person’s Subsidiaries existing at the time such other Person becomes a Subsidiary of the specified Person or at the time it merges or consolidates with the specified Person or any of the specified Person’s Subsidiaries or
is assumed by the specified Person or any Subsidiary of the specified Person in connection with the acquisition of assets from such other Person and (2) Indebtedness secured by a Lien encumbering any asset acquired by the specified Person, in
each case, to the extent that such Indebtedness is not Incurred by the specified Person or any Subsidiary of the specified Person or such other Person in connection with, or in anticipation or contemplation of, such other Person becoming a
Subsidiary of the specified Person or such acquisition, merger or consolidation. 
 “Additional Assets”
means: (1) any Property (other than cash, cash equivalents or securities) to be owned by the Company or a Restricted Subsidiary and used in a Related Business; (2) the costs of improving, restoring, replacing or developing any Property
owned by the Company or a Restricted Subsidiary which is used or usable in a Related Business; or (3) Investments in any other Person engaged primarily in a Related Business (including the acquisition from third parties of Capital Stock of such
Person) as a result of which such other Person becomes a Restricted Subsidiary and satisfies the requirements for a Restricted Subsidiary set forth below in the definition of “Restricted Subsidiary”. 

“Additional Interest” means all amounts, if any, payable (i) pursuant to the provisions relating to
additional interest described under Section 6.12 as the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations pursuant to Section 4.03 and for any failure to comply with the requirements of
Section 314(a) of the TIA and/or (ii) pursuant to the provisions relating to additional interest provided for in the Registration Rights Agreement. 

“Additional Lease” shall mean any lease entered into solely in connection with an acquisition that is
consummated on or after the Issue Date for the purpose of the Company or any of its Restricted Subsidiaries to acquire the right to occupy and use real property, vessels or similar assets for, or in connection with, the construction, development or
operation of Gaming Facilities. 
 “Additional Notes” means any Notes (other than the Initial Notes) issued
under this Indenture in accordance with Sections 2.01 and 2.13 and subject to compliance with Article 4. 

“Affiliate” means, with respect to any Person, a Person (i) which directly or indirectly through one or
more intermediaries controls, or is controlled by, or is under common control with, such Person, 

  

 
(ii) which directly or indirectly through one or more intermediaries beneficially owns or holds 10% or more of any class of the Voting Stock of such Person (or a 10% or greater equity
interest in a Person which is not a corporation) or (iii) of which 10% or more of any class of the Voting Stock (or, in the case of a Person which is not a corporation, 10% or more of the equity interest) is beneficially owned or held directly
or indirectly through one or more intermediaries by such Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether
through the ownership of voting securities, by contract or otherwise. 
 “Agent” means any Registrar,
Paying Agent or co-registrar. 
 “Applicable Premium” means, with
respect to any Note, on any redemption date, the greater of: 
 (a) 1.0% of the principal amount of the Note; or 

(b) the excess of: 

(i) the present value at such redemption date of (x) the redemption price of the Note at August 15,
2021 (such redemption price being set forth in the table appearing in Section 3.07(a)) plus (y) all required interest payments due on the Note through August 15, 2021 (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 

(ii) the principal amount of the Note, if greater. 

Applicable Premium shall be determined by the Company, and the Trustee shall have no obligation to confirm or verify such determination. 

“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 the sale, conveyance, transfer, lease or other disposition, whether in a single
transaction or a series of related transactions (including, without limitation, dispositions pursuant to Sale/Leaseback Transactions or pursuant to the merger of the Company or any of its Restricted Subsidiaries with or into any person other than
the Company or one of its Restricted Subsidiaries), by the Company or one of its Restricted Subsidiaries to any Person other than the Company or one of its Restricted Subsidiaries of: 

(a) any of the Capital Stock or other ownership interests of any Restricted Subsidiary of the Company (other than
directors’ qualifying shares or shares required by law to be held by a Person other than the Company or a Restricted Subsidiary); or 

(b) any other Property of the Company or any Property of its Restricted Subsidiaries, in each case not in the ordinary course
of business of the Company or such Restricted Subsidiary. 
 Notwithstanding the foregoing, the following items will not be
deemed to be Asset Sales: 
 (a) any single transaction or series of related transactions that involves assets having a Fair
Market Value of $125,000,000 or less; 

  
 2 

 (b) any issuance or other such disposition of Capital Stock or other ownership
interests of any Restricted Subsidiary to the Company or another Restricted Subsidiary; 
 (c) any such disposition of
Property between or among the Company and its Restricted Subsidiaries; 
 (d) the sale or other disposition of cash or
Temporary Cash Investments; 
 (e) any exchange of like Property pursuant to Section 1031 of the Internal Revenue Code
of 1986, as amended, for use in a Related Business; 
 (f) a Restricted Payment that is permitted by Section 4.15 or a
Permitted Investment; 
 (g) the disposition of all or substantially all of the assets of the Company in a manner permitted
by Section 4.11 and 5.01 or any disposition that constitutes a Change of Control; 
 (h) the sale or discount, in each
case without recourse (direct or indirect), of accounts receivable arising in the ordinary course of business of the Company or such Restricted Subsidiary, as the case may be, but only in connection with the compromise or collection thereof; 

(i) sales or grants of licenses or sublicenses to use trademarks, know-how, patents
and any other intellectual property or intellectual property rights to the extent not materially interfering with the business of the Company and its Restricted Subsidiaries; 

(j) dispositions that occur in the ordinary course of the Company’s or a Restricted Subsidiary’s business in
connection with Permitted Liens; 
 (k) any sale of inventory or other assets or any disposition of any obsolete, damaged or
worn out property, equipment or assets (including the abandonment or other disposition of intellectual property that is, in the reasonable judgment of the Board of Directors, no longer economically practicable to maintain or useful in the conduct of
the business of the Company and its Restricted Subsidiaries); 
 (l) the disposition of receivables in connection with the
compromise, settlement or collection thereof; 
 (m) foreclosures, condemnation or any similar action on assets or the
granting of Liens permitted by Section 4.14; or 
 (n) any surrender or waiver of contractual rights or the settlement,
release, recovery on or surrender of contract, tort or other claims of any kind that occur in the ordinary course of the Company’s or any Restricted Subsidiary’s business. 

“Attributable Indebtedness” means Indebtedness deemed to be Incurred in respect of a Sale/ Leaseback
Transaction and shall be, at the date of determination, the present value (discounted at the actual rate of interest implicit in such transaction, compounded annually), of the total obligations of the lessee for rental payments during the remaining
term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended). 

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

  
 3 

 “Board of Directors” means the Board of Directors of the Company
or any committee thereof duly authorized to act on behalf of such Board. 
 “Board Resolution” means a copy
of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, to be in full force and effect on the date of such certification and delivered to the Trustee. 

“Borgata Joint Venture” means Marina District Development Holding Co., LLC and its successors and assigns.

 “Boyd Family” means William S. Boyd, any direct descendant or spouse of such person, or any direct
descendant of such spouse, and any trust or other estate in which each person who has a beneficial interest, directly or indirectly through one or more intermediaries, in Capital Stock of the Company is one of the foregoing persons. 

“Broker-Dealer” means any broker or dealer registered under the Exchange Act. 

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

“Capital Lease Obligations” means Indebtedness represented by obligations under a lease that is required to
be capitalized for financial reporting purposes in accordance with GAAP and the amount of such Indebtedness shall be the capitalized amount of such obligations determined in accordance with GAAP. For purposes of Section 4.14, Capital Lease
Obligations shall be deemed secured by a Lien on the Property being leased; provided, however, that any lease obligation that would not be required to be classified and accounted for as a capital lease obligation under GAAP as in effect as of
the Issue Date shall not be treated as a Capital Lease Obligation even if such lease obligation would be required to be classified and accounted for as a capital lease obligation under generally accepted accounting principles in the United States of
America as in effect at any time after the Issue Date, whether such lease obligation was entered into before or after the Issue Date, and provided, further, that the Master Lease and any Additional Leases will be accounted for as an operating
lease and not as a Capital Lease Obligation. 
 “Capital Stock” means, with respect to any Person, any and
all shares or other equivalents (however designated) of corporate stock, partnership interests or any other participation, right, warrants, options or other interest in the nature of an equity interest in such Person, but excluding any debt security
convertible or exchangeable into such equity interest. 
 “Change of Control” shall be deemed to occur if:

 (a) any “person” or “group” (within the meaning of Sections 13(d)(3) and 14(d)(2) of the Exchange Act
or any successor provision to either of the foregoing, including any group acting for the purpose of acquiring, holding or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange
Act), other than the Permitted Holders and other than a Restricted Subsidiary, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act, except that a Person shall be deemed to
have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of 50% or more of the total voting power of all classes of the Voting
Stock of the Company and/or warrants or options to acquire such Voting Stock, calculated on a fully diluted basis; provided that for purposes of this clause (1), the members of the Boyd Family shall be deemed to beneficially own any Voting
Stock of a corporation held by any other corporation (the “parent corporation”) so long as the members of the Boyd Family beneficially own (as so defined), directly or indirectly through one or more intermediaries, in the aggregate
50% or more of the total voting power of the Voting Stock of the parent corporation; 

  
 4 

 (b) the sale, lease, conveyance or other transfer of all or substantially all of
the Property of the Company (other than to any Restricted Subsidiary), determined on a consolidated basis, shall have occurred; 

(c) the stockholders of the Company shall have approved any plan of liquidation or dissolution of the Company; or 

(d) the Company consolidates with or merges into another Person or any Person consolidates with or merges into the Company in
any such event pursuant to a transaction in which the outstanding Voting Stock of the Company is reclassified into or exchanged for cash, securities or other property, other than any such transaction where: 

(i) the outstanding Voting Stock of the Company is reclassified into or exchanged for Voting Stock of the
surviving corporation that is Capital Stock; and 
 (ii) the holders of the Voting Stock of the Company
immediately prior to such transaction own, directly or indirectly, not less than a majority of the Voting Stock of the surviving corporation immediately after such transaction in substantially the same proportion as before the transaction. 

“Change of Control Time” means the earlier of the public announcement of (1) a Change of Control or
(2) (if applicable) the Company’s intention to effect a Change of Control. 
 “Change of Control
Triggering Event” means both a Change of Control and a Rating Decline; provided, however, that a Change of Control Triggering Event shall not be deemed to have occurred if (i) at the Change of Control Time the Notes have
Investment Grade Status and (ii) the Company effects defeasance of the Notes pursuant to Article 8 prior to a Rating Decline. 

“Clearstream” means Clearstream Banking, S.A. 

“Company” means Boyd Gaming Corporation, a Nevada corporation, and any and all successors thereto. 

“Consolidated EBITDA” means, for any period, without duplication, the sum of: 

(a) Consolidated Net Income; 

(b) to the extent Consolidated Net Income has been reduced thereby: (i) Consolidated Fixed Charges; (ii) provisions
for taxes based on income; (iii) consolidated depreciation expense; (iv) consolidated amortization expense; (v) all preopening expenses paid or accrued; and (vi) other noncash items reducing Consolidated Net Income, and minus
other noncash items increasing Consolidated Net Income; and 
 (c) an estimate of the amount (determined in good faith by
the Company) of business interruption insurance expected to be collected with respect to such period, whether or not (i) any applicable insurance carrier has designated all or any portion of any expected recovery as attributable to business
interruption coverage as opposed to other types of coverage, and (ii) the affected operations are classified as discontinued operations or any such operations have been or are being disposed of, minus any business interruption insurance
received or expected to be received and included in the calculation of Consolidated Net Income for such period; 

  
 5 

 
all as determined on a consolidated basis for the Company and its Restricted Subsidiaries in conformity with GAAP; provided that, (i) from and after the date the Company and any of
its Restricted Subsidiaries enters into any management agreement pursuant to which such Person is paid management fees, such management fees shall be annualized, and (ii) with respect to each Project, from and after the date of any Project
Opening, that portion of the Consolidated EBITDA which is attributable to the applicable Project owned and operated by the Company or any of its Restricted Subsidiaries shall be annualized. In computing such annualization, for the period from and
after entering into any management agreement or from and after any Project Opening, as applicable, until the end of the fourth full fiscal quarter thereafter shall be treated as one accounting period and annualized. 

“Consolidated Fixed Charge Coverage Ratio” means the ratio of Consolidated EBITDA during the Reference Period
to the aggregate amount of Consolidated Fixed Charges during the Reference Period. 
 “Consolidated Fixed
Charges” means, for any period, the total interest expense of the Company and its Restricted Subsidiaries including: 

(a) the interest component of Capital Lease Obligations, which shall be deemed to accrue at any interest rate reasonably
determined by the Company to be the rate of interest implicit in such Capital Lease Obligations, 
 (b) amortization of
Indebtedness discount and commissions, discounts and other similar fees and charges owed with respect to Indebtedness, 

(c) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance
financing, 
 (d) net costs pursuant to Interest Rate Agreements, 

(e) dividends on all Preferred Stock of Restricted Subsidiaries held by Persons other than the Company or a Restricted
Subsidiary, 
 (f) interest attributable to the Indebtedness of any other Person for which the Company or any Restricted
Subsidiary is responsible or liable as obligor, guarantor or otherwise; plus 
 (g) the product of: 

(i) dividends on all Preferred Stock of Restricted Subsidiaries held by Persons other than the Company or a
Restricted Subsidiary and any dividend or distribution, whether in cash, Property or securities, on Disqualified Stock of the Company (other than dividends paid in Capital Stock that is not Disqualified Stock); times 

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

minus interest income. In addition, Consolidated Fixed Charges shall not include (w) non-cash
interest expense, (x) deferred financing costs amortized or written off, and premiums and prepayment penalties and other fees, premiums or reserves paid in connection with any refinancing or repayment of Indebtedness, any amendment, supplement,
consent or waiver in connection with any Indebtedness, or any acquisition, disposition or financing; (y) any expensing of commitment and other financing fees or (z) write-offs relating to termination of Interest Rate Agreements. For the
avoidance of doubt and consistent with GAAP, Consolidated Fixed Charges shall not include any capitalized interest. 

  
 6 

 “Consolidated Net Income” means for any period, the net income
(loss) of the Company and its Subsidiaries determined in accordance with GAAP; provided, however, that the following items shall be excluded from the computation of Consolidated Net Income: 

(a) any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that, subject to the limitations
contained in (c) below: 
 (i) the net income (or, if applicable, the Company’s equity in the net
income) of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in clause (b) below); and 

(ii) the Company’s equity in a net loss of any such Person (other than an Unrestricted Subsidiary) for
such period shall be included in determining such Consolidated Net Income; 
 (b) any net income (loss) of any Restricted
Subsidiary if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that: 

(i) subject to the limitations contained in (c) below, the Company’s equity in the net income of any
such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted
Subsidiary as a dividend (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause); and 

(ii) the Company’s equity in a net loss of any such Restricted Subsidiary for such period shall be
included in determining such Consolidated Net Income; 
 (c) any gain or loss realized upon the sale or other disposition of
any Property of the Company or its consolidated Subsidiaries (including pursuant to any Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of business and any gain or loss realized upon the sale or other
disposition of any Capital Stock of any Person; 
 (d) accruals and reserves that are established or adjusted, in each case
within 12 months of the subject transaction, as a result of any acquisition, Investment, asset disposition, write down or write off (including the related tax benefit) in accordance with GAAP (including any adjustments of estimated payouts on
earn-outs); 
 (e) items classified as extraordinary or any non-cash item classified
as nonrecurring; 
 (f) any non-cash charges related to fair value adjustments; 

(g) expenses or charges relating to the amortization of intangibles; 

(h) deferred financing costs amortized or written off, and premiums and prepayment penalties and any gain or loss realized in
connection with any refinancing or repayment of Indebtedness, any amendment, supplement, consent or waiver in connection with any Indebtedness, or any acquisition, disposition or financing; and 

  
 7 

 (i) the cumulative effect of a change in accounting principles. 

For purposes of calculating Consolidated Net Income, any non-recurring charges or
expenses of such Person or of a company or business acquired by such Person (in each case, including but not limited to those relating to severance, relocation costs and one time compensation charges and any charges or expenses in connection with
conforming accounting policies or reaudited, combining or restating financial information), in each case, incurred in connection with or as a result of the purchase or acquisition of such acquired company or business by such Person shall be added to
the Consolidated Net Income of such Person, to the extent any such charges or expenses were deducted in computing such Consolidated Net Income of such Person. 

“Consolidated Total Assets” of any Person as of any date means the total assets of such Person and its
Restricted Subsidiaries as of the most recent fiscal quarter end for which a consolidated balance sheet of such Person and its Restricted Subsidiaries is available, calculated on a consolidated basis in accordance with GAAP. 

“Core Business” means (i) the gaming, card club, racing, sports, entertainment, leisure, amusement,
lodging, restaurant, retail operations, service station operations, riverboat operations, real estate development and all other businesses and activities necessary for or reasonably related or incident thereto, including, without limitation, related
acquisition, construction, development or operation of related truck stop, transportation, retail and other facilities designed to enhance any of the foregoing and online or internet gaming, (ii) any of the types of preexisting businesses being
operated on land acquired (whether by purchase, lease or otherwise) by the Company or any Restricted Subsidiary, or similar types of businesses conducted by the Company or such Restricted Subsidiary after such acquisition of land, and all other
businesses and activities necessary for or reasonably related or incident thereto; provided that such land was acquired by the Company or such Restricted Subsidiary for the purpose, determined in good faith by the Company, of ultimately
conducting a business or activity described in clause (i) above at some time in the future, and (iii) any business that is a natural outgrowth or reasonable extension, development or expansion of any such business or any business similar,
reasonably related, incidental, complementary or ancillary to any of the foregoing. 
 “Corporate Trust Office of
the Trustee” shall be at the address of the Trustee specified in Section 12.02 or such other address as to which the Trustee may give notice to the Company. 

“Credit Agreement” means the Third Amended and Restated Credit Agreement, dated as of August 14, 2013,
among the Company, the financial institutions named therein, Bank of America, National Association, as administrative agent and letter of credit issuer, and Wells Fargo Bank, N.A., as swing line lender, as amended, restated, supplemented, waived,
replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time. 

“Credit Facility” means (i) the Third Amended and Restated Credit Agreement, dated as of August 14,
2013, by and among the Company, the financial institutions named therein, Bank of America, National Association, as administrative agent and letter of credit issuer, and Wells Fargo Bank, National Association, as swing line lender, as amended,
restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture
extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness 

  
 8 

 
under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing or decreasing the amount loaned or
issued thereunder or altering the maturity thereof and (ii) whether or not the Credit Agreement referred to in clause (i) remains outstanding, if designated by the Company to be included in the definition of “Credit Facility,”
one or more (a) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from
lenders against such receivables) or letters of credit, (b) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or
(c) instruments or agreements evidencing any other Indebtedness (including without limitation any Sale/Leaseback Transaction), in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified,
extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 

“Currency Exchange Protection Agreement” means, in respect of a Person, any foreign exchange contract,
currency swap agreement, currency option or other similar agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates. 

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity
thereto. 
 “Default” means any event which is, or after notice or passage of time or both would be, an
Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder
thereof and issued in accordance with Section 2.05, which 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 2.02 as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Development Services” means, with respect to any Qualified Facility, the provision (through retained
professionals or otherwise) of development, design or construction services with respect to such Qualified Facility. 

“Disqualified Stock” of a Person means any Capital Stock of such Person (i) that by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable) or otherwise, (a) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, (b) is or may become redeemable or
repurchaseable at the option of the holder thereof, in whole or in part, or (c) is convertible or exchangeable or exercisable for Indebtedness and (ii) as to which the maturity, mandatory redemption, conversion or exchange or redemption at
the option of the holder thereof occurs, or may occur, in the case of each of clauses (i) or (ii) on or prior to the first anniversary of the Stated Maturity of the Notes; provided, however, that such Capital Stock of the
Company or any of its Subsidiaries shall not constitute Disqualified Stock if it is redeemable prior to the first anniversary of the Stated Maturity of the Notes only if (a) the holder or a beneficial owner of such Capital Stock is required to
qualify under the Gaming Laws and does not so qualify, or (b) the Board of Directors determines in its reasonable, good faith judgment, as evidenced by a Board Resolution, that as a result of a holder or beneficial owner owning such Capital
Stock, the Company or any of its Subsidiaries has lost or may lose any Gaming License, which if lost or not reinstated, as the case may be, would have a material adverse effect on the business of the Company and its Subsidiaries, taken as a whole,
or would restrict the ability of the Company or any of its Subsidiaries to conduct business in any gaming jurisdiction. 

  
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 “Domestic Subsidiary” means any Restricted Subsidiary of the
Company that was formed under the laws of the United States of America or any state of the United States of America or the District of Columbia. 

“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. 

“Exchange Notes” means the notes issued in the applicable Exchange Offer pursuant to Section 2.05(f).

 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Existing Indentures” means collectively, (1) the Indenture dated as of May 21, 2015 among the
Company, the Guarantors party thereto and Wilmington Trust, National Association, as trustee, (2) the First Supplemental Indenture dated as of May 21, 2015 among the Company, the Guarantors party thereto and Wilmington Trust, National
Association as trustee, related to the 6.875% senior notes due 2023 and (3) the Indenture dated as of March 28, 2016 among the Company, the Guarantors party thereto and Wilmington Trust, National Association as trustee, related to the
6.375% senior notes due 2026, each as in effect on the Issue Date and each as amended, modified or supplemented. 

“Fair Market Value” means with respect to any Property, the price which could be negotiated in an arm’s-length free market transaction, between a willing seller and a willing buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value will be determined,
except as otherwise provided: (1) if such Property has a Fair Market Value of $35,000,000 or less, by any Officer of the Company; or (2) if such Property has a Fair Market Value in excess of $35,000,000, by a majority of the Board of
Directors and evidenced by a Board Resolution, dated within 30 days of the relevant transaction (or the date of the written agreement with respect to such transaction), delivered to the Trustee. 

“FF&E” means furniture, fixtures or equipment. 

“GAAP” means accounting principles generally accepted in the United States of America in effect on the date
of this Indenture. Notwithstanding anything to the contrary herein, for all purposes of this Indenture except for the calculation of Consolidated Total Assets, (a) the Master Lease and any Additional Lease shall not constitute Indebtedness or a
capital lease or a Capital Lease Obligation regardless of how such Master Lease or Additional Lease may be treated under GAAP, (b) any payments in connection with such Master Lease or Additional Lease shall not constitute consolidated interest
expense of the Company and (c) Consolidated Net Income shall be calculated by deducting, without duplication of amounts otherwise deducted, rent, insurance, property taxes and other amounts and expenses actually paid in cash under the Master
Lease or any Additional Lease in the applicable period, and no other deductions in calculating Consolidated Net Income shall occur as a result of imputed interest, amounts under the Master Lease or any Additional Lease not paid in cash during the
relevant period or other non-cash amounts incurred in respect of the Master Lease or any Additional Lease; provided that any “true-up” of rent paid in
cash pursuant to the Master Lease or any Additional Lease shall be accounted for in the fiscal quarter to which such payment relates as if such payment were originally made in such fiscal quarter. 

  
 10 

 “Gaming Authority” means any of the Nevada Gaming Commission,
the Nevada Gaming Control Board, the Louisiana Gaming Control Board, Louisiana State Racing Commission, the Mississippi Gaming Commission, the Illinois Gaming Board, the Indiana Gaming Commission, the Iowa Racing and Gaming Commission, the Kansas
Racing and Gaming Commission, the Ohio Lottery Commission, the Ohio State Racing Commission, the Missouri Gaming Commission, the Pennsylvania Gaming Control Board and any other agency (including, without limitation, any agency established by a
federally-recognized Indian tribe to regulate gaming on such tribe’s reservation), authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever which has, or may at any time after the date of this
Indenture have, jurisdiction over the gaming activities of the Company or any of its Subsidiaries or any successor to such authority. 

“Gaming Facility” means any gaming or pari-mutuel wagering establishment and other Property or assets
directly ancillary thereto or used in connection therewith, including any building, restaurant, hotel, theater, parking facilities, gas stations, retail shops, convenience stores, spa, land, golf courses, hunting facilities, sporting clay courses
and other recreation and entertainment facilities, vessel, barge, ship and equipment or 100% of the equity interest of a Person the primary business of which is ownership and operation of any of the foregoing. 

“Gaming Laws” means the gaming laws of a jurisdiction or jurisdictions to which the Company or any of its
Subsidiaries is, or may at any time after the date of this Indenture be, subject. 
 “Gaming License” means
any license, permit, franchise or other authorization from any governmental authority required on the date of this Indenture or at any time thereafter to own, lease, operate or otherwise conduct the gaming business of the Company and its
Subsidiaries, including all licenses granted under Gaming Laws and other Legal Requirements. 
 “Global Note
Legend” means the legend set forth in Exhibit B under the caption “Form of Global Note Legend,” 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 issued in accordance with Section 2.01, 2.05(b)(ii), 2.05(d) or 2.05(f). 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing
any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such first Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person
(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) or (ii) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided, however, that the term “Guarantee” shall not include (a) endorsements for collection or deposit in the ordinary course of business; or (b) any obligation in the nature of a
completion guaranty which is limited solely to an obligation to complete the development, construction or opening of any new Gaming Facility entered into on behalf of any Person in which a Qualified Investment has been made by the Company or any
Restricted Subsidiary. The term “Guarantee” used as a verb has a corresponding meaning. 

  
 11 

 “Guarantors” means any Subsidiary of the Company that gives 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. 

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

“Incur” means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur
(by conversion, exchange or otherwise), extend, assume, Guarantee or become liable in respect of such Indebtedness or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness or obligation on the
consolidated balance sheet of such Person including by merger or operation of law (and “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have meanings correlative to the
foregoing). 
 “Indebtedness” means (without duplication), with respect to any Person, any indebtedness,
secured or unsecured, contingent or otherwise, which is for borrowed money (whether or not the recourse of the lender is to the whole of the Property of such Person or only to a portion thereof), or the principal amount of such indebtedness
evidenced by bonds, notes, debentures or similar instruments or representing the balance deferred and unpaid of the purchase price of any property (excluding any balances that constitute customer advance payments and deposits, accounts payable or
trade payables, and other accrued liabilities arising in the ordinary course of business) if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP, and
shall also include, to the extent not otherwise included (i) any Capital Lease Obligations (it being understood that the obligations of such Person under the Master Lease or any Additional Lease shall not constitute Indebtedness);
(ii) Indebtedness of other Persons secured by a Lien to which the Property owned or held by such Person is subject, whether or not the obligation or obligations secured thereby shall have been assumed (the amount of such Indebtedness being
deemed to be the lesser of the value of such Property or the amount of the Indebtedness so secured); (iii) Guarantees of Indebtedness of other Persons; (iv) any Disqualified Stock; (v) any Attributable Indebtedness; (vi) all
obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments or credit transactions issued for the account of such Person (including reimbursement obligations with respect thereto), other than
obligations with respect to letters of credit securing obligations (other than obligations described in this definition) of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is
reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit; (vii) in the case of the Company, Preferred Stock of its Restricted Subsidiaries; and
(viii) obligations pursuant to any Interest Rate Agreement or Currency Exchange Protection Agreement. 

Notwithstanding the foregoing, Indebtedness shall not include (i) any pay-in-kind interest or any interest, accrued interest or earn out obligations or other contingent consideration until due and payable, (ii) obligations under the Master Lease or any Additional Lease or
(iii) any indebtedness of (x) Diamond Jo, LLC under that certain Minimum Assessment Agreement, dated as of October 1, 2007, by and among the City of Dubuque, Iowa, Diamond Jo, LLC and the City Assessor of the City of Dubuque, Iowa, or
(y) Kansas Star Casino, LLC under that certain Developer’s Agreement, dated as of March 7, 2011, by and between Kansas Star Casino, LLC and the City of Mulvane, Kansas, in each case as amended, renewed, repurchased, extended,
substituted, refinanced or replaced from time to time so long as the principal amount (or accreted value, if applicable) of such indebtedness does not exceed the principal amount (or accreted value, if applicable) of the indebtedness amended,
renewed, repurchased, extended, substituted, refinanced or replaced (plus all accrued interest on the indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith). For purposes of this definition, the
maximum fixed repurchase price of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred

  
 12 

 
Stock as if such Disqualified Stock or Preferred Stock were repurchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture; provided,
however, that if such Disqualified Stock or Preferred Stock is not then permitted to be repurchased, the repurchase price shall be the book value of such Disqualified Stock or Preferred Stock. The amount of Indebtedness of any Person at any date
shall be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability of any other obligations described in clauses (i) through (viii) above in respect thereof at such date. 

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

“Independent Advisor” means, an investment banking firm of national standing with non-investment grade debt underwriting experience or any accounting firm or third party appraiser of national standing; provided, however, that any such firm or appraiser is not an Affiliate of the
Company. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through
a Participant. 
 “Initial Notes” means the $700,000,000 aggregate principal amount of Notes issued under
this Indenture on the Issue Date. 
 “Interest Rate Agreement” means, for any Person, any interest rate
swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement. 

“Investment” by any Person means any direct or indirect loan, advance or other extension of credit or capital
contribution (by means of transfers of cash or other Property to others or payments for Property or services for the account or use of others), in connection with the performance of obligations under any completion guaranty or otherwise, to, or
Incurrence of a Guarantee of any obligation of, or purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Indebtedness issued by, any other Person, including the designation by the Board of Directors to
be an Unrestricted Subsidiary. The amount of any Investment shall 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 a return of capital, as the case may be, but without any other adjustments for increases or decreases in value, write-ups, write-downs or write-offs with respect to such
Investment. In determining the amount of any Investment in respect of any Property other than cash, such Property shall be valued at its Fair Market Value at the time of such Investment. Notwithstanding the foregoing, the purchase or acquisition of
any securities, Indebtedness or Additional Assets of any other Person solely with Capital Stock (other than Disqualified Stock) shall not be deemed to be an Investment. 

“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. 

“Issue Date” means June 25, 2018. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the cities of New York,
New York and Las Vegas, Nevada or at a place of payment are authorized by law, 

  
 13 

 
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. 
 “Legal Requirements”
means all laws, statutes and ordinances and all rules, orders, rulings, regulations, directives, decrees, injunctions and requirements of all governmental authorities, that are now or may hereafter be in existence, and that may be applicable to the
Company or any Subsidiary or Affiliate thereof or the Trustee (including building codes, zoning and environmental laws, regulations and ordinances and Gaming Laws), as modified by any variances, special use permits, waivers, exceptions or other
exemptions which may from time to time be applicable. 
 “Letter of Transmittal” means the letter of
transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 

“Lien” means with respect to any Property of any Person, any mortgage or deed of trust, pledge,
hypothecation, assignment, deposit arrangement, security interest, lien, charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority, or other security agreement or preferential
arrangement of any kind or nature whatsoever on or with respect to such Property (including any Capital Lease Obligation, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). Any
Sale/Leaseback Transaction shall be deemed to constitute a Lien on the Property which is the subject of such Sale/Leaseback Transaction securing the Attributable Indebtedness represented thereby. 

“Master Lease” means that certain Master Lease to be entered into between Gold Merger Sub, LLC, a Delaware
limited liability company, and Boyd TCIV, LLC, a Nevada limited liability company, as it may be amended, restated, replaced or otherwise modified from time to time. 

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

“Net Cash Proceeds” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such
issuance or sale, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale
and net of taxes paid or payable as a result thereof. 
 “Net Proceeds” from any Asset Sale by any Person
or its Restricted Subsidiaries means cash and cash equivalents received in respect of the Property sold, and net of: 
 (a)
all reasonable out-of-pocket expenses of such Person or such Restricted Subsidiary incurred in connection with an Asset Sale, including, without limitation, all legal,
title and recording tax expenses, commissions and fees and expenses incurred (but excluding any finder’s fee or broker’s fee payable to any Affiliate of such Person) and all Federal, state, provincial, foreign and local taxes arising in
connection with such Asset Sale that are paid or required to be accrued as a liability under GAAP by such Person or its Restricted Subsidiaries; 

(b) all payments made by such Person or its Restricted Subsidiaries on any Indebtedness which is secured by such Property in
accordance with the terms of any Lien upon or with respect to such Property or which must, by the terms of such Lien, or in order to obtain a necessary consent to such Asset Sale or by applicable law, be repaid out of the proceeds from such Asset
Sale; 
 (c) appropriate amounts to be provided by such Person or its Restricted Subsidiaries, as a reserve, in accordance
with GAAP, against any liabilities associated with such Asset Sale and retained by 

  
 14 

 
such Person or its Restricted Subsidiaries including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under
any indemnification obligations associated with such Asset Sale; and 
 (d) all contractually required distributions and
other payments made to minority interest holders (but excluding distributions and payments to Affiliates of such Person) in Restricted Subsidiaries of such Person as a result of such Asset Sale; 

provided, however, that, in the event that any consideration for an Asset Sale (which would otherwise constitute Net Proceeds)
is required to be held in escrow pending determination of whether a purchase price adjustment will be made, such consideration (or any portion thereof) shall become Net Proceeds only at such time as it is released to such Person or its Restricted
Subsidiaries from escrow; and provided, further, that any noncash consideration received in connection with an Asset Sale which is subsequently converted to cash shall be deemed to be Net Proceeds at and from the time of such
conversion. 
 “Non-Recourse Indebtedness” means Indebtedness of a
Person to the extent that under the terms thereof or pursuant to applicable law: 
 (1) no personal recourse shall be had
against such Person for the payment of the principal of or interest or premium, if any, on such Indebtedness; and 
 (2)
enforcement of obligations on such Indebtedness is limited only to recourse against interests in Property purchased with the proceeds of the Incurrence of such Indebtedness and as to which neither the Company nor any of its Restricted Subsidiaries
provides any credit support or is liable. 
 “Note Guarantee” means the Guarantee by each Guarantor of the
Company’s obligations under this Indenture and the Notes set forth in Article 10, including as a result of execution of a supplemental indenture. 

“Notes” has the meaning assigned to it in the Recitals to this Indenture. The Initial Notes and the
Additional Notes and Exchange Notes issued in exchange therefor shall be treated as a single class for all purposes under this Indenture. Unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any
Additional Notes and Exchange Notes issued in exchange therefor. 
 “Officer” means the Chief Executive
Officer, President, Treasurer, any Executive Vice President, Senior Vice President or any Vice President of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers at least one of whom shall be the
principal executive officer, principal accounting officer or principal financial officer of the Company. 
 “Opinion
of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee that meets the requirements of Section 12.05. The counsel may be an employee of or counsel to the Company, any Guarantor or the Trustee.

 “Outstanding” when used with respect to Notes, means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture, except: 
 (a) Notes theretofore cancelled by the Trustee or
delivered to the Trustee for cancellation; 
 (b) Notes for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside 

  
 15 

 
and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such
redemption has been duly given pursuant to this Indenture; 
 (c) Notes as to which defeasance has been effected pursuant to
Section 8.02 or 8.03; and 
 (d) Notes which have been replaced pursuant to Section 2.06 or in exchange for or in
lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide
purchaser in whose hands such Notes are valid obligations of the Company; 
 provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Notes have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) if, as of such date, the
principal amount payable at the Stated Maturity of a Note is not determinable, the principal amount of such Note which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 2.01, of the
principal amount of such Note and (B) Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not
the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. 
 “Pari
Passu Indebtedness” means: 
 (a) with respect to the Company, any Indebtedness which ranks pari passu in
right of payment with the Notes; and 
 (b) with respect to any Guarantor, any Indebtedness which ranks pari passu in
right of payment with such Guarantor’s Note Guarantee. 
 The determination of whether any Indebtedness ranks pari
passu in right of payment shall not take into account whether or not such Indebtedness is secured by any collateral. 

“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). 

“Permitted FF&E Financings” means Indebtedness of the Company or any of its Restricted Subsidiaries that
is Incurred to finance FF&E used directly in the operation of a Gaming Facility owned or leased by the Company or its Restricted Subsidiaries and secured by a Lien on such FF&E in an amount not to exceed 100% of the cost of the FF&E so
purchased or leased. 
 “Permitted Holders” means the Boyd Family and any group (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) comprised solely of members of the Boyd Family. 

  
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 “Permitted Investment” means an Investment by the Company or any
Restricted Subsidiary in: 
 (a) a Restricted Subsidiary or a Person which will, upon the making of such Investment, become a
Restricted Subsidiary; provided, however, that the primary business of such Restricted Subsidiary is a Core Business or a Related Business; 

(b) another Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers or
conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; provided, however, that such Person’s primary business is a Core Business or a Related Business; 

(c) Temporary Cash Investments; 

(d) receivables owing to the Company or any Restricted Subsidiary, if created or acquired in the ordinary course of business
and payable or dischargeable in accordance with customary trade terms, including without limitation credit extended to customers; provided, however, that such trade terms may include such concessionary trade terms as the Company or any
such Restricted Subsidiary deems reasonable under the circumstances; 
 (e) payroll, travel and similar advances to cover
matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

(f) loans or advances to employees made in the ordinary course of business consistent with past practices of the Company or
such Restricted Subsidiary, as the case may be; 
 (g) stock, obligations or securities received in settlement of debts
created in the ordinary course of business and owing to the Company or any Restricted Subsidiary or in satisfaction of judgments; 

(h) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date or an Investment
consisting of any extension, modification or renewal of any Investment existing on the Issue Date so long as such extension, modification or renewal does not increase the Investment as in effect at the Issue Date or is not materially adverse to the
interests of the Holders; 
 (i) securities received pursuant to clause (b) of Section 4.11; 

(j) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons in the ordinary course of business; 
 (k) Investments consisting of or to finance purchases and
acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property in the ordinary course of business; 

(l) Qualified Investments; provided that at the time such Qualified Investment is made and giving pro forma effect
thereto (A) the Consolidated Fixed Charge Coverage Ratio of the Company on the date of the Investment would have been greater than 2.5 to 1 and (B) no Default or Event of Default would exist; provided, however, that, if an
Investment in any Person made pursuant to this clause (l) would, at any time after the date such Investment is made, cease to qualify as a Qualified Investment due to a failure to satisfy the requirements of clause (b) of the definition of
“Qualified Investment,” then the Company will be deemed to have made an Investment equal to the value of its Investment in such Person at such time (valued in each case as provided in the definition of “Investment”) and the value
of such Investment at such time will, for the period such Investment does not so qualify, be included in the calculation of the aggregate amount of Restricted Payments referenced under Section 4.15(a)(iii); 

  
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 (m) payments with respect to a Guarantee or other extension of credit that
qualified as a Qualified Investment at the time the Guarantee was given or extension of credit was made, unless such Guarantee or extension of credit no longer qualifies as a Qualified Investment due to a failure to satisfy the requirements of
clause (b) of the definition of “Qualified Investment”; 
 (n) any guarantee of Indebtedness permitted by
Section 4.12; 
 (o) Investments consisting of the licensing or contribution of intellectual property pursuant to joint
marketing arrangements with other Persons in the ordinary course of business; 
 (p) any Investment required by a Gaming
Authority or made in lieu of payment of a tax or in consideration of a reduction in tax; 
 (q) Investments of a Person
existing at the time such Person is acquired, becomes a Restricted Subsidiary or is merged or consolidated with the Company or any Restricted Subsidiary in accordance with Section 5.01 after the Issue Date to the extent that such Investments
were not made in contemplation of or in connection with such acquisition, designation, redesignation, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

(r) Investments in an aggregate principal amount not to exceed $23,100,000 of Urban Renewal Tax Increment Revenue Bonds,
Taxable Series 2007 of the City of Dubuque, Iowa issued as of October 16, 2007 pursuant to that certain Official Statement, dated October 1, 2007, as such bonds may be renewed, extended, substituted, refinanced or replaced, so long as the
principal amount of the aggregate Investment does not exceed the amount of the aggregate Investment outstanding on the Issue Date (plus an amount equal to all accrued interest of such bonds and the amount of all fees and expenses, including
premiums, incurred in connection with any renewal, extension, substitution, refinancing or replacement of such bonds); and 

(s) transfers by the Company or a Restricted Subsidiary to an Unrestricted Subsidiary of operational agreements (including,
without limitation, slot machine leases, technical assistance services agreements, trademark and trade names licenses, management services agreements and royalty agreements) or other agreements (or rights under agreements) entered into in the
ordinary course of business between the Company or a Restricted Subsidiary, on the one hand, and an Unrestricted Subsidiary, on the other hand. 

“Permitted Liens” means: 

(a) Liens securing Indebtedness and other obligations under the Credit Facility in an amount not to exceed the amount of
Indebtedness permitted to be Incurred pursuant to Section 4.12(b)(iii); 
 (b) Liens to secure Indebtedness permitted
by Section 4.12(b)(viii) covering only the assets acquired with or financed by such Indebtedness; 
 (c) Liens in favor
of the Company or any Guarantor; 
 (d) Liens for taxes, assessments or governmental charges or levies on the Property of
the Company or any Restricted Subsidiary if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings; 

  
 18 

 (e) Liens imposed by law, such as carriers’, warehousemen’s and
mechanics’ Liens and other similar Liens which secure payment of obligations arising in the ordinary course of business; 

(f) Liens in favor of issuers of performance bonds and surety bonds obtained in the ordinary course of business; 

(g) other Liens incidental to the conduct of its business or the ownership of its Properties which were not created in
connection with the Incurrence of Indebtedness or the obtaining of advances or credit and which do not in the aggregate materially detract from the value of its Properties or materially impair the use thereof in the operation of its business,
including without limitation leases, subleases, licenses and sublicenses; 
 (h) Liens arising from Uniform Commercial Code
financing statements regarding operating leases; 
 (i) pledges or deposits under workmen’s compensation laws,
unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which the Company or any Restricted Subsidiary is a party, or deposits
to secure public or statutory obligations of the Company or any Restricted Subsidiary, or deposits for the payment of rent, or deposits to secure liability to insurance carriers, in each case Incurred in the ordinary course of business; 

(j) minor survey exceptions; 

(k) utility easements, building or zoning restrictions and such other encumbrances or charges against real property as are of
a nature generally existing with respect to properties of a similar character and do not materially detract from the value of such Property; 

(l) Liens existing on the Issue Date (other than Liens securing Indebtedness); 

(m) Liens securing obligations to a trustee pursuant to the compensation and indemnity provisions of any indenture and Liens
created for the benefit of (or to secure) the Notes or the Note Guarantees; 
 (n) Liens on cash, cash equivalents, and
other property arising in connection with the defeasance, discharge or redemption of Indebtedness; 
 (o) Liens (including
extensions and renewals thereof) upon real or tangible personal property acquired by that Person after the date of this Indenture; provided that 

(i) any such Lien is created solely for the purpose of securing Indebtedness representing, or Incurred to
finance, refinance or refund, all costs (including the cost of construction, installation or improvement) of the item of Property subject thereto; 

(ii) the principal amount of the Indebtedness secured by such Lien does not exceed 100% of that cost; 

(iii) any such Lien does not extend to or cover any other Property other than that item of Property and any
improvements on that item or is otherwise a Permitted Lien under the final clause (ii) of this definition; and 

  
 19 

 (iv) the Incurrence of that Indebtedness is permitted under
Section 4.12; 
 (p) Liens on any property to secure all or part of the cost of improvements or construction thereon or
Indebtedness incurred to provide funds for that purpose in a principal amount not exceeding the cost of those improvements or construction; 

(q) Liens upon specific items of inventory or other goods and proceeds of that Person securing that Person’s obligations
in respect of bankers’ acceptances issued or created for the account of that Person to facilitate the purchase, shipment or storage of that inventory or other goods; 

(r) Liens securing reimbursement obligations with respect to commercial letters of credit issued for the account of that
Person which encumber documents and other Property relating to those commercial letters of credit and the products and proceeds thereof; 

(s) Liens securing obligations under Currency Exchange Protection Agreements that are not in violation of this Indenture;
provided that with respect to such obligations relating to Indebtedness, such Lien extends only to the property securing such Indebtedness; 

(t) 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 by that Person; 
 (u) licenses, leases or subleases granted to others not
interfering in any material adverse respect with the business of that Person or any of its Subsidiaries; 
 (v) Liens
encumbering Property or assets of that Person under construction arising from progress or partial payments by a customer of that Person or one of its Subsidiaries relating to that Property or assets; 

(w) Liens encumbering customary initial deposits and margin accounts, and other Liens incurred in the ordinary course of
business and which are within the general parameters customary in the gaming industry; 
 (x) Liens encumbering deposits
made to secure obligations arising from statutory or regulatory requirements of that Person or its Subsidiaries; 
 (y)
Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, in favor of a banking institution, financial institution, or securities
intermediary arising as a matter of law encumbering deposits (including the right of setoff) and which are within the general parameters customary in the banking industry or otherwise relate to depositary relations with such institution or
intermediary, and securing customary cash management obligations not otherwise prohibited by this Indenture; 
 (z) Liens on
cash collateral required to be deposited pursuant to the terms of the Credit Facility to secure the funding obligations of any defaulting lender, including cash collateral deposited with respect to any unreimbursed drawing under a letter of credit;

 (aa) any interest or title of a lessor in the Property subject to any Capitalized Lease Obligation or operating lease
which, in each case, is permitted under this Indenture or purchase money Indebtedness which is permitted to be incurred under Section 4.12; 

  
 20 

 (bb) Liens arising out of conditional sale, title retention consignment or
similar arrangements for the sale of goods entered into by that Person or any of its Subsidiaries in the ordinary course of business; 

(cc) Liens for judgments or orders not giving rise to an Event of Default and deposits to secure surety or appeal bonds; 

(dd) Liens on Property of a Person existing at the time such Person is acquired, becomes a Restricted Subsidiary or is merged
or consolidated with the Company or any Restricted Subsidiary; provided that such Liens were in existence prior to the contemplation of such acquisition, merger or consolidation, and were not created in connection therewith or in anticipation
thereof, to the extent that such Liens do not extend to any additional Property or assets of the Company or any Restricted Subsidiary; 

(ee) pledges or deposits made by such Person in connection with any letter of intent or purchase agreement; 

(ff) Liens deemed to exist in connection with Investments in repurchase agreements; provided that such Liens do not
extend to any assets other than those that are the subject of such repurchase agreements; 
 (gg) Any encumbrance or
restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(hh) Liens securing Permitted Refinancing Indebtedness permitted to be Incurred under this Indenture; provided that
such Liens extend only to the Property or assets of the Company or any Restricted Subsidiary encumbered by the refinanced Indebtedness unless the Incurrence of such Liens is otherwise permitted under this Indenture; and 

(ii) Liens not specified in the foregoing; provided that the aggregate Indebtedness secured by the Liens under this
clause (ii) does not exceed 7.5% of the Company’s Consolidated Total Assets at any one time outstanding as of the date any such Lien is granted or otherwise becomes effective in reliance on this clause (ii) (for the avoidance of doubt,
Liens Incurred in reliance on this clause (ii) may secure Indebtedness in an amount in addition to Indebtedness that is also secured by Liens Incurred in reliance on one or more other clauses of this definition). 

“Permitted Refinancing Indebtedness” means any renewals, repurchases, redemptions, extensions, substitutions,
refinancings or replacements of any Indebtedness of the Company or any of its Restricted Subsidiaries, including any successive extensions, renewals, substitutions, refinancings or replacements (and including refinancings by the Company of
Indebtedness of a Restricted Subsidiary): 
 (a) to the extent that the principal amount (or accreted value, if applicable)
of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, repurchased, redeemed, extended, substituted, refinanced or replaced (plus all accrued interest on the
Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 
 (b) so long
as the Weighted Average Life to Maturity and stated maturity is not shortened; and 

  
 21 

 (c) so long as the new Indebtedness is not be senior in right of payment to the
Indebtedness that is being renewed, repurchased, redeemed, extended, substituted, refinanced or replaced; 
 provided, however, that
Permitted Refinancing Indebtedness shall not include Indebtedness of the Company or any Guarantor that refinances Indebtedness of a Subsidiary that is not a Guarantor. 

“Person” means any individual, corporation, company (including limited liability company), partnership, joint
venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Preferred Stock” means any Capital Stock of a Person, however designated, which entitles the holder thereof
to a preference with respect to dividends, distributions or liquidation proceeds of such Person over the holders of other Capital Stock issued by such Person. 

“Project” means any new facility developed or being developed by the Company or any of its Restricted
Subsidiaries or any expansion, renovation or refurbishment of a facility owned by the Company or any of its Restricted Subsidiaries which expansion, renovation or refurbishment cost or is reasonably expected to cost $75,000,000 or more. 

“Project Opening” means, with respect to (a) any Project which is a new facility, when all of the
following have occurred: (i) a certificate of occupancy (which may be a temporary certificate of occupancy) has been issued in respect of such Project and, if such Project includes gaming facilities, then such certificate of occupancy need only
relate to such gaming facilities and not the remainder of such Project; (ii) such Project (or the gaming facility portion thereof in the case of a Project that includes gaming facilities and not the remainder of such Project) is in a condition
(including installment of furnishings, fixtures and equipment) to receive customers in the ordinary course of business; (iii) if such Project includes gaming facilities, such gaming facilities (but not necessarily the hotel facilities if a
hotel is contemplated to accompany such Project’s gaming facilities) are legally open for business and to the general public and operating in accordance with applicable law; and (iv) all Gaming Licenses, if applicable, with respect to such
Project have been granted and not revoked or suspended, and (b) any Project which is an expansion, renovation or refurbishment, when clauses (ii), (iii) and (iv) have occurred, to the extent applicable. 

“Property” means, with respect to any Person, any interest of such Person in any kind of property or asset,
whether real, personal or mixed, or tangible or intangible, including, without limitation, Capital Stock in any other Person (but excluding Capital Stock or other securities issued by such first Person). 

“Public Equity Offering” means an underwritten public offering of Capital Stock of the Company pursuant to an
effective registration statement under the Securities Act. 
 “QIB” means a “qualified institutional
buyer” as defined in Rule 144A. 
 “Qualified Investment” means an Investment by the Company or any of
its Restricted Subsidiaries in any Person primarily engaged or preparing to engage in a Core Business or a Related Business; provided that: (a) the primary purpose for which such Investment was made was to finance or otherwise facilitate the
development, construction or acquisition of a facility (a “Qualified Facility”) that (i) is located in a jurisdiction in which the conduct of gaming using electronic gaming devices is permitted pursuant to applicable law and
(ii) conducts or, following such development, construction or acquisition, will conduct gaming utilizing electronic gaming devices or is related to, ancillary or supportive of, connected with or arising out of such gaming business; (b) the
Company and any of its Restricted Subsidiaries at the time of the Investment (i) own in the aggregate at least 35.0% of the 

  
 22 

 
outstanding Voting Stock of such Person or (ii) (x) control the day-to-day gaming operation of such Person
pursuant to a written agreement and (y) provide or have provided Development Services with respect to the applicable Qualified Facility; and (c) none of the Permitted Holders or any Affiliate of such Persons, other than the Company or any
of its Subsidiaries, is a direct or indirect obligor, contingently or otherwise, of any Indebtedness of such Person or a direct or indirect holder of any Capital Stock of such Person, other than through their respective ownership interests in the
Company. 
 “Qualified Non-Recourse-Debt” means Indebtedness: 

(a) as to which neither the Company nor any of its Restricted Subsidiaries (A) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), or (B) is directly or indirectly liable as a guarantor or otherwise; provided, however, that the provision by the Company of a completion guaranty or the
making of payments with respect thereto, in each case, to the extent permitted under Section 4.15, shall not prevent any Indebtedness from constituting Qualified Non-Recourse Debt; 

(b) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement
action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of
the Indebtedness to be accelerated or payable prior to its stated maturity; and 
 (c) as to which the lenders have been
notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries. 

“Rating Agencies” means S&P and Moody’s or any successor to the respective rating agency businesses
thereof. 
 “Rating Decline” shall have occurred if at any date within 90 calendar days after the date of
public disclosure of the occurrence of a Change of Control (which period will be extended for so long as the Company’s debt ratings are under publicly announced review for possible downgrading (or without an indication of the direction of a
possible ratings change) by either Moody’s or S&P or their respective successors) the Notes no longer have Investment Grade Status. 

“Reference Period” means the period of four consecutive fiscal quarters ending with the last full fiscal
quarter immediately preceding the date of a proposed Incurrence, Restricted Payment or other transaction for which financial statements are available. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, by and
among the Company and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration rights agreements between
the Company and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the
Securities Act. 
 “Regulation S” means Regulation S promulgated under the
Securities Act. 
 “Regulation S Global Note” means a Global Note in the form of
Exhibit A bearing the Global Note Legend and deposited with or on behalf of the Depositary and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially
sold in reliance on Rule 903. 

  
 23 

 “Related Business” means the business conducted (or proposed to
be conducted) by the Company and its Subsidiaries in connection with any Gaming Facility and any and all reasonably related businesses necessary for, in support, furtherance or anticipation of and/or ancillary to or in preparation for, such business
including, without limitation, the development, expansion or operation of any Gaming Facility (including any land-based, dockside, riverboat or other type of casino), owned, or to be owned, leased or managed by the Company or one of its
Subsidiaries. 
 “Related Person” means any legal or beneficial owner of 5% or more of any class of Capital
Stock of the Company or any of its Subsidiaries. 
 “Responsible Officer,” when used with respect to the
Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and in each case who shall have direct
responsibility for the administration of this Indenture. 
 “Restricted Definitive Note” means a Definitive
Note bearing the Restricted Security Legend. 
 “Restricted Global Note” means a Global Note bearing the
Restricted Security Legend. 
 “Restricted Note” means a Restricted Global Note or a Restricted Definitive
Note. 
 “Restricted Payment” means: 

(a) any dividend or distribution (whether made in cash, Property or securities) declared or paid on or with respect to any
shares of Capital Stock of the Company or to the Company’s stockholders with respect to any shares of Capital Stock of the Company except for such dividends or distributions payable solely in Capital Stock of the Company (other than
Disqualified Stock of the Company); 
 (b) a payment made by the Company or any Restricted Subsidiary (other than to the
Company or a Restricted Subsidiary) to purchase, redeem, acquire or retire any Capital Stock of the Company or Capital Stock of any Affiliate of the Company or any warrants, rights or options, to directly or indirectly purchase or acquire any such
Capital Stock or any securities exchangeable for or convertible into any such Capital Stock; 
 (c) a payment made by the
Company or any Restricted Subsidiary after the Issue Date to redeem, repurchase, defease or otherwise acquire or retire for value, prior to any scheduled maturity, scheduled sinking fund or mandatory redemption payment (other than the redemption,
purchase, repurchase, defeasance or other acquisition of any Indebtedness subordinate in right of payment to the Notes or any Note Guarantee made in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in
each case due within twelve months of the date of such payment), Indebtedness of the Company or any Guarantor which is subordinate (whether pursuant to its terms or by operation of law) in right of payment to the Notes or any Note Guarantee; 

(d) any Investment (other than a Permitted Investment) in any Person; or 

  
 24 

 (e) any “Restricted Payment” as defined in any of the Existing
Indentures that was made after March 31, 1997 and prior to the Issue Date, including Investments in excess of $100,000,000 in the Borgata Joint Venture. 

“Restricted Security Legend” means the legend set forth in Exhibit B under the caption “Form of
Restricted Security Legend,” which is required to be placed on all Restricted Notes issued under this Indenture. 

“Restricted Subsidiary” means any Subsidiary of the Company that (a) has not been designated by the
Board of Directors as an Unrestricted Subsidiary, or (b) was an Unrestricted Subsidiary but has been redesignated by the Board of Directors as a Restricted Subsidiary, in each case as provided under the definition of “Unrestricted
Subsidiary”; provided, however, that no Subsidiary shall be redesignated from an Unrestricted Subsidiary to a Restricted Subsidiary unless, immediately after giving pro forma effect to such designation, the Company would be able to Incur
at least $1.00 of additional Indebtedness pursuant to Section 4.12(a). 
 “Rule 144” means Rule 144
promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act.

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

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

“S&P” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial
Services LLC business. 
 “Sale/Leaseback Transaction” means, with respect to any Person, any direct or
indirect arrangement pursuant to which Property is sold or transferred by such Person or a Restricted Subsidiary of such Person and is thereafter leased back from the purchaser or transferee thereof by such Person or one of its Restricted
Subsidiaries. 
 “SEC” means the Securities and Exchange Commission. 

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

“Shelf Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Significant Subsidiary” means: 

(a) any Subsidiary of the Company (other than Boyd Atlantic City, Inc.) that guarantees or otherwise provides direct credit
support for any Indebtedness of the Company; or 
 (b) any Subsidiary of the Company that is a Domestic Subsidiary and a
“Significant Subsidiary” as defined in the Credit Facility. 
 “Stated Maturity” means, with
respect to any security, the date specified in such security as the fixed date on which a payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for
the repurchase of such security at the option of the holder thereof upon the happening of any contingency unless such contingency has occurred). 

  
 25 

 “Subsidiary” of any Person means any corporation, association,
partnership, limited liability company or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (1), such Person, (2) such Person and one or more Subsidiaries of such Person, or (3) one or
more Subsidiaries of such Person. 
 “Temporary Cash Investments” means any of the following: 

(a) Investments in U.S. Government Obligations maturing within 90 days of the date of acquisition thereof; 

(b) Investments in time deposit accounts, certificates of deposit and money market deposits maturing within 90 days of the
date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America or any state thereof having capital, surplus and undivided profits aggregating in excess of $500,000,000 and whose
long-term debt is rated “A-3” or higher, “A–” or higher or “A–” or higher according to Moody’s, S&P or Fitch Credit Rating Co. (or such similar equivalent
rating by at least one “nationally recognized statistical rating organization” (as defined in Rule 436 under the Securities Act)), respectively; 

(c) repurchase obligations with a term of not more than seven days for underlying securities of the types described in
clause (a) above entered into with a bank meeting the qualifications described in clause (b) above; 
 (d)
Investments in commercial paper, maturing not more than 90 days after the date of acquisition, issued by a corporation (other than the Company or an Affiliate of the Company) organized and in existence under the laws of the United States of America
with a rating at the time as of which any Investment therein is made of “P-1” (or higher) according to Moody’s, “A-1” (or higher) according to
S&P or “A-1” (or higher) according to Fitch Credit Rating Co. (or such similar equivalent rating by at least one “nationally recognized statistical rating organization” (as defined in
Rule 436 under the Securities Act)); and 
 (e) Investments in money market funds substantially all of whose assets comprise
securities of the types described in clauses (a) through (d) above. 
 “TIA” means the Trust Indenture
Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under the TIA, except as provided in Section 9.03. 

“Treasury Rate” means with respect to any redemption date, the weekly average for each Business Day during
the most recent week that has ended at least two Business Days prior to the redemption date of the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the Federal
Reserve Statistical Release H.15 with respect to each applicable day during such week (or, if such Statistical Release is no longer published or such information is no longer available thereon, any publicly available source of similar market data
selected by the Company)) most nearly equal to the period from the redemption date to August 15, 2021; provided, however, that if the period from the redemption date to August 15, 2021 is not equal to the constant maturity of
a United States Treasury security for which a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of
United States Treasury securities for which such yields are given, except that if the period from the redemption date to August 15, 2021 is less than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year shall be used. 

  
 26 

 “Trustee” means the party named as such above until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to
bear the Restricted Security Legend. 
 “Unrestricted Global Note” means one or more Global Notes that do
not bear and are not required to bear the Restricted Security Legend. 
 “Unrestricted Subsidiary” means
(i) any Subsidiary of the Company which at the time of determination shall be an Unrestricted Subsidiary (as designated by the Board of Directors in compliance with this Indenture) and (ii) any Subsidiary of an Unrestricted Subsidiary. As
of the Issue Date, each of: OED Acquisition, LLC, a Delaware limited liability company, Peninsula Gaming Corp., a Delaware corporation, Boyd Interactive Gaming, Inc., a Nevada corporation, and each Subsidiary of each such Person is an Unrestricted
Subsidiary. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an
ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or
redeemable at the issuer’s option. 
 “U.S. Person” means a U.S. person as defined in Rule 902(k)
under the Securities Act. 
 “Voting Stock” means securities of any class or classes of a Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to vote for corporate directors (or Persons performing equivalent functions). 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years
obtained by dividing: 
 (a) the sum of the products obtained by multiplying (i) the amount of each then remaining
installment, sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect of the Indebtedness, by (ii) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment; by 

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

Section 1.02. Other Definitions. 
  

			
	 Term
	  	Defined
in Section
	 “Affiliate Transaction”
	  	4.17
	 “Authentication Order”
	  	2.01
	 “Change of Control Offer”
	  	4.10
	 “Change of Control Payment”
	  	4.10
	 “Change of Control Payment Date”
	  	4.10
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.02
	 “Effective Covenants”
	  	4.20
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.11

  
 27 

			
	 Term
	  	Defined
in Section
	 “Funding Guarantor”

“Guarantor Obligations”

“Legal Defeasance”
	  	10.03
 10.01

8.02

	 “Paying Agent”
	  	2.02
	 “Prepayment Offer”
	  	4.11
	 “Registrar”
	  	2.02
	 “Successor”
	  	5.01
	 “Suspended Covenants”
	  	4.20

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. 
 The following TIA terms used in this Indenture have the following meanings: 

“default” means Event of Default; 

“indenture securities” means the Notes; 

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

“indenture to be qualified” means this Indenture; 

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

“obligor” on the Notes and the Note Guarantees means the Company and the Guarantors, respectively, and any
successor obligor upon the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 

Section 1.04. Rules of Construction. 

Unless the context otherwise requires: 

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

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

(c) “or” is not exclusive; 

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

(e) provisions apply to successive events and transactions; 

(f) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time; and 

  
 28 

 (g) unsecured Indebtedness shall not be deemed to be subordinate or junior to
secured Indebtedness merely by virtue of its nature as unsecured Indebtedness. 
 ARTICLE 2. THE NOTES 

Section 2.01. Form; Dating; Execution and Authentication. 

(a) General. The Notes and the Trustee’s certificate of authentication shall 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 shall be dated the date of its authentication. The Notes shall be in minimum denominations of $1,000 and integral multiples thereof. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and
the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Each Global Note,
substantially in the form of Exhibit A attached hereto, shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent 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 shall 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 2.05. The aggregate principal amount of the Regulation S Global Note and increases or decreases thereto shall also be recorded in the Note Register, as hereinafter provided. 

(c) 144A Notes. Notes offered and sold in reliance on Rule 144A shall be issued initially in the form of one or more
Global Notes bearing the legends set forth on Exhibit B hereto under the headings “Form of Global Note Legend” and “Form of Restricted Security Legend.” 

(d) Regulation S Global Note. Notes offered and sold in reliance on Regulation S shall be issued
initially in the form of one or more Global Notes bearing the legends set forth on Exhibit B hereto under the headings “Form of Global Note Legend” and “Form of Restricted Security Legend.” 

(e) Execution. At least one Officer shall sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall
nevertheless be valid. 
 A Note shall not be valid until authenticated by the manual signature of the Trustee. The
signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 (f)
Authentication. The Trustee will, upon receipt of a written order of the Company signed by an Officer (an “Authentication Order”), authenticate and deliver Notes for an original issue in an aggregate principal amount
specified in the written order of the Company pursuant to this Section 2.01. 

  
 29 

 
Such Authentication Order shall specify the amount of the Notes to be authenticated and the date on which the original issue of the Notes is to be authenticated. The aggregate principal amount of
Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company, pursuant to one or more Authentication Orders, except as provided in Section 2.06. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may
authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate
of the Company. 
 Section 2.02. Registrar and Paying Agent. 

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

The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the
Global Notes. 
 The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian
with respect to the Global Notes. The Company may change the Registrar and Paying Agent without prior notice to the Holders of the Notes. 

Section 2.03. Paying Agent to Hold Money in Trust. 

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

Section 2.04. Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names
and addresses of all Holders and shall otherwise comply with TIA § 312(a). If 

  
 30 

 
the Trustee is not the Registrar, the Company shall furnish to the Trustee at least 5 Business Days before each interest payment date and at such other times as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 

Section 2.05. Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except 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 exchangeable by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under
the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary or (ii) there has occurred and is continuing an Event of Default and the Holder
thereof has requested such exchange. Upon the occurrence of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as the Holder of the Global Note and the Depositary shall instruct the Trustee. Global Notes
also may be exchanged or replaced, in whole or in part, as provided in Sections 2.06 and 2.09. Except as described in the two preceding sentences, every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.05 or Section 2.06 or 2.09, 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 2.05(a); provided however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.05(b) or (c). Neither the Company nor the Trustee shall be liable for any delay by the Holder of a
Global Note or the Depositary in identifying holders of beneficial interests in the Global Notes. 
 (b) Transfer and
Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Notes shall 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 shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any 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 Restricted Security 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 2.05(b)(i). 
 (ii) 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 2.05(b)(i) above, the transferor of such beneficial interest must deliver to the
Registrar either (A) (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 

  
 31 

 
increase or (B) (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. Upon consummation of an Exchange Offer by the Company in accordance with Section 2.05(f), the requirements of this Section 2.05(b)(ii) shall be deemed to
have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.05(h). 
 (iii) 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 2.05(b)(ii) 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 E hereto, including the certifications in item (1) thereof; and 

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

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in
the 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 2.05(b)(ii) above and: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer,
(2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration
Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) 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 a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit F hereto, including the certifications in item (1)(a) thereof; or 

  
 32 

 (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 a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of
Exhibit E hereto, including the certifications in item (4) thereof; 
 and, in each such case
set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security Legend are no longer required in order to maintain compliance with the Securities Act. 

If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when the applicable Unrestricted
Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount
equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 

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

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit F 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 E 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 E 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 E hereto, including the certifications in item (3)(a) thereof; 

  
 33 

 (E) if such beneficial interest is being transferred to the
Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit E 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 E 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 2.05(h), and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.05(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.05(c)(i) shall bear the Restricted Security Legend and shall be subject to all restrictions on transfer contained therein. 

(ii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note
only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a
Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration
Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) 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 F 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 E hereto, including the certifications in item (4) thereof;

  
 34 

 
and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security Legend are no longer required in
order to maintain compliance with the Securities Act. 
 (iii) Beneficial Interests in Unrestricted Global
Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.05(b)(ii), the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly
pursuant to Section 2.05(h), and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange
for a beneficial interest pursuant to this Section 2.05(c)(iii) 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 pursuant to this Section 2.05(c)(iii) shall not bear the Restricted Security Legend. 
 (d) Transfer and
Exchange of Definitive Notes for Beneficial Interests in Global Notes. 
 (i) 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 F 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 E 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 E 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 E hereto, including the certifications in item (3)(a) thereof; 

  
 35 

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

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate
principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the appropriate 144A Global Note, and in the case of clause (C) above, the appropriate Regulation S
Global Note. 
 (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer
in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a
Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration
Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives
the following: 
 (1) 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 F hereto, including the certifications in item (1)(c) thereof; or 

(2) 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 E hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein
and in the Restricted Security Legend are no longer required in order to maintain compliance with the Securities Act. 

  
 36 

 Upon satisfaction of the conditions of any of the subparagraphs
in this Section 2.05(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the applicable Unrestricted Global Note. 

(iii) 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 shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of the applicable Unrestricted Global
Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to
subparagraphs (ii)(B), (ii)(D) or (iii) above at a time when the applicable Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.01, the Trustee
shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.05(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or
surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.05(e). 

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

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the
form of Exhibit E 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 E 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 E hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

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

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case of an 

  
 37 

 
exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Broker-Dealer, (2) a Person participating in the
distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
 (C) any such transfer is effected by a Broker-Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) 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 F 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 E hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests, an Opinion of Counsel
in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Security Legend are no
longer required in order to maintain compliance with the Securities Act. 
 (iii) Unrestricted Definitive
Notes to Unrestricted Definitive Notes. A Holder of 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) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the
Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the
beneficial interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (x) they are not Broker-Dealers (except as otherwise contemplated by and in
accordance with the Registration Rights Agreement), (y) they are not participating in a distribution of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Company. Concurrently with the issuance of such Notes,
the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly. 

(g) Legends. As applicable, the legends set forth in Exhibit B hereto shall appear on the face of all Restricted
Global Notes and Restricted Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. Notwithstanding the 

  
 38 

 
foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.05 (and all
Notes issued in exchange therefor or substitution thereof) shall not bear the Restricted Security Legend. 
 (h)
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.10. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be
made on such Global Note by the Trustee or by the 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 shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 

(ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a
Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.09, 3.06 and 9.05). 

(iii) The Registrar shall not be required to register the transfer of or exchange any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid and legally binding obligations of the Company, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(v) Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Registrar shall be
responsible for ascertaining whether any transfer complies with the registration provisions of or exemptions from the Securities Act, applicable state securities laws or other applicable law. 

(vi) Neither the Registrar nor the Company shall be required (A) to issue, to register the transfer of or
to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection, (B) to register
the transfer of or to exchange any Note so 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. 

  
 39 

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

(viii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.01. 
 (ix) All certifications, certificates and Opinions of Counsel required to be submitted
to the Registrar pursuant to this Section 2.05 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.06.
Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, in the absence of notice to the Company or the Trustee that the Note has been acquired by a bona fide purchaser, the Company shall issue and the Trustee, upon receipt of an
Authentication Order, shall authenticate a replacement Note if the Trustee’s and the Company’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the
judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge a Holder for its expenses in replacing a
Note. 
 Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of
this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.07. 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 as not outstanding. Except as set forth in Section 2.08, a
Note does not cease to be Outstanding because the Company or an Affiliate of the Company holds the Note; provided however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be Outstanding for purposes of
Section 3.07(b). 
 If a Note is replaced pursuant to Section 2.06, it ceases to be Outstanding unless the Trustee
receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 If the principal amount of any
Note is considered paid under Section 4.01, it ceases to be Outstanding and interest on it ceases to accrue. 
 If the
Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no
longer Outstanding and shall cease to accrue interest. 
 Section 2.08. Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or
consent, Notes owned by the Company, any Guarantor or by any Person directly 

  
 40 

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

Section 2.09. Temporary Notes. 

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

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

Section 2.10. Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of
such canceled Notes in its customary manner (consistent with all applicable legal requirements). Certification of the disposition of all canceled Notes shall be delivered to the Company. The Company may not issue new Notes to replace Notes that it
has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.11. Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, it shall 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. The Company shall promptly notify the Trustee in writing of the
amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be
less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company)
shall send to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. Notwithstanding the foregoing, any interest which is paid prior to the expiration of the 30-day period set forth in Section 6.01(a) shall be paid to Holders as of the record date for the interest payment date for which interest has not been paid. 

Section 2.12. CUSIP, ISIN and Other Numbers. 

The Company in issuing the Notes may use “CUSIP”, “ISIN” or other such numbers (if then generally in use)
and, if it does so, the Trustee shall use the CUSIP, ISIN or other such numbers in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or
accuracy of the CUSIP, ISIN or other such numbers printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes and any such redemption or exchange shall not be affected by any
defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the CUSIP numbers. 

  
 41 

 Section 2.13. Issuance of Additional Notes. 

The Company shall be entitled, from time to time, subject to its compliance with Section 4.12, without the consent of any
Holder, to issue Additional Notes under this Indenture with identical terms as the Notes issued on the Issue Date other than with respect to (i) the date of issuance, (ii) the issue price, (iii) the amount of interest payable on the
first interest payment date, (iv) and (v) any changes necessary to conform to and ensure compliance with the Securities Act (or other applicable securities laws). The Initial Notes issued on the Issue Date and any Additional Notes and
Exchange Notes issued in exchange therefor shall be treated as a single class for all purposes under this Indenture. 
 With
respect to any Additional Notes, the Company shall set forth in an Officers’ Certificate prepared pursuant to a resolution of the Board of Directors, a copy of which shall be delivered to the Trustee, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

 (b) the issue price, the issue date and the CUSIP or ISIN number of such Additional Notes; provided, however, that no
Additional Notes may be issued at a price that would cause such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the Internal Revenue Code of 1986, as amended; and 

(c) whether such Additional Notes shall be Restricted Notes or shall be issued in the form of Exchange Notes. 

For the avoidance of doubt, in connection with any issuance of Additional Notes, the Company shall deliver to the Trustee the
documents contemplated by Sections 2.01(f) and 12.04. 
 ARTICLE 3. REDEMPTION AND PREPAYMENT 

Section 3.01. Notices to Trustee. 

If the Company elects to redeem Notes pursuant to the optional redemption provisions of such Note and Section 3.07, it
shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the Notes to
be redeemed, (iii) the redemption date, (iv) the principal amount of Notes to be redeemed and (v) the redemption price 

Section 3.02. Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the
Notes to be redeemed or purchased among the Holders of the Notes that are subject to such redemption or purchase, by lot unless otherwise required by law or applicable stock exchange requirements; provided that as long as DTC serves as
Depositary for a Global Note, any redemption shall comply with DTC’s procedural requirements (provided that the Trustee shall have no responsibility to ensure compliance with the procedural requirements of DTC). 

The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note
selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in minimum amounts of $1,000 or whole multiples of $1,000 in excess thereof, except that if all of the Notes of a Holder are
to be redeemed, the entire 

  
 42 

 
outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to
Notes called for redemption also apply to portions of Notes called for redemption. The Company is not required to transfer or exchange any Notes selected for redemption and may suspend any transfers or exchanges of Notes for a period of 15 Business
Day prior to selection of Notes to be redeemed. 
 Section 3.03. Notice of Redemption. 

At least 15 days but not more than 60 days before a redemption date, the Company shall send a notice of redemption to each
Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60 days prior to a redemption date if the notice issued is in connection with a defeasance of the Notes or a satisfaction and
discharge of this Indenture. 
 The notice shall identify the Notes (including CUSIP Numbers) to be redeemed and shall
state: 
 (a) the redemption date; 

(b) the redemption price; 

(c) 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 (so long as such amount is in a denomination of $1,000 or minimum integral multiples of $1,000 in excess thereof) shall be issued in
the name of the Holder of such Notes upon cancellation of the original Note; 
 (d) the name and address of the Paying
Agent; 
 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed; and 
 (h) that no representation is made as to the correctness or
accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Company’s request, the
Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 30 days prior to the redemption date, an Officers’
Certificate requesting that the Trustee give such notice and providing a form setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04. Effect of Notice of Redemption. 

A notice of redemption may be conditional. If the redemption conditions specified in the redemption notice are not satisfied by
the redemption date set forth therein, the Company may, as specified in the redemption notice, extend the redemption period or withdraw the redemption notice or the redemption notice may be deemed to be null and void. 

  
 43 

 Section 3.05. Deposit of Redemption Price. 

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

If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease
to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest and Additional Interest, if any, on
such redemption date 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 shall not be so paid upon surrender for redemption because of the failure of the
Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption 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. 
 Section 3.06. Notes Redeemed in Part. 

Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the
Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 

Section 3.07. Optional Redemption. 

(a) Except pursuant to clause (b) and (c) of this Section 3.07, the Notes will not be redeemable prior to
August 15, 2021. 
 On or after August 15, 2021, the Company may redeem all or part of the Notes upon not less
than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the applicable redemption
date (subject to the rights of Holders of the Notes on any relevant record date to receive interest due on the relevant interest payment date occurring on or prior to the redemption date), if redeemed during the twelve-month period beginning on
August 15 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2021
	  	 	103.000	% 
	 2022
	  	 	102.000	% 
	 2023
	  	 	101.000	% 
	 2024 and thereafter
	  	 	100.000	% 

 (b) At any time prior to August 15, 2021, the Company may on any one or more occasions
redeem up to 35% of the aggregate principal amount of Notes at a redemption price of 106.000% of the principal amount, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date, subject to the rights of Holders of such
Notes on any relevant record date to receive interest due on the relevant interest payment date, with the Net Cash Proceeds of one or more Public Equity Offerings; provided that: 

(i) at least 65% of the aggregate principal amount of the Notes remains outstanding immediately after the
occurrence of such redemption (excluding Notes held by the Company and its Subsidiaries); and 

  
 44 

 (ii) the redemption occurs within 90 days of the date of the
closing of such Public Equity Offering. 
 (c) At any time prior to August 15, 2021 the Company may also redeem all or
a part of the Notes, upon not less than 15 nor more than 60 days’ prior notice to the Holders, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of the date of redemption, and
accrued and unpaid interest and Additional Interest, if any, to the date of redemption, subject to the rights of Holders of the Notes on any relevant record date to receive interest due on the relevant interest payment date occurring on or prior to
the redemption date. 
 (d) Any optional redemption pursuant to this Section 3.07 shall be made pursuant to the
provisions of Section 3.01 through 3.06. 
 Section 3.08. Mandatory Redemption. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09. Mandatory Disposition or Redemption Pursuant to Gaming Laws. 

If a Holder or beneficial owner of a Note is required to be licensed, qualified or found suitable under applicable Gaming Laws
and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority, the Holder shall be obligated, at the request of the Company, to dispose of such Holder’s Notes within a time period
prescribed by the Company or such other time period prescribed by such Gaming Authority (in which event the Company’s obligation to pay any interest after the receipt of such notice shall be limited as provided in such Gaming Laws). Thereafter,
the Company shall have the right to redeem, on the date fixed by the Company or prescribed by such Gaming Authority for the redemption of such Notes, such Holder’s Notes at a redemption price equal to the lesser of (1) the lowest closing
sale price of the Notes on any trading day during the 120-day period ending on the date upon which the Company shall have received notice from a Gaming Authority of such Holder’s disqualification or
(2) the price at which such Holder or beneficial owner acquired such Notes, unless a different redemption price is required by such Gaming Authority, in which event such required price shall be the redemption price. The Company is not required
to pay or reimburse any Holder or beneficial owner of a Note for the costs of licensure, qualification or finding of suitability or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note
required to be licensed, qualified or found suitable under applicable Gaming Laws must pay all investigative fees and costs of the Gaming Authorities in connection with such licensure, qualification, finding of suitability or application therefor.

 ARTICLE 4. COVENANTS 
 Section 4.01.
Payment of Notes. 
 The Company shall pay or cause to be paid the principal of, premium, if any, interest and Additional
Interest, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, interest and Additional Interest, if any, shall be considered paid on the date due if the Paying Agent, if other than the Company or a
Subsidiary thereof, holds as of 11:00 a.m. New York Time 

  
 45 

 
on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all such amounts. The Company shall pay all Additional Interest payable
pursuant to the Registration Rights Agreement, if any, in the same manner on the dates and in the amounts set for in the Registration Rights Agreement. 

The Company shall pay interest on overdue principal at the rate equal to 1% per annum in excess of the then applicable
interest rate on the Notes to the extent lawful; it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 

Section 4.02. Maintenance of Office or Agency. 

The Company shall maintain in the United States of America 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. The Company shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be
made at the Corporate Trust Office of the Trustee. 
 The Company may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve
the Company of its obligation to maintain an office or agency in the United States of America for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of
any such other office or agency. 
 The Company hereby designates the Corporate Trust Office of the Trustee as one such
office or agency of the Company in accordance with Section 2.02. 
 Section 4.03. Reports. 

(a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company shall
furnish to the Trustee and the Holders within 15 days after the time periods specified in the SEC’s rules and regulations (i) all quarterly and annual reports, including financial information that would be required to be contained in a
filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants and (ii) all current reports that would be required
to be filed with the SEC on Form 8-K if the Company were required to file such reports. In addition, whether or not required by the rules and regulations of the SEC, the Company shall file a copy of all such
information and reports with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such a filing) and will post the reports on its website within those time periods.
The Company shall at all times comply with TIA § 314(a). 
 (b) If, at any time the Company is no longer subject to the
periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless continue filing the reports specified in Section 4.03(a) with the SEC within the time periods specified above unless the SEC will not accept such
a filing. 

  
 46 

 (c) The Company will not take any action for the purpose of causing the SEC not
to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in Section 4.03(a) and (b) on its website within the time
periods that would apply if the Company were required to file those reports with the SEC. 
 (d) Notwithstanding the
foregoing, the Company will be deemed to have furnished such reports referred to above to the Trustee and the Holders of the Notes if (i) the Company has filed (or, in the case of a Form 8-K, furnished)
such reports with the SEC via the EDGAR filing system and such reports are publicly available, or (ii) the reports are posted and publicly available on the Company’s website. The Trustee shall have no responsibility to verify that such
reports have been filed. 
 (e) Delivery of such reports, information and documents to the Trustee pursuant to this Section
is for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with
any of its covenants under this Indenture (as to which the Trustee is entitled to certificates). 
 Section 4.04. Compliance Certificate. 

(a) The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year (which fiscal year initially
ends December 31, 2018), an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall
have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred
and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take
with respect thereto. 
 (b) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, not
more than 30 days after any Officer becomes aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

Section 4.05. Stay and Extension Laws. 

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

  
 47 

 Section 4.06. Corporate Existence. 

Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and
effect (i) its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the
Company or any such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided, however, that the Company shall not be required to preserve
any such right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 

Section 4.07. Limitation on Status as an Investment Company. 

The Company shall not, and shall not permit any of its Restricted Subsidiaries to, become an “investment company” (as
that term is defined in the Investment Company Act of 1940, as amended), to the extent such status would subject the Company or any such Restricted Subsidiary to regulation under the Investment Company Act, except for Restricted Subsidiaries
established for the purpose of financing the operating businesses of the Company and its Subsidiaries. 
 Section 4.08. Payment for Consent.

 Neither the Company nor any of its Subsidiaries shall directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders
of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

Section 4.09. Additional Note Guarantees. 

If the Company or any of its Restricted Subsidiaries acquires or creates a Significant Subsidiary, or any non-Guarantor Restricted Subsidiary becomes a Significant Subsidiary after the date of this Indenture, then such Restricted Subsidiary shall become a Guarantor and execute a supplemental indenture and deliver to the
Trustee an Opinion of Counsel satisfying the requirements of Sections 12.04 and 12.05 of this Indenture and stating that such supplemental indenture constitutes the legal, valid and binding obligation of such Guarantor upon the earlier of
(a) the date that is 60 days following the date on which it was acquired, created or otherwise became a Significant Subsidiary or (b) the date on which such Restricted Subsidiary is required to become a guarantor under the Credit Agreement
(or, in each case, such longer period as may be required to obtain any necessary approvals under applicable Gaming Laws or other regulatory requirements). Any Subsidiary that does not constitute a Significant Subsidiary need not become a Guarantor
unless and until such time as it becomes a Significant Subsidiary. Notwithstanding the foregoing, to the extent any Significant Subsidiary is subject to the terms of any instrument governing Acquired Debt, as in effect at the time of acquisition
which instrument or restriction prohibits such Significant Subsidiary from issuing a Note Guarantee, such Significant Subsidiary shall not be required to execute such a supplemental indenture until it is permitted to issue such Note Guarantee
pursuant to the terms of such Acquired Debt. The Company shall use reasonable commercial efforts to obtain all approvals of any Gaming Authority necessary to permit any Significant Subsidiary to become a Guarantor as promptly as practicable. 

  
 48 

 Section 4.10. 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 Company to repurchase all or any part (equal to $1,000 or a
minimum integral multiple of $1,000 in excess of $1,000) of that Holder’s Notes pursuant to an offer (“Change of Control Offer”) on the terms set forth in this Indenture. In the Change of Control Offer, the Company will offer a
payment (“Change of Control Payment”) in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Interest, if any, on the Notes repurchased, to the date of purchase.

 (b) Not later than 30 days following (i) any Change of Control or (ii) in the event the Notes have Investment
Grade Status at the earlier of the public announcement of (x) a Change of Control or (y) (if applicable) the Company’s intention to effect a Change of Control, a Change of Control Triggering Event, the Company will send a notice
(which notice may be conditional) to each Holder (with a copy to the Trustee) stating, among other things: 

(i) that a Change of Control or Change of Control Triggering Event, as the case may be, has occurred and a
Change of Control Offer is being made pursuant to this Section 4.10 and that all Notes (or portions thereof) timely tendered will be accepted for payment; 

(ii) the purchase price and the date at which the Change of Control Payment is to be made (“Change of
Control Payment Date”), which date will be no earlier than 15 days and, subject to the following sentence, no later than 60 days from the date such notice is mailed, pursuant to the procedures required by this Indenture and described in
such notice; 
 (iii) that any Note (or portion thereof) accepted for payment (and for which payment has been
duly provided on the Change of Control Payment Date) pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 

(iv) that any Notes (or portions thereof) not tendered will continue to accrue interest; 

(v) a description of the transaction or transactions constituting the Change of Control or Change of Control
Triggering Event, as the case may be; and 
 (vi) the procedures that Holders must follow in order to tender
their Notes (or portions thereof) for payment and the procedures that Holders must follow in order to withdraw an election to tender Notes (or portions thereof) for payment. 

(c) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a
definitive agreement is in place for the Change of Control at the time of the making of the Change of Control Offer. In addition, the Company will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control made by the Company and such third party purchases all Notes properly tendered and not
withdrawn under such Change of Control Offer. 
 (d) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of
Control or Change of 

  
 49 

 
Control Triggering Event, as the case may be. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Indenture, the Company
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 conflict. 

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

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer; 
 (ii) 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 
 (iii) deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

The paying agent will promptly send to each Holder of Notes properly tendered the Change of Control Payment for such Notes,
and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will
be in a minimum principal amount of $1,000 or an integral multiple of $1,000 in excess of $1,000. 
 (f) The provisions
described above that require the Company to make a Change of Control Offer following a Change of Control will be applicable whether or not any other provisions of this Indenture are applicable. Except as described above with respect to a Change of
Control, this Indenture does not contain provisions that permit the Holders of the Notes to require that the Company repurchase or redeem the Notes in the event of a takeover, recapitalization or similar transaction. 

(g) Prior to the occurrence of a Change of Control, the provisions under this Indenture relating to the Company’s
obligation to make an offer to purchase the Notes as a result of a Change of Control may be waived or modified with the written consent of the Holders of a majority in principal amount of the Notes. 

Section 4.11. Asset Sales. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale
after the Issue Date, unless: 
 (i) the Company or such Restricted Subsidiary, as the case may be, receives
consideration at the time of such Asset Sale at least equal to the Fair Market Value of the Property subject to such Asset Sale; and 

(ii) at least 75% of such consideration consists of cash, Temporary Cash Investments or any stock or assets of
the kind referred to in clause (1) or (3) of the definition of “Additional Assets”; provided, however, that for purposes of this clause (ii), (x) the assumption of Indebtedness of the Company or a Restricted
Subsidiary which is not subordinated to the Notes or any Note Guarantee shall be deemed to be Temporary Cash Investments if the Company, such Restricted Subsidiary and all other Restricted Subsidiaries of the Company, to the extent any of the
foregoing are liable with respect to such Indebtedness, are expressly released from all liability for such Indebtedness by the holder thereof in connection with such Asset Sale; (y) any securities

  
 50 

 
or Notes received by the Company or such Restricted Subsidiary, as the case may be, from the transferee that are converted by the Company or such Restricted Subsidiary into cash or Temporary Cash
Investments within 180 days of the date of such Asset Sale shall be deemed to be Temporary Cash Investments; and (z) the Company and its Restricted Subsidiaries may receive consideration in the form of securities exceeding 25% of the
consideration for one or more Asset Sales so long as the Company and its Restricted Subsidiaries do not hold such securities having an aggregate Fair Market Value in excess of the greater of $250,000,000 and 5% of Consolidated Total Assets of the
Company at any time outstanding. 
 (b) Within 360 days after the receipt of the Net Proceeds of an Asset Sale, an amount
equal to 100% of the Net Proceeds from such Asset Sale may be applied by the Company or a Restricted Subsidiary to do one or both of the following: 

(i) repay, redeem or repurchase senior Indebtedness of the Company or any Guarantor, including Indebtedness
under the Credit Facility or the Notes and, in the case of any such repayment under any revolving credit or other facility that permits future borrowings, effect a corresponding reduction in the availability or commitments; or 

(ii) reinvest in Additional Assets (including by means of an Investment in Additional Assets by a Restricted
Subsidiary with Net Proceeds received by the Company or another Restricted Subsidiary); 
 provided, however, that if the
Company or any Restricted Subsidiary contractually commits within such 360-day period to apply such Net Proceeds within 180 days of such contractual commitment in accordance with the above clause
(i) and/or (ii), and such Net Proceeds are subsequently applied as contemplated in such contractual commitment, then the requirement for application of Net Proceeds set forth in this clause (c) shall be considered satisfied. 

(c) Any Net Proceeds from an Asset Sale that are not used in accordance with the preceding paragraph shall constitute excess
proceeds (“Excess Proceeds”). When the aggregate amount of Excess Proceeds exceeds $125,000,000, the Company shall make an offer to purchase (the “Prepayment Offer”) from all Holders of the Notes, and, at the
election of the Company, the Holders of any other outstanding Pari Passu Indebtedness containing comparable repurchase rights, an aggregate principal amount of Notes and, if applicable, such other Pari Passu Indebtedness equal to the Excess
Proceeds, at a price in cash at least equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, in accordance with the procedures set forth below in clause (e). To the extent that any
portion of the Excess Proceeds remains after compliance with the preceding sentence and provided that all Holders have been given the opportunity to tender their Notes for repurchase in accordance with this Indenture, the Company or such Restricted
Subsidiary may use such remaining amount for general corporate purposes or the repurchase of Indebtedness subordinated in right of payment to the Notes or the Note Guarantee if required to be repurchased pursuant to their respective terms and the
amount of Excess Proceeds shall be reset to zero. Pending application of Net Proceeds pursuant to clauses (c)(i) and (ii) above, such Net Proceeds will be invested in Temporary Cash Investments or used to temporarily repay Pari Passu
Indebtedness that is revolving Indebtedness. 
 (d) Not more than 20 Business Days after the amount of Excess Proceeds
exceeds $125,000,000, the Company shall send a prepayment offer notice to the Holders (with a copy to the Trustee), accompanied by such information regarding the Company and its Subsidiaries as the Company in good faith believes will enable such
Holders to make an informed decision with respect to the Prepayment Offer. The prepayment offer notice will state, among other things: 

  
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 (i) that the Company is offering to purchase Notes pursuant to
the provisions of this Indenture: 
 (ii) that any Note (or any portion thereof) accepted for payment (and
for which payment has been duly provided on the purchase date) pursuant to the Prepayment Offer shall cease to accrue interest after the purchase date; 

(iii) the purchase price and purchase date, which shall be, subject to any contrary requirements of applicable
law, no less than 15 days nor more than 60 days from the date the prepayment offer notice is mailed; 
 (iv)
the aggregate principal amount of Notes (or portions thereof) to be purchased; 
 (v) a description of any
conditions to such Prepayment Offer; and 
 (vi) a description of the procedure which Holders must follow in
order to tender their Notes (or portions thereof) and the procedures that Holders must follow in order to withdraw an election to tender their Notes (or portions thereof) for payment. 

(e) The Company will comply with the requirements of Rule 14e-1 under the Exchange
Act, and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the purchase of Notes as a result of a Prepayment Offer. To the extent that the provisions of any securities laws
or regulations conflict with the provisions relating to the Prepayment Offer, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue of such
conflict. 
 Section 4.12. Limitation on Indebtedness. 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, Incur any Indebtedness; provided,
however, that the Company or any Guarantor may Incur Indebtedness if the Company’s Consolidated Fixed Charge Coverage Ratio would exceed 2.0 to 1.0, after giving effect to: 

(i) the Incurrence of such Indebtedness as if such Indebtedness was Incurred at the beginning of the Reference
Period and (if applicable) the application of the net proceeds thereof to repay or defease other Indebtedness as if the application of such proceeds occurred at the beginning of the Reference Period; 

(ii) the Incurrence and retirement (including any Indebtedness that has been defeased) of any other
Indebtedness since the first day of the Reference Period as if such Indebtedness was Incurred or retired at the beginning of the Reference Period; 

(iii) the execution or termination of any management agreement pursuant to which the Company or any Restricted
Subsidiary was or will be paid a management fee since the first day of the Reference Period including any execution or termination which will be effective contemporaneously with the Incurrence of such Indebtedness, as if such execution or
termination occurred at the beginning of the Reference Period; and 
 (iv) the acquisition or disposition of
any Property or any company or business by the Company or any Restricted Subsidiary since the first day of the Reference Period including any acquisition or disposition which will be consummated contemporaneously with the Incurrence of such
Indebtedness, as if such acquisition or disposition occurred at the beginning of the Reference Period, including without limitation any net reduction of lease payments in connection with any acquisition of Property and any related income or expense.

  
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 For purposes of such computation, with respect to Indebtedness that bears
interest at a variable rate, such Indebtedness shall be deemed to bear interest at the applicable interest rate (or weighted average interest rate, if there are multiple applicable interest rates) on the date such Indebtedness is Incurred or repaid.

 (b) Notwithstanding the foregoing limitation, the Company or any Restricted Subsidiary, as specified below, may Incur the
following Indebtedness: 
 (i) Indebtedness of the Company represented by the Initial Notes and of the
Guarantors under the Note Guarantees and any Exchange Notes and related Note Guarantees, if any, that may be issued pursuant to the Registration Rights Agreement; 

(ii) Indebtedness of the Company or any Restricted Subsidiary outstanding on the Issue Date (other than
Indebtedness under clauses (i) and (iii)); 
 (iii) Indebtedness of the Company or any Restricted
Subsidiary under the Credit Facility in an aggregate amount outstanding at any time not to exceed the greater of (A) $3.3 billion, and (B) 4.5 times Consolidated EBITDA during the Reference Period (after giving pro forma effect to the
acquisition or disposition of any company or business by the Company or any Restricted Subsidiary since the first day of the Reference Period including any acquisition or disposition which will be consummated contemporaneously with the Incurrence of
Indebtedness under this clause (iii), as if such acquisition or disposition occurred at the beginning of the Reference Period); 

(iv) Indebtedness of the Company or a Restricted Subsidiary owing to and held by a Restricted Subsidiary or the
Company; provided, however, that (A) if the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness must be unsecured and expressly subordinated to the prior
payment in full in cash of all obligations then due with respect to the Notes, in the case of the Company, or the Note Guarantees, in the case of a Guarantor, and (B) any subsequent issuance or transfer of any Capital Stock or other event that
results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of any such Indebtedness except to the Company or a Restricted Subsidiary shall be deemed in each case to constitute the Incurrence of such
Indebtedness by the issuer thereof; 
 (v) Indebtedness of the Company or a Restricted Subsidiary under
Interest Rate Agreements; provided that the obligations under such agreements were entered into in connection with payment obligations on Indebtedness otherwise permitted by the terms of this Section 4.12; 

(vi) Indebtedness of the Company or a Restricted Subsidiary under Currency Exchange Protection Agreements;
provided that such Currency Exchange Protection Agreements were entered into for the purpose of limiting exchange rate risks and not as speculative investments; 

(vii) Indebtedness of the Company or any Restricted Subsidiary in connection with one or more letters of
credit, bankers’ acceptances, worker’s compensation claims, surety bonds, appeal bonds, performance bonds or completion guarantees issued in the ordinary course of business or pursuant to self-insurance and similar obligations and not in
connection with the borrowing of money or the obtaining of advances or credit; 

  
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 (viii) Indebtedness of the Company or any Restricted Subsidiary
outstanding under Permitted FF&E Financings which are either (A) Non-Recourse Indebtedness of the Company and its Restricted Subsidiaries or (B) limited in amount (including all Permitted
Refinancing Indebtedness Incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness Incurred pursuant to this clause (b)(viii)) for each Gaming Facility owned or leased by the Company or any of its Restricted
Subsidiaries to the lesser of (x) the amount of FF&E used in such Gaming Facility and financed by such Permitted FF&E Financing or (y) $50,000,000; 

(ix) Indebtedness (including Capital Lease Obligations) Incurred by the Company or any of its Restricted
Subsidiaries to finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital
Stock of any Person owning such assets) in an aggregate amount not to exceed the greater of (A) $250,000,000 and (B) 5% of the Company’s Consolidated Total Assets; 

(x) Indebtedness consisting of the financing of insurance premiums or take-or-pay obligations contained in supply arrangements; 
 (xi)
Indebtedness arising from agreements of the Company or any Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition
of any business, assets or Person otherwise permitted by this Indenture; 
 (xii) guarantees incurred in the
ordinary course of business supporting obligations of suppliers, lessees and vendors; 
 (xiii) Acquired Debt
and any other Indebtedness incurred to finance a merger, consolidation or other acquisition; provided that immediately after giving effect to the incurrence of such Acquired Debt and such other Indebtedness, as the case may be, on a pro forma
basis as if such incurrence (and the related merger, consolidation or other acquisition) had occurred at the beginning of the applicable Reference Period, the Company’s Consolidated Fixed Charge Coverage Ratio would be equal to or greater than
the Company’s Consolidated Fixed Charge Coverage Ratio immediately prior to such merger, consolidation or other acquisition; 

(xiv) Indebtedness of the Company to the extent the net proceeds thereof are promptly deposited to defease the
Notes as described below under Article 8; 
 (xv) Indebtedness (including under the Credit Facility) of the
Company or any Restricted Subsidiary not otherwise permitted to be Incurred pursuant to the provisions of this section in an aggregate amount outstanding as of the date of any Incurrence of such Indebtedness not to exceed 7.5% of the Company’s
Consolidated Total Assets; or 
 (xvi) Permitted Refinancing Indebtedness Incurred by the Company or any
Restricted Subsidiary in respect of Indebtedness of the Company or any Restricted Subsidiary outstanding pursuant to the provisions of clause (a) above or such clauses (b)(i), (ii), (viii), (ix), (xiii), and this clause (b)(xvi);
provided, however, any such Permitted Refinancing Indebtedness may be Incurred up to 90 days prior to the repayment, repurchase or redemption of the Indebtedness being refinanced, redeemed or repaid with such Permitted Refinancing
Indebtedness; provided, 

  
 54 

 
further, that prior to any repayment, repurchase or redemption of the Indebtedness being refinanced with such Permitted Refinancing Indebtedness, the Company or the applicable Restricted
Subsidiary may temporarily invest the proceeds of such Permitted Refinancing Indebtedness in Temporary Cash Investments or use the proceeds of such Permitted Refinancing Indebtedness to pay down Indebtedness under the revolving credit portion of the
Credit Facility. 
 (c) For purposes of determining compliance with this Section 4.12, in the event that an item of
proposed Indebtedness meets the criteria of more than one of the categories described in clauses (b)(i) through (xvi) above, or is entitled to be Incurred pursuant to clause (a) above, the Company will be permitted to
(i) classify such item of Indebtedness on the date of its Incurrence in any manner that complies with this covenant and (ii) divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in clauses
(b)(i) through (xvi) above or as Incurred pursuant to clause (a) above. The Company may reclassify such Indebtedness from time to time in its sole discretion and may classify any item of Indebtedness in part under one or more of the
categories described in clauses (b)(i) through (xvi) above and/or in part as Indebtedness entitled to be Incurred pursuant to clause (a) above. Notwithstanding the foregoing, Indebtedness outstanding under the Credit Facility on the
Issue Date, after giving effect to the application of the proceeds from the issuance of the Notes that are applied on the Issue Date, initially will be deemed to have been Incurred on such date under clause (b)(iii), and may later be reclassified.

 (d) Accrual of interest, the accretion of principal amount, the payment of interest on any Indebtedness in the form of
additional Indebtedness, fair value adjustments to the amount of Indebtedness and the payment of dividends in the form of additional Disqualified Stock or Preferred Stock, as applicable, in each case will not be deemed to be an Incurrence of
Indebtedness for purposes of this covenant. In addition, a Guarantee of Indebtedness of the Company or of a Restricted Subsidiary will not constitute a separate Incurrence, or amount outstanding, of Indebtedness so long as the Indebtedness so
Guaranteed was Incurred in accordance with the terms of this Indenture. The Company may rely on internal or publicly reported financial reports even though there may be subsequent adjustments (including review and audit adjustments) to such
financial statements. For the avoidance of doubt, any Incurrence of Indebtedness which is based upon or made in reliance on a computation based on such internal or publicly reported financial statements, shall be deemed to continue to comply with
the applicable covenant, notwithstanding any subsequent adjustments that may result in changes to such internal or publicly reported financial statements. 

Section 4.13. Limitation on Layered Indebtedness. 

The Company will not Incur, and will not permit any Guarantor to Incur, any Indebtedness (including any Indebtedness described
in clauses (b)(i) through (xvi) of Section 4.12 that is contractually subordinated in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually subordinated in right of
payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company or
any Guarantor solely by virtue of being unsecured or by virtue of being secured on a junior priority basis. 
 Section 4.14. Limitation on Liens.

 The Company shall not, and shall not permit any Guarantor to, directly or indirectly, Incur or suffer to exist, any
Lien (other than Permitted Liens) upon any of its Property, whether owned at the Issue Date or thereafter acquired, or any interest therein or any income or profits therefrom, which secures Indebtedness that ranks pari passu with or is
subordinated to the Notes unless: 
 (a) if such Lien secures Indebtedness that ranks pari passu in right of
payment with the Notes or any Note Guarantee, the Notes or such Note Guarantee are secured on an equal and ratable basis with the obligations so secured; or 

  
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 (b) if such Lien secures Indebtedness that is subordinate in right of payment to
the Notes or any Note Guarantee, the Notes or such Note Guarantee are secured on a senior basis to the obligations so secured. 

Any Lien created for the benefit of the Holders pursuant to the preceding paragraph shall provide by its terms that such Lien
shall be automatically and unconditionally released and discharged upon the release and discharge of the Lien securing such Indebtedness that gave rise to the obligations to secure the Notes or such Note Guarantee under this section. 

Section 4.15. Limitation on Restricted Payments. 

(a) The Company shall not make, and shall not permit any Restricted Subsidiary to make, any Restricted Payment if at the time
of, and after giving effect to, such proposed Restricted Payment: 
 (i) a Default or an Event of Default
shall have occurred and be continuing; 
 (ii) the Company could not Incur at least $1.00 of additional
Indebtedness pursuant to the clause (a) under Section 4.12; or 
 (iii) the aggregate amount of
such Restricted Payment and all other Restricted Payments made from and after July 22, 1997 (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value) would exceed an amount equal, without
duplication, to the sum of: 
 (A) 50% of the Consolidated Net Income accrued during the period (treated as
one accounting period) from April 1, 1997 to the end of the most recent fiscal quarter ended immediately prior to the date of such Restricted Payment (or, in the case such Consolidated Net Income shall be a deficit, minus 100% of such deficit);

 (B) the aggregate proceeds received by the Company from the issue or sale of its Capital Stock (other than
Disqualified Stock) subsequent to March 31, 1997 (other than an issuance or sale (x) to a Subsidiary of the Company or an employee stock ownership plan or other trust established by the Company or any of its Subsidiaries, (y) pursuant
to clauses (iii) or (iv) of Section 4.15(b) or (z) in connection with the acquisition of Coast Casinos, Inc.); 

(C) the amount by which Indebtedness of the Company or any Restricted Subsidiary is reduced on the
Company’s balance sheet upon the conversion or exchange (other than an issuance or sale to a Subsidiary of the Company or an employee stock ownership plan or other trust established by the Company or any of its Subsidiaries) subsequent to
March 31, 1997, of any Indebtedness of the Company or any Restricted Subsidiary convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company (less the amount of any cash or other property distributed by the
Company or any Restricted Subsidiary upon such conversion or exchange); 
 (D) the amount equal to the net
reduction in Investments that were treated as Restricted Payments subsequent to March 31, 1997 resulting from (x) payments of 

  
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dividends, repayments of loans or advances or other transfers of assets to the Company or any Restricted Subsidiary or the satisfaction or reduction (other than by means of payments by the
Company or any Restricted Subsidiary) of obligations of other Persons which have been Guaranteed by the Company or any Restricted Subsidiary or (y) the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries, in each case such net
reduction in Investments being (1) valued as provided in the definition of “Investment”, (2) an amount not to exceed the aggregate amount of Investments previously made by the Company or any Restricted Subsidiary which were treated as
a Restricted Payment when made and (3) included in this clause (D) only to the extent not included in Consolidated Net Income; 

(E) payments of dividends, repayments of loans or advances or other transfers of assets to the Company or any
Restricted Subsidiary from the Borgata Joint Venture to the extent such dividends, repayments, advances or other transfers exceed $100,000,000, but only to the extent that any such payments are excluded from the computation of Consolidated Net
Income and in an aggregate amount not in excess of the amount of Investments in the Borgata Joint Venture that were treated as Restricted Payments when made; and 

(F) $50,000,000. 

(b) The provisions of clause (a) shall not prohibit: 

(i) the payment of any dividend within 60 days after the date of its declaration if such dividend could have
been paid on the date of its declaration in compliance with the provisions of this Indenture; 
 (ii) the
redemption or repurchase of any Capital Stock or Indebtedness of the Company 
 (A) if the holder or
beneficial owner of such Capital Stock or Indebtedness is required to qualify under the Gaming Laws and does not so qualify; or 

(B) if necessary in the reasonable, good faith judgment of the Board of Directors, as evidenced by a Board
Resolution, to prevent the loss or secure the reinstatement of any Gaming License which if lost or not reinstated, as the case may be, would have a material adverse effect on the business of the Company and its Subsidiaries, taken as a whole, or
would restrict the ability of the Company or any of its Subsidiaries to conduct business in any gaming jurisdiction; 

(iii) any purchase, redemption or other acquisition or retirement of Capital Stock of the Company made by
exchange for, or with proceeds of the sale of, Capital Stock (other than Disqualified Stock) of the Company received not more than 90 days before or after such purchase, redemption or other acquisition or retirement of Capital Stock; 

(iv) any purchase, redemption or other acquisition or retirement of the Indebtedness of any Person made by
exchange for, or with proceeds of the sale of, Capital Stock (other than Disqualified Stock) of the Company received not more than 90 days before or after such purchase, redemption or other acquisition or retirement of Indebtedness; 

  
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 (v) any purchase, redemption, defeasance or other acquisition or
retirement for value of Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee from the proceeds of Permitted Refinancing Indebtedness Incurred not more than 90 days before or after such
repurchase, redemption, defeasance or other acquisition or retirement of such Indebtedness; 
 (vi) cash
payments in lieu of fractional shares issuable as dividends on Capital Stock of the Company or any of its Restricted Subsidiaries; 

(vii) the redemption or repurchase of any (i) Indebtedness subordinated in right of payment to the Notes
or any Note Guarantee, or (ii) Capital Stock of the Company , in each case to the extent required by a final non-appealable order or judgment entered by a court or courts of competent jurisdiction; 

(viii) the purchase, redemption or other acquisition or retirement of Indebtedness subordinated in right of
payment to the Notes or any Note Guarantee (A) with any Excess Proceeds remaining after all Holders have been given the opportunity to tender their Notes for repurchase in accordance with Section 4.11 if any such subordinated Indebtedness
is required to be repurchased pursuant to its respective terms and (B) other purchases, redemptions or other acquisition or retirement of Indebtedness subordinated in right of payment to the Notes or any Note Guarantee in an aggregate amount
not to exceed $400,000,000 in the aggregate; 
 (ix) so long as no Default or Event of Default has occurred
and is continuing, repurchases by the Company of its common stock or options, warrants or other securities exercisable or convertible into such common stock (excluding any debt security that is convertible into, or exercisable for, common stock)
held by employees, officers, consultants or directors of the Company or any of its direct or indirect Subsidiaries upon death, disability or termination of employment or directorship of such employees, officers, consultants or directors not to
exceed $10,000,000 in the aggregate in any fiscal year, with unused amounts in any fiscal year permitted to be carried over for the next two succeeding fiscal years; 

(x) the repurchase of Capital Stock deemed to occur upon the exercise of stock options to the extent such
Capital Stock represents a portion of the exercise price of those stock options; 
 (xi) the repurchase of
Capital Stock upon the vesting of restricted stock, restricted stock units or performance share units to the extent necessary to satisfy tax withholding obligations attributable to such vesting; 

(xii) other Investments in an aggregate amount at any time not to exceed 10% of the Company’s Consolidated
Total Assets (in each case with Investments calculated at the time of such Investment); 
 (xiii) so long as
no Default or Event of Default has occurred and is continuing, the repurchase of Indebtedness subordinated in right of payment to the Notes or any Note Guarantee with any Excess Proceeds as provided under Section 4.11 or pursuant to
Section 4.10; provided that all Notes tendered by Holders in connection with a Change of Control Offer or Prepayment Offer, as applicable, have been repurchased, redeemed or acquired for value; and 

(xiv) Restricted Payments made on or after the Issue Date pursuant to this clause (xiv) not to exceed
$300,000,000 in the aggregate. 

  
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 (c) The full amount of any Restricted Payments made subsequent to March 31,
1997 pursuant to clauses (b)(i) and (ii) of this Section 4.15 (but not pursuant to (b)(iii) through (xiii) of this Section 4.15) shall be included in the calculation of the aggregate amount of Restricted Payments referred to
under clause (a)(iii) of this Section 4.15. For the avoidance of doubt, only Restricted Payments made from and after July 22, 1997 pursuant to clauses corresponding to clauses (b)(i) and (ii) above (but not pursuant to any other
clause of any indenture that is or was excluded from the calculation of the aggregate amount of Restricted Payments corresponding to the calculation in clause (a)(iii)) shall be included in the calculation of the aggregate amount of Restricted
Payments made from and after July 22, 1997 pursuant to clause (a)(iii) in the first paragraph of this covenant. 
 Section 4.16. Limitation on
Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries 
 (a) The Company shall not, and shall not
permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to: 

(i) pay dividends or make any other distributions to the Company or any other Restricted Subsidiary on its
Capital Stock or with respect to any other interest or participation in, or measured by, its profits; 
 (ii)
pay any Indebtedness owed to the Company or any other Restricted Subsidiary; 
 (iii) make loans or advances
to the Company or any other Restricted Subsidiary; or 
 (iv) transfer any of its Property to the Company or
any other Restricted Subsidiary. 
 (b) Notwithstanding clause (a) of this Section 4.16, the Company may, and may
permit any Restricted Subsidiary to, directly or indirectly, create or otherwise suffer to exist or become effective such encumbrances or restrictions existing under or by reason of: 

(i) agreements in effect on the Issue Date; 

(ii) applicable law, including rules, regulations or orders issued by any Gaming Authority; 

(iii) customary non-assignment provisions in contracts, leases or
licenses entered into in the ordinary course of business; 
 (iv) agreements in existence with respect to a
Restricted Subsidiary at the time it is acquired or so designated; provided, however, that such agreements are not entered into in anticipation or contemplation of such designation; 

(v) any agreement or other instrument of a Person whose property, assets or Capital Stock is acquired by the
Company or any Restricted Subsidiary which agreement or other instrument was in existence at the time of such acquisition (but not created in contemplation thereof); provided that such encumbrance or restriction is not, and will not be,
applicable to any Person, or the properties or assets of any Person, other than such acquired Person and its Subsidiaries or such property or assets, including directly-related assets, such as accessions and proceeds so acquired or leased; 

  
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 (vi) 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; which limitation is applicable only to the assets that are the subject of such agreements; 

(vii) any restrictions or transfer of property with respect to the transfer of assets secured by a Lien
permitted to be Incurred pursuant to Section 4.14; 
 (viii) purchase money obligations for Property or
equipment acquired for use in the business of the Company or any of its Restricted Subsidiaries and Capital Lease Obligations that impose restrictions on the Property or equipment purchased or leased in the ordinary course of business; 

(ix) any instrument governing Indebtedness represented by industrial revenue or development bonds issued by a
municipality and guaranteed by the Company or any of its Restricted Subsidiaries; 
 (x) customary provisions
contained in leases, licenses and other similar agreements entered into in the ordinary course of business; 

(xi) any restriction on cash or other deposits or net worth imposed by customers or lessors or required by
insurance, surety or bonding companies, in each case under contracts entered into in the ordinary course of business; 

(xii) the Credit Facilities, provided that the restrictions contained in the agreements governing such Credit
Facilities are no more restrictive, taken as a whole, in the good faith judgment of the Company, than those contained in the Credit Agreement as of the Issue Date; 

(xiii) encumbrances or restrictions of the type referred to in clause (a)(iv) of this Section 4.16
with respect to the Master Lease or any Additional Lease and the applicable properties subject thereto; or 

(xiv) any encumbrances or restrictions of the type referred to in clauses (a)(i) through (iv) of this
Section 4.16 imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (b)(i) through (xi) of this
Section 4.16; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, no more restrictive with respect to such
dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

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

  
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 (d) Nothing contained in this Section 4.16 shall prevent the Company or any
Restricted Subsidiary from granting any Lien permitted under Section 4.14. 
 Section 4.17. Limitation on Transaction with Affiliates 

(a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, conduct any business or
enter into or suffer to exist any transaction or series of transactions (including the purchase, sale, transfer, lease or exchange of any Property, the making of any Investment, the giving of any Guarantee or the rendering or receiving of any
service) with, from or for the benefit of any Affiliate, any Related Person or any officer or director of any Affiliate or a Related Person involving aggregate consideration in excess of $25,000,000 (an “Affiliate Transaction”)
unless: 
 (i) the terms of such Affiliate Transaction are at least as favorable to the Company or such
Restricted Subsidiary, as the case may be, as those that could be obtained at the time of such Affiliate Transaction in a similar transaction in arm’s-length dealings with a Person who is not such an
Affiliate, Related Person or officer or director of an Affiliate or Related Person; and 
 (ii) with respect
to each Affiliate Transaction involving aggregate payments to either party in excess of $50,000,000, such Affiliate Transaction was approved by a majority of the disinterested members of the Board of Directors and that such Affiliate Transaction
complies with clause (a)(i) of this Section 4.17. 
 provided, however, that the foregoing limitation shall not apply for
so long as the Company’s common stock is listed for trading on the New York Stock Exchange or NYSE Amex Equities or is quoted on the National Association of Securities Dealers Automated Quotation System and designated as a “national market
system security.” 
 (b) Notwithstanding the foregoing limitations, the Company or any of its Restricted Subsidiaries
may enter into or suffer to exist the following: 
 (i) any transaction pursuant to any contract in existence
on the Issue Date; 
 (ii) any Restricted Payment permitted to be made pursuant to Section 4.15; 

(iii) any transaction or series of transactions between the Company and one or more of its Restricted
Subsidiaries or between two or more of its Restricted Subsidiaries; 
 (iv) the pledge of the Capital Stock
of any Unrestricted Subsidiary or joint venture to secure the Indebtedness of any such Person; 
 (v) the
payment of compensation (including amounts paid pursuant to employee benefit plans) for the personal services of, indemnity provided on behalf of, and reimbursement of expense to, officers, directors, employees or consultants of the Company or any
of its Restricted Subsidiaries; 
 (vi) any Permitted Investment and any other Investment made by the Company
or any of its Restricted Subsidiaries other than an Investment in a holder of 10% or more of the Capital Stock of the Company or an Investment in an entity controlled by a holder of 10% or more of the Capital Stock of the Company (other than
indirect control by reason of such holder’s ownership of Capital Stock of the Company); and 

  
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 (vii) transactions pursuant to agreements existing on the Issue
Date and any modification thereto or any transaction contemplated thereby in any replacement agreement therefor so long as such modification or replacement is not more disadvantageous to the Company or any of its Restricted Subsidiaries in any
material respect than the respective agreement existing on the Issue Date. 
 Section 4.18. Business Activities 

The Company will not, and will not permit any of its Restricted Subsidiaries, to engage in any business other than a Core
Business, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole. 
 Section 4.19.
Designation of Restricted and Unrestricted Subsidiaries. 
 The Board of Directors may designate any Restricted
Subsidiary and any newly acquired or newly formed Subsidiary to be an Unrestricted Subsidiary; provided that: 
 (a)
such designation would not cause a Default; 
 (b) such Subsidiary has no Indebtedness other than Qualified Non-Recourse Debt; 
 (c) such Subsidiary does not own any Capital Stock or Indebtedness
of or own or hold any lien on any Property of the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; and 

(d) such Subsidiary is not a Significant Subsidiary. 

If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding
Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted
Payments under Section 4.15 or under one or more clauses of the definition of “Permitted Investment,” as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the
Restricted Subsidiary otherwise meets the definition of an “Unrestricted Subsidiary”. 
 Any designation of a
Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a Board Resolution giving effect to such designation and an Officers’ Certificate certifying that
(a) such designation complied with the preceding conditions and (b) was permitted by Section 4.15 and giving the effective date of such designation, such filing with the Trustee to occur within 75 days after the end of the fiscal
quarter of the Company in which such designation is made (or, in the case of a designation made during the last fiscal quarter of the fiscal year, within 120 days after the end of such fiscal year). If, at any time, any Unrestricted Subsidiary would
fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be Incurred by a Restricted
Subsidiary of the Company as of such date. 
 The Board of Directors may at any time designate, or redesignate, any
Unrestricted Subsidiary to be a Restricted Subsidiary of the Company (with delivery of an Officers’ Certificate to the Trustee); provided that such designation, or redesignation, will be deemed to be an Incurrence of Indebtedness by a
Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation, or redesignation, will only be permitted if (a) such Indebtedness is permitted under

  
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Section 4.12, calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable Reference Period and (b) no Default or Event of Default would be in
existence following such designation or redesignation. 
 Section 4.20. Certain Suspended Covenants 

During any period of time that (a) the Notes have Investment Grade Status, and (b) no Default or Event of Default has
occurred and is continuing under this Indenture with respect to the Notes, the Company and its Restricted Subsidiaries will not be subject to the provisions of this Indenture described under Sections 4.11, 4.12, and 4.15 (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. 
 In the event that the Company
and its Restricted Subsidiaries are not subject to the Suspended Covenants 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, then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants for the benefit of the Notes. Calculations under the reinstated Section 4.15
covenant will be made as if such covenant had been in effect since the date of this Indenture except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended. Notice of the
commencement or termination of any period of time during which the Company and its Restricted Subsidiaries are subject to the Suspended Covenants shall be promptly given to the Trustee. 

ARTICLE 5. SUCCESSORS 
 Section 5.01.
Merger, Consolidation and Sale of Assets. 
 (a) The Company shall not merge or consolidate with or into any other entity
(other than a merger or consolidation of a Restricted Subsidiary with or into the Company) or in one transaction or a series of related transactions sell, convey, assign, transfer, lease or otherwise dispose of all or substantially all of its
Property unless (i) the entity formed by or surviving any such consolidation or merger (if the Company is not the surviving entity) or the Person to which such sale, assignment, transfer, lease or conveyance is made (the
“Successor”) (A) shall be a Person (other than an individual) organized and existing under the laws of the United States of America or a State thereof or the District of Columbia and such Person shall expressly assume, by
supplemental indenture executed and delivered to the Trustee by such Person, the due and punctual payment of the principal, premium, if any, interest and Additional Interest, if any, on all the Notes and the due and punctual performance and
observance of all the covenants, conditions and obligations under the Notes, this Indenture, and the Registration Rights Agreement to be performed by the Company; provided that if any Successor is not a corporation, there shall be a co-issuer that is a corporation and (B) shall have all Gaming Licenses required to operate all Gaming Facilities to be owned by such Successor, (ii) in the case of a sale, transfer, assignment, lease,
conveyance or other disposition of all or substantially all of the Company’s Property, such Property shall have been transferred as an entirety or virtually as an entirety to any Person, (iii) immediately before and after giving effect to
such transaction or series of transactions on a pro forma basis, no Default or Event of Default shall have occurred and be continuing, and (iv) immediately after giving effect to such transaction or series of transactions on a pro forma basis
(including without limitation, any Indebtedness Incurred or anticipated to be Incurred in connection with such transaction or series of transactions), the Company or the Successor, as the case may be, would be able to Incur at least $1.00 of
additional Indebtedness pursuant to Section 4.12. In connection with any such supplemental indenture, there shall be delivered to 

  
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the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, transfer, lease or conveyance and such supplemental indenture, if any,
complies with this Indenture, and such Opinion of Counsel shall also state that such supplemental indenture constitutes the legal, valid and binding obligation of such Successor. 

(b) No Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless (i) immediately after giving effect thereto, no Default or Event of Default has occurred or
is continuing and (ii) either (x) 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, this Indenture and the Registration Rights Agreement pursuant to a supplemental indenture executed and delivered to the Trustee or (y) the Net Proceeds of such sale or other disposition are applied in accordance with
Section 4.11. 
 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 assets of the Company in accordance with Section 5.01, the Successor shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the Successor and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if
the Successor had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale, assignment,
transfer, conveyance or other disposition of all of the Company’s assets that meets the requirements of Section 5.01(a). 
 ARTICLE
6. DEFAULTS AND REMEDIES 
 Section 6.01. Events of Default. 

An “Event of Default” occurs with respect to Notes if: 

(a) the Company defaults in the payment of interest (including Additional Interest, if any) on any of the
Notes when it becomes due and payable and the continuance of such default for a period of 30 days; 
 (b)
the Company defaults in the payment when due of principal of or premium, if any, on any of the Notes when due at maturity, upon acceleration, required purchase or otherwise; 

(c) the Company fails to observe, perform or comply with the covenants and agreements of
Section 5.01(a); 
 (d) the Company or any Guarantor fails to observe, perform or comply with any of
the other covenants and agreements in this Indenture, the Notes, or the Note Guarantees and such failure to observe, perform or comply continues for a period of 60 days after receipt by the Company of a written notice from the Trustee or the Holders
of not less than 30% in aggregate principal amount of Notes (including any Additional Notes, if any) then outstanding; 

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

(i) commences a voluntary case, 

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

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

(iv) makes a general assignment for the benefit of its creditors; 

(f) a court of competent jurisdiction enters an order or decree with respect to the Company or any Guarantor that is a
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary under any Bankruptcy Law that: 

(i) is for relief against such Person(s) in an involuntary case; 

(ii) appoints a custodian of such Person(s) or for all or substantially all of the property of such Person; or

 (iii) orders the liquidation of such Person(s); 

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

(g) 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 controlling such Guarantor denies or disaffirms its obligations under its Note Guarantee, and such default continues for a period of 30 days; 

(h) Indebtedness of the Company or any Restricted Subsidiary is not paid when due or within any applicable grace period or is
accelerated by the holders thereof and, in either case, the total amount of such unpaid or accelerated Indebtedness exceeds $100,000,000; 

(i) failure by the Company or any Restricted Subsidiary to pay final judgments by a court of competent jurisdiction in an
uninsured aggregate amount in excess of $100,000,000 and such judgment or order is not discharged, waived, stayed or satisfied for a period of 60 consecutive days after such judgment or judgments become final and
non-appealable; and 
 (j) any revocation, suspension or loss of any Gaming License
which results in the cessation of business for a period of more than 90 consecutive days of the business of any Gaming Facility or Gaming Facilities owned, leased or operated directly by the Company or any of its Restricted Subsidiaries, which,
taken together, collectively contribute more than 10% of the Company’s Consolidated EBITDA (other than any voluntary relinquishment of a Gaming License if such relinquishment is, in the reasonably good faith judgment of the Board of Directors
and evidenced by a Board Resolution, desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole). 

A Default under clauses (h), (i) or (j) above is not an Event of Default until the Trustee or Holders of not less than
30% in aggregate principal amount of the Notes notify the Company of the Default; 

  
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provided that any Default under clause (h) above resulting from a default or acceleration with respect to Indebtedness will not be considered an Event of Default if such default or
acceleration is cured or annulled, respectively, within 30 days of the receipt by the Company of the abovementioned notice of Default from the Trustee or Holders of not less than 30% in aggregate principal amount of the Notes. 

The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary
or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an
Officers’ Certificate of any Event of Default, its status and what action the Company and/or any Guarantor is taking or proposes to take with respect thereto. 

Section 6.02. Acceleration. 

If an Event of Default (other than an Event of Default resulting from Section 6.01(e) or (f)) shall have occurred and be continuing, the
Trustee or the Holders of not less than 30% in aggregate principal amount of the Notes then Outstanding may accelerate the maturity of all the Notes by a notice in writing to the Company (and to the Trustee, if given by the Holders) specifying the
Event of Default and that it is a “notice of acceleration” and on the fifth Business Day after delivery of such notice, the principal amount, together with any accrued and unpaid interest and premium and Additional Interest, if any, on all
of the Notes then outstanding, will become immediately due and payable. In case an Event of Default resulting from Section 6.01(e) or (f) shall occur, the Notes then Outstanding (including any accrued interest and, if applicable,
Additional Interest, thereon) shall be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders. 

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

Section 6.04. Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class by written
notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive an existing Event of Default or Default and its consequences hereunder if the rescission would not conflict with any judgment or decree except
a continuing Default in the payment of principal of premium or interest or Additional Interest, if any, on a Note. Upon any such waiver, such Default or Event of Default shall cease to exist and shall be deemed to have been cured for every purpose
of this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
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 Section 6.05. Control by Majority. 

Holders of a majority in 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
prejudicial to the rights of other Holders of the Notes or that may involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with
such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification or security satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

Section 6.06. Limitation on Suits. 

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

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

(b) the Holders of at least 30% in principal amount of the then outstanding Notes make a written request to the Trustee to
pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the
request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
 (e)
during such 60-day period the Holders of a majority in principal amount of the then Outstanding Notes do not give the Trustee a direction inconsistent with the request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or
priority over another Holder of a Note. 
 Section 6.07. Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal,
premium, Additional Interest, if any, and interest on such Note, on or after the respective due dates expressed in such Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08. Collection Suit by
Trustee. 
 If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is
authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium and interest and Additional Interest, if any, remaining unpaid on the Notes as to which such Event of
Default has occurred and is continuing and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 Section 6.09. Trustee May File Proofs of Claim. 

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

If the Trustee collects any money or property pursuant to this Article, it shall pay out the money or property in the following
order: 
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07,
including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes in respect of which or for the benefit of which such money has been
collected for amounts due and unpaid on such Notes for principal, premium, Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the applicable Notes for
principal, premium, Additional Interest, if any, and interest, respectively; and 
 Third: to the
Company or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment
date for any payment to Holders of Notes pursuant to this Section 6.10. 
 Section 6.11. Undertaking for Costs. 

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

  
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 Section 6.12. Reporting Defaults. 

Notwithstanding any other provision of this Indenture, the sole remedy for an Event of Default relating to the failure to
comply with the reporting obligations described in Section 4.03 and for any failure to comply with the requirements of TIA§314(a), will for the 365 days after the occurrence of such an Event of Default consist exclusively of the right to
receive Additional Interest on the principal amount of the Notes at a rate equal to 0.50% per annum. The Additional Interest will be payable in the same manner and subject to the same terms as other interest payable under this Indenture. The
Additional Interest will accrue on all outstanding Notes from and including the date on which an Event of Default relating to a failure to comply with the reporting obligations under Section 4.03 or TIA § 314(a) first occurs to but
excluding the 365th day thereafter (or such earlier date on which the Event of Default relating to such reporting obligations is cured or waived). If the Event of Default resulting from such failure to comply with the reporting obligations is
continuing on such 365th day, such Additional Interest will cease to accrue and the Notes will be subject to the other remedies provided under this Article 6. 

ARTICLE 7. TRUSTEE 

Section 7.01. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in its exercise, 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: 

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

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee pursuant to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions specifically
required to be furnished to it hereunder to determine whether or not they substantially conform to the procedural requirements of this Indenture. 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of
this Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

  
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 (iii) the Trustee shall not be liable with respect to any action
it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (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), (c) and (e) of this Section 7.01. 

(e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holders shall have offered to the Trustee security and indemnity satisfactory to it
against any loss, liability or expense. 
 (f) The Trustee shall not be liable for interest on any money received by it
except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02. Rights of Trustee. 

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

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or
both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its own selection with respect to legal
matters relating to this Indenture and the advice of such counsel or any Opinion of Counsel shall 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 upon such advice or Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall
not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be
liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall
be sufficient if signed by an Officer of the Company. 
 (f) The rights, privileges, protections, immunities and benefits
given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.

 (g) 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 

  
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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 Company, personally or by
agent or attorney, at the expense of the Company and shall Incur no liability of any kind by reason of such inquiry or investigation. 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be Incurred by it
in compliance with such request or direction. 
 (i) The Trustee shall not be responsible or liable for any action taken or
omitted by it in good faith at the direction of the Holders of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any
power conferred by this Indenture. 
 (j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to
this Indenture upon the request or authority or consent of any person who, at the time of making such request or giving such authority or consent, is the Holder of any Note shall be conclusive and binding upon future Holders of Notes and upon Notes
executed and delivered in exchange therefor or in place thereof. 
 (k) The Trustee shall not be deemed to have notice of
any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default (and stating the occurrence of a Default or Event of
Default) is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

(l) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as
so authorized in any such certificate previously delivered and not superseded. 
 (m) The Trustee shall not be responsible
or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of actions. 
 (n) The Trustee shall not be required to give any bond or surety in respect of the
execution of the trusts and powers under this Indenture. 
 (o) Any permissive right of the Trustee to take or refrain from
taking actions enumerated in this Indenture or other related documents shall not be construed as a duty. 
 The Trustee
shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor
disputes; and acts of civil or military authorities and governmental action. 

  
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 Section 7.03. Individual Rights of Trustee. 

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

Section 7.04. Trustee’s Disclaimer. 

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

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

Section 7.06. Reports by Trustee to Holders of the Notes. 

Within 60 days after each March 28 beginning with the March 28 following the date of this Indenture, and for so long
as Notes remain outstanding, the Trustee shall send to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also send all reports as required by TIA § 313(c). 

A copy of each report at the time of its sending to the Holders of Notes shall be given also to the Company and the Company
shall file such notice with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when Notes are listed on any stock exchange or delisted therefrom.

 Section 7.07. Compensation and Indemnity. 

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

  
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 The Company shall fully indemnify the Trustee and hold it harmless against any
and all losses, liabilities, claims, damages or expenses (including reasonable legal fees and expenses) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and
expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by or against the Company or 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 shall be determined by a court of competent jurisdiction to have been caused by its own negligence or willful misconduct. The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder except to the extent that the Company is actually
prejudiced by failure of the Trustee to provide timely notice of claims of which a Responsible Officer has received written notice. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate
counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 

The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture and
the resignation or removal of the Trustee. 
 To secure the Company’s payment obligations in this Section, the Trustee
shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture.

 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(e) or
(f) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

Section 7.08. Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign in writing at any time and
be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may
remove the Trustee if: 
 (a) the Trustee fails to comply with Section 7.10; 

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

(d) the Trustee becomes incapable of acting. 

  
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 If the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason, the Company shall promptly appoint a successor Trustee. 
 If a successor Trustee does not take
office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 20% in principal amount of the then outstanding Notes may petition at the expense of the Company any court of
competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee, after written request by any Holder
who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

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

Section 7.09. Successor Trustee by Merger, etc. 

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

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the
trusts created by this Indenture and any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated.
In case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee. In all such cases such
certificates shall have the full force which is anywhere provided in the Notes or in this Indenture. 
 Section 7.10. Eligibility;
Disqualification. 
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business
under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined
capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. 
 This
Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 

  
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 Section 7.11. Preferential Collection of Claims Against Company. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A
Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8. LEGAL
DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at its option evidenced by an Officers’ Certificate, at any time, elect to have either Section 8.02
or 8.03 be applied to all outstanding Notes and all obligations of the Guarantors discharged with respect to their Note Guarantees of such Notes, upon compliance with the conditions set forth below in this Article 8. 

Section 8.02. Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Company shall,
subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from its obligations with respect to all outstanding Notes and all obligations of the Guarantors discharged with respect to their Note
Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all
its other obligations under Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute such instruments as reasonably requested by the Company acknowledging the same), except for the following provisions
which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04, and as more fully set forth in such Section, payments
in respect of the principal of, premium, if any, Additional Interest, if any, and interest on such Notes when such payments are due, (b) the Company’s obligations with respect to such Notes under Article 2 and Section 4.02, (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection therewith and (d) this Article 8. Subject to compliance with this Article 8, the Company may
exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03. 

Section 8.03. Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Company shall,
subject to the satisfaction of the conditions set forth in Section 8.04, be released from its obligations under the covenants contained in Sections 4.06 through the end of Article 4 and Article 5 and any other covenants specified in an
indenture supplemental hereto with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders of Notes (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for
all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with
and shall 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 

  
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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 shall not constitute a Default or an Event
of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the option applicable to this
Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(c) through 6.01(h), except for Sections 6.01(e) and 6.01(f) with respect to the Company (but not with respect to any Restricted
Subsidiary) shall not constitute Events of Default. 
 Section 8.04. Conditions to Legal or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes: 

In order to exercise either Legal Defeasance or Covenant Defeasance: 

(a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States
dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the
principal of, premium, if any, Additional Interest, if any, and interest on all outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be and the Company must specify whether the Notes are
being defeased to maturity or to a particular redemption date; 
 (b) in the case of an election under Section 8.02,
the Company shall have delivered to the Trustee an Opinion of Counsel confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there
has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) in the case of an election under Section 8.03, the Company shall have delivered to the Trustee an Opinion of Counsel
confirming that the beneficial owners of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Default or
Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from (i) the Incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease
Notes pursuant to this Article 8 concurrently with such Incurrence or (ii) the repayment of other Indebtedness being repaid concurrently); 

(e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture) to which the Company or any of the Guarantors is a party or by which the Company or any of the Guarantors is bound; 

(f) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the
Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and 

  
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 (g) the Company shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as applicable, have been complied with. 

Section 8.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06, all money and non-callable U.S. Government Obligations
(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 in respect of the outstanding Notes shall be
held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, Additional Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.

 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the
cash or non-callable U.S. Government Obligations deposited pursuant to Section 8.04 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 such outstanding Notes. 
 Anything in this Article 8 to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or non-callable U.S. Government Obligations held by it as provided in Section 8.04 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(a)), are in excess of the amount thereof that
would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06. Repayment
to Company. 
 Subject to applicable law, any money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of, premium, if any, Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, Additional Interest, if any, or interest
has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make
any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall
not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

  
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 Section 8.07. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any United States dollars or
non-callable U.S. Government Obligations in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Company’s obligations under this Indenture and the applicable Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 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, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, Additional
Interest, if any, or interest on any such Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money 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, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the
Notes or the Note Guarantees without the consent of any Holder of a Note to: 
 (a) cure any ambiguity, defect, mistake,
omission or inconsistency as evidenced in an Officers’ Certificate; 
 (b) provide for the assumption of the
Company’s or a Guarantor’s obligations to the Holders of the Notes or Note Guarantees, as applicable, by a Successor to the Company or a successor to such Guarantor pursuant to Article 5; 

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

(d) add any Note Guarantees with respect to the Notes and to release Note Guarantees when required or permitted by the terms
of this Indenture; 
 (e) secure the Notes; 

(f) add to the covenants of the Company or any Guarantor for the benefit of the Holders of all Notes or the Note Guarantees or
to surrender any right or power conferred upon the Company or any Guarantor; 
 (g) make any change that would provide any
additional rights or benefits to the Holders of all of the Notes or the Note Guarantees or, in the good faith opinion of the Company, that does not adversely affect the legal rights hereunder of any Holder of the Notes or any Guarantor; 

(h) comply with the requirements of applicable Gaming Laws or to provide for requirements imposed by applicable Gaming
Authorities; 
 (i) comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture
under the TIA; 
 (j) conform the text of this Indenture, the Notes or the Note Guarantees to any provision of the
“Description of Notes” contained in any offering memorandum relating to the initial offering of all of 

  
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the Notes, to the extent that such provision in that “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture or such Notes (as evidenced by an
Officers’ Certificate of the Company and Opinion of Counsel); 
 (k) provide for the issuance of Additional Notes in
accordance with the limitations set forth in this Indenture as of the date hereof; 
 (l) evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by
more than one Trustee, pursuant to the requirements of Section 7.08; 
 (m) change the Registrar or Paying Agent; and

 (n) remove redemption provisions included in any Notes that are no longer in effect. 

Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 9.06 and 12.04, the Trustee shall join with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own
rights, duties, liabilities or immunities under this Indenture or otherwise. 
 Section 9.02. With Consent of Holders of Notes.

 Except as provided below in this Section 9.02, the Company, the Guarantors and the Trustee may amend or
supplement this Indenture, the Notes and the Note Guarantees without notice to any Holder of Notes but with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding voting as a single class (including,
without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium, if any, Additional Interest, 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 principal amount of the then outstanding Notes voting as a single class (including, without limitation, consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes). Section 2.07 shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 

Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or
supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee (which may consist of an Officers’ Certificate of the Company (or an agent of the Company engaged in respect of such consents)) of the consent
of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Sections 9.06 and 12.04, the Trustee shall join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless
such amended or supplemental indenture affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such
amended or supplemental indenture. 

  
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 It shall not be necessary for the consent of the Holders of Notes under this
Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver of this Indenture becomes effective, the Company shall send to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. 
 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): 

(a) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest on any Note; 

(c) reduce the principal of or extend the Stated Maturity of any Note; 

(d) reduce the premium payable upon the redemption of any Note, waive a redemption payment with respect to any Note or change
the time at which a Note may be redeemed; 
 (e) impair the right of any Holder to receive payment of principal of, or
interest, premium or Additional Interest, if any, on the Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes, except (i) a rescission of acceleration of
the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes, (ii) a waiver of the payment default that resulted from such acceleration and (iii) any waiver or modification of the obligation
to make an offer to purchase as a result of a Change of Control prior to the occurrence of a Change of Control; 
 (f) make
any Note payable in money other than that stated in the Notes; or 
 (g) make any change in Section 6.04 or 6.07 or in
the foregoing amendment and waiver provisions. 
 In addition, any amendment which releases any Guarantor from its
obligations under any Note Guarantee (except as specified in Article 5 or Section 10.02 prior to any such amendment) will require the consent of the Holders of at least 66 2⁄3% in aggregate principal amount of the Notes then outstanding. 
 Section 9.03. Compliance with
Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or
supplemental indenture that complies with the TIA as then in effect. 
 Section 9.04. Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by
the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or
subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. From and after the date an amendment, supplement or waiver
becomes effective in accordance with its terms, it shall bind every Holder. 

  
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 The Company may, but shall not be obligated to, fix a record date for the purpose
of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph,
those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons
continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.05. Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment,
supplement or waiver. 
 Section 9.06. Trustee to Sign Amendments, etc. 

The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or
supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental indenture until the Board of Directors approves it. In executing any amended or supplemental
indenture, the Trustee shall receive and (subject to Section 7.01) shall be fully protected in relying upon, in addition to the documents required by Section 12.04, an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
 Section 9.07. Reference in
Notes to Supplemental Indentures. 
 Notes authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may bear a notation in form approved by the Company as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Company, to any
such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Notes. 

ARTICLE 10. NOTE GUARANTEES 

Section 10.01. Note Guarantees. 

(a) Subject to the provisions of this Article 10, each Guarantor hereby fully, unconditionally and irrevocably guarantees, as
primary obligor and not merely as surety, jointly and severally with each other Guarantor, to each Holder of the Notes, to the extent lawful, and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption
or otherwise, of the principal of, premium, if any, Additional Interest, if any, and interest on the Notes and all other obligations of the Company under this Indenture (including under Section 7.07) and the Notes (including, without
limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company or any Guarantor whether or not a

  
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claim for post-filing or post-petition interest is allowed in such proceeding) (all the foregoing being hereinafter collectively called the “Guarantor Obligations”). Each
Guarantor agrees (to the extent lawful) that the Guarantor Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound under this Article 10 notwithstanding any extension or
renewal of any Guarantor Obligation. 
 (b) Each Guarantor waives (to the extent lawful) presentation to, demand of, and
protest to the Company of any of the Guarantor Obligations and also waives (to the extent lawful) notice of protest for nonpayment. Each Guarantor waives (to the extent lawful) notice of any default under the Notes or the Guarantor Obligations. 

(c) Each Guarantor further agrees that its Note Guarantee constitutes a guarantee of payment when due (and not a guarantee of
collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Guarantor Obligations. 

(d) Except as set forth in Section 10.02 and Article 8, the obligations of each Guarantor hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason (other than payment of the Guarantor Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent lawful) be
subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guarantor Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of each Guarantor herein shall not (to the extent lawful) be discharged or impaired or otherwise affected by (i) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any
other person under this Indenture, the Notes or any other agreement or otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture,
the Notes or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Guarantor Obligations or any of them; (v) the failure of any Holder to exercise any right or remedy against any other Guarantor;
(vi) any change in the ownership of the Company; (vii) any default, failure or delay, willful or otherwise, in the performance of the Guarantor Obligations; or (viii) any other act or thing or omission or delay to do any other act or
thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law or equity. 

(e) Each Guarantor agrees that its Note Guarantee shall remain in full force and effect until payment in full of all the
Guarantor Obligations or such Guarantor is released from its Note Guarantee in compliance with Section 5.01, Section 10.02, Section 11.01 or Article 8. Each Guarantor further agrees that its Note Guarantee shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest or Additional Interest, if any, on any of the Guarantor Obligations is rescinded or must otherwise be restored
by any Holder upon the bankruptcy or reorganization of the Company or otherwise. 
 (f) In furtherance of the foregoing and
not in limitation of any other right which any Holder has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity,
by acceleration, by redemption or otherwise, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an amount
equal to the sum of (i) the unpaid amount of such Guarantor Obligations then due and owing and (ii) accrued and unpaid interest on such Guarantor Obligations then due and owing (but only to the extent not prohibited by law) (including
interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Company or any Guarantor whether or not a claim for post-filing or post-petition interest is
allowed in such proceeding). 

  
 82 

 (g) Each Guarantor further agrees that, as between such Guarantor, on the one
hand, and the Holders, on the other hand, (i) the maturity of the Guarantor Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guarantor Obligations guaranteed and (ii) in the event of any such declaration of acceleration of such Guarantor Obligations, such Guarantor Obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantor for the purposes of such Guarantor’s Note Guarantee. 
 (h)
Each Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Section 10.01. 

(i) Neither the Company nor the Guarantors shall be required to make a notation on the Notes to reflect any Note Guarantee or
any release, termination or discharge thereof and any such notation shall not be a condition to the validity of any Note Guarantee. 

Section 10.02. Limitation on Liability; Termination, Release and Discharge. 

(a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Guarantor hereunder shall
be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 

(b) A Note Guarantee of a Guarantor shall be automatically and unconditionally released and discharged, and each Guarantor and
its obligations under the Note Guarantee and this Indenture shall be released and discharged: 
 (i) in
connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (by way of merger, consolidation, or otherwise) to a Person that is not (either before or after giving effect to such transaction) the Company
or a Restricted Subsidiary, if such sale or other disposition is permitted by this Indenture; 
 (ii) in
connection with any sale or other disposition of Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary and such sale or other disposition is
permitted by this Indenture and the Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition; 

(iii) if the Company designates any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary
in accordance with this Indenture; or 
 (iv) upon legal defeasance, covenant defeasance or satisfaction and
discharge of this Indenture pursuant to Section 8.02, Section 8.03, or Section 11.01. 

  
 83 

 (c) If any Guarantor is released from its Note Guarantee, any of its Subsidiaries
that are Guarantors will be released from their Note Guarantees. 
 (d) In the case of any transaction described in
Section 10.02(b)(i) or (b)(ii) or in the event that the Company otherwise requests the Trustee to acknowledge any release pursuant to Section 10.02, the Company shall deliver to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. 

(e) The release of a Guarantor from its Note Guarantee and its obligations under this Indenture in accordance with the
provisions of this Section 10.02 shall not preclude the future application of Section 4.20 to such Person. 

Section 10.03. Right of Contribution. 

Subject to Section 10.04, each Guarantor agrees that in the event any payment or distribution is made by any Guarantor (a
“Funding Guarantor”) in respect of the Guarantor Obligations, such Funding Guarantor shall be entitled to a contribution from each other Guarantor in a pro rata amount based on the relative net worth of each Guarantor (including the
Funding Guarantor) as of the date of such payment or distribution for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Guarantor Obligations. The provisions of this Section 10.03 shall in no respect limit
the obligations and liabilities of each Guarantor to the Trustee and the Holders and each Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Guarantor hereunder. 

Section 10.04. No Subrogation. 

Notwithstanding any payment or payments made by any Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any
of the rights of the Trustee or any Holder against the Company or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the Guarantor Obligations, nor shall any Guarantor
seek or be entitled to seek any contribution or reimbursement from the Company or any other Guarantor in respect of payments made by such Guarantor hereunder, until the Guarantor Obligations are paid in full. If any amount shall be paid to any
Guarantor on account of such subrogation rights at any time when all of the Guarantor Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of
such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guarantor
Obligations. 
 ARTICLE 11. SATISFACTION AND DISCHARGE 

Section 11.01. Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(a) either: 

(i) 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 theretofore been deposited in trust and thereafter repaid to the Company) have been delivered to the Trustee for cancellation; or 

  
 84 

 (ii) all Notes that have not been delivered to the Trustee for
cancellation have become due and payable by reason of the sending of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, Additional Interest, if any, and accrued interest to the date of
maturity or redemption; 
 (b) other than with respect to a discharge when the Notes have become due and payable, no Default
or Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit (other than a Default or Event of Default resulting from (i) the borrowing of funds to be applied to such deposit
or (ii) the repayment of other Indebtedness being repaid concurrently) and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by
which the Company or any Guarantor is bound; 
 (c) the Company or any Guarantor has paid or caused to be paid all sums
payable by it under this Indenture; and 
 (d) the Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be. 
 In
addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. Upon compliance with the foregoing, the Trustee shall
execute such instrument(s) as reasonably requested by the Company acknowledging the satisfaction and discharge of all of the Company’s and the Guarantor’s Obligations under the Notes and this Indenture. 

Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant
to subclause (b) of clause (1) of this Section, the provisions of Section 11.02 and Section 8.06 shall survive such satisfaction and discharge. 

Section 11.02. Application of Trust Money. 

Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant to Section 11.01 shall be
held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to
the Persons entitled thereto, of the principal (and premium, if any), interest and Additional Interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the
extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under
this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of principal of, premium, if any, interest and Additional
Interest, if any, on any Notes because of the 

  
 85 

 
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the
Trustee or Paying Agent. 
 ARTICLE 12. MISCELLANEOUS 

Section 12.01. Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed
duties shall control. 
 Section 12.02. Notices. 

Any notice or communication by the Company, any Guarantor or the Trustee to the other is duly given if in writing and delivered
in person or mailed by first class mail (registered or certified, return receipt requested), electronic transmission (with confirmation of receipt) or overnight air courier guaranteeing next day delivery, to the other’s address, as follows:

 If to the Company or any Guarantor: 

Boyd Gaming Corporation 

3883 Howard Hughes Parkway, 9th Floor 

Las Vegas, Nevada 89169 

Telecopier No.: (702) 792-7214 

Attention: Josh Hirsberg 

and 

Boyd Gaming Corporation 

3883 Howard Hughes Parkway, 9th Floor 

Las Vegas, Nevada 89169 

Telecopier No.: (702) 696-1114 

Attention: Brian A. Larson, Esq. 

With a copy to: 

Morrison & Foerster LLP 

250 West 55th Street 

New York, NY 10109 

Telecopier No.: (212) 903-3644 

Attention: Geoffrey R. Peck 

Email: GPeck@mofo.com 

If to the Trustee: 

Wilmington Trust, National Association 

15950 N. Dallas Pkwy, Suite 550 

Dallas, TX 75248 

Attention: Boyd Gaming Corporation Administrator 

Email: sgoffinet@wilmingtontrust.com 

  
 86 

 The Company, the Guarantors 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) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; 5 Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if electronically
transmitted; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

Any notice or communication to a Holder shall 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; provided that notwithstanding any other provision of this Indenture, where this Indenture provides for notice of any
event (including any notice of redemption) to a Holder of a Global Notes (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Note (or its designee) pursuant to the customary procedures of such
Depositary. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. 
 If a notice or communication is sent in the manner provided above within the
time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Company or any Guarantor sends a
notice or communication to Holders, it shall provide a copy to the Trustee and each Agent at the same time. 
 Section 12.03. Communication by
Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other
Holders with respect to their rights under this Indenture or the Notes. The Company, the Guarantors, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 12.04. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall
furnish to the Trustee: 
 (a) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and

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

Section 12.05. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than
a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

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

  
 87 

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

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

Section 12.06. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make
reasonable rules and set reasonable requirements for its functions. 
 Section 12.07. No Personal Liability of Directors, Officers, Employees and
Stockholders. 
 No past, present or future director, officer, employee, incorporator or stockholder of the Company or
any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture and the Note Guarantees, where applicable, or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

Section 12.08. Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEE
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 Company or its Subsidiaries or
of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10. Successors. 

All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this
Indenture shall bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.02. 

  
 88 

 Section 12.11. Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.12. Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. 
 Section 12.13. Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. Unless otherwise indicated, references in this Indenture to Articles and Sections are to
the articles and sections of this Indenture. 
 [SIGNATURES ON FOLLOWING PAGE]

  
 89 

 
			
	 SIGNATURES

	
	 BOYD GAMING
CORPORATION

 
			
		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President and Chief Executive
Officer

 
			
	
	 BOYD TUNICA,
INC.

 
			
		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

 
			
	
	 BLUE CHIP CASINO,
LLC

 
			
		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

 
			
	
	 CALIFORNIA HOTEL AND
CASINO

 
			
		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

 
			
	
	 TREASURE CHEST CASINO,
L.L.C.

 
			
		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President and Chief Executive
Officer

 
			
	
	 RED RIVER ENTERTAINMENT OF
SHREVEPORT, LLC

 
			
		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

 [Signature Page to Indenture] 

 
			
	 BOYD RACING, L.L.C.

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	
PAR-A-DICE
GAMING CORPORATION

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President and Secretary

	
	 COAST CASINOS, INC.

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 COAST HOTELS AND CASINOS,
INC.

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 SAM-WILL,
INC.

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 M.S.W., INC.

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

 [Signature Page to Indenture] 

 
			
	 CALIFORNIA HOTEL FINANCE CORPORATION

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 BOYD ACQUISITION, LLC

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 BOYD LOUISIANA RACING, L.L.C.

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 BOYD BILOXI, LLC

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 BOYD ACQUISITION I, LLC

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 BOYD ACQUISITION II, LLC

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

 [Signature Page to Indenture] 

 
			
	 NEVADA PALACE, LLC

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 THE OLD EVANGELINE DOWNS, L.L.C.

		
	 By:
	 	 /s/ William S. Boyd

		 	 Name: William S. Boyd

		 	 Title:   President

	
	 THE CANNERY HOTEL AND CASINO,
L.L.C.

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 ALST CASINO HOLDCO, LLC

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 ALIANTE GAMING, LLC

		
	 By:
	 	 /s/ Keith E. Smith

		 	 Name: Keith E. Smith

		 	 Title:   President

	
	 BELLE OF ORLEANS, L.L.C.

		
	 By:
	 	 /s/ William S. Boyd

		 	 Name: William S. Boyd

		 	 Title:   President

 [Signature Page to Indenture] 

 
			
	 DIAMOND JO WORTH, LLC

		
	 By:
	 	 /s/ William S. Boyd

		 	 Name: William S. Boyd

		 	 Title:   President

	
	 DIAMOND JO, LLC

		
	 By:
	 	 /s/ William S. Boyd

		 	 Name: William S. Boyd

		 	 Title:   President

	
	 KANSAS STAR CASINO, LLC

		
	 By:
	 	 /s/ William S. Boyd

		 	 Name: William S. Boyd

		 	 Title:   President

	
	 PENINSULA GAMING, LLC

		
	 By:
	 	 /s/ William S. Boyd

		 	 Name: William S. Boyd

		 	 Title:   President

 [Signature Page to Indenture] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	 /s/ Shawn Goffinet

		 	Name: Shawn Goffinet
		 	Title:   Assistant Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

[Face of Note] 
  

[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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.05 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.05(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED
TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.]1 
 CUSIP
Number: 103304BN0 
 ISIN Number: US103304BN07 

6.000% Senior Note due 2026 
  

			
	 No.
                    
	  	$                    

 BOYD GAMING CORPORATION 

promises to pay to              CEDE &
CO                                         
                                         
               or registered assigns, 
 the principal sum of
700,000,000 or such greater or lesser amount as may be indicated on the Schedule of Exchanges of Interests in the Global Note, attached hereto on August 15, 2026 

Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 

Dated:                      

 
  

	1 	 Insert Global Note Legend as applicable. 

  
 1 

 
			
	 BOYD GAMING CORPORATION

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 This is one of the Notes referred to 

in the within-mentioned Indenture: 
 Dated:
June 25, 2018 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
  

			
	 By:
	 	  

		 	 Authorized Signatory

  
  

  
 2 

 [Back of Note] 

6.000% Senior Note due 2026 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise
indicated. 
 1. INTEREST. Boyd Gaming Corporation, a Nevada corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 6.000% per annum from June 25, 2018 until maturity. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on
February 15 and August 15 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 there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be August 15, 2018. The Company shall pay
interest on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest on overdue installments of interest and Additional Interest, if any, from time
to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. METHOD OF PAYMENT. The Company will pay interest and
Additional Interest, if any, on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the February 1 and August 1 immediately 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 2.11 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional
Interest, if any, and interest at the office or agency of the Paying Agent and Registrar, or, at the option of the Company, payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set forth
in the register of Holders, and provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other
Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall 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. Principal and interest shall be considered paid on the due date the Trustee or Paying Agent holds money sufficient to pay the principal and interest then due. 

3. PAYING AGENT AND REGISTRAR. Initially,
Wilmington Trust National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any
such capacity. 
 4. INDENTURE. The Company issued the Notes under the Indenture dated
as of June 25, 2018 (the “Indenture”) among the Company, the Guarantors listed therein and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 3 

 5. OPTIONAL REDEMPTION. 

(a) Except pursuant to clause (b) and (c) of this Paragraph 5, the Notes will not be redeemable prior to August 15,
2021. On or after August 15, 2021, the Company may redeem all or part of the Notes upon not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued
and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the applicable redemption date (subject to the rights of Holders of the Notes on any relevant record date to receive interest due on the relevant interest payment date
occurring on or prior to the redemption date), if redeemed during the twelve-month period beginning on August 15 of the years indicated below: 
  

					
	Year	  	Percentage	 
	 2021
	  	 	103.000	% 
	 2022
	  	 	102.000	% 
	 2023
	  	 	101.000	% 
	 2024 and thereafter
	  	 	100.000	% 

 (b) At any time prior to August 15, 2021, the Company may on any one or more occasions
redeem up to 35% of the aggregate principal amount of Notes at a redemption price of 106.000% of the principal amount, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date, subject to the rights of Holders of such
Notes on any relevant record date to receive interest due on the relevant Interest Payment Date, with the Net Cash Proceeds of one or more Public Equity Offerings; provided that (i) at least 65% of the aggregate principal amount of the
Notes remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company and its Subsidiaries); and (ii) the redemption occurs within 90 days of the date of the closing of such Public Equity Offering.

 (c) At any time prior to August 15, 2021 the Company may also redeem all or a part of the Notes, upon not less than
15 nor more than 60 days’ prior notice sent to each Holder, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of the date of redemption, and accrued and unpaid interest and
Additional Interest, if any, to the date of redemption, subject to the rights of Holders of the Notes on any relevant record date to receive interest due on the relevant interest payment date occurring on or prior to the redemption date. 

(d) Any optional redemption provided for in the Note shall be made pursuant to the provisions of Section 3.01 through
3.06 of the Indenture. 
 6. MANDATORY REDEMPTION. The Company shall not
be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 7.
MANDATORY DISPOSITION OR REDEMPTION PURSUANT TO GAMING LAWS. If a Holder or beneficial owner of a Note is
required to be licensed, qualified or found suitable under applicable Gaming Laws and is not so licensed, qualified or found suitable within any time period specified by the applicable Gaming Authority, the Holder shall be obligated, at the request
of the Company, to dispose of such Holder’s Notes within a time period prescribed by the Company or such other time period prescribed by such Gaming Authority (in which event the Company’s obligation to pay any interest after the receipt
of such notice shall be limited as provided in such Gaming Laws). Thereafter, the Company shall have the right to redeem, on the date fixed by the Company or prescribed by such Gaming Authority for the redemption of such Notes, such Holder’s
Notes at a redemption price equal to the lesser of (1) the lowest closing sale price of the Notes on any trading day during the 120-day period ending on the date upon

  
 4 

 
which the Company shall have received notice from a Gaming Authority of such Holder’s disqualification or (2) the price at which such Holder or beneficial owner acquired such Notes,
unless a different redemption price is required by such Gaming Authority, in which event such required price shall be the redemption price. The Company is not required to pay or reimburse any Holder or beneficial owner of a Note for the costs of
licensure, qualification or finding of suitability or investigation for such licensure, qualification or finding of suitability. Any Holder or beneficial owner of a Note required to be licensed, qualified or found suitable under applicable Gaming
Laws must pay all investigative fees and costs of the Gaming Authorities in connection with such licensure, qualification, finding of suitability or application therefor. 

8. REPURCHASE AT THE OPTION OF
THE HOLDER. 
 (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 shall have the right to
require the Company to purchase such Holder’s Notes, in whole, or in part (equal to a minimum principal amount of $1,000 or integral multiple of $1,000 in excess of $1,000) of that Holders’ Notes pursuant to an offer (a “Change of
Control Offer”) on the terms set forth in the Indenture. In the Change of Control Offer, the Company will offer a payment (“Change of Control Payment”) in cash equal to 101% of the principal amount of Notes repurchased plus accrued
and unpaid interest and Additional Interest, if any, on the Notes repurchased, to the date of purchase. 
 Not later than 30
days following (i) any Change of Control or (ii) in the event the Notes have Investment Grade Status at the earlier of the public announcement of (x) a Change of Control or (y) (if applicable) the Company’s intention to
effect a Change of Control, a Change of Control Triggering Event, the Company will send a notice (which notice may be conditional) to each Holder (with a copy to the Trustee) regarding the Change of Control Offer. The Holder of this Note may elect
to have this Note or a portion hereof in an authorized denomination purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing below and tendering this Note pursuant to the Change of Control Offer. Any Note
(or portion thereof) accepted for payment (and for which payment has been duly provided on the Change of Control Payment Date) pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date 

(b) If at any time the Company or any Restricted Subsidiary engages in any Asset Sale, as a result of which the aggregate
amount of Excess Proceeds exceeds $125,000,000, the Company shall, not more than 20 Business Days of the date after the amount of Excess Proceeds exceeds $125,000,000, use the then-existing Excess Proceeds to make an offer to purchase from all
Holders of the Notes, and at the election of the Company, the holders of any other outstanding Pari Passu Indebtedness having comparable repurchase rights, an aggregate principal amount of Notes, and, if applicable, such other Pari Passu
Indebtedness, equal to the Excess Proceeds, at a purchase price in cash equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon. The Holder of this Note may elect to have this Note or
a portion hereof in an authorized denomination purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing below and tendering this Note pursuant to the Prepayment Offer. Any Note (or any portion thereof)
accepted for payment (and for which payment has been duly provided on the purchase date) pursuant to the Prepayment Offer shall cease to accrue interest after the purchase date. Upon completion of a Prepayment Offer (including payment for accepted
Notes), any surplus Excess Proceeds that were the subject of such offer shall cease to be Excess Proceeds, and the Company may then use such amounts for general corporate purposes or for the repurchase of Indebtedness subordinated in right of
payment to the Notes or the Note Guarantees if required to be purchased pursuant to their respective terms and the amount of Excess Proceeds shall be reset to zero. 

  
 5 

 9. NOTICE OF
REDEMPTION. At least 15 days but not more than 60 days before a redemption date, the Company shall send a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that
redemption notices may be sent more than 60 days prior to a redemption date if the notice issued is in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture. Notices of redemption may be conditional. Notes in
denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. Unless the Company defaults in making such redemption payment, interest on Notes called for
redemption ceases to accrue on and after the redemption date. 
 10. DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in minimum denominations of minimum principal amount of $1,000 or integral multiple of $1,000 in excess of
$1,000. 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. Holders will
be required to pay all taxes due on transfer. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. The Company need not
exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

11. PERSONS DEEMED OWNERS. The registered Holder of a Note
may be treated as its owner for all purposes. 
 12. AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the Notes may be amended without prior notice to any Holder of Notes but with
the written consent of the Holders of at least a majority in principal amount of the outstanding Notes then outstanding voting as a single class (including, without limitation, consents obtained in connection with a tender offer, exchange offer for,
or purchase of, the Notes) and (ii) subject to Section 6.04 and 6.07 of the Indenture, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, Additional
Interest, 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 the Indenture, the Notes or the Note Guarantees may be waived with the written consent
of the Holders of at least a majority in principal amount of the outstanding Notes voting as a single class (including, without limitation, consents obtained in connection with a tender offer, exchange offer for, or purchase of, the Notes). Subject
to certain exceptions set forth in the Indenture, without the consent of any Holder of Notes, the Company, the Guarantors, and the Trustee may amend or supplement the Indenture, the Notes or the Note Guarantees to (a) cure any ambiguity,
defect, mistake, omission or inconsistency as evidenced in an Officers’ Certificate; (b) provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes or Note Guarantees, as applicable, by a
Successor to the Company or a successor to such Guarantor pursuant to Article 5 of the Indenture; (c) provide for uncertificated Notes in addition to or in place of certificated Notes; (d) add any Note Guarantees with respect to the Notes
and to release Note Guarantees when required or permitted by the terms of the Indenture; (e) secure the Notes; (f) add to the covenants of the Company or any Guarantor for the benefit of the Holders of all Notes or the Note Guarantees or
to surrender any right or power conferred upon the Company or any Guarantor; (g) make any change that would provide any additional rights or benefits to the Holders of all of the Notes or the Note Guarantees or, in the good faith opinion of the
Company, that does not adversely affect the legal rights hereunder of any Holder of the Notes or any Guarantor; (h) comply with the requirements of applicable Gaming Laws or to provide for requirements imposed by applicable Gaming Authorities;
(i) comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; (j) conform the text of the Indenture, the Notes or the Note Guarantees to any provision of the “Description of
Notes” contained in any offering memorandum 

  
 6 

 
relating to the initial offering of all of the Notes, to the extent that such provision in that “Description of Notes” was intended to be a verbatim recitation of a provision of the
Indenture or such Notes (as evidenced by an Officers’ Certificate of the Company and Opinion of Counsel); (k) provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of the date thereof;
(l) evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 7.08 of the Indenture; (m) change the Registrar or Paying Agent; and (n) remove redemption provisions included in any Notes that
are no longer in effect. 
 13. DEFAULTS AND REMEDIES. An
Event of Default occurs if: (i) the Company defaults in the payment of interest (including Additional Interest, if any) on any of the Notes when it becomes due and payable and such default continues for a period of 30 days; (ii) the
Company defaults in the payment when due of principal of or premium, if any, on any Note when due at maturity, upon acceleration, required purchase or otherwise; (iii) the Company fails to observe, perform or comply with the covenants and
agreements of Section 5.01(a) of the Indenture; (iv) the Company or any Guarantor fails to observe, perform or comply with any of the other covenants and agreements in the Indenture, the Notes, or the Note Guarantees and such failure to
observe, perform or comply continues for a period of 60 days after receipt by the Company of a written notice from the Trustee or the Holders of at least 30% in aggregate principal amount of Notes then outstanding; (v) the Company or any
Guarantor that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: (a) commences a voluntary case,
(b) consents to the entry of an order for relief against it in an involuntary case, (c) consents to the appointment of a custodian of it or for all or substantially all of its property, or (d) makes a general assignment for the
benefit of its creditors; (vi) a court of competent jurisdiction enters an order or decree with respect to the Company or any Guarantor that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary under any Bankruptcy Law that: (a) is for relief against such Person(s) in an involuntary case, (b) appoints a custodian of such Person(s) or for all or substantially all of the property of such Person,
or (c) orders the liquidation of such Person(s); provided the order or decree remains unstayed and in effect for 60 consecutive 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 controlling such Guarantor denies or disaffirms its obligations under its Note Guarantee, and such default continues for a period
of 30 days; (viii) Indebtedness of the Company or any Restricted Subsidiary is not paid when due or within any applicable grace period or is accelerated by the holders thereof and, in either case, the total amount of such unpaid or accelerated
Indebtedness exceeds $100,000,000; (ix) failure by the Company or any Restricted Subsidiary to pay final judgments by a court of competent jurisdiction in an uninsured aggregate amount in excess of $100,000,000 and such judgment or order is not
discharged, waived, stayed or satisfied for a period of 60 consecutive days after such judgment or judgments become final and non-appealable; and (x) any revocation, suspension or loss of any Gaming
License which results in the cessation of business for a period of more than 90 consecutive days of the business of any Gaming Facility or Gaming Facilities owned, leased or operated directly by the Company or any of its Restricted Subsidiaries,
which, taken together, collectively contribute more than 10% of the Company’s Consolidated EBITDA (other than any voluntary relinquishment of a Gaming License if such relinquishment is, in the reasonably good faith judgment of the Board of
Directors and evidenced by a Board Resolution, desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole). A Default under clause (viii), (ix) or (x) is not an Event of Default until the Trustee or the
Holders of not less than 30% in aggregate principal amount of the Notes notify the Company of the Default; provided that any Default under clause (viii) above resulting from a default or acceleration with respect to Indebtedness will not be
considered an Event of Default if such default or acceleration is cured or annulled, respectively, within 30 days of the receipt by the Company of such notice of Default from the 

  
 7 

 
Trustee or Holders of not less than 30% in aggregate principal amount of the Notes. Subject to the following paragraph, if an Event of Default (other than an Event of Default resulting from
subclauses (v) or (vi) above) shall have occurred and be continuing, the Trustee or the Holders of not less than 30% in aggregate principal amount of the Notes then outstanding may accelerate the maturity of all the Notes by a notice in writing
to the Company (and to the Trustee, if given by the Holders) specifying the Event of Default and that it is a “notice of acceleration” and on the fifth Business Day after delivery of such notice, the principal amount, together with any
accrued and unpaid interest and premium and Additional Interest, if any, on all of the Notes then outstanding, will become immediately due and payable. Notwithstanding the foregoing, in case an Event of Default resulting from subclauses (v) or
(vi) above shall occur, the Notes then Outstanding (including any accrued interest and, if applicable, Additional Interest, thereon) shall be due and payable immediately without any declaration or other act on the part of the Trustee or the
Holders; provided, however, that, the Holders of a majority in aggregate principal amount of the Notes then Outstanding voting as a single class, may, by written notice to the Trustee, on behalf of the Holders of all of the Notes,
rescind and annul such acceleration if all Events of Default and Defaults, other than the nonpayment of accelerated principal, premium or Additional Interest, if any, or interest on the Notes, have been cured or waived as provided in the Indenture
and such rescission and annulment would not conflict with any judgment or decree. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in the aggregate
principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee in its exercise of any trust or power. 

The sole remedy for an Event of Default relating to the failure to comply with the reporting obligations described in
Section 4.03 of the Indenture and for any failure to comply with the requirements of TIA§314(a), will for the 365 days after the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest on the
principal amount of the Notes at a rate equal to 0.50% per annum. The Additional Interest will be payable in the same manner and subject to the same terms as other interest payable under the Indenture. The Additional Interest will accrue on all
outstanding Notes from and including the date on which an Event of Default relating to a failure to comply with the reporting obligations under Section 4.03 of the Indenture or TIA § 314(a) first occurs to but excluding the 365th day
thereafter (or such earlier date on which the Event of Default relating to such reporting obligations is cured or waived). If the Event of Default resulting from such failure to comply with the reporting obligations is continuing on such 365th day,
such Additional Interest will cease to accrue and the Notes will be subject to the other remedies provided under Article 6 of the Indenture. 

Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the
Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. The Holders of a majority in aggregate principal amount
of the Notes then outstanding voting as a single class by written notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive an Event of Default or existing Default and its consequences hereunder (if
the rescission would not conflict with any judgment or decree) except a continuing Default in the payment of principal of or premium, interest or Additional Interest, if any, on a Note. Upon any such waiver, such Event of Default or Default shall
cease to exist and shall be deemed to have been cured for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

14. TRUSTEE DEALINGS WITH COMPANY. The
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that
the Trustee acquires any conflicting interest (as defined in the Trust Indenture Act) it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and
duties. 

  
 8 

 15. NO RECOURSE AGAINST
OTHERS. No past, present or future director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors
under the Notes, the Indenture and the Note Guarantees, where applicable, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes.  
 16.
AUTHENTICATION. This Note shall 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; ISINS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers and ISINs to be printed on the Notes and the Trustee may use CUSIP numbers and ISINs 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. ADDITIONAL RIGHTS OF HOLDERS OF
RESTRICTED NOTES. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Notes shall have all the rights set forth in the Registration Rights Agreement dated
as of June 25, 2018, among the Company, the Guarantors and the other parties named on the signature pages thereof. 

20. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN
AND BE USED TO CONSTRUE THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.  

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration
Rights Agreement. Requests may be made to Boyd Gaming Corporation, 3883 Howard Hughes Parkway, 9th Floor, Las Vegas, Nevada 89169, Attention: General Counsel. 

  
 9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	 	  

		 	(Insert assignee’s legal name)

  

	
	  

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

	
	  

	
	  

	
	  

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

  

			
	 and irrevocably appoint
	 	  

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

  

	
	 Date:
                        

 

					
		 		 	
Your Signature:                   
                                         
                         

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

  

											
	 Signature Guarantee*:
	 	  
	 		 		 	

  

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

 In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the
date that is one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any Affiliate of the Company, the undersigned confirms that such Notes are being
transferred: 

 CHECK ONE BOX BELOW 

(1) ☐ to the Company or a subsidiary thereof; or 

(2) ☐ inside the United States to a qualified institutional buyer in compliance with Rule 144A under the Securities Act
of 1933, as amended; or 
 (3) ☐ outside the United States to a non-U.S.
Person in compliance with Rule 904 of Regulation S under the Securities Act of 1933, as amended; or 
 (4) ☐
pursuant to another available exemption from registration under the Securities Act of 1933, as amended (if available); or 

(5) ☐ pursuant to a registration statement which has been declared effective under the Securities Act of 1933, as
amended. 
 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof; provided that if box (3) or (4) is checked, the Holder must, prior to such transfer, furnish to the Trustee such certifications, legal opinions, or other
information as the Company may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. 

 

					
		 	  
	 	
	 Signature Guarantee:
	 	 Signature
	 	

  

											
		 	  
	 		 		  	  
	 	
		 		 		 		  	 Signature
	 	

  

  

 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 of

this Global Note
	  	 Amount of increase in

Principal Amount of

this Global Note
	  	 Principal Amount

of this Global Note
following such

decrease (or increase)
	  	 Signature of authorized

officer of Trustee or

Note Custodian

  

 OPTION OF HOLDER TO ELECT PURCHASE 

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

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

$                     

 

							
	 Date:
                                         
           
	 		 	Your signature:	  	  

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

  

							
	 Signature Guarantee:
	 	  
	 		 	
		 	 (Signature must be guaranteed)
	 		 	

  

 EXHIBIT B 

[FORM OF GLOBAL NOTE LEGEND] 

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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.05 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.05(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED
TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 [FORM OF RESTRICTED SECURITY LEGEND] 

THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES
FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN
PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR
(d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (2) TO THE COMPANY OR ANY SUBSIDIARY THEREOF OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE
RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (A)(1)(c) OR (d) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE
EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. 

  
 B-1 

 EXHIBIT C 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM RESTRICTED GLOBAL 

NOTE TO REGULATION S GLOBAL NOTE 

(Transfers pursuant to § 2.05(b) of the Indenture) 

Wilmington Trust, National Association 
 15950 N. Dallas Pkwy,
Suite 550 
 Dallas, TX 75248 
 Attention: Boyd Gaming
Corporation Administrator 
  

	 	Re:	 6.000% Senior Notes due 2026 (the “Notes”) 

Reference is hereby made to the Indenture dated as of June 25, 2018 (the “Indenture”) among Boyd Gaming
Corporation, a corporation organized under the laws of Nevada (the “Company”), the Guarantors listed therein (the “Guarantors”) and Wilmington Trust, National Association (the “Trustee”).
Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 
 This letter relates to
$         aggregate principal amount of Notes that are held as a beneficial interest in the form of the Restricted Global Note (CUSIP No. 103304BN0; ISIN No: US103304BN07) with the Depositary in
the name of [name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for an equivalent beneficial interest in the Regulation S Global Note (ISIN
No. US103304BN07). 
 In connection with such request, the Transferor does hereby certify that such transfer has been
effected in accordance with the transfer restrictions set forth in the Notes and: 
 (a) with respect to transfers made in
reliance on Regulation S (“Regulation S”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), does certify that: 

(i) the offer of such Notes was not made to a person in the United States; 

(ii) either: 

(1) at the time the buy order was originated, the transferee was outside the United States or the Transferor
and any person acting on its behalf reasonably believed that the transferee was outside the United States; 

(2) in the case of Rule 903, the transaction was executed in, on or through a physical trading floor of an
established foreign securities exchange that is located outside the United States; or 
 (3) in the case of
Rule 904, the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was prearranged with a buyer in the United
States; 

  
 C-1 

 (iii) no directed selling efforts have been made in the United
States by the Transferor, an affiliate thereof or any person acting on their behalf in contravention of the requirements of Rule 903 or 904 of Regulation S, as applicable; 

(iv) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S.
Securities Act; and 
 (v) the Transferor is not the Company, a distributor of the Notes, an affiliate of the
Company or any such distributor (except any officer or director who is an affiliate solely by virtue of holding such position) or a person acting on behalf of any of the foregoing. 

(b) with respect to transfers made in reliance on Rule 144 the Transferor certifies that such Notes are being transferred in a
transaction permitted by Rule 144 under the U.S. Securities Act. 
 We understand that this certificate is required in
connection with certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize
you, the Company, the Guarantors and the Trustee to produce this certificate to any interested party in such proceeding. [This certificate and the statements contained herein are made for your benefit and the benefit of the Company, the Guarantors
and Initial Purchasers of the Notes under the Purchase Agreement, dated June 11, 2018 among the Company, the Guarantors and the Initial Purchasers relating to the Notes.] Terms used in this certificate and not otherwise defined in the Indenture
have the meanings set forth in Regulation S under the U.S. Securities Act. 
  

			
	 [Name of Transferor]

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

		 	 Date:

cc:                    Attn: 

  
 C-2 

 EXHIBIT D 

FORM OF TRANSFER CERTIFICATE FOR TRANSFER FROM REGULATION S GLOBAL 

NOTE TO RESTRICTED GLOBAL NOTE 

(Transfers pursuant to § 2.05(b) of the Indenture) 

Wilmington Trust, National Association 
 15950 N. Dallas Pkwy,
Suite 550 
 Dallas, TX 75248 
 Attention: Boyd Gaming
Corporation Administrator 
  

	 	Re:	 6.000% Senior Notes due 2026 (the “Notes”) 

Reference is hereby made to the Indenture dated as of June 25, 2018 (the “Indenture”) among Boyd Gaming
Corporation, a corporation organized under the laws of Nevada (the “Company”), the Guarantors listed therein (the “Guarantors”) and Wilmington Trust, National Association (the “Trustee”).
Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 
 This letter relates to
$         aggregate principal amount of Notes that are held in the form of the Regulation S Global Note (ISIN No. US103304BN07) in the name of [name of transferor] (the
“Transferor”) to effect the transfer of such Notes in exchange for an equivalent beneficial interest in the Restricted Global Note (CUSIP No. 103304BN0, ISIN No. US103304BN07). 

In connection with such request, and in respect of such Notes the Transferor does hereby certify that such Notes are being
transferred in accordance with the transfer restrictions set forth in the Notes and that: 
 CHECK ONE BOX BELOW: 

 

	 	☐	 the Transferor is relying on Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”) for exemption from such Act’s registration requirements; it is transferring such Notes to a person it reasonably believes is a “qualified institutional buyer” as defined in Rule 144A that purchases
for its own account, or for the account of a qualified institutional buyer, and to whom the Transferor has given notice that the transfer is made in reliance on Rule 144A and the transfer is being made in accordance with any applicable securities
laws of any state of the United States; or 

  

	 	☐	 the Transferor is relying on an exemption other than Rule 144A from the registration requirements of the
Securities Act, subject to the Company’s right prior to any such offer, sale or transfer to require the delivery of an Opinion of Counsel, certification and/or other information satisfactory to it. 

We understand that this certificate is required in connection with certain securities laws of the United States. In connection
therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you, the Company, the Guarantors and the Trustee to produce this certificate to
any interested party in such proceeding. [This certificate and the statements contained herein are made for your benefit and the benefit of the Company, the Guarantors and the Initial Purchasers of the Notes under the Purchase Agreement dated
June 11, 2018 among the Company, the Guarantors and the Initial Purchasers relating to the Notes.] 

  
 D-1 

 
			
	 [Name of Transferor]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		 	 Date:

cc:                    Attn: 

  
 D-2 

 EXHIBIT E 

FORM OF CERTIFICATE OF TRANSFER 
 Boyd Gaming
Corporation 
 3883 Howard Hughes Parkway 
 9th Floor 

Las Vegas, NV 89169 
 Attention: General Counsel 

Wilmington Trust, National Association 
 15950 N. Dallas Pkwy,
Suite 550 
 Dallas, TX 75248 
 Attention: Boyd Gaming
Corporation Administrator 
  

	 	Re:	 6.000% Senior Notes due 2026 (the “Notes”) 

Reference is hereby made to the Indenture dated as of June 25, 2018 (the “Indenture”) among Boyd Gaming
Corporation, a corporation organized under the laws of Nevada (the “Company”), the Guarantors listed therein (the “Guarantors”) and Wilmington Trust, National Association (the “Trustee”).
Capitalized terms used but not defined herein shall have the meanings given 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 Definitive Note
Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States 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 believed and 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 Restricted Security Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 

2. ☐ Check if Transferee will take delivery of a beneficial interest in a
Regulation S Global Note or a 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 

  
 E-1 

 
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 “Distribution Compliance Period”
within the meaning of Regulation S, 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 Restricted Security Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture
and the Securities Act. 
 3. ☐ Check and complete if Transferee will take delivery of a beneficial interest in
a 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 Restricted Security 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 Restricted Security 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 Restricted Security Legend are not required in order to maintain compliance with the Securities Act. Upon 

  
 E-2 

 
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 Restricted Security Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(c) ☐ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and
in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Security 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 Restricted Security 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 Trustee and the Guarantors. 
  

			
	  

		 	 [Insert Name of Transferor]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Dated: 

  
 E-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

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

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

(a) ☐ a beneficial interest in the: 

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

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

(b) ☐ a Restricted Definitive Note. 
  

	 	2.	 After the Transfer the Transferee will hold: 

[CHECK ONE] 
 (a)
☐ a beneficial interest in the: 
 (i)   ☐ 144A Global Note (CUSIP
                    ), or 

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

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

(b) ☐ a Restricted Definitive Note; or 

(c) ☐ an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture. 

  
 E-4 

 EXHIBIT F 

FORM OF CERTIFICATE OF EXCHANGE 

Boyd Gaming Corporation 
 3883
Howard Hughes Parkway 
 9th Floor 

Las Vegas, NV 89169 
 Attention:
General Counsel 
 Wilmington Trust, National Association 

15950 N. Dallas Pkwy, Suite 550 

Dallas, TX 75248 
 Attention: Boyd
Gaming Corporation Administrator 
  

	 	Re:	 6.000% Senior Notes due 2026 (the “Notes”) 

(CUSIP                     ) 

Reference is hereby made to the Indenture dated as of June 25, 2018 (the “Indenture”) among Boyd Gaming Corporation, a
corporation organized under the laws of Nevada (the “Company”), the Guarantors listed therein (the “Guarantors”) and Wilmington Trust, National Association (the “Trustee”). Capitalized terms used
but not defined herein shall have the meanings given 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 Global Notes and pursuant to and in accordance
with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Restricted Security 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 such Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Restricted Security 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. 

  
 F-5 

 (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 Restricted Security 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 such Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Security 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 Restricted Security 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 such 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 Restricted Security Legend printed on
the relevant Restricted Global Note and in the Indenture and the Securities Act. 

  
 F-6 

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

			
	  

		 	 [Insert Name of Owner]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Dated: 

  
 F-7

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