Document:

EX-4.3

 Exhibit 4.3 

CONFIDENTIAL 
  

 
  

COLT MERGER SUB, INC., 
 as Issuer

 5.750% SENIOR SECURED NOTES DUE 2025 
  

 
 INDENTURE 

Dated as of July 6, 2020 
  

 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Trustee 

and 
 CREDIT SUISSE AG, CAYMAN
ISLANDS BRANCH, 
 as Collateral Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Other Definitions
	  	 	58	 
	 Section 1.03
	 	 [Reserved]
	  	 	59	 
	 Section 1.04
	 	 Rules of Construction
	  	 	59	 
	 Section 1.05
	 	 Limited Condition Transactions
	  	 	60	 
	 Section 1.06
	 	 Basket and Ratio Calculations
	  	 	61	 
	 Section 1.07
	 	 Master Leases and Gaming Leases
	  	 	61	 
		
	 ARTICLE II. THE NOTES
	  	 	61	 
	 Section 2.01
	 	 Amount of Notes
	  	 	61	 
	 Section 2.02
	 	 Form and Dating
	  	 	62	 
	 Section 2.03
	 	 Execution and Authentication
	  	 	63	 
	 Section 2.04
	 	 Registrar and Paying Agent
	  	 	63	 
	 Section 2.05
	 	 Paying Agent to Hold Money in Trust
	  	 	64	 
	 Section 2.06
	 	 Holder Lists
	  	 	64	 
	 Section 2.07
	 	 Transfer and Exchange
	  	 	64	 
	 Section 2.08
	 	 Replacement Notes
	  	 	65	 
	 Section 2.09
	 	 Outstanding Notes
	  	 	65	 
	 Section 2.10
	 	 [Reserved]
	  	 	65	 
	 Section 2.11
	 	 Cancellation
	  	 	65	 
	 Section 2.12
	 	 Defaulted Interest
	  	 	66	 
	 Section 2.13
	 	 CUSIP Numbers, ISINs, Etc
	  	 	66	 
	 Section 2.14
	 	 Calculation of Principal Amount of Notes
	  	 	66	 
	 Section 2.15
	 	 Mandatory Disposition Pursuant to Gaming Laws
	  	 	66	 
		
	 ARTICLE III. REDEMPTION
	  	 	67	 
	 Section 3.01
	 	 Redemption
	  	 	67	 
	 Section 3.02
	 	 Applicability of Article
	  	 	67	 
	 Section 3.03
	 	 Notices to Trustee
	  	 	67	 
	 Section 3.04
	 	 Selection of Notes to Be Redeemed
	  	 	67	 
	 Section 3.05
	 	 Notice of Optional Redemption
	  	 	67	 
	 Section 3.06
	 	 Effect of Notice of Redemption
	  	 	68	 
	 Section 3.07
	 	 Deposit of Redemption Price
	  	 	69	 
	 Section 3.08
	 	 Notes Redeemed in Part
	  	 	69	 
	 Section 3.09
	 	 Mandatory Redemption
	  	 	69	 
	 Section 3.10
	 	 Special Mandatory Redemption
	  	 	69	 
		
	 ARTICLE IV. COVENANTS
	  	 	70	 
	 Section 4.01
	 	 Payment of Notes
	  	 	70	 
	 Section 4.02
	 	 Reports and Other Information
	  	 	70	 
	 Section 4.03
	 	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified
	  			
		 	 Stock and Preferred Stock
	  	 	73	 
	 Section 4.04
	 	 Limitation on Restricted Payments
	  	 	80	 
	 Section 4.05
	 	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	87	 
	 Section 4.06
	 	 Asset Sales
	  	 	89	 
	 Section 4.07
	 	 Transactions with Affiliates
	  	 	93	 

							
	 Section 4.08
	 	 Change of Control
	  	 	96	 
	 Section 4.09
	 	 Compliance Certificate
	  	 	98	 
	 Section 4.10
	 	 Further Instruments and Acts
	  	 	98	 
	 Section 4.11
	 	 Future Subsidiary Guarantors
	  	 	98	 
	 Section 4.12
	 	 Liens
	  	 	98	 
	 Section 4.13
	 	 Maintenance of Office or Agency
	  	 	99	 
	 Section 4.14
	 	 Covenant Suspension
	  	 	99	 
	 Section 4.15
	 	 Maintenance of Insurance
	  	 	100	 
	 Section 4.16
	 	 After-Acquired Property
	  	 	100	 
	 Section 4.17
	 	 Security Documents
	  	 	101	 
	 Section 4.18
	 	 Further Assurances
	  	 	101	 
	 Section 4.19
	 	 Maintenance of Properties
	  	 	101	 
	 Section 4.20
	 	 Escrow of Proceeds
	  	 	101	 
	 Section 4.21
	 	 Limitation on Activities of Escrow Issuer Prior to Escrow Release Date
	  	 	102	 
		
	 ARTICLE V. SUCCESSOR COMPANY
	  	 	103	 
	 Section 5.01
	 	 When the Issuers May Merge or Transfer Assets
	  	 	103	 
		
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	 	105	 
	 Section 6.01
	 	 Events of Default
	  	 	105	 
	 Section 6.02
	 	 Acceleration
	  	 	107	 
	 Section 6.03
	 	 Other Remedies
	  	 	107	 
	 Section 6.04
	 	 Waiver of Past Defaults
	  	 	108	 
	 Section 6.05
	 	 Control by Majority
	  	 	108	 
	 Section 6.06
	 	 Limitation on Suits
	  	 	108	 
	 Section 6.07
	 	 Rights of the Holders to Receive Payment
	  	 	108	 
	 Section 6.08
	 	 Collection Suit by Trustee
	  	 	109	 
	 Section 6.09
	 	 Trustee May File Proofs of Claim
	  	 	109	 
	 Section 6.10
	 	 Priorities
	  	 	109	 
	 Section 6.11
	 	 Undertaking for Costs
	  	 	109	 
	 Section 6.12
	 	 Waiver of Stay or Extension Laws
	  	 	110	 
		
	 ARTICLE VII. TRUSTEE
	  	 	110	 
	 Section 7.01
	 	 Duties of Trustee
	  	 	110	 
	 Section 7.02
	 	 Rights of Trustee
	  	 	111	 
	 Section 7.03
	 	 Individual Rights of Trustee
	  	 	113	 
	 Section 7.04
	 	 Trustee’s Disclaimer
	  	 	113	 
	 Section 7.05
	 	 Notice of Defaults
	  	 	113	 
	 Section 7.06
	 	 [Reserved]
	  	 	113	 
	 Section 7.07
	 	 Compensation and Indemnity
	  	 	113	 
	 Section 7.08
	 	 Replacement of Trustee
	  	 	114	 
	 Section 7.09
	 	 Successor Trustee by Merger
	  	 	115	 
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	115	 
	 Section 7.11
	 	 Escrow Authorization
	  	 	115	 
		
	 ARTICLE VIII. DISCHARGE OF INDENTURE; DEFEASANCE
	  	 	116	 
	 Section 8.01
	 	 Discharge of Liability on Notes; Defeasance
	  	 	116	 
	 Section 8.02
	 	 Conditions to Defeasance
	  	 	117	 
	 Section 8.03
	 	 Application of Trust Money
	  	 	118	 
	 Section 8.04
	 	 Repayment to the Issuers
	  	 	118	 
	 Section 8.05
	 	 Indemnity for U.S. Government Obligations
	  	 	118	 

  
 ii 

							
	 Section 8.06
	  	 Reinstatement
	  	 	118	 
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	 	119	 
	 Section 9.01
	  	 Without Consent of the Holders
	  	 	119	 
	 Section 9.02
	  	 With Consent of the Holders
	  	 	120	 
	 Section 9.03
	  	 [Reserved]
	  	 	121	 
	 Section 9.04
	  	 Revocation and Effect of Consents and Waivers
	  	 	121	 
	 Section 9.05
	  	 Notation on or Exchange of Notes
	  	 	121	 
	 Section 9.06
	  	 Trustee to Sign Amendments
	  	 	122	 
	 Section 9.07
	  	 Additional Voting Terms; Calculation of Principal Amount
	  	 	122	 
		
	 ARTICLE X. [RESERVED.]
	  	 	122	 
		
	 ARTICLE XI. RANKING OF NOTE LIENS
	  	 	122	 
	 Section 11.01
	  	 Relative Rights
	  	 	122	 
		
	 ARTICLE XII. COLLATERAL
	  	 	123	 
	 Section 12.01
	  	 Security Documents
	  	 	123	 
	 Section 12.02
	  	 Collateral Agent
	  	 	124	 
	 Section 12.03
	  	 Authorization of Action to Be Taken
	  	 	125	 
	 Section 12.04
	  	 Release of Collateral
	  	 	126	 
	 Section 12.05
	  	 [Reserved]
	  	 	128	 
	 Section 12.06
	  	 Release Upon Termination of the Issuers’ Obligations
	  	 	128	 
	 Section 12.07
	  	 Designations
	  	 	128	 
	 Section 12.08
	  	 Taking and Destruction
	  	 	128	 
		
	 ARTICLE XIII. GUARANTEE
	  	 	128	 
	 Section 13.01
	  	 Guarantee
	  	 	128	 
	 Section 13.02
	  	 Limitation on Liability
	  	 	131	 
	 Section 13.03
	  	 Successors and Assigns
	  	 	131	 
	 Section 13.04
	  	 No Waiver
	  	 	131	 
	 Section 13.05
	  	 Modification
	  	 	131	 
	 Section 13.06
	  	 Execution of Supplemental Indenture for Future Guarantors
	  	 	132	 
	 Section 13.07
	  	 Non-Impairment
	  	 	132	 
		
	 ARTICLE XIV. MISCELLANEOUS
	  	 	132	 
	 Section 14.01
	  	 [Reserved]
	  	 	132	 
	 Section 14.02
	  	 Notices
	  	 	132	 
	 Section 14.03
	  	 [Reserved]
	  	 	133	 
	 Section 14.04
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	133	 
	 Section 14.05
	  	 Statements Required in Certificate or Opinion
	  	 	134	 
	 Section 14.06
	  	 When Notes Disregarded
	  	 	134	 
	 Section 14.07
	  	 Rules by Trustee, Paying Agent and Registrar
	  	 	134	 
	 Section 14.08
	  	 Legal Holidays
	  	 	134	 
	 Section 14.09
	  	 GOVERNING LAW
	  	 	134	 
	 Section 14.10
	  	 No Recourse Against Others
	  	 	134	 
	 Section 14.11
	  	 Successors
	  	 	135	 
	 Section 14.12
	  	 Multiple Originals
	  	 	135	 
	 Section 14.13
	  	 Table of Contents; Headings
	  	 	135	 
	 Section 14.14
	  	 Indenture Controls
	  	 	135	 
	 Section 14.15
	  	 Severability
	  	 	135	 

  
 iii 

							
	 Section 14.16
	  	 Intercreditor Agreements
	  	 	135	 
	 Section 14.17
	  	 Acts of Holders
	  	 	135	 
	 Section 14.18
	  	 Security Advice Waiver
	  	 	136	 
	 Section 14.19
	  	 USA PATRIOT Act
	  	 	136	 

  

					
	Appendix A	  	–	  	  Provisions Relating to Initial Notes and Additional Notes
		
	EXHIBIT INDEX	  	
			
	Exhibit A	  	–	  	  Form of Initial Note
	Exhibit B	  	–	  	  Form of Transferee Letter of Representation
	Exhibit C	  	–	  	  Form of Supplemental Indenture to be Delivered in Connection with the CRC Assumption
	Exhibit D	  	–	  	  Form of Supplemental Indenture to be Delivered by Subsequent Guarantors
	Exhibit E	  	–	  	  Form of Junior Lien Intercreditor Agreement
		
	SCHEDULE INDEX	  	
			
	Schedule I	  	–	  	  Permitted Dispositions
	Schedule II	  	–	  	  Designated Unrestricted Subsidiaries as of the Escrow Release Date

  
 iv 

 INDENTURE dated as of July 6, 2020, among COLT MERGER SUB, INC., a Delaware corporation
(“Escrow Issuer”), the Subsidiary Guarantors party hereto from time to time, U.S. BANK NATIONAL ASSOCIATION, as trustee (in such capacity, the “Trustee”), and the Collateral Agent (as defined herein). 

The provisions of the Trust Indenture Act will not apply to this Indenture. 

Escrow Issuer is a wholly-owned subsidiary of ERI (as defined herein). 

Upon consummation of the Merger on the Escrow Release Date (as such terms are defined herein), (i) the Escrow Issuer will merge with and into
CEC (as defined herein), with CEC continuing as the surviving corporation, pursuant to the Merger Agreement, following which CEC will be a direct or indirect wholly owned subsidiary of ERI, and (ii) subject to the satisfaction of the Escrow
Release Conditions (as defined herein), Caesars Resort Collection, LLC, a Delaware limited liability company (the “Company”) and CRC Finco, Inc., a Delaware corporation (“Finance”), each of the Initial Guarantors
(as defined herein), the Trustee and the Collateral Agent shall enter into a supplemental indenture in the form of Exhibit C hereto, pursuant to which, (A) the Company and Finance will become a party to this Indenture and expressly assume,
jointly and severally, all of the rights and obligations of Escrow Issuer under this Indenture and the Notes (as defined herein), as the successor obligors under the Notes and this Indenture, (B) the Company and Finance will be substituted for,
and may exercise every right and power of, Escrow Issuer, shall be the “Issuer” or “Issuers” under this Indenture and the Notes, and Escrow Issuer will be released from all obligations hereunder and (C) each of the Initial
Guarantors shall become a “Subsidiary Guarantor” under this Indenture and the Notes, and shall guarantee, jointly and severally, the Issuers’ obligations under this Indenture and the Notes (this clause (ii), the “CRC
Assumption”). All references to the “Issuer” or “Issuers” herein shall be to (a) prior to the CRC Assumption, the Escrow Issuer and (b) from and after consummation of the CRC Assumption, the Company and
Finance, until a successor Person or Persons shall have become such pursuant to the applicable provisions of this Indenture, and thereafter the “Issuers” shall mean such successor Person or Persons. 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of (i) $1,000,000,000
aggregate principal amount of the Issuers’ 5.750% Senior Secured Notes due 2025 issued on the date hereof (the “Initial Notes”) and (ii) Additional Notes (as defined herein) issued from time to time (the Initial Notes and
Additional Notes, collectively, the “Notes”): 
 ARTICLE I. 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions. 

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

(1)    Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with
or into or became a Restricted Subsidiary of such specified Person; and 
 (2)    Indebtedness secured by a Lien
encumbering any asset acquired by such specified Person. 
 “Additional First Lien Secured Party” means the holders of any
Other First Priority Lien Obligations that are Incurred after the Issue Date and any Authorized Representative with respect thereof. 
  

 “Additional Master Lease” means any Gaming Lease that is similar in form
to, or not materially less favorable to, the Company and/or its Restricted Subsidiaries than, a Master Lease referred to in clauses (i) and (ii) of the definition thereof as originally in effect (as determined by the Issuers in good faith) and
is entered into between the Company and/or one of its Restricted Subsidiaries and the landlord under such Gaming Lease. 

“Additional Notes” means Notes issued under the terms of this Indenture subsequent to the Issue Date (other than Notes issued
in replacement of, or in exchange for, Initial Notes). 
 “Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise. 
 “After-Acquired Property” means any
property of the Issuers or any Subsidiary Guarantor that secures any First Priority Lien Obligations that is not already subject to the Lien under the Security Documents, other than any Excluded Assets. 

“Applicable Measurement Period” means the most recently completed four consecutive fiscal quarters of the Company immediately
preceding the applicable calculation date for which internal financial statements are available. 
 “Applicable Premium”
means, with respect to any Note on any applicable redemption date, as determined by the Company, the greater of: 

(1)    1% of the then outstanding principal amount of the Note; and 

(2)    the excess of: 

(a)    the present value at such redemption date of (i) the redemption price of the Note, at
July 1, 2022 (such redemption price being set forth in Paragraph 5 of the Note) plus (ii) all required interest payments due on the Note through July 1, 2022 (excluding accrued but unpaid interest), computed using a discount rate
equal to the Treasury Rate as of such redemption date, or in the case of a satisfaction and discharge of this Indenture or a legal defeasance or covenant defeasance under this Indenture, the Treasury Rate as of two Business Days prior to the date on
which funds to pay the Notes are deposited with the Trustee under this Indenture, plus 50 basis points; over 

(b)    the then outstanding principal amount of the Note. 

“Asset Sale” means: 

(1)    the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related
transactions) of property or assets (including by way of a Sale/ Leaseback Transaction) outside the ordinary course of business of the Company or any Restricted Subsidiary (each referred to in this definition as a “disposition”); or 

(2)    the issuance or sale of Equity Interests (other than directors’ qualifying shares and shares issued to foreign
nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to an Issuer or to a Restricted Subsidiary of an Issuer) (whether in a single transaction or a series of related transactions); 

  
 2 

 in each case consummated after the Escrow Release Date other than: 

(a)    a disposition of Cash Equivalents or Investment Grade Securities or surplus, obsolete, damaged or
worn out property or equipment in the ordinary course of business; 
 (b)    the disposition of all or
substantially all of the assets of the Company in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 

(c)    any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under
Section 4.04; 
 (d)    any disposition of assets of the Company or any Restricted Subsidiary or
issuance or sale of Equity Interests of any Restricted Subsidiary in any single transaction or series of related transactions, which assets or Equity Interests so disposed or issued in such transaction or related transactions have an aggregate Fair
Market Value (as determined in good faith by the Company) of less than $75.0 million; 
 (e)    any
sale, transfer, lease or other disposition of property or assets, or the issuance of securities, by a Restricted Subsidiary or the Company to another Restricted Subsidiary or the Company; 

(f)    any exchange of assets (including a combination of assets and Cash Equivalents) for assets related
to a Similar Business of comparable or greater market value or usefulness to the business of the Company and its Restricted Subsidiaries as a whole, as determined in good faith by the Company; 

(g)    foreclosure or any similar action with respect to any property or other asset of the Issuers or any
of its Restricted Subsidiaries; 
 (h)    any sale, conveyance, transfer or other disposition of Equity
Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 
 (i)    the lease,
license, easement, assignment, sublease or sublicense of any real or personal property; provided, further, that upon request by the Company, the Collateral Agent on behalf of the Secured Parties shall provide the tenant,
subtenant or licensee with a subordination, non-disturbance and attornment agreement substantially in the form referred to in any applicable Credit Agreement or in such other form as is reasonably satisfactory
to the Collateral Agent and the Company; 
 (j)    any sale, lease or other disposition of inventory or
other assets in the ordinary course of business; 
 (k)    any sales, licenses, sublicenses, grants or
other dispositions or abandonment of intellectual property (i) in the ordinary course of business or (ii) if determined by the management of the Issuers to be no longer useful or necessary in the operation of the Issuers or any of its
Restricted Subsidiaries; 

  
 3 

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

(o)    dispositions in connection with or constituting Permitted Liens; 

(p)    any disposition of Capital Stock of the Company or a Restricted Subsidiary pursuant to an agreement
or other obligation with or to a Person (other than the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom the Company or such Restricted Subsidiary acquired its business and assets (having been newly
formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

(q)    any disposition (i) made pursuant to (A) any Master Lease, any Gaming Lease, any MLSA or
any Operations Management Agreement, (B) any call right agreement or right of first refusal agreement entered into in connection with the Transactions or (C) any other similar call right agreement or right of first refusal agreement
entered into in the future, (ii) in connection with the Transactions and (iii) any Permitted Disposition; 

(r)    the sale of any property in a Sale/Leaseback Transaction within 270 days of the acquisition of such
property; 
 (s)    dispositions of receivables in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(t)    any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of
contract, tort or other claims of any kind; 
 (u)    any disposition in connection with the Merger; 

(v)    any leases, subleases, easements or licenses with respect to any Real Property (or any portion
thereof) entered into by the Company or a Restricted Subsidiary so long as such transaction, lease, sublease, easement or license would not reasonably be expected to materially interfere with, or materially impact or detract from, the operation of
the applicable Project; 
 (w)    the (i) lease, sublease or license of any portion of any Project
to Persons who, either directly or through Affiliates of such Persons, intend to operate or manage nightclubs, bars, restaurants, recreation areas, spa, pool, exercise or gym facilities or entertainment or retail venues or similar or related
establishments or facilities within a Project or other establishments or facilities ancillary to or supportive of the operations of a Project and (ii) the grant of declarations 

  
 4 

 
of covenants, conditions and restrictions and/or easements with respect to common area spaces and similar instruments benefiting such tenants of such leases, subleases and licenses generally
and/or entered into connection with any Project (collectively, the “Venue Easements” and together with any such leases, subleases and licenses, the “Venue Documents”); provided that (A) the Company or a
Restricted Subsidiary shall be required to maintain control (which may be through required contractual standards) over the primary aesthetics and standards of service and quality of the business being operated or conducted in connection with any
such leased, subleased or licensed space and (B) no Venue Easements or operations conducted pursuant thereto would reasonably be expected to materially interfere with, or materially impair or detract from, the operation of the applicable
Project; provided, further, that upon request by the Company, the Collateral Agent on behalf of the Secured Parties shall provide the tenant, subtenant or licensee under any Venue Document with a subordination, non-disturbance and attornment agreement substantially in the form referred to in any applicable Credit Agreement or in such other form as is reasonably satisfactory to the Collateral Agent and the Company; 

(x)    the dedication of space or other dispositions of property in connection with and in furtherance of
constructing structures or improvements reasonably related to the development, construction and operation of a Project; provided that in each case such dedication or other disposition is in furtherance of, and does not materially impair or
interfere with the use or operations (or intended use or operations) of, the Company and its Restricted Subsidiaries; 

(y)    dedications of, or the granting of easements, rights of way, rights of access and/or similar rights
or other dispositions of property, to any governmental authority, utility providers, cable or other communication providers and/or other parties providing services or benefits to any Project, the Real Property held by the Company, a Restricted
Subsidiary or the public at large that would not reasonably be expected to interfere in any material respect with the operations of the Company and its Restricted Subsidiaries; provided that upon request by the Company, the Collateral Agent,
on behalf of the Secured Parties, shall subordinate its Mortgage on such Real Property to such easement, right of way, right of access or similar agreement in such form referred to in any applicable Credit Agreement or in such other form as is
reasonably satisfactory to the Collateral Agent and the Company; 
 (z)    dispositions of (i) non-core assets acquired or (ii) property or assets or Equity Interests of any Subsidiary required to be disposed of by antitrust or other regulatory agencies, in each case, in connection with an
acquisition or Investment permitted under this Indenture; 
 (aa)    any Interim Trust Asset Disposition;
and 
 (bb)    sales or leases of oil, gas or mineral rights. 

“Authorized Representative” means (i) in the case of any Credit Agreement Obligations or the holders of any Credit
Agreement Obligations, the administrative agent under the CRC Credit Agreement, (ii) in the case of the Notes Obligations or the holders of the Notes, the Trustee and (iii) in the case of any Series of Other First Priority Lien Obligations
or Additional First Lien Secured Parties that become subject to the First Lien Intercreditor Agreement, the authorized representative (and successor thereto) named for such Series in the applicable joinder agreement. 

“Bank Indebtedness” means any and all amounts payable under or in respect of the Credit Agreement and the other Credit
Agreement Documents as amended, restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise modified from time to time (including after termination of the Credit Agreement), including principal, premium (if
any), interest (including 

  
 5 

 
interest, fees and expenses accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company, whether or not a claim for post-filing interest, fees and
expenses is allowed or allowable under such proceedings), fees, charges, expenses, reimbursement Obligations, guarantees and all other amounts payable thereunder or in respect thereof. 

“Bankruptcy Code” means Title 11 of the United States Code, as amended, modified or supplemented from time to time or any
similar federal or state law for the relief of debtors. 
 “Bankruptcy Law” means the Bankruptcy Code and any similar
federal, state or foreign law for the relief of debtors. 
 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such
board; 
 (2) with respect to a partnership, the Board of Directors of the general partner of that partnership; 

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

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

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Capital Expenditures” means, for any Person in respect of any period,
(a) the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events amounts expended or capitalized under Capitalized Lease Obligations) Incurred by such Person during such period that, in
accordance with GAAP, are or should be included in “additions to property, plant or equipment” or similar items reflected in the statement of cash flows of such Person and (b) Capitalized Software Expenditures. 

“Capital Stock” means: 

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

(2)    in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3)    in the case of a partnership or limited liability
company, partnership or membership interests (whether general or limited); and 
 (4)    any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP; provided that each Designated Operating Lease, Master
Lease and Gaming Lease shall for all purposes not be treated as Capitalized Lease Obligations or Indebtedness. 

  
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 “Capitalized Software Expenditures” means, for any period, the aggregate of
all expenditures (whether paid in cash or accrued as liabilities) during such period in respect of licensed or purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be
reflected as capitalized costs on a balance sheet (excluding the footnotes thereto). 
 “Carano Family Entity” means any
trust or entity majority owned and controlled by or established for the benefit of, or the estate of, any of the Carano Holders. 

“Carano Holders” means (a) Donald L. Carano, Gene R. Carano, Gregg R. Carano, Gary L. Carano, Cindy L. Carano and Glenn
T. Carano or any of their spouses or lineal descendants (including without limitation, step-children and adopted children and their lineal descendants), (b) their heirs at law and their estates and the beneficiaries thereof, (c) any charitable
foundation created by any of them or (d) a Carano Family Entity. 
 “Cash Equivalents” means: 

(1)    U.S. dollars, pounds sterling, euros, the national currency of any country that was on the Issue Date or becomes a
member state in the European Union or, in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 

(2)    securities issued or directly and fully guaranteed or insured by the U.S. government, the United Kingdom government
or any country that was on the Issue Date or becomes a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3)    certificates of deposit, time deposits and Eurodollar time deposits with maturities of one year or less from the
date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and whose long-term
debt, or whose parent company’s long-term debt, is rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 

(4)    repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered
into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5)    commercial
paper issued by a corporation (other than an Affiliate of the Company) rated at least “A1” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in
each case maturing within one year after the date of acquisition; 
 (6)    readily marketable direct Obligations issued
by any state of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized
ratings agency) in each case with maturities not exceeding two years from the date of acquisition; 

  
 7 

 (7)    Indebtedness issued by Persons with a rating of “A” or
higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years
from the date of acquisition; 
 (8)    investment funds investing at least 95% of their assets in securities of the
types described in clauses (1) through (7) above; 
 (9)    money market funds that (i) comply with the
criteria set forth in Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000.0 million; 

(10)    time deposit accounts, certificates of deposit and money market deposits in an aggregate face amount not in excess
of 0.5% of the total assets of the Company and its Subsidiaries, on a combined or consolidated basis, as of the end of the Company’s most recently completed fiscal year; and 

(11)    instruments equivalent to those referred to in clauses (1) through (10) above denominated in any foreign
currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business
conducted by any Subsidiary organized in such jurisdiction. 
 “CEC” means Caesars Entertainment Corporation, or any
successor thereto. 
 “CEOC” means CEOC, LLC, or any successor thereto. 

“CES” means Caesars Enterprise Services, LLC, or any successor thereto. 

“CES Agreements” means (a) the Third Amended and Restated Omnibus License and Enterprises Services Agreement, dated as
of December 26, 2018, by and among CES, CEOC, the Company, Caesars License Company, LLC and Caesars World LLC and (b) the Second Amended and Restated Limited Liability Company Agreement of CES, dated as of January 14, 2015, in each
case, as amended, restated, amended and restated, supplemented or otherwise modified from time to time. 
 “CFC”
means a “controlled foreign corporation” within the meaning of Section 957(a) of the Code. 
 “Change of
Control” means the occurrence of any of the following: 
 (1)    the sale, lease or transfer in
one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders; or 

(2)    any combination of Permitted Holders in the aggregate shall fail to have the power, directly or
indirectly, to vote or direct the voting of Equity Interests representing at least a majority of the ordinary voting power for the election of directors of the Company; provided that the occurrence of the foregoing event shall not be deemed a
Change of Control if, 
 (a)    at any time prior to a Qualified Public Offering of the Company or any
parent of the Company, (A) any combination of Permitted Holders in the aggregate otherwise have the right, directly or indirectly, to designate a majority of the Board of Directors of the Company at such time or (B) any combination of
Permitted Holders in the aggregate own, directly or indirectly, a majority of the ordinary voting Equity Interests of the Company at such time, or 

  
 8 

 (b)    at any time upon or after a Qualified Public
Offering of the Company or any parent of the Company, no “person” or “group” (within the meaning of Sections 13(d) or 14(d) of the Exchange Act (but excluding (i) any employee benefit plan of such person or “group”
and its Subsidiaries and (ii) any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan)), other than any combination of the Permitted Holders, shall have acquired beneficial ownership
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Issue Date) of more than the greater of (x) 35% on a fully diluted basis of the ordinary
voting Equity Interests in the Company and (y) the percentage of the ordinary voting Equity Interests in the Company owned, directly or indirectly, in the aggregate by the Permitted Holders on a fully diluted basis, 

provided, further, that the Transactions shall not constitute a Change of Control under this Indenture. 

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

“Collateral” means all property subject or purported to be subject, from time to time, to a Lien under any Security
Documents. 
 “Collateral Agent” means Credit Suisse AG, Cayman Islands Branch (or any successor agent party
appointed thereto), in its capacity as collateral agent for the holders of the Notes and any Additional First Lien Secured Party, together with its successors and permitted assigns; and, in each case, provided that if such Collateral Agent is
not Credit Suisse AG, Cayman Islands Branch (or any successor agent party appointed thereto), such Collateral Agent shall have become a party to the First Lien Intercreditor Agreement. Any Person that becomes the “Collateral Agent” under
the Collateral Agreement and the First Lien Intercreditor Agreement in accordance with the terms thereof shall automatically and without further action by any Person become the Collateral Agent hereunder, and the Issuer, the Trustee and the
Collateral Agent shall be authorized to enter into any supplement or modification to this Agreement, the Security Documents and the Intercreditor Agreements as shall be reasonably necessary to effect such assignment or succession. 

“Collateral Agreement” means that certain Collateral Agreement, dated as of December 22, 2017, among the Company, the
Subsidiary Guarantors party thereto from time to time and the collateral agent party thereto, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with its terms and this Indenture. 

“Consolidated Cash Interest Expense” means, with respect to the Company, Consolidated Interest Expense for such period, less
the sum of, without duplication, (a) pay in kind Consolidated Interest Expense and other non-cash Consolidated Interest Expense (including as a result of the effects of purchase accounting), (b) to the
extent included in Consolidated Interest Expense, the amortization of any deferred financing fees, debt issuance costs (including original issue discount), commissions, fees and expenses and financing fees paid by, or on behalf of, the Company or
any Restricted Subsidiary, including such fees paid in connection with the Transactions or upon entering into a Permitted Receivables Financing, and the expensing of any bridge, commitment, upfront, ticking or other financing fees and expenses,
including those paid in connection with the Transactions or upon entering into a Permitted Receivables Financing or any amendment of any Credit Agreement and (c) the amortization of debt discounts, if any, or fees in respect of Hedge
Agreements. 
 “Consolidated Depreciation and Amortization Expense” means, with respect to the Company for any period, the
total amount of depreciation and amortization expense, including the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures and amortization of unrecognized prior service costs and actuarial gains and losses
related to pensions and other post-employment benefits, of the Company and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

  
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 “Consolidated Interest Expense” means, with respect to the Company for any
period, the sum, without duplication, of: 
 (1)    consolidated interest expense of the Company and its Restricted
Subsidiaries for such period (and to the extent not included in consolidated interest expense, (x) all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock and
(y) costs of surety bonds in connection with financing activities), to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease
Obligations and net payments and receipts (if any) pursuant to, and costs Incurred in connection with, interest rate Hedging Obligations and including amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses and
expensing of any bridge, commitment or other financing fees); plus 
 (2)    consolidated capitalized interest of
the Company and its Restricted Subsidiaries for such period, whether paid or accrued; plus 
 (3)    commissions,
discounts, yield and other fees and charges Incurred in connection with any Receivables Financing which are payable to Persons other than the Company and its Restricted Subsidiaries. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For the avoidance of doubt, Consolidated Interest Expense shall not include any interest component of the Designated
Operating Leases, any Master Lease or any Gaming Lease. 
 “Consolidated Leverage Ratio” means, with respect to the
Company, at any date the ratio of (i) Consolidated Total Indebtedness (other than (A) Qualified Non-Recourse Debt, (B) Development Expenses (whether or not included in Consolidated Total
Indebtedness), (C) Discharged Indebtedness and (D) Escrowed Indebtedness) of the Company and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and
Cash Equivalents in excess of any Restricted Cash held by the Company and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of the Company for the four full fiscal quarters for which internal financial statements are
available immediately preceding such date on which such additional Indebtedness is Incurred. In the event that the Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the
period for which the Consolidated Leverage Ratio is being calculated but on or prior to the event for which the calculation of the Consolidated Leverage Ratio is made (the “Consolidated Leverage Calculation Date”), then the
Consolidated Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period;
provided that the Company may elect pursuant to an Officer’s Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent
Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 

For purposes of making the computation referred to above, Investments, acquisitions, dividends and distributions, dispositions, mergers,
amalgamations, consolidations (including the Transactions) and discontinued operations (as determined in accordance with GAAP), in each case with respect to an 

  
 10 

 
operating unit of a business, any execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure,
construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project and any operational changes or restructuring of the business that the Company or any Restricted Subsidiary has determined to make
and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Consolidated Leverage Calculation Date shall be calculated on a pro forma basis assuming that all such
Investments, acquisitions, dividends and distributions, dispositions, mergers, amalgamations, consolidations (including the Transactions), discontinued operations, execution of a Gaming Lease, amendment, modification, termination or waiver to any
provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project and other operational changes or restructuring (which shall
include cost savings resulting from head count reduction, closure of facilities and similar operational and other cost savings) of the business (and the change of any associated Indebtedness and the change in EBITDA resulting therefrom) had occurred
on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such
period shall have made any Investment, acquisition, dividend or distribution, disposition, merger, consolidation, amalgamation, discontinued operation, execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision
of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project or operational change or restructuring of the business, in each case with
respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Consolidated Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment,
acquisition, dividend or distribution, disposition, discontinued operation, merger, amalgamation, consolidation, execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease,
any capital expenditure, construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project or operational change or restructuring (which shall include cost savings resulting from head count reduction,
closure of facilities and similar operational and other cost savings) of the business had occurred at the beginning of the applicable four-quarter period. For purposes of making the computation referred to above, with respect to each New Project
that commences operations and records not less than one full fiscal quarter’s operations during the four-quarter reference period, the operating results of such New Project (for each full fiscal quarter completed) will be annualized on a
straight-line basis during such period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Consolidated Leverage
Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be made
in good faith by a responsible financial or accounting officer of the Company. Any pro forma calculation of this definition may include (i) adjustments appropriate, in the reasonable good faith determination of the Company, to reflect
operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event and any other relevant event that occurred prior to or during the four-quarter reference period or
subsequent to such reference period and on or prior to or simultaneously with the Consolidated Leverage Calculation Date (including, to the extent applicable, from the Transactions) and (ii) any adjustments of the type used in connection with
the calculation of “Combined Adjusted EBITDA” as set forth in the Offering Memorandum. 

  
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 For purposes of this definition, any amount in a currency other than U.S. dollars will be
converted to U.S. dollars either based on (1) the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the
applicable period or (2) the exchange ratio used in the applicable financial statements. 
 “Consolidated Net Income”
means, with respect to the Company for any period, the aggregate of the consolidated Net Income of the Company and its Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 

(1)    any net after-tax extraordinary, nonrecurring, exceptional or unusual gains
or losses or income, expenses or charges or accruals or reserves (less all fees and expenses relating thereto), including, without limitation, any costs, fees, expenses or charges related to entrance into or amendment, waiver, termination or
modification of a Master Lease or Gaming Lease, any severance, relocation, contract termination, legal settlements, transition, integration, insourcing, outsourcing, recruiting or other restructuring expenses, expenses or charges related to
curtailments or modifications to pension and post-retirement employee benefit plans, any expenses related to any reconstruction, decommissioning, recommissioning, conversion or reconfiguration of fixed assets for alternate uses and fees, expenses or
charges relating to facilities closing costs, excess pension charges, acquisition integration costs, facilities opening costs, project start-up costs, business optimization costs, signing, retention or
completion bonuses, expenses, fees or charges related to any issuance of Equity Interests or debt securities, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or modification of Indebtedness (in
each case, whether or not successful), and any fees, expenses, costs, charges or change in control payments related to the Transactions (including any costs relating to auditing prior periods, transition-related expenses and expenses related to the
Transactions Incurred before, on or after the Issue Date), in each case, shall be excluded; 
 (2)    effects of
purchase accounting adjustments (including the effects of such adjustments pushed down to the Company or any Restricted Subsidiaries) in amounts required or permitted by GAAP, including those resulting from the application of purchase accounting,
including those in relation to the Transactions or any consummated acquisition, or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded; 

(3)    the Net Income for such period shall not include the cumulative effect of a change in accounting principles during
such period; 
 (4)    any net after-tax income or loss from disposed,
abandoned, transferred, closed or discontinued operations and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded; 

(5)    any net after-tax gains or losses (less all fees and expenses or charges
relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by management of the Company) shall be excluded; 

(6)    any net after-tax gains or losses (less all fees and expenses or charges
relating thereto) attributable to the early extinguishment of Indebtedness, Hedging Obligations or other derivative instruments shall be excluded; 

(7)    (A) the Net Income for such period of any Person that is not a Subsidiary of the Company, or is an Unrestricted
Subsidiary or a Qualified Non-Recourse Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or

  
 12 

 
distributions or other payments paid in cash (or to the extent converted into cash) to the Company or a Restricted Subsidiary thereof (other than a Qualified
Non-Recourse Subsidiary of the Company) in respect of such period and (B) the Consolidated Net Income for such period shall include any ordinary course dividend, distribution or other payment in cash
received from any Person in excess of the amounts included in clause (A); 
 (8)    an amount equal to the amount of Tax
Distributions actually made to any parent or equity holder of such Person in respect of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as income taxes directly by such Person for such
period; 
 (9)    any impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization of
intangibles adjustments arising pursuant to GAAP shall be excluded; 
 (10)    any
non-cash charge or expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock
options, restricted stock, preferred stock or other rights shall be excluded; 
 (11)    any (a) non-cash compensation charges, (b) costs and expenses related to employment of terminated employees or (c) costs or expenses realized in connection with or resulting from stock appreciation or
similar rights, stock options or other rights existing on the Issue Date of officers, directors and employees, in each case of the Company or any of its Restricted Subsidiaries, shall be excluded; 

(12)    accruals and reserves that are established or adjusted within 12 months after the Issue Date and that are so
required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded; 

(13)     (a)(i) the non-cash portion of “straight-line” rent expense
shall be excluded and (ii) the cash portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains,
losses, income and expenses resulting from fair value accounting required by the applicable standard under GAAP and related interpretations shall be excluded; 

(14)    any currency translation gains and losses related to changes in foreign currency exchange rates (including,
without limitation, currency remeasurements of Indebtedness), and any net loss or gain resulting from hedging transactions for currency exchange risk, shall be excluded; 

(15)    (a) to the extent covered by insurance and actually reimbursed, or, so long as the Company has made a
determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not denied by the applicable carrier in writing within 180 days and (ii) in fact
reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption shall be excluded
and (b) amounts estimated in good faith to be received from insurance in respect of lost revenues or earnings in respect of liability or casualty events or business interruption shall be included (with a deduction for amounts actually received
up to such estimated amount to the extent included in Net Income in a future period); 

(16)    non-cash charges for deferred tax asset valuation allowances shall be
excluded; and 
 (17)    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 Leases or any Gaming Lease in the applicable period and no deductions in 

  
 13 

 
calculating Consolidated Net Income shall occur as a result of imputed interest, amounts under the Master Leases or any Gaming Lease not paid in cash during the relevant period or other non-cash amounts Incurred in respect of the Master Leases or any Gaming Lease; provided that any “true-up” of rent paid in cash pursuant to the Master Leases
or any Gaming 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. 

Notwithstanding the foregoing, for the purpose of Section 4.04 only, there shall be excluded from Consolidated Net Income any dividends,
repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries or a Restricted Subsidiary to the extent such dividends, repayments or transfers increase the amount of Restricted Payments permitted under such
Section pursuant to clauses (D) or (E) of the definition of “Cumulative Credit.” 
 “Consolidated Non-cash Charges” means, with respect to the Company for any period, the non-cash expenses (other than Consolidated Depreciation and Amortization Expense) of the
Company and its Restricted Subsidiaries reducing Consolidated Net Income of the Company for such period on a consolidated basis and otherwise determined in accordance with GAAP; provided that if any such
non-cash expenses represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA in such future period
to the extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period. 

“Consolidated Taxes” means, with respect to the Company for any period, the provision for taxes based on income, profits or
capital of the Company and the Restricted Subsidiaries, including, without limitation, state, franchise, property, excise and similar taxes, foreign withholding taxes (including penalties and interest related to such taxes or arising from tax
examinations) and any Tax Distributions taken into account in calculating Consolidated Net Income. 
 “Consolidated Total
Indebtedness” means, as of any date of determination, an amount equal to the sum (without duplication) of (1) the aggregate principal amount of all outstanding Indebtedness of the Company and the Restricted Subsidiaries (excluding any
undrawn letters of credit or bank guarantees) consisting of Capitalized Lease Obligations and Indebtedness for borrowed money, plus (2) the aggregate amount of all outstanding Disqualified Stock of the Company and the Restricted Subsidiaries
and all Preferred Stock of Restricted Subsidiaries, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences, in each case determined on a consolidated
basis in accordance with GAAP. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person
guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly,
including, without limitation, any obligation of such Person, whether or not contingent: 
 (1)    to purchase any such
primary obligation or any property constituting direct or indirect security therefor; 
 (2)    to advance or supply
funds: 
 (a)    for the purchase or payment of any such primary obligation; or 

(b)    to maintain working capital or equity capital of the primary obligor or otherwise to maintain the
net worth or solvency of the primary obligor; or 

  
 14 

 (3)    to purchase property, securities or services primarily for the
purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“CPLV MLSA” shall have the meaning assigned to such term in the definition of the term “MLSA.” 

“CPLV Property Owner” shall have the meaning assigned to such term in the definition of the term “Master
Lease.” 
 “CRC” means Caesars Resort Collection, LLC. 

“CRC Credit Agreement” means that certain Credit Agreement, dated as of December 22, 2017, by and among the Company, the
other borrowers party thereto from time to time, the lenders party thereto from time to time and Credit Suisse AG, Cayman Islands Branch, as administrative agent and the collateral agent party thereto, as amended, restated, adjusted, waived,
renewed, supplemented, modified, extended, refinanced, restructured, increased or replaced from time to time (whether with the same or different lenders and agents, and including increases in amounts), including any agreement or indenture extending
the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or
indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof. 
 “CRC Indenture” means
that certain indenture dated as of October 16, 2017, among the Company, Finance, the guarantors party thereto and Deutsche Bank Trust Company Americas, relating to the Existing CRC Notes, as amended, restated, adjusted, waived, renewed,
supplemented, modified, refinanced, restructured, increased or replaced from time to time (whether with the same or different noteholders and trustees, and including increases in amounts), including any agreement or indenture extending the maturity
thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or
increasing the amount loaned or issued thereunder or altering the maturity thereof. 
 “Credit Agreement” means
(i) the CRC Credit Agreement, and (ii) whether or not any credit agreement or indenture referred to in clause (i) remains outstanding, if designated by the Company to be included in the definition of “Credit Agreement,” one
or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from
lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or
(C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated,
replaced or refunded in whole or in part from time to time. 
 “Credit Agreement Documents” means the collective reference
to any Credit Agreement, any notes issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise
modified, in whole or in part, from time to time (whether with the same or different financial institutions, administrative agents and collateral agents, and including increases in amounts). 

“Credit Agreement Obligations” means the Obligations under the CRC Credit Agreement. 

  
 15 

 “Cumulative Credit” means the sum of (without duplication): 

(A)    50% of the Consolidated Net Income of the Company for the period (taken as one accounting period), beginning
October 1, 2017 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net Income for such period is a
deficit, minus 100% of such deficit); plus 
 (B)    100% of the aggregate net proceeds, including cash and the Fair
Market Value (as determined in good faith by the Company) of property other than cash, received by the Company after October 16, 2017 (other than net proceeds to the extent such net proceeds have been used to Incur Indebtedness, Disqualified
Stock or Preferred Stock pursuant to Section 4.03(b)(xiii)) from the issue or sale of Equity Interests of the Company (excluding Refunding Capital Stock (as defined herein), Designated Preferred Stock, Excluded Contributions and Disqualified
Stock), including Equity Interests issued upon exercise of warrants or options (other than an issuance or sale to a Restricted Subsidiary); plus 

(C)    100% of the aggregate amount of contributions to the capital of the Company received in cash and the Fair Market
Value (as determined in good faith by the Company) of property other than cash after October 16, 2017 (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock and Disqualified Stock and other than contributions to
the extent such contributions have been used to Incur Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 4.03(b)(xiii)); plus 

(D)    100% of the principal amount of any Indebtedness or the liquidation preference or maximum fixed repurchase price,
as the case may be, of any Disqualified Stock of the Company or any Restricted Subsidiary issued after October 16, 2017 (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or exchanged
for Equity Interests in the Company (other than Disqualified Stock) or any direct or indirect parent of the Company (provided in the case of any parent, such Indebtedness or Disqualified Stock is retired or extinguished); plus 

(E)    100% of the aggregate amount received by the Company or any Restricted Subsidiary in cash and the Fair Market Value
(as determined in good faith by the Company) of property other than cash received by the Company or any Restricted Subsidiary after October 16, 2017 from: 

(I)    the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made
by the Company and the Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Company and the Restricted Subsidiaries by any Person (other than the Company or any of its Restricted Subsidiaries) and from
repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to Section 4.04(b)(vii)); 

(II)    the sale (other than to the Company or a Restricted Subsidiary) of the Capital Stock of an Unrestricted
Subsidiary; or 
 (III)    a distribution or dividend from an Unrestricted Subsidiary; plus 

(F)    in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged,
consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or a Restricted Subsidiary after October 16, 2017, the Fair Market Value (as determined in good faith by the Company) of the
Investment of the Company in such Unrestricted 

  
 16 

 
Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable) (other than in each case to the extent that the designation of such
Subsidiary as an Unrestricted Subsidiary was made pursuant to Section 4.04(b)(vii) or constituted a Permitted Investment). 

“Deadline” shall have the meaning assigned thereto in the Escrow Agreement. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 

“Designated Non-cash Consideration” means the Fair Market Value (as determined in
good faith by the Company) of non-cash consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated
Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated
Non-cash Consideration. 
 “Designated Operating Leases” means, collectively, any
obligations of the Company or its Subsidiaries, or of a special purpose or other entity not consolidated with the Company and its Subsidiaries, either existing on the Issue Date or created thereafter that (i) initially were not included on the
consolidated balance sheet of the Company as capital lease obligations and were subsequently recharacterized as capital lease obligations or long-term financial obligations or, in the case of such a special purpose or other entity becoming
consolidated with the Company and its Subsidiaries were required to be characterized as capital lease obligations or long-term financial obligations upon such consolidation, in either case, due to a change in accounting treatment or otherwise, or
(ii) would not have been required to be characterized as capital lease obligations or long-term financial obligations prior to December 31, 2018 had they existed at that time. Notwithstanding anything to the contrary, the Designated
Operating Leases shall be treated as operating leases and not Capitalized Lease Obligations under this Indenture. 
 “Designated
Preferred Stock” means Preferred Stock of the Company or any direct or indirect parent of the Company (other than Disqualified Stock), that is issued for cash (other than to the Company or any of its Subsidiaries or an employee stock
ownership plan or trust established by the Company or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, by the Company on the issuance date thereof. 

“Destruction” means any damage to, loss or destruction of all or any portion of the Collateral. 

“Development Expenses” means, without duplication, the aggregate principal amount, not to exceed $1,500.0 million (less
the amount of Indebtedness outstanding under Section 4.03(b)(xxiii) at such time) at any time, of (a) outstanding Indebtedness Incurred after the Issue Date, the proceeds of which, at the time of determination, as determined by a
responsible financial or accounting officer of the Company, are pending application and are required or intended to be used to fund and (b) amounts spent after the Issue Date (whether funded with the proceeds of Indebtedness, cash flow or
otherwise) to fund, in each case, (i) Expansion Capital Expenditures of the Company or any Restricted Subsidiary, (ii) a Development Project or (iii) interest, fees or related charges with respect to such Indebtedness; provided
that (A) the Company or any Restricted Subsidiary or other Person that owns assets subject to the Expansion Capital Expenditure or Development Project, as applicable, is diligently pursuing the completion thereof and has not at any time ceased
construction of such Expansion Capital Expenditure or Development Project, as applicable, for a period in excess of 90 consecutive days (other than as a result of a force majeure event or inability to obtain requisite gaming approvals or other
governmental authorizations, so long as, in the case of any such gaming approvals or other governmental authorizations, 

  
 17 

 
the Company or a Restricted Subsidiary or other applicable Person is diligently pursuing such gaming approvals or governmental authorizations), (B) no such Indebtedness or funded costs shall
constitute Development Expenses with respect to an Expansion Capital Expenditure or a Development Project from and after the end of the first full fiscal quarter after the completion of construction of the applicable Expansion Capital Expenditure or
Development Project or, in the case of a Development Project or Expansion Capital Expenditure that was not open for business when construction commenced, from and after the end of the first full fiscal quarter after the date of opening of such
Development Project or Expansion Capital Expenditure, if earlier, and (C) in order to avoid duplication, it is acknowledged that to the extent that the proceeds of any Indebtedness referred to in clause (a) above have been applied (whether
for the purposes described in clauses (i), (ii) or (iii) above or any other purpose), such Indebtedness shall no longer constitute Development Expenses under clause (a) (it being understood, however, that any such application in accordance with
clauses (i), (ii) or (iii) above shall, subject to the other requirements and limitations of this definition, constitute Development Expenses under clause (b) above). 

“Development Project” means Investments, directly or indirectly, (a) in any joint ventures or Unrestricted Subsidiaries
in which the Company or any of its Restricted Subsidiaries, directly or indirectly, has control or with whom it has a management, development or similar contract and, in the case of a joint venture, in which the Company or any of its Restricted
Subsidiaries owns (directly or indirectly) at least 25% of the Equity Interest in such joint venture, or (b) in, or expenditures with respect to, casinos, casino resorts, “racinos,” racetracks,
non-gaming resorts, hotels, distributed gaming applications, entertainment developments, restaurants, retail developments or taverns or Persons that own casinos, casino resorts, “racinos,”
racetracks, non-gaming resorts, hotels, distributed gaming applications, entertainment developments, restaurants, retail developments or taverns (including casinos, casino resorts, “racinos,”
racetracks, non-gaming resorts, hotels, distributed gaming applications, entertainment developments, restaurants, retail developments or taverns in development or under construction that are not presently open
or operating with respect to which the Company or any of its Restricted Subsidiaries has (directly or indirectly through Subsidiaries) entered into a management, development or similar contract (or an agreement to enter into such a management,
development or similar contract) and such contract remains in full force and effect at the time of such Investment, though it may be subject to regulatory approvals), in each case, used to finance, or made for the purpose of allowing such joint
venture, Unrestricted Subsidiary, casinos, casino resorts, “racinos,” racetracks, non-gaming resorts, hotels, distributed gaming applications, entertainment developments, restaurants, retail
developments or taverns, as the case may be, to finance, the purchase, development, construction or other acquisition of any fixed or capital assets or the refurbishment of existing assets or properties that develops, adds to or significantly
improves the property of such joint venture, Unrestricted Subsidiary, casinos, casino resorts, “racinos,” racetracks, non-gaming resorts, hotels, distributed gaming applications, entertainment
developments, restaurants, retail developments or taverns and assets ancillary or related thereto (including, without limitation, hotels, restaurants, entertainment, retail and other similar projects), or the construction and development of casinos,
casino resorts, “racinos,” racetracks, non-gaming resorts, hotels, distributed gaming applications, entertainment developments, restaurants, retail developments or taverns or assets ancillary or
related thereto (including, without limitation, hotels, restaurants, entertainment, retail and other similar projects) and including Pre-Opening Expenses with respect to such joint venture, Unrestricted
Subsidiary, casinos, casino resorts, “racinos,” racetracks, non-gaming resorts, hotels, distributed gaming applications, entertainment developments, restaurants, retail developments and taverns. 

“Discharged Indebtedness” means Indebtedness that has been defeased (pursuant to a contractual or legal defeasance) or
discharged pursuant to the prepayment or deposit of amounts sufficient to satisfy such Indebtedness as it becomes due or irrevocably called for redemption (and regardless of whether such Indebtedness constitutes a liability on the balance sheet of
the obligors thereof); provided, however, that 

  
 18 

 
the Indebtedness shall be deemed Discharged Indebtedness if the payment or deposit of all amounts required for defeasance or discharge or redemption thereof have been made even if certain
conditions thereto have not been satisfied, so long as such conditions are reasonably expected by the Issuer to be satisfied within 95 days after such prepayment or deposit; provided, further, however, that if the conditions
referred to in the immediately preceding proviso are not satisfied within 95 days after such prepayment or deposit, such Indebtedness shall cease to constitute Discharged Indebtedness after such 95-day period.

 “Disinterested Director” means, with respect to any Person and transaction, a member of the Board of Directors of such
Person who does not have any material direct or indirect financial interest in or with respect to such transaction. 
 “Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event:

 (1)    matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a
result of a change of control or asset sale); 
 (2)    is convertible or exchangeable for Indebtedness or Disqualified
Stock of such Person; or 
 (3)    is redeemable at the option of the holder thereof, in whole or in part (other than
solely as a result of a change of control or asset sale); 
 in each case prior to 91 days after the earlier of the maturity date of the Notes or the date
the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof
prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Company or its Subsidiaries or by
any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by such Person in order to satisfy applicable statutory or regulatory obligations or as a result of such
employee’s termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not
Disqualified Stock shall not be deemed to be Disqualified Stock. 
 “Dividing Person” has the meaning assigned to it
in the definition of “Division.” 
 “Division” means the division of the assets, liabilities and/or
obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the
Dividing Person may or may not survive. 
 “Division Successor” means any Person that, upon the consummation of a
Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets,
liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division. 

“Domestic Subsidiary” means a Restricted Subsidiary that is not a Foreign Subsidiary. 

  
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 “EBITDA” means, with respect to the Company and the Restricted Subsidiaries
on a consolidated basis for any period, the Consolidated Net Income of the Company and the Restricted Subsidiaries for such period, plus (i) the sum of (in each case without duplication and to the extent the respective amounts described in
subclauses (1) through (14) of this clause (i) otherwise reduced such Consolidated Net Income for the respective period for which EBITDA is being determined): 

(1)    Consolidated Taxes; 

(2)    Consolidated Interest Expense; 

(3)    all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or
Disqualified Stock of the Company and its Restricted Subsidiaries; 
 (4)    Consolidated Depreciation and Amortization
Expense; 
 (5)    Consolidated Non-cash Charges; 

(6)    any costs, fees, expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any
issuance of Equity Interests, Investment, acquisition, New Project, entrance into or amendment, waiver, termination or modification of a Master Lease or a Gaming Lease, disposition, recapitalization or the Incurrence, modification or repayment of
Indebtedness permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such fees, expenses or charges related to the Transactions, the offering of the Notes and the Bank
Indebtedness, (ii) such fees, expenses or charges related to any amendment or other modification of the Notes or other Indebtedness, (iii) any “additional interest,” “default interest” or similar penalties with respect
to any Indebtedness permitted hereunder and (iv) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified Receivables Financing; 

(7)    business optimization expenses and other restructuring charges, reserves, expenses or accruals (which, for the
avoidance of doubt, shall include, without limitation, the effect of inventory optimization programs, operating improvements, business optimization, facility closure, facility consolidations, facility reconstruction, decommissioning,
recommissioning, conversion or reconfiguration, retention, severance, recruiting, integration, insourcing, outsourcing and systems establishment costs, legal settlement costs, contract termination costs, future lease commitments and excess pension
charges) and, in each case, expected to be achieved, completed or realized within 24 months, in the good faith determination of the Company; 

(8)    the amount of management, consulting, monitoring, transaction and advisory fees and related expenses paid (or any
accruals relating to such fees and related expenses) during such period to the extent permitted under Section 4.07; 

(9)    the amount of loss on sale of receivables and related assets to a Receivables Subsidiary in connection with a
Qualified Receivables Financing; 
 (10)    any costs or expenses Incurred pursuant to any management equity plan or
stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of the Company or
a Subsidiary Guarantor or net cash proceeds of an issuance of Equity Interests of the Company (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit; 

  
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 (11)    any deductions (less any additions) attributable to minority
interests except, in each case, to the extent of cash paid or received; 

(12)    Pre-Opening Expenses; 

(13)    any adjustments of the type used in connection with the calculation of “Combined Pro Forma Adjusted
EBITDA” as set forth in the Offering Memorandum; and 
 (14)    at the Company’s option, any adjustments of
the type described in the definitions of “Consolidated Leverage Ratio” or “Fixed Charge Coverage Ratio”; 
 minus (ii) the sum of
(without duplication and to the extent the amounts described in this clause (ii) increased such Consolidated Net Income for the respective period for which EBITDA is being determined) non-cash items
increasing Consolidated Net Income of the Company and the Restricted Subsidiaries for such period (but excluding any such items (A) in respect of which cash was received in a prior period or will be received in a future period or (B) which
represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period). 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or
private sale after the Issue Date of common stock or Preferred Stock of the Company or any direct or indirect parent of the Company, as applicable (other than Disqualified Stock), other than: 

(1)    public offerings with respect to the Company’s or such direct or indirect parent’s common stock
registered on Form S-4 or Form S-8; 

(2)    issuances to a Subsidiary of the Company; and 

(3)    any such public or private sale that constitutes an Excluded Contribution. 

“ERI” means Eldorado Resorts, Inc., a Nevada corporation (which is expected to be renamed Caesars Entertainment, Inc. and
converted to a Delaware corporation on the Escrow Release Date). 
 “ERI Escrow Accounts” means, collectively, (i) a
segregated account, under the sole control of the trustee under the ERI Senior Secured Notes Indenture that includes only cash and Cash Equivalents, the proceeds thereof and interest earned thereon, free from all Liens other than the Lien in favor
of the trustee under the ERI Senior Secured Notes Indenture for the benefit of the holders of the ERI Secured Notes and (ii) a segregated account, under the sole control of the trustee under the ERI Senior Notes Indenture, that includes only
cash and Cash Equivalents, the proceeds thereof and interest earned thereon, free from all Liens other than the Lien in favor of the trustee under the ERI Senior Notes Indenture for the benefit of the holders of the ERI Senior Notes. 

“ERI Notes” means, collectively, the ERI Secured Notes and the ERI Senior Notes. 

“ERI Secured Notes” means the Senior Secured Notes due 2025 to be issued pursuant to the ERI Senior Secured Notes Indenture,
as amended, restated, adjusted, waived, renewed, supplemented, modified, refinanced, restructured, increased or replaced from time to time (whether with the same or different noteholders and trustees, and including increases in amounts). 

  
 21 

 “ERI Senior Notes” means the Senior Notes due 2027 to be issued pursuant to
the ERI Senior Notes Indenture, as amended, restated, adjusted, waived, renewed, supplemented, modified, refinanced, restructured, increased or replaced from time to time (whether with the same or different noteholders and trustees, and including
increases in amounts). 
 “ERI Senior Notes Indenture” means that certain indenture dated as of the Issue Date, by and
between Escrow Issuer and U.S. Bank National Association, as trustee, relating to the ERI Senior Notes, as amended, restated, adjusted, waived, renewed, supplemented, modified, refinanced, restructured, increased or replaced from time to time
(whether with the same or different noteholders and trustees, and including increases in amounts). 
 “ERI Senior Secured Notes
Indenture” means that certain indenture dated as of the Issue Date, by and between Escrow Issuer and U.S. Bank National Association, as trustee and collateral agent, relating to the ERI Secured Notes, as amended, restated, adjusted, waived,
renewed, supplemented, modified, refinanced, restructured, increased or replaced from time to time (whether with the same or different noteholders and trustees, and including increases in amounts). 

“Escrow Account” means a segregated account, under the sole control of the Trustee, that includes only cash and Cash
Equivalents, the proceeds thereof and interest earned thereon, free from all Liens other than the Lien in favor of the Trustee for the benefit of the holders of the Notes. 

“Escrow Issuer” means Colt Merger Sub, Inc. 

“Escrow Period” means that period beginning on the Issue Date and ending on the Escrow Release Date. 

“Escrowed Indebtedness” means Indebtedness issued in escrow pursuant to customary escrow arrangements pending the release
thereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Existing CRC Notes” means the $1,700.0 million in aggregate principal amount of the
5.250% Senior Notes due 2025 of the Company and Finance issued pursuant to the CRC Indenture, as amended, restated, adjusted, waived, renewed, supplemented, modified, refinanced, restricted, increased or replaced from time to time whether with the
same or different noteholders and trustees, and including increases in amounts). 
 “Excluded Assets” means the property
and other assets of the Company, Finance and the Subsidiary Guarantors that is excluded from the grant of security interest in favor of the Collateral Agent, on behalf of the First Lien Secured Parties, pursuant to the terms of the Security
Documents (including, for the avoidance of doubt, the Excluded Property (as defined in the Collateral Agreement) and Excluded Securities). 

“Excluded Contributions” means the Cash Equivalents or other assets (valued at their Fair Market Value as determined in good
faith by senior management or the Board of Directors) received by the Company after October 16, 2017 from: 

(1)    contributions to its common equity capital; and 

  
 22 

 (2)    the sale (other than to a Subsidiary of the Company or to any
Subsidiary management equity plan or stock option plan or any other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Company; 

in each case designated as Excluded Contributions pursuant to an Officer’s Certificate executed by an Officer of the Issuers at the time of their
receipt. 
 “Excluded Securities” means any of the following: 

(a)    any Equity Interests or Indebtedness with respect to which the Collateral Agent and the Borrowers
reasonably agree that the costs or other consequences of pledging such Equity Interests or Indebtedness in favor of the Secured Parties under the Security Documents are likely to be excessive in relation to the value to be afforded thereby; 

(b)    in the case of any pledge of voting Equity Interests in any Foreign Subsidiary or FSHCO (in each
case, that is owned directly by the Issuers or a Subsidiary Guarantor) to secure the Notes Obligations, any voting Equity Interest of such Foreign Subsidiary or FSHCO in excess of 65% of the outstanding Equity Interests of such class; 

(c)    any Equity Interests or Indebtedness to the extent and for so long as the pledge thereof would be
prohibited by any requirement of law (including any Gaming Laws); 
 (d)    any Equity Interests in any
person that is not a Wholly Owned Subsidiary to the extent (A) that a pledge thereof to secure the Obligations is prohibited by (i) any applicable organizational documents, joint venture agreement or shareholder agreement or (ii) any
other contractual obligation with an unaffiliated third party not in violation of Section 6.09(c) of the CRC Credit Agreement (other than, in this subclause (A)(ii), non-assignment provisions which are
ineffective under Article 9 of the Uniform Commercial Code or other applicable Requirements of Law), (B) any organizational documents, joint venture agreement or shareholder agreement (or other contractual obligation referred to in subclause (A)(ii)
above) prohibits such a pledge without the consent of any other party; provided that this clause (B) shall not apply if (1) such other party is the Issuers, a Subsidiary Guarantor or a Wholly Owned Subsidiary or (2) consent has
been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Issuers or any Subsidiary to obtain any such consent) and for so long as such organizational documents, joint venture agreement or
shareholder agreement or replacement or renewal thereof is in effect or (C) a pledge thereof to secure the Notes Obligations would give any other party (other than the Issuers, a Subsidiary Guarantor or a Wholly Owned Subsidiary) to any
organizational documents, joint venture agreement or shareholder agreement governing such Equity Interests (or other contractual obligation referred to in subclause (A)(ii) above) the right to terminate its obligations thereunder (other than, in the
case of other contractual obligations referred to in subclause (A)(ii), non-assignment provisions which are ineffective under Article 9 of the Uniform Commercial Code or other applicable requirement of law);

 (e)    any Equity Interests in any Immaterial Subsidiary (as defined in the CRC Credit Agreement), any
Unrestricted Subsidiary, any special purpose receivables Subsidiary and any Qualified Non-Recourse Subsidiary; 

(f)    any Equity Interests in any Subsidiary of, or other Equity Interests owned by, a Foreign Subsidiary;

  
 23 

 (g)    any Equity Interests in any Subsidiary to the
extent that the pledge of such Equity Interests could reasonably be expected to result in material adverse tax consequences to any Borrower or any Subsidiary as reasonably determined in good faith by the Borrowers; 

(h)    any Margin Stock; 

(i)    any Equity Interests in CEOC or any other Person that was a direct subsidiary of CEC on
October 6, 2017; and 
 (j)    any Equity Interests in any Person formed for the purpose of holding
real or personal property for the purpose of consummating a Sale/Leaseback Transaction (and no other material assets) permitted by Section 6.03 of the CRC Credit Agreement that is consummated by way of a transfer of such Equity Interests within
thirty (30) days of the date of formation of such Person. 
 “Expansion Capital Expenditures” means any Capital
Expenditure by the Company or any of its Restricted Subsidiaries in respect of the purchase, development, construction or other acquisition of any fixed or capital assets or the refurbishment of existing assets or properties that, in the
Company’s reasonable determination, adds to or significantly improves (or is reasonably expected to add to or significantly improve) the property of the Company and its Restricted Subsidiaries, excluding any such Capital Expenditures financed
with Net Proceeds of an Asset Sale or casualty event and excluding Capital Expenditures made in the ordinary course made to maintain, repair, restore or refurbish the property of the Company and its Subsidiaries in its then existing state or to
support the continuation of such Person’s day to day operations as then conducted. 
 “Fair Market Value” means, with
respect to any asset or property, the price which, as of the date on which the agreement relating thereto is entered into, could be negotiated in an arm’s-length transaction, for cash, between a willing
seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 
 “First
Lien Intercreditor Agreement” means (i) the First Lien Intercreditor Agreement, dated as of the Escrow Release Date, among the Collateral Agent, the Authorized Representative for the Credit Agreement Obligations party thereto, the
Trustee, as an Authorized Representative, and the other parties from time to time party thereto, as it may be amended, restated, supplemented or otherwise modified from time to time, (ii) another intercreditor agreement not materially less
favorable to the holders of the Notes than the intercreditor agreement referred to in clause (i) (as determined by the Issuers in good faith) or (iii) another intercreditor agreement the terms of which are consistent with market terms governing
security arrangements for the sharing of liens on a pari passu basis at the time such intercreditor agreement is proposed to be established, as determined by the Issuers in the exercise of reasonable judgment. 

“First Lien Secured Parties” means the Persons holding any First Priority Lien Obligations, including the Collateral Agent
and Authorized Representatives. 
 “First Priority Lien Obligations” means (i) all Secured Bank Indebtedness under the
CRC Credit Agreement, (ii) Notes Obligations, (iii) Other First Priority Lien Obligations and (iv) all other Obligations of the Company or any Restricted Subsidiary in respect of Hedging Obligations or Obligations in respect of cash
management services in each case owing to a Person that is a holder of Secured Bank Indebtedness under the CRC Credit Agreement or an Affiliate of such holder at the time of entry into such Hedging Obligations or Obligations in respect of cash
management services; provided that such Hedging Obligations or Obligations shall be secured pursuant to the security documents which secure such Secured Bank Indebtedness under the CRC Credit Agreement and are bound by the terms of the First
Lien Intercreditor Agreement. 

  
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 “Fitch” means Fitch Ratings, Inc. or any successor to the rating agency
business thereof. 
 “Fixed Charge Coverage Ratio” means, with respect to the Company for any period, the ratio of EBITDA
of the Company for such period to the Fixed Charges (net of cash interest income (other than notes receivable and similar items)) (other than (A) Fixed Charges in respect of Qualified Non-Recourse Debt,
Discharged Indebtedness and Escrowed Indebtedness and (B) Fixed Charges in respect of Indebtedness which constitutes Development Expenses or the proceeds of which were applied to fund Development Expenses (but only for so long as such
Indebtedness or such funded expenses, as the case may be, constitute Development Expenses) and (C) Fixed Charges consisting of cash costs associated with breakage or termination in respect of Hedging Obligations for interest rates and costs and
fees associated with obtaining Hedging Obligations and fees payable thereunder) of the Company for such period. In the event that the Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness (other than in the
case of revolving credit borrowings or revolving advances under any Qualified Receivables Financing, in which case interest expense shall be computed based upon the average daily balance of such Indebtedness during the applicable period) or issues,
repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but on or prior to the event for which the calculation of the Fixed Charge
Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance,
repurchase or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period. 

For purposes of making the computation referred to above, Investments, acquisitions, dividends and distributions, dispositions, mergers,
amalgamations, consolidations (including the Transactions) and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, any execution of a Gaming Lease, any amendment,
modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project and any operational
changes or restructuring of the business that the Company or any Restricted Subsidiary has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the
Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dividends and distributions, dispositions, mergers, amalgamations, consolidations (including the Transactions), discontinued
operations, execution of a Gaming Lease, amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development, Expansion Capital
Expenditure or Development Project and other operational changes or restructuring (which shall include cost savings resulting from head count reduction, closure of facilities and similar operational and other cost savings) of the business (and the
change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a
Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, dividend or distribution, disposition, merger, consolidation, amalgamation,
discontinued operation, execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development,
Expansion Capital Expenditure or Development Project or operational change or restructuring of the business, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the
Fixed Charge Coverage Ratio shall 

  
 25 

 
be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, dividend or distribution, disposition, discontinued operation, merger, amalgamation,
consolidation, execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development, Expansion
Capital Expenditure or Development Project or operational change or restructuring (which shall include cost savings resulting from head count reduction, closure of facilities and similar operational and other cost savings) of the business had
occurred at the beginning of the applicable four-quarter period. For purposes of making the computation referred to above, with respect to each New Project that commences operations and records not less than one full fiscal quarter’s operations
during the four-quarter reference period, the operating results of such New Project will be annualized on a straight-line basis during such period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted
Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of
the applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to any event, the
pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. Any pro forma calculation of this definition may include (i) adjustments appropriate, in the reasonable good faith
determination of the Company, to reflect operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event and any other relevant event that occurred prior to or during
the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Calculation Date (including, to the extent applicable, from the Transactions) and (ii) any adjustments of the type used in
connection with the calculation of “Combined Adjusted EBITDA” as set forth in the Offering Memorandum. 
 If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into
account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness
under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the
Company may designate. 
 For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S.
dollars either based on (1) the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period
or (2) the exchange ratio used in the applicable financial statements. 
 “Fixed Charges” means, with respect to the
Company for any period, the sum, without duplication, of: 
 (1)    Consolidated Cash Interest Expense of the Company
for such period; and 

  
 26 

 (2)    all cash dividend payments (excluding items eliminated in
consolidation) on any series of Preferred Stock or Disqualified Stock of the Company and its Restricted Subsidiaries. 
 “Fixed GAAP
Date” means the Issue Date; provided that at any time after the Issue Date, the Company may by written notice to the Trustee elect to change the Fixed GAAP Date to be the date specified in such notice, and upon such notice, the Fixed
GAAP Date shall be such date for all periods beginning on and after the date specified in such notice. 
 “Fixed GAAP
Terms” means (a) the definitions of the terms “Capitalized Lease Obligation,” “Consolidated Cash Interest Expense,” “Consolidated Interest Expense,” “Consolidated Net Income,” “Senior
Secured Indebtedness Leverage Ratio,” “Total Secured Indebtedness Leverage Ratio,” “Consolidated Leverage Ratio,” “Consolidated Total Indebtedness,” “Indebtedness,” “EBITDA” and
“Consolidated Depreciation and Amortization Expense,” (b) all defined terms in this Indenture to the extent used in or relating to any of the foregoing definitions, and all ratios and computations based on any of the foregoing definitions
and (c) any other term or provision of this Indenture or the Notes that, at the Company’s election, may be specified by the Company by written notice to the Trustee from time to time; provided that the Company may elect to remove
any term from constituting a Fixed GAAP Term. 
 “Foreign Subsidiary” means a Restricted Subsidiary not organized or
existing under the laws of the United States of America or any state thereof or the District of Columbia. 
 “FSHCO” means
any Subsidiary that owns no material assets other than (i) the Equity Interest (including for this purpose any debt or other instrument treated as equity for U.S. federal income tax purposes) in one or more Foreign Subsidiaries that are CFCs
and/or of one or more FSHCOs and (ii) cash, cash equivalents and incidental assets related thereto held on a temporary basis. 

“GAAP” means generally accepted accounting principles in the United States set forth in the statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Fixed GAAP Date; provided that the Company may
at any time irrevocably elect to use IFRS in lieu of GAAP for financial reporting purposes and, upon any such notice, references herein to GAAP shall thereafter be construed to mean (a) for periods beginning on and after the date specified in
such notice, IFRS as in effect on the date specified in such notice (for purposes of the Fixed GAAP Terms) and as in effect from time to time (for all other purposes of this Indenture) and (b) for prior periods, GAAP as defined in the first
sentence of this definition. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted Subsidiaries and shall not include any Unrestricted Subsidiary, but
the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. Notwithstanding the foregoing or anything else in this Indenture, for all purposes under this Indenture, (a) the Designated Operating Leases,
Master Leases and Gaming Leases (and any Guarantee of the foregoing) shall not constitute Indebtedness, Liens or a Capitalized Lease Obligation regardless of how such Designated Operating Leases, Master Leases and Gaming Leases may be treated under
GAAP, (b) any interest portion of payments in connection with such Designated Operating Leases, Master Leases and Gaming Leases shall not constitute Consolidated Interest Expense or Consolidated Cash Interest Expense (or terms of similar
effect) and (c) EBITDA and Consolidated Net Income (and terms of similar effect) 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 Designated Operating Leases, Master Leases and Gaming Leases in the Applicable Measurement Period and no deductions in calculating EBITDA or Consolidated Net Income (and terms of similar effect) shall occur as a result of imputed
interest, amounts under the Designated Operating Leases, Master Leases and Gaming Leases not paid in cash during the Applicable Measurement Period or other non-cash amounts Incurred in respect of the
Designated 

  
 27 

 
Operating Leases, Master Leases and Gaming Leases; provided that any “true-up” of rent paid in cash pursuant to the Designated Operating
Leases, Master Leases and Gaming Leases shall be accounted for in the fiscal quarter to which such payment relates as if such payment were originally made in such fiscal quarter. 

“Gaming Authorities” means, in any jurisdiction in which the Company or any of its Subsidiaries manages or conducts any
casino, gaming business or activities, the applicable gaming board, commission, or other governmental gaming regulatory body or agency which (a) has, or may at any time after issuance of the Notes have, jurisdiction over the gaming activities
of the Company or any of its Subsidiaries, or any successor to such authority or (b) is, or may at any time after the issuance of the Notes be, responsible for interpreting, administering and enforcing the Gaming Laws. 

“Gaming Laws” means all applicable constitutions, treaties, laws, rules, agreements, regulations and orders and statutes
pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities and all rules, rulings, orders, ordinances, regulations of any Gaming Authority applicable to the gambling, casino
or gaming businesses or activities of the Company or any of its Subsidiaries in any jurisdiction, as in effect from time to time, including the policies, interpretations and administration thereof by the Gaming Authorities. 

“Gaming Lease” means any lease entered into for the purpose of the Company or any of its 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 casinos, casino resorts, “racinos,” racetracks, non-gaming resorts,
hotels, distributed gaming applications, entertainment developments, restaurants, retail developments or taverns or other gaming or entertainment facilities or other facilities related to activities ancillary to or supportive of the business of the
Company and its Subsidiaries. 
 “Guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 

(1)    currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap
agreements and currency exchange, interest rate or commodity collar agreements; and 
 (2)    other agreements or
arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity prices. 

“holder” or “noteholder” means the Person in whose name a Note is registered on the Registrar’s books.

 “IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards Board.

 “Impairment” means (i) any determination by a court of competent jurisdiction that (x) any of the First
Priority Lien Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than another Series of First Priority Lien Obligations), (y) any of the First Priority Lien Obligations of such
Series do not have an enforceable security interest in any of the Collateral securing any other Series of First Priority Lien Obligations and/or (z) any intervening security 

  
 28 

 
interest exists securing any other obligations (other than another Series of First Priority Lien Obligations, and after giving effect to any applicable intercreditor agreements (other than the
First Lien Intercreditor Agreement)) on a basis ranking prior to the security interest of such Series of First Priority Lien Obligations but junior to the security interest of any other Series of First Priority Lien Obligations or (ii) the
existence of any Collateral for any other Series of First Priority Lien Obligations that is not Shared Collateral. 

“Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any
Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a
Subsidiary. 
 “Indebtedness” means, with respect to any Person: 

(1)    the principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in
respect of borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred
and unpaid purchase price of any property (except any such balance that constitutes (i) trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any
earn-out Obligations until such Obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase
price is due more than six months after the date of placing the property in service or taking delivery and title thereto, (d) in respect of Capitalized Lease Obligations or (e) representing any net payments that such Person would have to
make in the event of an early termination, on the date Indebtedness of such Person is being determined, in respect of outstanding Hedging Obligations, if and to the extent that any of the foregoing indebtedness (other than letters of credit and
Hedging Obligations) would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(2)    to the extent not otherwise included, any Obligation of such Person to be liable for, or to pay, as obligor,
guarantor or otherwise, the Obligations referred to in clause (1) above of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 

(3)    to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such
Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as determined in good faith by the Company) of such
asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 
 provided, however, that
notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations Incurred in the ordinary course of business and not in respect of borrowed money; (2) trade and other ordinary course payables, accrued
expenses and intercompany liabilities arising in the ordinary course of business; (3) deferred or prepaid revenues; (4) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other
unperformed obligations of the respective seller; (5) [reserved]; or (6) Obligations (including guarantees) under or in respect of Qualified Receivables Financing, Designated Operating Leases, Master Leases or Gaming Leases. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an 

  
 29 

 
amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have
constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of Indebtedness under this Indenture. 

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

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in each case of
nationally recognized standing, that is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged. 

“Initial Guarantors” means each of the Company’s direct and indirect Wholly Owned Restricted Subsidiaries (other than
Finance) that are Domestic Subsidiaries and that are borrowers or guarantors under the CRC Credit Agreement on the Escrow Release Date. 

“Interest Payment Date” has the meaning set forth in paragraph 1 of Exhibit A hereto. 

“Interim Authorization Trust Arrangement” means any trust arrangement, which is created pursuant to a trust agreement as
permitted under applicable Gaming Laws and approved by the applicable Gaming Authority, which permits the Company or any Restricted Subsidiary, as the purchaser (in such capacity, the “Interim Purchaser”), to acquire an ownership
interest in an existing casino, casino hotel or other gaming operation without first being licensed or found qualified by such applicable Gaming Authorities having jurisdiction over such Interim Purchaser, so long as (x) upon the closing of the
contemplated acquisition, all Equity Interests and other property acquired pursuant to such an acquisition, and required by the applicable Gaming Authority, is placed in trust (such trust, an “Interim Trust”) to be held until the
required gaming licenses are issued or denied by the applicable Gaming Authorities (as further described in clause (y) below), and (y) promptly following (i) the issuance of such gaming licenses by the applicable Gaming Authorities
having jurisdiction over such Interim Purchaser, such Interim Trust will, in accordance with the applicable Gaming Laws and the terms of the Interim Trust, distribute or otherwise transfer such Equity Interests and all other property held by such
Interim Trust to the Interim Purchaser, or (ii) the decision by the applicable Gaming Authority relating to any pending gaming license which would cause the Interim Trust to become operative under the applicable Gaming Laws (and as a result,
such Interim Trust shall be required under the applicable Gaming Laws to exercise all rights incident to ownership of the property subject to the Interim Trust), such Interim Trust shall take all steps necessary to sell the Equity Interests and the
other property held by such Interim Trust in accordance with this Indenture, the underlying trust agreement and the applicable Gaming Laws (an “Interim Trust Asset Disposition”). 

“Interim Purchaser” shall have the meaning assigned to such term in the definition of “Interim Authorization Trust
Arrangement.” 
 “Interim Trust” shall have the meaning assigned to such term in the definition of “Interim
Authorization Trust Arrangement.” 
 “Interim Trust Asset Disposition” shall have the meaning assigned to such term in
the definition of “Interim Authorization Trust Arrangement.” 
 “Investment Grade Rating” means a rating equal to
or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by Fitch or S&P, or an equivalent rating by any other Rating Agency. 

  
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 “Investment Grade Securities” means: 

(1)    securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or
instrumentality thereof (other than Cash Equivalents); 
 (2)    securities that have a rating equal to or higher than
Baa3 (or equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among the Company and its Subsidiaries; 

(3)    investments in any fund that invests exclusively in investments of the type described in clauses (1) and (2)
which fund may also hold immaterial amounts of cash pending investment and/or distribution; and 
 (4)    corresponding
instruments in countries other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in
the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the
ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of the
Company in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and
Section 4.04: 
 (1)    “Investments” shall include the portion (proportionate to the Company’s
Equity Interest in such Subsidiary) of the Fair Market Value (as determined in good faith by the Company) of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to: 

(a)    the Company’s “Investment” in such Subsidiary at the time of such redesignation less

 (b)    the portion (proportionate to the Company’s Equity Interest in such Subsidiary) of the
Fair Market Value (as determined in good faith by the Company) of the net assets of such Subsidiary at the time of such redesignation; and 

(2)    any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as
determined in good faith by the Company) at the time of such transfer, in each case as determined in good faith by the Board of Directors. 

“Issue Date” means the date on which the Notes are originally issued. 

“Issuers” means (i) prior to the CRC Assumption, Escrow Issuer, and (ii) from and after consummation of the CRC
Assumption, collectively, the Company and Finance, in each case, until a successor Person or Persons shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Issuers” shall mean such successor Person
or Persons. 

  
 31 

 “Joliet Manager” shall have the meaning assigned to such term in the
definition of the term “MLSA.” 
 “Joliet MLSA” shall have the meaning assigned to such term in the definition of
the term “MLSA.” 
 “Junior Lien Intercreditor Agreement” means (i) the Junior Lien Intercreditor Agreement
substantially in the form of Exhibit E hereto, as may be amended, restated, supplemented or otherwise modified from time to time if such Liens secure “Second Priority Claims” (as defined therein), (ii) an intercreditor agreement not
materially less favorable to the holders of the Notes than the intercreditor agreement referred to in clause (i) (as determined by the Company in good faith) or (iii) another intercreditor agreement the terms of which are consistent with market
terms governing security arrangements for liens on a junior basis at the time such intercreditor agreement is proposed to be established, as determined by the Company and the Trustee in the exercise of reasonable judgment. 

“Junior Lien Obligations” means Obligations with respect to other Indebtedness permitted to be Incurred under this Indenture,
which is by its terms intended to be secured on a basis junior to the Liens securing the Notes and is subject to a Junior Lien Intercreditor Agreement; provided such Lien is permitted to be Incurred under this Indenture. 

“Las Vegas Landlord” shall have the meaning assigned to such term in the definition of the term “Master Lease.”

 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of
any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement or any lease in the nature thereof); provided that in no event
shall an operating lease, a Designated Operating Lease, a Master Lease, a Gaming Lease or an agreement to sell be deemed to constitute a Lien. 

“Management Group” means the group consisting of some or all of the directors, executive officers and other management
personnel of the Company or any direct or indirect parent of the Company and their respective Subsidiaries, as the case may be, on the Escrow Release Date together with (1) any new directors whose election by such boards of directors or whose
nomination for election by the shareholders of the Company or any direct or indirect parent of the Company, as applicable, was approved by a vote of a majority of the directors of the Company or any direct or indirect parent of the Company, as
applicable, then still in office who were either directors on the Escrow Release Date or whose election or nomination was previously so approved and (2) executive officers and other management personnel of the Company or any direct or indirect
parent of the Company and their respective Subsidiaries, as the case may be, hired at a time when the directors on the Issue Date together with the directors so approved constituted a majority of the directors of the Company, or any direct or
indirect parent of the Company, as applicable. 
 “Master Lease” means each of (i) that certain Lease (CPLV) dated as
of October 6, 2017, by and among CEOC, Desert Palace LLC, a Delaware limited liability company (“Desert Palace”), and CPLV Property Owner LLC, a Delaware limited liability company (“Las Vegas Landlord”), as
amended by that certain First Amendment to Lease (CPLV) dated as of December 26, 2018, as further amended by that certain Omnibus Amendment to the Leases, dated as of June 1, 2020, and as further amended and renamed to the “Las Vegas
Lease” by that certain Second Amendment to Lease (CPLV) anticipated to be dated substantially concurrently with the Merger, (ii) that certain Lease (Non-CPLV), dated as of October 6, 2017, by
and among CEOC, the entities listed on Schedule B attached thereto and the entities listed on Schedule A attached thereto, as amended by that certain First Amendment to Lease (Non-CPLV) dated as

  
 32 

 
of December 22, 2017, as further amended by that certain Second Amendment to Lease (Non-CPLV) and Ratification of SNDA dated as of February 16,
2018, as further amended by that certain Third Amendment to Lease (Non-CPLV) dated as of April 2, 2018, as further amended by that certain Fourth Amendment to Lease
(Non-CPLV) dated as of December 26, 2018, as further amended by that certain Omnibus Amendment to the Leases, dated as of June 1, 2020, and as further amended and renamed to the “Regional
Lease” by that certain Fifth Amendment to Lease (Non-CPLV) anticipated to be dated substantially concurrently with the Merger, (iii) that certain Lease (Joliet) dated as of October 6, 2017, by
and between Harrah’s Joliet LandCo LLC and Des Plaines Development Limited Partnership, as amended by that certain First Amendment to Lease (Joliet) dated December 26, 2018, as further amended by that certain Omnibus Amendment to the
Leases, dated as of June 1, 2020, and as further amended by that certain Second Amendment to Lease (Joliet) anticipated to be dated substantially concurrently with the Merger and (iv) the Amended and Restated Master Lease, dated as of
June 15, 2020, by and between GLP Capital, L.P. and Tropicana Entertainment, Inc., in each case, as further amended, restated, supplemented or otherwise modified from time to time. 

“Master Lease Collateral” means, with respect to any Master Lease or Additional Master Lease, all “Tenant’s Pledged
Property” (as defined in such Master Lease or Additional Master Lease). 
 “Master Lease Landlords” means each
landlord under each Master Lease. 
 “Master Lease Tenants” means each tenant under each Master Lease. 

“Master Transaction Agreement” means that certain Master Transaction Agreement, dated as of June 24, 2019, between VICI
Properties L.P. and ERI, as amended, restated, supplemented or otherwise modified from time to time. 
 “Merger” means the
consummation of the transactions contemplated by the Merger Agreement, pursuant to which the Escrow Issuer will merge with and into CEC on the Escrow Release Date with CEC continuing as the surviving corporation of such merger, substantially in
accordance with the terms described in the Offering Memorandum. 
 “Merger Agreement” means the Agreement and Plan of
Merger, dated as of June 24, 2019 (as amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of August 15, 2019), by and among ERI, the Escrow Issuer and CEC, as amended, restated, amended and restated or otherwise
modified. 
 “MLSA” means each of (i) the Management and Lease Support Agreement (CPLV), dated as of October 6,
2017 (the “CPLV MLSA”), by and among the CEOC, Desert Palace, CPLV Manager, LLC, a Delaware limited liability company, as manager, CEC, as guarantor, CES, Caesars License Company, LLC, a Nevada limited liability company, and Las
Vegas Landlord, (ii) the Management and Lease Support Agreement (Non-CPLV), dated October 6, 2017 (the “Non-CPLV MLSA”), by and among the
CEOC, the Subsidiaries of CEOC party thereto, Non-CPLV Manager, LLC, a Delaware limited liability company, as manager, CEC, as guarantor, CES, Caesars License Company, LLC, a Nevada limited liability company,
and the Subsidiaries of VICI Properties L.P. party thereto, (iii) the Management and Lease Support Agreement (Joliet), dated as of October 6, 2017 (the “Joliet MLSA”), by and among Des Plaines Development Limited
Partnership, a Delaware limited partnership, Joliet Manager, LLC, a Delaware limited liability company (“Joliet Manager”), as manager, CEC, as guarantor, CES, Caesars License Company, LLC, a Nevada limited liability company,
and Harrah’s Joliet LandCo LLC, a Delaware limited liability company, (iv) a guaranty in respect of each of the CPLV Lease, Non-CPLV Lease and the Joliet Lease, under which ERI, as guarantor, will
guarantee, among other things, the payment of all monetary obligations and performance of covenants, agreements and requirements of the 

  
 33 

 
tenants thereunder (with the guaranty for the Joliet Lease being limited to only a portion of the foregoing), and pursuant to which ERI will agree to certain covenants that restrict its ability
to pay dividends and repurchase its shares, (v) the Guaranty of Master Lease, dated as of October 1, 2018, by and among ERI, the Subsidiaries of ERI party thereto and GLP Capital, L.P. and (vi) one or more additional management and
lease support agreements and/or guarantees in a form not materially adverse to the holders from those referred to in clauses (i), (ii), (iii), (iv) or (v) above, by and among ERI, the Company, and/or its Restricted Subsidiaries party thereto,
the manager party thereto (if any), ERI, the Company or any Subsidiary of ERI or the Company, as guarantor, and the landlord party thereto, and in each case, any and all modifications thereto, substitutions therefor and replacements thereof so long
as such modifications, substitutions and replacements are entered into not in violation of this Indenture. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

“Mortgaged Properties” means the Real Property owned or leased by the Company or any Subsidiary Guarantor encumbered by a
Mortgage to secure the Notes Obligations. For the avoidance of doubt, the Mortgaged Properties securing the Notes Obligations shall be the same as the Mortgaged Properties securing Secured Bank Indebtedness under the CRC Credit Agreement. 

“Mortgages” means, collectively, the mortgages, trust deeds, deeds of trust, deeds to secure debt, assignments of leases and
rents and other security documents delivered with respect to Mortgaged Properties, as amended, supplemented or otherwise modified from time to time. 

“Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and
before any reduction in respect of Preferred Stock dividends. 
 “Net Insurance Proceeds” means the casualty insurance
proceeds (excluding, without limitation, liability insurance proceeds payable to the Trustee for any loss, liability or expense incurred by it and excluding the proceeds of business interruption insurance) or condemnation awards actually received by
the Company or any Restricted Subsidiary as a result of the Destruction or Taking after the Escrow Release Date of all or any portion of the Collateral. 

“Net Proceeds” means (a) Net Insurance Proceeds and (b) the aggregate cash proceeds received by the Company or any
Restricted Subsidiary in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any
Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring Person of Indebtedness relating
to the disposed assets or other consideration received in any other non-cash form) consummated after the consummation date of the Merger, in each case net of the direct costs relating to such Asset Sale or
Destruction or Taking and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions),
and any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), amounts required to be applied
to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)(i)) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by the Company
as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of, condemned, damaged or destroyed in such transaction and retained by the Company after such sale or other disposition, condemnation, damage or
destruction thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with

  
 34 

 
such transaction and all distributions and other payments required to be made to minority interest holders (other than the Company or any of its Subsidiaries) in Subsidiaries or joint ventures as
a result of such Asset Sale or Destruction or Taking, provided that, in the case of a casualty event or condemnation with respect to property that is subject to a Master Lease or any Gaming Lease entered into for the purpose of, or with
respect to, operating or managing gaming facilities and related assets, such cash proceeds shall not constitute Net Proceeds to the extent, and for so long as, such cash proceeds are required, by the terms of such lease, (x) to be paid to the
holder of any mortgage, deed of trust or other security agreement securing indebtedness of the lessor, (y) to be paid to, or for the account of, the lessor or deposited in an escrow account to fund rent and other amounts due with respect to
such property and costs to preserve, stabilize, repair, replace or restore such property (in accordance with the provisions of the applicable lease) or (z) to be applied to rent and other amounts due under such lease or to fund costs and
expenses of repair, replacement or restoration of such property, or the preservation or stabilization of such property (in accordance with the provisions of the applicable lease). 

“New Project” means each capital project which is either a new project or a new feature of an existing project owned by the
Company or a Restricted Subsidiary which receives a certificate of completion or occupancy and all relevant licenses, and in fact commences operations. 

“Non-CPLV MLSA” shall have the meaning assigned to such term in the definition of the
term “MLSA.” 
 “Note Guarantee” means any guarantee of the obligations of the Issuers under this Indenture and
the Notes by any Person in accordance with the provisions of this Indenture. 
 “Notes Obligations” means Obligations in
respect of the Notes, this Indenture and the Security Documents, including, for the avoidance of doubt, Obligations in respect of exchange notes and guarantees thereof (including all interest, fees, expenses and other amounts accruing during the
pendency of any bankruptcy, insolvency, receivership or other similar case or proceeding, regardless of whether allowed or allowable in such case or proceeding). 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including, without
limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness (including interest, fees, expenses and other amounts
accruing during the pendency of any bankruptcy, insolvency, receivership or other similar case or proceeding, regardless of whether allowed or allowable in such case or proceeding). 

“Offering Memorandum” means the confidential offering memorandum, dated June 19, 2020, relating to the issuance of the
Initial Notes. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the
Chief Financial Officer, the Chief Operating Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Senior Vice President, any Vice President or any Assistant Vice President of such Person. 

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

“Omnibus License Agreement” means the Second Amended and Restated Omnibus Agreement and Enterprise Services Agreement to be
entered into in connection with the Transactions, by and among Services, LLC, CERP, the Company, CEOC, Caesars License Company, LLC and Caesars World LLC, as amended, restated, amended and restated, supplemented or otherwise modified or replaced
from time to time. 

  
 35 

 “Operating Property” means any casino, hotel or resort property which is
operated as a separate operating unit. 
 “Operations Management Agreement” means (i) each of the real estate
management agreements, shared services agreements, intellectual property license agreement, and any other operating management agreement, entered into by and among the Company or any of the Restricted Subsidiaries with ERI or with any other direct
or indirect Subsidiary or Affiliate of ERI, (ii) the limited liability company agreement of CES, (iii) the Omnibus License Agreement, (iv) the CES Agreements, (v) the management agreements entered into by each Restricted
Subsidiary and CEOC and/or its subsidiaries or CES and (vi) in each case, any and all modifications thereto, substitutions therefor and replacements thereof so long as such modifications, substitutions and replacements are entered into not in
violation of this Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the
Trustee, who may (but need not) be in-house counsel of or external counsel to either Issuer. 

“Other First Priority Lien Obligations” means Indebtedness or Obligations of the Company and its Restricted Subsidiaries that
is equally and ratably secured with the Notes as permitted by this Indenture and is designated by the Company as an Other First Priority Lien Obligation; provided that an authorized representative of the holders of such Indebtedness or
Obligations shall (if not already a party thereto) become a party to the First Lien Intercreditor Agreement under the Collateral Agreement. 

“Overdraft Line” shall have the meaning assigned to such term in Section 4.03(b)(xxx). 

“Pari Passu Indebtedness” means: 

(1)    with respect to the Issuers, the Notes and any Indebtedness which ranks pari passu in right of payment to the
Notes; and 
 (2)    with respect to any Subsidiary Guarantor, its obligations in respect of the Notes and any
Indebtedness which ranks pari passu in right of payment to such Subsidiary Guarantor’s obligations in respect of the Notes. 

“Permitted Disposition” means any sale, lease, license, transfer or other disposition of assets listed in Schedule I hereto.

 “Permitted Holders” means, at any time, any of (i) the Management Group, (ii) the Carano Holders,
(iii) CEC, (iv) Growth Partners, (v) any subsidiary of CEC, (vi) any Person that has no material assets other than the capital stock of the Company or other Permitted Holders and that, directly or indirectly, holds or acquires 100% of
the total voting power of the Voting Stock of the Company, and of which no other Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the
Exchange Act as in effect on the Issue Date), other than any of the other Permitted Holders specified in clauses (i) through (vi), beneficially owns more than 50% (or, following a Qualified IPO, the greater of 35% and the percentage
beneficially owned by the Permitted Holders specified in clauses (i) through (vi)) on a fully diluted basis of the voting Equity Interests thereof, and (vii) any “group” (within the meaning of Rules
13d-3 and 13d-5 under the Exchange Act as in effect on the Issue Date) the members of which include any of the other Permitted Holders specified in clauses
(i) through (vi) above and that, directly or indirectly, hold or acquire beneficial ownership of the voting Equity Interests in the Company (a “Permitted Holder Group”), so long as (1) each member of the Permitted Holder
Group has voting rights 

  
 36 

 
proportional to the percentage of ownership interests held or acquired by such member and (2) no Person or other “group” (other than the other Permitted Holders specified in
clauses (i) through (vi) above) beneficially owns more than 50% (or, following a Qualified IPO, the greater of 35% and the percentage beneficially owned by the Permitted Holders specified in clauses (i) through (vi) above) on a fully
diluted basis of the voting Equity Interests held by the Permitted Holder Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in accordance with
the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 

“Permitted Investments” means: 

(1)    any Investment in the Company or any Restricted Subsidiary; 

(2)    any Investment in Cash Equivalents or Investment Grade Securities; 

(3)    any Investment by the Company or any Restricted Subsidiary in a Person if as a result of such Investment
(a) such Person becomes a Restricted Subsidiary, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its
assets to, or is liquidated into, the Company or a Restricted Subsidiary (provided that any Investment under this clause (3) may be closed pursuant to an Interim Authorization Trust Arrangement); 

(4)    any Investment in securities or other assets not constituting Cash Equivalents and received in connection with an
Asset Sale made pursuant to the provisions of Section 4.06 or any other disposition of assets not constituting an Asset Sale; 

(5)    any Investment existing on, or made pursuant to binding commitments existing on or contemplated on, the Issue Date
or the Escrow Release Date or an Investment consisting of any extension, modification or renewal of any Investment existing on the Issue Date or the Escrow Release Date; provided that the amount of any such Investment may be increased
(x) as required by the terms of such Investment as in existence on the Issue Date or the Escrow Release Date or (y) as otherwise permitted under this Indenture; 

(6)    loans and advances to officers, directors, employees or consultants, taken together with all other advances made
pursuant to this clause (6), not to exceed $35.0 million at any one time outstanding; 
 (7)    any Investment
acquired by the Company or any Restricted Subsidiary (a) in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the issuer of such other Investment or accounts receivable, or (b) as a result of a foreclosure by the Company or any Restricted Subsidiary with respect to any secured Investment or other transfer of title
with respect to any secured Investment in default; 
 (8)    Hedging Obligations permitted under
Section 4.03(b)(x); 
 (9)    any Investment by the Company or any Restricted Subsidiary in a Similar Business
having an aggregate Fair Market Value (as determined in good faith by the Company), taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the greater of (x)
$275.0 million and (y) 20.0% of EBITDA for the Applicable Measurement Period at the time of such Investment (plus any returns (including dividends, interest, distributions, returns of principal,

  
 37 

 
profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of investments theretofore made by it pursuant to this clause (9)) (with the Fair
Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (9) is made in any Person that is not a
Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to
have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; provided, further, that the amount of Investments that may be made at any time pursuant to this clause (9) may, at
the election of the Company, be increased by the amount of Investments that could be made at such time under clause (10) of this definition; 

(10)    additional Investments by the Company or any Restricted Subsidiary having an aggregate Fair Market Value (as
determined in good faith by the Company), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the greater of (x) $650.0 million and (y) 55.0% of EBITDA for the
Applicable Measurement Period at the time of such Investment (plus any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor
in respect of investments theretofore made by it pursuant to this clause (10)) (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however,
that if any Investment pursuant to this clause (10) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall
thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues to be a Restricted Subsidiary; provided, further, that
the amount of Investments that may be made at any time pursuant to this clause (10) may, at the election of the Company, be increased by the amount of Investments that could be made at such time under clause (9) of this definition; 

(11)    loans and advances to officers, directors or employees for payroll payments, business-related travel expenses,
moving expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practice or to fund such Person’s purchase of Equity Interests of the Company or any direct or indirect parent of the
Company; 
 (12)    Investments the payment for which consists of (or received in exchange for) Equity Interests of the
Company (other than Disqualified Stock) or any direct or indirect parent of the Company, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause
(C) of the definition of “Cumulative Credit”; 
 (13)    any transaction to the extent it constitutes an
Investment that is permitted by and made in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (iii), (vi), (vii), (xi), (xii)(B) and (xix) of such Section 4.07(b)); 

(14)    Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other Persons; 
 (15)    guarantees issued in accordance with Section 4.03 and
Section 4.11, including, without limitation, any guarantee or other Obligation issued or Incurred under any Credit Agreement in connection with any letter of credit issued for the account of CEC or any of its Subsidiaries (including with
respect to the issuance of, or payments in respect of drawings under, such letters of credit); 

  
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 (16)    Investments consisting of or to finance purchases and
acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or sublicenses (including in respect of gaming licenses) or leases of intellectual property; 

(17)    any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in
connection with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness; 

(18)    any Investment in an entity or purchase of a business or assets in each case owned (or previously owned) by a
customer of a Restricted Subsidiary as a condition or in connection with such customer (or any member of such customer’s group) contracting with a Restricted Subsidiary, in each case in the ordinary course of business; 

(19)    any Investment in an entity which is not a Restricted Subsidiary to which a Restricted Subsidiary sells accounts
receivable pursuant to a Receivables Financing; 
 (20)    additional Investments in joint ventures not to exceed at any
one time in the aggregate outstanding under this clause (20), (A) the greater of $400.0 million and 30.0% of EBITDA for the Applicable Measurement Period plus (B) an aggregate amount equal to any returns (including dividends, interest,
distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of investments theretofore made by it pursuant to this clause (20); provided,
however, that if any Investment pursuant to this clause (20) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such
Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (20) for so long as such Person continues to be a Restricted Subsidiary; 

(21)    Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into, amalgamated
with, or consolidated with the Company or a Restricted Subsidiary in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(22)    any Investment in any Subsidiary of the Company or any joint venture in connection with intercompany cash
management arrangements or related activities arising in the ordinary course of business; 
 (23)    Investments in
joint ventures established to develop or operate nightclubs, bars, restaurants, recreation, exercise or gym facilities or entertainment or retail venues or similar or related establishments or facilities within, in close proximity to or otherwise
for the benefit of any Project (as reasonably determined by the Company) or other establishments or facilities ancillary to or supportive of the operations of a Project not to exceed at any one time in the aggregate outstanding under this clause
(23), the greater of $150.0 million and 10.0% of EBITDA for the Applicable Measurement Period (plus any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts)
actually received by the respective investor in respect of investments theretofore made by it pursuant to this clause (23)), which Investments may (but are not required to) be made pursuant to (or in lieu of) dispositions in the manner contemplated
under clause (w) of the definition of “Asset Sale” or received in consideration for dispositions under clause (w) of the definition of “Asset Sale”; 

  
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 (24)    any Investment deemed to be made in connection with the issuance
of a letter of credit under or permitted by any Credit Agreement for the account or benefit of any Subsidiary or other Person designated by the Company to the extent permitted under the Credit Agreement; 

(25)    accounts receivable, security deposits and prepayments arising and trade credit granted in the ordinary course of
business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments and other credits to
suppliers made in the ordinary course of business; 
 (26)    Investments resulting from pledges and deposits permitted
under this Indenture; 
 (27)    acquisitions by the Company of obligations of one or more officers or other employees
of any direct or indirect parent of the Company, the Company or its Restricted Subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests in the Company or any direct or indirect parent of the Company, so
long as no cash is actually advanced by the Company or any of the Restricted Subsidiaries to such officers or employees in connection with the acquisition of any such obligations; 

(28)    Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements
for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; 

(29)    advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with
customary trade terms of the Company or any Restricted Subsidiary; 
 (30)    Investments consisting of or to finance
purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or purchases, sales, licenses or sublicenses (including in respect of gaming licenses) or leases of intellectual property; 

(31)    any Investment (i) made pursuant to any Master Lease, any Gaming Lease, any MLSA or any Operations Management
Agreement or (ii) in connection with the Transactions; 
 (32)    any Investment (i) deemed to exist as a
result of a Subsidiary distributing a note or other intercompany debt to a parent of such Subsidiary (to the extent there is no cash consideration or services rendered for such note) and (ii) consisting of intercompany current liabilities as
incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of the Company and its Subsidiaries; and 

(33)    Guarantees by the Company or any Restricted Subsidiary of operating leases (other than Capitalized Lease
Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by the Company or any Restricted Subsidiary in the ordinary course of business. 

The amount of any Investment made other than in the form of cash or cash equivalents shall be the fair market value thereof (as determined by
the Company in good faith) valued at the time of the making thereof, and without giving effect to any subsequent write-downs or write-offs thereof. 

“Permitted Liens” means, with respect to any Person: 

(1)    pledges or deposits by such Person under the Federal Employers Liability Act, workmen’s compensation laws,
unemployment insurance laws and other social security laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits
to secure public or statutory 

  
 40 

 
obligations of such Person, or deposits to secure liability to insurance carriers under insurance or self-insurance arrangements, or deposits to secure surety or appeal bonds to which such Person
is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business or securing liability for reimbursement or indemnification obligations of (including
obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Company or any Restricted Subsidiary; 

(2)    Liens imposed by law, such as landlord’s, carriers’, warehousemen’s, materialmen’s,
repairmen’s, supplier’s, construction and mechanics’ or other like Liens, in each case for sums not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings or other Liens arising out of
judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 

(3)    Liens for taxes, assessments or other governmental charges not yet delinquent by more than 30 days or which are
being contested in good faith by appropriate proceedings; 
 (4)    pledges, deposits and other Liens in favor of
issuers of performance and surety bonds, appeal bonds or bid bonds, trade contracts (other than for Indebtedness), leases (other than Capitalized Lease Obligations), statutory obligations, government contracts, agreements with utilities and other
obligations of a like nature or with respect to other regulatory requirements (including those Incurred to secure health, safety and environmental obligations in the ordinary course of business) or letters of credit issued pursuant to the request of
and for the account of such Person in the ordinary course of its business; 
 (5)    survey exceptions, encumbrances,
easements or reservations of, or rights of others for, licenses, rights-of-way, trackage rights, leases (other than Capitalized Lease Obligations), licenses, special
assessments, covenants, conditions, restrictions and declarations, servicing agreements, development agreements, site plan agreements, sewers, electric lines, telegraph and telephone lines and other similar purposes or zoning or other restrictions
as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely impair their use in the operation of the business of such
Person; 
 (6)    (A) Liens on assets of a Restricted Subsidiary that is not a Subsidiary Guarantor securing
Indebtedness of such Restricted Subsidiary permitted to be Incurred pursuant to Section 4.03, (B) Liens securing Indebtedness in an aggregate principal amount not to exceed the greater of (x) the aggregate principal amount of Indebtedness
permitted to be Incurred pursuant to Section 4.03(b)(i) and (y) the maximum principal amount of Indebtedness that, as of the date such Indebtedness was Incurred, and after giving effect to the Incurrence of such Indebtedness and the
application of proceeds therefrom on such date on a pro forma basis, (I) in the case of Liens securing First Priority Lien Obligations, would not cause the Senior Secured Indebtedness Leverage Ratio of the Company to exceed 4.75 to 1.00
and (II) in the case of Liens securing any other Indebtedness, would not cause the Total Secured Indebtedness Leverage Ratio of the Company to exceed 5.00 to 1.00; provided that, with respect to Liens securing First Priority Lien
Obligations of the Issuers and the Subsidiary Guarantors, permitted under this subclause (B), the Notes are secured by Liens on the assets subject to such Liens (other than Excluded Assets) on at least a pari passu basis with the Liens securing all
such First Priority Lien Obligations and subject to the First Lien Intercreditor Agreement; and (C) Liens securing Indebtedness permitted to be Incurred pursuant to clause (i), (iv), (xii), (xv), (xvi), (xvii), (xxiii), (xxvii) or
(xxxiv) of Section 4.03(b) (provided that (1) in the case of clause (iv), such Lien extends only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of which is financed
thereby and any accessions and additions thereto and any proceeds or products thereof (provided that individual financings provided by one lender may be cross-collateralized to other financings provided by such lender), (2) in the case of
clause (xxiii) such Lien extends only to the assets and/or Capital Stock, the acquisition, lease, 

  
 41 

 
construction, repair, replacement or improvement of which is financed thereby and any accessions or additions thereto and any proceeds or products thereof (provided that individual
financings provided by one lender may be cross-collateralized to other financings provided by such lender provided that Liens securing any Qualified Non-Recourse Debt may attach to any or all assets of
the applicable Qualified Non-Recourse Subsidiary and its Subsidiaries and to Equity Interests in the applicable Qualified Non-Recourse Subsidiary and its Subsidiaries)
and (3) in the case of clause (xvi), such Liens securing Indebtedness Incurred pursuant to clause (xvi) shall only be permitted under this clause (C) if, on a pro forma basis after giving effect to the Incurrence of such
Indebtedness and Liens, (I) in the case of Liens securing First Priority Lien Obligations, the Senior Secured Indebtedness Leverage Ratio of the Company would be no greater than immediately prior to such Incurrence and (II) in the case of
Liens securing any other Indebtedness, the Total Secured Indebtedness Leverage Ratio of the Company would be no greater than immediately prior to such Incurrence; 

(7)    Liens existing on the Issue Date or on the Escrow Release Date after giving effect to the Transactions (other than
Liens securing the CRC Credit Agreement or the Notes); 
 (8)    Liens on assets, property or shares of stock of a
Person at the time such Person becomes a Subsidiary (including any after acquired property to the extent it would have been subject to the original Lien); provided, however, that such Liens (other than Liens to secure Indebtedness
Incurred pursuant to Section 4.03(b)(xvi)) are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens (other than Liens
to secure Indebtedness Incurred pursuant to Section 4.03(b)(xvi)) may not extend to any other property owned by the Company or any Restricted Subsidiary (other than such Person becoming a Subsidiary and Subsidiaries of such Person) (other than
pursuant to after acquired property clauses in effect with respect to such Lien at the time of acquisition or property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition) and proceeds thereof;

 (9)    Liens on assets or property at the time the Company or a Restricted Subsidiary acquired the assets or
property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Company or any Restricted Subsidiary; provided, however, that such Liens (other than Liens to secure Indebtedness Incurred
pursuant to Section 4.03(b)(xvi)) are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens (other than Liens to secure Indebtedness Incurred
pursuant to Section 4.03(b)(xvi)) may not extend to any other property owned by the Company or any Restricted Subsidiary (other than pursuant to after acquired property clauses in effect with respect to such Lien at the time of acquisition or
property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition) and proceeds thereof; 

(10)    Liens securing Indebtedness or other Obligations of the Company or a Restricted Subsidiary owing to another
Restricted Subsidiary permitted to be Incurred in accordance with Section 4.03; 
 (11)    Liens securing Hedging
Obligations not Incurred in violation of this Indenture; provided that with respect to Hedging Obligations relating to Indebtedness, such Lien extends only to the property securing such Indebtedness; 

(12)    Liens on specific items of inventory or other goods (or the documents of title in respect thereof) and proceeds of
any Person securing such Person’s Obligations in respect of letters of credit or bankers’ acceptances or guarantees issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other
goods; 

  
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 (13)    leases and subleases of real property which do not materially
interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiary; 
 (14)    Liens
arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business; 

(15)    Liens in favor of the Company or any Subsidiary Guarantor; 

(16)    Liens on accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” or on Equity Interests in a Receivables Subsidiary Incurred in connection with a Qualified Receivables Financing; 

(17)    deposits made in the ordinary course of business to secure liability to insurance carriers including insurance
premium financing arrangements; 
 (18)    Liens on the Equity Interests of Unrestricted Subsidiaries; provided
that such Liens do not encumber any property or assets of the Company and the Restricted Subsidiaries other than the Equity Interests of such Unrestricted Subsidiary; 

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

(20)    Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings,
refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9), (10), (11), (15) and (25) or this clause (20); provided,
however, that (x) such new Lien shall be limited to all or part of the same property (including any after acquired property to the extent it would have been subject to the original Lien) that secured the original Lien (plus improvements on
such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under
clauses (6), (7), (8), (9), (10), (11), (15), (20) or (25) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such
refinancing, refunding, extension, renewal or replacement; provided, further, however, that in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in
clause (6)(B) or (25), the principal amount of any Indebtedness Incurred for such refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6)(B) or (25) and not this clause (20) for purposes of
determining the principal amount of Indebtedness outstanding under clause (6)(B) or (25) and for purposes of the definition of “Secured Bank Indebtedness”; 

(21)    Liens on equipment of the Company or any Restricted Subsidiary granted in the ordinary course of business to the
Company’s or such Restricted Subsidiary’s client at which such equipment is located; 
 (22)    judgment and
attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(23)    Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
entered into in the ordinary course of business; 

  
 43 

 (24)    Liens Incurred to secure cash management services or to
implement cash pooling arrangements in the ordinary course of business including, without limitation, (i) Liens that are contractual rights of set-off (A) relating to the establishment of depository
relations with banks and other financial institutions not given in connection with the issuance of Indebtedness, (B) relating to pooled deposits, sweep accounts, reserve accounts or similar accounts of the Company or any Restricted Subsidiary
to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Company or any Restricted Subsidiary, including with respect to credit card chargebacks and similar obligations or (C) relating to
purchase orders and other agreements entered into with customers, suppliers or service providers of the Company or any Restricted Subsidiary in the ordinary course of business and (ii) Liens on Cash Equivalents on deposit to secure obligations
owing under any treasury, depository, overdraft or other cash management services agreements or arrangements of the Company or any of its Restricted Subsidiaries; 

(25)    other Liens securing Obligations, the outstanding principal amount of which does not, taken together with the
principal amount of all other Obligations secured by Liens Incurred under this clause (25) that are at that time outstanding, exceed the greater of $550.0 million and 40.0% of EBITDA for the Applicable Measurement Period; 

(26)    any Lien, encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any
joint venture or similar arrangement (i) securing obligations of such joint venture or similar arrangement or (ii) pursuant to any joint venture or similar agreement; 

(27)    any amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for
the benefit of the Company or any Restricted Subsidiary; 
 (28)    Liens (i) arising by virtue of any statutory or
common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution,
(ii) attaching to commodity trading accounts or other commodity brokerage accounts Incurred in the ordinary course of business or (iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to
brokerage accounts Incurred in the ordinary course of business and not for speculative purposes; 
 (29)    (i) Liens
pursuant to the Master Leases and any Gaming Lease, which Liens are limited to the leased property under the applicable Master Lease or Gaming Lease and the Master Lease Collateral related to such Master Lease or Gaming Lease that is a Gaming Lease
or Master Lease and which Lien is granted to the applicable Master Lease Landlord or landlord under such Gaming Lease for the purpose of securing the obligations of the applicable Master Lease Tenant or tenant under such Gaming Lease to the
applicable Master Lease Landlord or landlord under such Gaming Lease and (ii) Liens on cash and Cash Equivalents (and on the related escrow accounts or similar accounts, if any) required to be paid to the lessors (or lenders to such lessors)
under such leases or maintained in an escrow account or similar account pending application of such proceeds in accordance with the applicable Master Lease or Gaming Lease; provided that under the terms of the documents governing such Lien,
the applicable Master Lease Landlord or landlord under the applicable Gaming Lease may not foreclose on any of the related Master Lease Collateral unless the applicable Master Lease or Gaming Lease is being terminated with respect to the applicable
facility and the applicable holders of a leasehold mortgage on such facility or their designee or assignee have not entered into a new lease in accordance with the terms of the applicable Master Lease or Gaming Lease; 

(30)    the Venue Easements and any other easements, covenants, rights of way or similar instruments granted in connection
with the leases contemplated under clauses (i), (v), (w), (x) or (y) of the definition of “Asset Sale” or otherwise entered into in connection with the Transactions, which in each case do not materially impact the applicable Project
in an adverse manner; 

  
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 (31)    the filing of a reversion, subdivision or final map(s),
record(s) of survey and/or amendments to any of the foregoing over Real Property held by the Company or a Restricted Subsidiary designed (A) to merge one or more of the separate parcels thereof together so long as the entirety of each such
parcel shall be owned by the Company or a Restricted Subsidiary or (B) to separate one or more of the parcels thereof together so long as the entirety of each resulting parcel shall be owned by the Company or a Restricted Subsidiary; 

(32)    from and after the lease or sublease of any interest pursuant to clause (i), (v), (w), (x) or (y) of the
definition of “Asset Sale” or otherwise entered into in connection with the Transactions, any reciprocal easement agreement entered into between the Company or a Restricted Subsidiary and the holder of such interest; 

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

(34)    any interest or title of a lessor or sublessor under any leases or subleases entered into by the Company or any
Restricted Subsidiary in the ordinary course of business; 
 (35)    leases or subleases, licenses or sublicenses
(including with respect to intellectual property and software) granted to others in the ordinary course of business not interfering in any material respect with the business of the Company and the Restricted Subsidiaries, taken as a whole; 

(36)    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; 
 (37)    Liens solely on any cash earnest money deposits made by the
Company or any of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement in respect of any acquisition or Investment permitted under this Indenture; 

(38)    Liens on any amounts held by a trustee under any indenture or other debt agreement issued in escrow pursuant to
customary escrow arrangements pending the release thereof, or under any indenture or other debt agreement pursuant to customary discharge, redemption or defeasance provisions (including Liens securing any Discharged Indebtedness or Escrowed
Indebtedness permitted under this Indenture); 
 (39)    the prior rights of consignees and their lenders under
consignment arrangements entered into in the ordinary course of business; 
 (40)    agreements to subordinate any
interest of the Company or any Restricted Subsidiary in any accounts receivable or other proceeds arising from inventory consigned by the Company or any of its Restricted Subsidiaries pursuant to an agreement entered into in the ordinary course of
business; 
 (41)    Liens arising from precautionary Uniform Commercial Code financing statements or consignments
entered into in connection with any transaction otherwise permitted under this Indenture; 

  
 45 

 (42)    Liens on securities that are the subject of repurchase
agreements constituting Cash Equivalents under clause (4) of the definition thereof; 
 (43)    Liens in respect of
Receivables Financings that extend only to the assets subject thereto and Equity Interests in Receivables Subsidiaries; 

(44)    Liens on goods or inventory the purchase, shipment or storage price of which is financed by a documentary letter
of credit, bank guarantee or bankers’ acceptance issued or created for the account of the Company or any Restricted Subsidiary in the ordinary course of business; provided that such Lien secures only the Obligations of the Company or
such Restricted Subsidiaries in respect of such letter of credit, bank guarantee or banker’s acceptance to the extent permitted under Section 4.03(b)(xvi); 

(45)    in the case of Real Property that constitutes a leasehold interest, any Lien to which the fee simple interest (or
any superior leasehold interest) is subject; 
 (46)    Liens arising pursuant to definitive documentation and
applicable Gaming Laws in respect of any Interim Trust pursuant to an Interim Authorization Trust Arrangement, in each case, prior to the earlier of (x) the issuance of the gaming licenses by the applicable Gaming Authority, or (y) any
Interim Trust Asset Disposition by the Interim Trust, in each case, as required by the applicable Gaming Authorities having jurisdiction over such Interim Purchaser; 

(47)    Permitted Vessel Liens; 

(48)    other Liens incidental to the conduct of the business of the Company and its Subsidiaries or the ownership of
their Properties which were not created in connection with the Incurrence of Indebtedness and do not in the aggregate materially detract from the value of such Properties or materially impair the use thereof, including without limitation leases,
subleases, licenses and sublicenses; and 
 (49)    Liens securing the Notes Obligations. 

“Permitted Vessel Liens” means: 

(a)    Liens for seaman’s wages (including those of masters, maintenance, cure and stevedore’s wages); 

(b)    Liens for damages arising from maritime torts (including personal injury and death) which are unclaimed or covered
by insurance (subject to applicable deductibles); 
 (c)    Liens for general average and salvage; 

(d)    Liens for necessaries or otherwise arising by operation of law in the ordinary course of business in operating,
maintaining or repairing a Vessel; 
 (e)    statutory Liens for current taxes or other governmental charges; and 

(f)    mechanics’, carriers’, workers’, repairers’ and similar statutory or common law Liens arising
or Incurred in the ordinary course of business, 
 in each case in the preceding clauses (a) through (f), for amounts which are not overdue by more
than 30 days or that are being contested in good faith by appropriate proceedings and in respect of which, the Company or any Subsidiary shall have set aside on its books reserves in accordance with GAAP. 

  
 46 

 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock issuer, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution
or winding up. 
 “Principal Property Subsidiary” means any Subsidiary that owns, operates or leases one or more Restricted
Properties. 
 “Pre-Opening Expenses” means, with respect to any fiscal period, the
amount of expenses (other than interest expense) Incurred with respect to capital projects that are classified as “pre-opening expenses” or “project opening costs” (or similar
classification) on the applicable financial statements of the Company and its Restricted Subsidiaries for such period, prepared in accordance with GAAP. 

“Project” means each project of the Company or a Restricted Subsidiary which is either a new project or a new feature of an
existing project. 
 “Project Financing” means (1) any Capitalized Lease Obligation, mortgage financing, purchase
money Indebtedness or other similar Indebtedness Incurred to finance the acquisition, lease, construction, repair, replacement, or improvement of any Undeveloped Land or any refinancing of any such Indebtedness and (2) any Sale/Leaseback
Transaction of any Undeveloped Land. 
 “Property” means, with respect to any Person, any interest of such Person in any
land, property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, Capital Stock in any other Person. 

“Qualified Non-Recourse Debt” means Indebtedness that (1) is (a) Incurred by a
Qualified Non-Recourse Subsidiary to finance (whether prior to or within 270 days after) the acquisition, lease, construction, repair, replacement or improvement of any property (real or personal) or equipment
(whether through the direct purchase of property or the Equity Interests of any Person owning such property and whether in a single acquisition or a series of related acquisitions) or (b) assumed by a Qualified
Non-Recourse Subsidiary, (2) is non-recourse to the Issuers and any Subsidiary Guarantor and (3) is non-recourse to any
Restricted Subsidiary that is not a Qualified Non-Recourse Subsidiary. 
 “Qualified Non-Recourse Subsidiary” means (1) a Restricted Subsidiary that is not a Subsidiary Guarantor and that is formed, created or designated after the Issue Date in order to finance an acquisition, lease,
construction, repair, replacement or improvement of any property or equipment (directly or through one of its Subsidiaries) that secures Qualified Non-Recourse Debt and (2) any Restricted Subsidiary of a
Qualified Non-Recourse Subsidiary. 
 “Qualified Receivables Financing” means any
Receivables Financing of a Receivables Subsidiary that meets the following conditions: 
 (1)    the Board of Directors
shall have determined in good faith that such Qualified Receivables Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Company and the Receivables
Subsidiary; 
 (2)    all sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair
Market Value (as determined in good faith by the Company); and 

  
 47 

 (3)    the financing terms, covenants, termination events and other
provisions thereof shall be market terms (as determined in good faith by the Company) and may include Standard Securitization Undertakings. 

The grant of a security interest in any accounts receivable of the Company or any Restricted Subsidiary (other than a Receivables Subsidiary)
to secure Bank Indebtedness, Indebtedness in respect of the Notes or any Refinancing Indebtedness with respect to the Notes shall not be deemed a Qualified Receivables Financing. 

“Rating Agency” means (1) each of Moody’s, S&P and Fitch and (2) if Moody’s, S&P or Fitch ceases
to rate the Notes for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15cs-1(c)(2)(vi)(F) under the Exchange Act
selected by the Company or any direct or indirect parent of the Company as a replacement agency for Moody’s, S&P or Fitch, as the case may be. 

“Real Property” means, collectively, all right, title and interests (including any leasehold, mineral or other estate) in and
to any and all parcels of or interests in real property owned, leased or operated by any Person, whether by lease, license or other means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all buildings,
structures, parking areas and improvements and appurtenant fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership, lease or operation thereof. 

“Receivables Assets” means any of the following assets (or interests therein) from time to time originated, acquired or
otherwise owned by the Company or any Restricted Subsidiary or in which the Company or any Restricted Subsidiary has any rights or interests, in each case, without regard to where such assets or interests are located: (a) accounts receivable
(including any bills of exchange) and related assets and property, (b) franchise fees, management fees, license fees, royalties and other similar payments made related to the use of trade names and other intellectual property rights, business
support, training and other services, (c) revenues related to distribution and merchandising of the products of the Company and its Restricted Subsidiaries, (d) rents, real estate taxes and other
non-royalty amounts due from franchisees, (e) intellectual property rights relating to the generation of any of the types of assets listed in this definition, (f) any Equity Interests in any
Receivables Subsidiary or any Subsidiary of a Receivables Subsidiary and any rights under any limited liability company agreement, trust agreement, shareholders agreement, organization or formation documents or other agreement entered into in
furtherance of the organization of such entity, (g) any equipment, contractual rights with unaffiliated third parties, website domains and associated property and rights necessary for a Receivables Subsidiary to operate in accordance with its
stated purposes, (h) any rights and obligations associated with gift card or similar programs and (i) other assets and property (or proceeds of such assets or property) to the extent customarily included in securitization transactions of
the relevant type in the applicable jurisdictions (as determined by the Company in good faith). 
 “Receivables Fees” means
distributions or payments made directly or by means of discounts with respect to any participation interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in connection with, any
Receivables Financing. 
 “Receivables Financing” means any transaction or series of transactions that may be entered into
by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer by the Company or any of its Subsidiaries); and
(b) any other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any Receivables Asset (whether now existing or arising in the future) of the Company or any of its Subsidiaries, and any assets
related thereto including, without 

  
 48 

 
limitation, all collateral securing such Receivables Asset, all contracts and all guarantees or other obligations in respect of such Receivables Asset, proceeds of such Receivables Asset and
other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Receivables Assets and any Hedging Obligations entered into by the
Company or any such Subsidiary in connection with such Receivables Assets. 
 “Receivables Repurchase Obligation” means any
obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof
becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Receivables Subsidiary” means a Restricted Subsidiary (or another Person formed for the purposes of engaging in Qualified
Receivables Financing with the Company in which the Company or any Subsidiary of the Company makes an Investment and to which the Company or any such Subsidiary transfers Receivables Assets and related assets) which engages in no activities other
than in connection with the financing of Receivables Assets of the Company and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities incidental or
related to such business, and which is designated by the Board of Directors (as provided below) as a Receivables Subsidiary and: 

(a)    no portion of the Indebtedness or any other obligations (contingent or otherwise) of which
(i) is guaranteed by the Company or any other Subsidiary of the Company (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or
obligates the Company or any other Subsidiary of the Company in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or asset of the Company or any other Subsidiary of the Company, directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 

(b)    with which neither the Company nor any other Subsidiary of the Company had any material contract,
agreement, arrangement or understanding other than on terms which the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the
Company; and 
 (c)    to which none of the Company or any of its Subsidiaries have any obligation to
maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 
 Any such
designation by the Board of Directors shall be evidenced to the Trustee by delivering to the Trustee a certified copy of the resolution of the Board of Directors giving effect to such designation and an Officer’s Certificate certifying that
such designation complied with the foregoing conditions. 
 “Record Date” has the meaning specified in Exhibit A
hereto. 
 “Representative” means the trustee, agent or representative (if any) for an issue of Indebtedness; provided
that if, and for so long as, such Indebtedness lacks such a Representative, then the Representative for such Indebtedness shall at all times constitute the holder or holders of a majority in outstanding principal amount of Obligations under such
Indebtedness. “Restricted Cash” means cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being distributed to 

  
 49 

 
the Company, except for (i) such cash and Cash Equivalents subject only to such restrictions that are contained in agreements governing Indebtedness permitted under this Indenture and that
is secured by such cash or Cash Equivalents and (ii) cash and Cash Equivalents constituting “cage cash.” 

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

“Restricted Property” means (a) any Operating Property, or portion thereof, owned or leased by the Company or any
Subsidiary and located within the continental United States, which, in the opinion of the Board of Directors of the Company or any direct or indirect parent of the Company, is of material importance to the business of the Company and its
Subsidiaries taken as a whole, but no such Operating Property, or portion thereof, shall be deemed of material importance if its gross book value (before deducting accumulated depreciation) is less than 5.0% of Total Assets, or (b) any shares
of capital stock of any Subsidiary owning any such Operating Property. 
 “Restricted Subsidiary” means, with respect to
any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Company and, for the
avoidance of doubt, shall include any Issuer that is a Subsidiary of the Company. 
 “Reversion Date” means the date on
which at least two of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating. 

“S&P” means Standard & Poor’s Ratings Group or any successor to the rating agency business thereof. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the Company or a
Restricted Subsidiary whereby the Company or such Restricted Subsidiary transfers such property to a Person and the Company or such Restricted Subsidiary leases it from such Person, other than leases between the Company and a Restricted Subsidiary
or between Restricted Subsidiaries. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Bank Indebtedness” means any Bank Indebtedness that is secured by a Permitted Lien Incurred or deemed to be Incurred
pursuant to clause (6)(B) of the definition of “Permitted Liens,” as designated by the Company to be included in this definition; provided that an authorized representative of the holders of such Bank Indebtedness shall (if not
already a party thereto) become a party to the First Lien Intercreditor Agreement. 
 “Secured Indebtedness” means any
Indebtedness secured by a Lien. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder. 
 “Security Documents” means the Collateral Agreement, the IP Security
Agreement (as defined in the Collateral Agreement), the First Lien Intercreditor Agreement (collectively, the “Escrow Release Date Security Documents”), any Junior Lien Intercreditor Agreement and any other security agreements,
pledge agreements, collateral assignments, Mortgages and related agreements, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating the security interests
in the Collateral in favor of the Collateral Agent for the benefit of the Trustee and the holders of the Notes as contemplated by this Indenture. 

  
 50 

 “Senior Secured Indebtedness Leverage Ratio” means, with respect to the
Company, at any date the ratio of (i) Consolidated Total Indebtedness (excluding (A) Qualified Non-Recourse Debt, (B) Development Expenses, (C) Discharged Indebtedness and (D) Escrowed
Indebtedness) constituting First Priority Lien Obligations of the Company and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash Equivalents in
excess of any Restricted Cash held by the Company and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of the Company for the four full fiscal quarters for which internal financial statements are available immediately
preceding such date on which such additional Indebtedness is Incurred. In the event that the Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the
Senior Secured Indebtedness Leverage Ratio is being calculated but on or prior to the event for which the calculation of the Senior Secured Indebtedness Leverage Ratio is made (the “Senior Secured Leverage Calculation Date”), then
the Senior Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter
period; provided that the Company may elect, pursuant to an Officer’s Certificate delivered to the Trustee, to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent
Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 

For purposes of making the computation referred to above, Investments, acquisitions, dividends and distributions, dispositions, mergers,
amalgamations, consolidations (including the Transactions) and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, any execution of a Gaming Lease, any amendment,
modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project and any operational
changes or restructuring of the business that the Company or any Restricted Subsidiary has determined to make and/or made prior to or during the four-quarter reference period or subsequent to such reference period and on or prior to or
simultaneously with the Senior Secured Leverage Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dividends and distributions, dispositions, mergers, amalgamations, consolidations
(including the Transactions), discontinued operations, execution of a Gaming Lease, amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement,
improvement, development, Expansion Capital Expenditure or Development Project and other operational changes or restructuring (which shall include cost savings resulting from head count reduction, closure of facilities and similar operational and
other cost savings) of the business (and the change of any associated Indebtedness and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person
that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, dividend or distribution, disposition, merger,
consolidation, amalgamation, discontinued operation, execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement,
improvement, development, Expansion Capital Expenditure or Development Project or operational change or restructuring of the business, in each case with respect to an operating unit of a business, that would have required adjustment pursuant to this
definition, then the Senior Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, dividend or distribution, disposition, discontinued operation, merger,

  
 51 

 
amalgamation, consolidation, execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure,
construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project or operational change or restructuring (which shall include cost savings resulting from head count reduction, closure of facilities and
similar operational and other cost savings) of the business had occurred at the beginning of the applicable four quarter period. For purposes of making the computation referred to above, with respect to each New Project that commences operations and
records not less than one full fiscal quarter’s operations during the four-quarter reference period, the operating results of such New Project (for each full fiscal quarter completed) will be annualized on a straight-line basis during such
period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Senior Secured Indebtedness Leverage Ratio shall be
calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be made
in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation of this definition may include (i) adjustments appropriate, in the reasonable good faith determination of the Company, to
reflect operating expense reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event and any other relevant event that occurred prior to or during the four-quarter reference period
or subsequent to such reference period and on or prior to or simultaneously with the Senior Secured Leverage Calculation Date (including, to the extent applicable, from the Transactions) and (ii) any adjustments of the type used in connection
with the calculation of “Combined Adjusted EBITDA” as set forth in the Offering Memorandum. 
 For purposes of this definition,
any amount in a currency other than U.S. dollars will be converted to U.S. dollars either based on (1) the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a
manner consistent with that used in calculating EBITDA for the applicable period or (2) the exchange ratio used in the applicable financial statements. 

“Series” means (a) with respect to the First Lien Secured Parties, each of (i) the holders of the Credit Agreement
Obligations, (ii) the holders of the Notes and the Trustee (each in their capacity as such) and (iii) the Additional First Lien Secured Parties that become subject to the First Lien Intercreditor Agreement on or after the Issue Date that
are represented by a common Authorized Representative (in its capacity as such for such Additional First Lien Secured Parties) and (b) with respect to any First Priority Lien Obligations, each of (i) the Credit Agreement Obligations,
(ii) the Notes Obligations and (iii) the Other First Priority Lien Obligations Incurred pursuant to any applicable agreement, which pursuant to any joinder agreement, are to be represented under the First Lien Intercreditor Agreement by a
common Authorized Representative (in its capacity as such for such Other First Priority Lien Obligations). 
 “Significant
Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company, taken as a whole, within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provision). 
 “Similar Business” means a
business, the majority of whose revenues are derived from (i) the business or activities of the Company and its Subsidiaries as of the Issue Date or (ii) 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. 

  
 52 

 “Standard Securitization Undertakings” means representations, warranties,
covenants, indemnities and guarantees of performance entered into by the Company or any Subsidiary of the Company, which the Company has determined in good faith to be customary in a Receivables Financing including, without limitation, those
relating to the servicing of the assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency beyond the control of the issuer unless such contingency has occurred and excluding any redemption subject to conditions if such conditions have not been satisfied). 

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

“Subsidiary” means, with respect to any Person, (1) any corporation, association or other business entity (other than a
partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint venture or limited
liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is
a controlling general partner or controlling managing member or otherwise controls such entity. 
 “Subsidiary Guarantor”
means any Subsidiary of the Company that guarantees the Notes, as provided in this Indenture or a supplemental indenture; provided that upon the release or discharge of such Subsidiary from its obligations to guarantee the Notes in accordance
with this Indenture or supplemental indenture, such Subsidiary ceases to be a Subsidiary Guarantor. 
 “Suspension Period”
means the period of time between a Covenant Suspension Event and the related Reversion Date. 
 “Taking” means any taking
of all or any portion of the Collateral by condemnation or other eminent domain proceedings, pursuant to any law, general or special, or by reason of the temporary requisition of the use or occupancy of all or any portion of the Collateral by any
governmental authority, civil or military, or any sale pursuant to the exercise by any such governmental authority of any right which it may then have to purchase or designate a purchaser or to order a sale of all or any portion of the Collateral.

 “Tax Distributions” means any distributions described in Section 4.04(b)(xii). 

“Termination Date” means the (x) Initial End Date (as defined in the Merger Agreement) (if on the Initial End Date the
Initial End Date has not been extended in accordance with Section 7.1(b) of the 

  
 53 

 
Merger Agreement), (y) First Extended End Date (as defined in the Merger Agreement) (if the Initial End Date has been extended in accordance with Section 7.1(b) of the Merger Agreement, but
on the First Extended End Date, the First Extended End Date has not been extended in accordance with Section 7.1(b) of the Merger Agreement) or (z) the Second Extended End Date (as defined in the Merger Agreement) (if the First Extended
End Date has been extended in accordance with Section 7.1(b) of the Merger Agreement). For the avoidance of doubt, on the Initial End Date, the Initial End Date was extended to the First Extended End Date. 

“Total Assets” means the total consolidated assets of the Company and its Restricted Subsidiaries, as shown on the most
recent balance sheet of the Company, without giving effect to any amortization of the amount of intangible assets since the Issue Date, calculated on a pro forma basis after giving effect to any subsequent acquisition or disposition of a
Person or business. 
 “Total Secured Indebtedness Leverage Ratio” means, with respect to the Company, at any date the
ratio of (i) Consolidated Total Indebtedness (excluding (A) Qualified Non-Recourse Debt, (B) Development Expenses, (C) Discharged Indebtedness and (D) Escrowed Indebtedness)
constituting Secured Indebtedness of the Company and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash Equivalents in excess of any Restricted
Cash held by the Company and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of the Company for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on
which such additional Indebtedness is Incurred. In the event that the Company or any Restricted Subsidiary Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the Total Secured Indebtedness
Leverage Ratio is being calculated but on or prior to the event for which the calculation of the Total Secured Indebtedness Leverage Ratio is made (the “Total Secured Leverage Calculation Date”), then the Total Secured Indebtedness
Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness as if the same had occurred at the beginning of the applicable four-quarter period; provided that the Company
may elect, pursuant to an Officer’s Certificate delivered to the Trustee, to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such
commitment shall not be deemed, for purposes of this calculation, to be an Incurrence at such subsequent time. 
 For purposes of making the
computation referred to above, Investments, acquisitions, dividends and distributions, dispositions, mergers, amalgamations, consolidations (including the Transactions) and discontinued operations (as determined in accordance with GAAP), in each
case with respect to an operating unit of a business, any execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital expenditure, construction, repair,
replacement, improvement, development, Expansion Capital Expenditure or Development Project and any operational changes or restructuring of the business that the Company or any Restricted Subsidiary has determined to make and/or made prior to or
during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Total Secured Leverage Calculation Date shall be calculated on a pro forma basis assuming that all such Investments,
acquisitions, dividends and distributions, dispositions, mergers, amalgamations, consolidations (including the Transactions), discontinued operations, execution of a Gaming Lease, amendment, modification, termination or waiver to any provision of
any Master Lease or Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project and other operational changes or restructuring (which shall include cost
savings resulting from head count reduction, closure of facilities and similar operational and other cost savings) of the business (and the change of any associated Indebtedness and the change in EBITDA resulting therefrom) had occurred on the first
day of the four-quarter reference period. If since the beginning of 

  
 54 

 
such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made any
Investment, acquisition, dividend or distribution, disposition, merger, consolidation, amalgamation, discontinued operation, execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or
Gaming Lease, any capital expenditure, construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project or operational change or restructuring of the business, in each case with respect to an
operating unit of a business, that would have required adjustment pursuant to this definition, then the Total Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition,
dividend or distribution, disposition, discontinued operation, merger, amalgamation, consolidation, execution of a Gaming Lease, any amendment, modification, termination or waiver to any provision of any Master Lease or Gaming Lease, any capital
expenditure, construction, repair, replacement, improvement, development, Expansion Capital Expenditure or Development Project or operational change or restructuring (which shall include cost savings resulting from head count reduction, closure of
facilities and similar operational and other cost savings) of the business had occurred at the beginning of the applicable four quarter period. For purposes of making the computation referred to above, with respect to each New Project that commences
operations and records not less than one full fiscal quarter’s operations during the four-quarter reference period, the operating results of such New Project (for each full fiscal quarter completed) will be annualized on a straight-line basis
during such period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Total Secured Indebtedness Leverage Ratio
shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be made in good faith
by a responsible financial or accounting officer of the Company. Any such pro forma calculation of this definition may include (i) adjustments appropriate, in the reasonable good faith determination of the Company, to reflect operating expense
reductions and other operating improvements, synergies or cost savings reasonably expected to result from the applicable event and any other relevant event that occurred prior to or during the four-quarter reference period or subsequent to such
reference period and on or prior to or simultaneously with the Total Secured Leverage Calculation Date (including, to the extent applicable, from the Transactions) and (ii) any adjustments of the type used in connection with the calculation of
“Combined Adjusted EBITDA” as set forth in the Offering Memorandum. 
 For purposes of this definition, any amount in a
currency other than U.S. dollars will be converted to U.S. dollars either based on (1) the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent
with that used in calculating EBITDA for the applicable period or (2) the exchange ratio used in the applicable financial statements. 

“Transactions” means (a) the transactions described in the Offering Memorandum under “Summary—Recent
Transactions” and “Summary—The Proposed Transactions” and (b) the CEOC Emergence Transactions (as defined in the CRC Credit Agreement). 

“Treasury Rate” means, as of the applicable redemption date, the yield to maturity as of such redemption date of United
States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to such redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to July 1, 2022; provided, however, that if the period from such
redemption date to July 1, 2022 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

  
 55 

 “Trust Officer” means: 

(1)    any officer within the corporate trust department of the Trustee, including any managing director, director, vice
president, assistant vice president, assistant secretary, assistant treasurer, associate trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject, and 

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

“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 “Undeveloped Land” means (i) all undeveloped land existing on or acquired after the Issue Date and (ii) any
operating property of the Company or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational. 

“Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time. 

“Unrestricted Subsidiary” means: 

(1)    any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by
the Board of Directors of the Company in the manner provided below; and 
 (2)    any Subsidiary of an Unrestricted
Subsidiary. 
 The Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary of the
Company) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of
the Subsidiary to be so designated, in each case at the time of such designation; provided, however, that either: 

(a)    the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 

(b)    if such Subsidiary has consolidated assets greater than $1,000, then such designation would be
permitted under Section 4.04. 
 The Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that immediately after giving effect to such designation: 
 (x)    (1) the Company could Incur $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a), or (2) the Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries would be equal to or greater than such ratio for
the Company and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation; and 

  
 56 

 (y)    no Event of Default shall have occurred and be continuing. 

Any such designation by the Company shall be evidenced to the Trustee by promptly delivering to the Trustee a copy of the resolution of the
Board of Directors or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

The entities listed in Schedule II hereto are designated Unrestricted Subsidiaries as of the date of this Indenture. 

“U.S. Government Obligations” means securities that are: 

(1)    direct obligations of the United States of America for the timely payment of which its full faith and credit is
pledged; or 
 (2)    obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in each case, are not callable or redeemable at the option of the issuer thereof,
and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such
U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the
holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt.

 “Vessel” means a ship which is documented with the United States Coast Guard National Vessel Documentation Center
together with the fixtures and equipment located thereon. 
 “Voting Stock” of any Person as of any date means the Capital
Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted
Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the
date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by
(2) the sum of all such payments. 
 “Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a
Restricted Subsidiary. 
 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding
Capital Stock or other ownership interests of which (other than directors’ qualifying shares or shares required to be held by Foreign Subsidiaries) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such
Person. 
 “WSOP Rio Agreements” means any circuit event agreements, tournament rights agreements, trademark license
agreements, marketing and promotion agreements and similar agreements among CEC and certain of its Affiliates as may be in effect from time to time in connection with the World Series of 

  
 57 

 
Poker, on substantially similar terms to those in effect prior to September 1, 2017 or on such other terms as the Company reasonably believes to reflect then current market terms for such
agreements. 
 Section 1.02    Other Definitions. 

 

			
	 Term
	  	Defined in
Section
	 “Act”
	  	14.17
	 “Affiliate Transaction”
	  	4.07(a)
	 “Agent Members”
	  	Appendix A
	 “Applicable AML Law”
	  	14.19
	 “Asset Sale Offer”
	  	4.06(b)
	 “bankruptcy provision”
	  	6.01(f)
	 “Change of Control Offer”
	  	4.08(b)
	 “Collateral Asset Sale Offer”
	  	4.06(b)
	 “Collateral Asset Sale Offer Period”
	  	4.06(e)
	 “Collateral Excess Proceeds”
	  	4.06(b)
	 “Company”
	  	Preamble
	 “covenant defeasance option”
	  	8.01(b)
	 “Covenant Suspension Event”
	  	4.14
	 “CRC Assumption”
	  	Preamble
	 “cross-acceleration provision”
	  	6.01(d)
	 “Custodian”
	  	6.01
	 “Definitive Note”
	  	Appendix A
	 “Depository”
	  	Appendix A
	 “Disqualified Holder”
	  	2.15
	 “Escrow Agent”
	  	4.20(b)
	 “Escrow Agreement”
	  	4.20(b)
	 “Escrow Release”
	  	4.20(d)
	 “Escrow Release Conditions”
	  	4.20(e)
	 “Escrow Release Date”
	  	4.20(d)
	 “Escrowed Property”
	  	4.20(b)(ii)
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.06(b)
	 “Finance”
	  	Preamble
	 “Global Note”
	  	Appendix A
	 “Global Notes Legend”
	  	Appendix A
	 “Guaranteed Obligations”
	  	13.01(a)
	 “IAI”
	  	Appendix A
	 “Increased Amount”
	  	4.12(c)
	 “Initial Notes”
	  	Preamble
	 “Initial Purchasers”
	  	Appendix A
	 “judgment default provision”
	  	6.01(g)
	 “LCT Election”
	  	1.05
	 “LCT Test Date”
	  	1.05
	 “legal defeasance option”
	  	8.01(b)
	 “Limited Condition Transaction”
	  	1.05
	 “Notes”
	  	Preamble
	 “Notes Custodian”
	  	Appendix A
	 “Notice of Default”
	  	6.01

  
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	 “Offer Period”
	  	4.06(d)
	 “Paying Agent”
	  	2.04(a)
	 “protected purchaser”
	  	2.08
	 “Purchase Agreement”
	  	Appendix A
	 “QIB”
	  	Appendix A
	 “Refinancing Indebtedness”
	  	4.03(b)
	 “Refunding Capital Stock”
	  	4.04(b)
	 “Registrar”
	  	2.04(a)
	 “Regulation S”
	  	Appendix A
	 “Regulation S Global Notes”
	  	Appendix A
	 “Regulation S Notes”
	  	Appendix A
	 “Restricted Notes Legend”
	  	Appendix A
	 “Restricted Payments”
	  	4.04(a)
	 “Restricted Period”
	  	Appendix A
	 “Retired Capital Stock”
	  	4.04(b)
	 “Reversion Date”
	  	4.14
	 “Rule 144A”
	  	Appendix A
	 “Rule 144A Global Notes”
	  	Appendix A
	 “Rule 144A Notes”
	  	Appendix A
	 “Rule 501”
	  	Appendix A
	 “Second Commitment”
	  	4.06(b)
	 “Special Mandatory Redemption”
	  	3.10(a)
	 “Special Mandatory Redemption Date”
	  	3.10(a)
	 “Special Mandatory Redemption Event”
	  	3.10(a)
	 “Special Mandatory Redemption Price”
	  	3.10(a)
	 “Successor Entity”
	  	5.01(b)
	 “Successor Issuer”
	  	5.01(a)
	 “Suspended Covenants”
	  	4.14
	 “Transfer”
	  	5.01
	 “Transfer Restricted Definitive Notes”
	  	Appendix A
	 “Transfer Restricted Global Notes”
	  	Appendix A
	 “Unrestricted Definitive Notes”
	  	Appendix A
	 “Unrestricted Global Notes”
	  	Appendix A
	 “Unrestricted Subsidiary Distribution Tax”
	  	4.04(b)

 Section 1.03    [Reserved]. 

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)    “including” means including without limitation; 

(e)    words in the singular include the plural and words in the plural include the singular; 

  
 59 

 (f)    unsecured Indebtedness shall not be deemed to be subordinate or
junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (g)    the principal amount
of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP;

 (h)    the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred
Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 

(i)    unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting
determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP; and 

(j)    “$” and “U.S. dollars” each refer to United States dollars, or such other money of the United
States of America that at the time of payment is legal tender for payment of public and private debts. 

Section 1.05    Limited Condition Transactions. For purposes of (i) determining compliance with any
provision of this Indenture that requires the calculation of the Senior Secured Indebtedness Leverage Ratio, the Total Secured Indebtedness Leverage Ratio, the Consolidated Leverage Ratio or the Fixed Charge Coverage Ratio, (ii) determining
compliance with representations, warranties, Defaults or Events of Default or (iii) testing availability under baskets set forth in this Indenture (including baskets measured as a percentage of EBITDA or total assets), in each case, in
connection with (a) an acquisition or other Investment permitted under this Indenture (including acquisitions and other Investments subject to a letter of intent or purchase agreement) by one or more of the Company and its Restricted
Subsidiaries, or (b) any unconditional repayment or redemption of, or offer to purchase, any Indebtedness of the Company or any Subsidiary (any such transaction referred to in clauses (a) and (b), and any action taken in connection
therewith (including the Incurrence, issuance or repayment of any Indebtedness, the granting of any Liens, the making of any Restricted Payment or Permitted Investment, the consummation of any acquisition or disposition, and any designation or
revocation of a designation of an Unrestricted Subsidiary), a “Limited Condition Transaction”), at the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition Transaction,
an “LCT Election”) (and regardless of whether or not the applicable provision of this Indenture makes express reference to this Section 1.05, an LCT Election or an LCT Test Date), the date of determination of whether any such
action is permitted under this Indenture shall be deemed to be the date the definitive agreements for such Limited Condition Transaction (or commitments with respect to Indebtedness to be Incurred in connection therewith) are entered into (the
“LCT Test Date”), and if, after giving effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith on a pro forma basis as if they had occurred at the beginning of the
most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the LCT Test Date, the Company could have taken such action on the relevant LCT Test Date in compliance with such
representation, warranty, absence of Default or Event of Default, ratio or basket, such representation, warranty, absence of Default or Event of Default, ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the
Company has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket (including due to fluctuations of the target
of any Limited Condition Transaction) at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Company has made an LCT Election
for any Limited Condition Transaction, then in connection with any subsequent calculation of 

  
 60 

 
any ratio or basket on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that
the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a pro forma basis assuming such Limited
Condition Transaction and other transactions in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) had been consummated. 

Section 1.06    Basket and Ratio Calculations. Notwithstanding anything in this Indenture to the contrary
(i) unless the Company elects otherwise, if the Company or its Restricted Subsidiaries in connection with the consummation of any transaction or series of related transactions (A) Incurs Indebtedness, creates Liens, makes asset sales or
other dispositions, makes Investments, makes Restricted Payments, designates any Subsidiary as restricted or unrestricted or repays any Indebtedness or takes any other action under or as permitted by a ratio-based basket and (B) Incurs
Indebtedness, creates Liens, makes asset sales or other dispositions, makes Investments, makes Restricted Payments, designates any Subsidiary as restricted or unrestricted or repays any Indebtedness or takes any other action under a non-ratio-based basket (which shall occur on the same business day as the events in clause (A) above), then the applicable ratio will be calculated with respect to any such action under the applicable
ratio-based basket without regard to any such action under such non-ratio-based basket made in connection with such transaction or series of related transactions and (ii) if the Company or its Restricted
Subsidiaries enters into any revolving, delayed draw or other committed debt facility, the Company may elect to determine compliance of such debt facility (including the Incurrence of Indebtedness and Liens from time to time in connection therewith)
with this Indenture on the date definitive loan documents with respect thereto are executed by all parties thereto, assuming the full amount of such facility is Incurred (and any applicable Liens are granted) on such date, in lieu of determining
such compliance on any subsequent date (including any date on which Indebtedness is Incurred pursuant to such facility). 

Section 1.07    Master Leases and Gaming Leases. Notwithstanding anything to the contrary in this Indenture,
for all purposes of this Indenture, (a) the Master Leases and any Gaming Lease (and any Guarantee of the foregoing) shall not constitute Indebtedness, Liens or a Capitalized Lease Obligation regardless of how such Master Lease or Gaming Lease
may be treated under GAAP, (b) any interest portion of payments in connection with such Master Lease or Gaming Lease shall not constitute Consolidated Interest Expense or Consolidated Cash Interest Expense (or terms of similar effect) and
(c) EBITDA and Consolidated Net Income (and terms of similar effect) 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 Leases or any Gaming Lease in the applicable period and no deductions in calculating EBITDA or Consolidated Net Income (and terms of similar effect) shall occur as a result of imputed interest, amounts under the Master Leases or any
Gaming Lease not paid in cash during the relevant period or other non-cash amounts incurred in respect of the Master Leases or any Gaming Lease; provided that any
“true-up” of rent paid in cash pursuant to the Master Leases or any Gaming 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. 
 ARTICLE II. 

THE NOTES 

Section 2.01    Amount of Notes. The aggregate principal amount of Notes which may be authenticated and
delivered under this Indenture on the Issue Date is $1,000,000,000. 
 The Issuers may from time to time after the Issue Date issue
Additional Notes under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented 

  
 61 

 
by such Additional Notes is at such time permitted by Section 4.03 and (ii) such Additional Notes are issued in compliance with the other applicable provisions of this Indenture. With
respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.07, 2.08, 2.09, 3.06, 3.10,
4.06(f), 4.08(c) or Appendix A), there shall be (a) established in or pursuant to a resolution of the Board of Directors and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established
in one or more indentures supplemental hereto, prior to the issuance of such Additional Notes: 

(1)    the aggregate principal amount of such Additional Notes which may be authenticated and delivered
under this Indenture; 
 (2)    the issue price and issuance date of such Additional Notes, including the
date from which interest on such Additional Notes shall accrue; 
 (3)    if applicable, that such
Additional Notes shall be issuable in whole or in part in the form of one or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in
addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional
Notes registered, or any transfer of such Global Note in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof; and 

(4)    if applicable, that such Additional Notes that are not Transfer Restricted Notes shall be issued
without a Restricted Notes Legend. 
 If any of the terms of any Additional Notes are established by action taken pursuant to a resolution
of the Board of Directors, a copy of an appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate or the
supplemental indenture hereto setting forth the terms of the Additional Notes. 
 The Initial Notes and Additional Notes, may, at the
Issuers’ option, be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that if the Additional Notes are not fungible with the
Notes for U.S. federal income tax purposes, the Additional Notes will have a separate CUSIP number, if applicable. 

Section 2.02    Form and Dating. Provisions relating to the Initial Notes are set forth in Appendix A, which
is hereby incorporated in and expressly made a part of this Indenture. The (i) Initial Notes and the Trustee’s certificate of authentication and (ii) any Additional Notes and the Trustee’s certificate of authentication shall each
be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the
Issuers or any Subsidiary Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuers). Each Note shall be dated the date of its authentication. The Notes shall be
issuable only in registered form without interest coupons and in denominations of $2,000 and any integral multiples of $1,000 in excess thereof; provided that book-entry positions at DTC may be created by the Depository in denominations of
less than $2,000. 

  
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 Section 2.03    Execution and Authentication. The Trustee
shall authenticate and make available for delivery upon a written order of the Issuers signed by one Officer (a) Initial Notes for original issue on the date hereof in an aggregate principal amount of $1,000,000,000 and (b) subject to the
terms of this Indenture, Additional Notes in an aggregate principal amount to be determined at the time of issuance and specified therein. Such order shall specify the amount of separate Note certificates to be authenticated, the principal amount of
each of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and the registered holder of each of the Notes and delivery instructions. Notwithstanding anything to the contrary in this Indenture or
Appendix A, any issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess of $2,000. 

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

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on
the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee may appoint
one or more authenticating agents reasonably acceptable to the Issuers to authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuers. Unless limited
by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the
same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

Section 2.04    Registrar and Paying Agent. 

(a)    The Issuers shall maintain (i) an office or agency where Notes may be presented for registration of transfer
or for exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange.
The Issuers may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying
Agent” includes the Paying Agent and any additional paying agents. The Issuers initially appoint the Trustee as Registrar, Paying Agent and the Notes Custodian with respect to the Global Notes. 

(b)    The Issuers may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuers shall notify the Trustee in writing of the name and address of any such agent. If the Issuers fail to maintain a Registrar or Paying
Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. Any Issuer or any of their domestically organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

(c)    The Issuers may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to
the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Issuers and such
successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause
(i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuers and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as
Trustee in accordance with Section 7.08. 

  
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 Section 2.05    Paying Agent to Hold Money in Trust. No
later than the Business Day prior to each due date of the principal of and interest on any Note, the Issuers shall deposit with each Paying Agent (or if an Issuer or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold in trust
for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Issuers shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in
trust for the benefit of holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee of any default by the Issuers in making any such payment. If an Issuer or a
Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuers at any time may require a Paying Agent to pay all money held by
it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further liability for the money delivered to the Trustee. 

Section 2.06    Holder Lists. The Registrar shall preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of holders. If the Trustee is not the Registrar, the Issuers shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business Days before each
Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of holders. 

Section 2.07    Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable
only upon the surrender of a Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if its
requirements therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are
met. To permit registration of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Notes at the Registrar’s request. The Issuers may require payment of a sum sufficient to pay all taxes, assessments or other
governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The Issuers shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in
the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to be redeemed. 

Prior to the due presentation for registration of transfer of any Note, the Issuers, the Subsidiary Guarantors, the Trustee, the Paying Agent
and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any, on such Note and for all other purposes whatsoever,
whether or not such Note is overdue, and none of the Issuers, the Subsidiary Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial
interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such Global Note, and that ownership of a
beneficial interest in such Global Note shall be required to be reflected in a book entry. 

  
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 All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

Section 2.08    Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the holder of a
Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform
Commercial Code are met, such that the holder (a) satisfies the Issuers and the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to
receiving such notification, (b) makes such request to the Issuers and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code
(a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Issuers and the Trustee. If required by the Trustee or the Issuers, such holder shall furnish an indemnity bond sufficient in the judgment of
the Trustee and the Issuers to protect the Issuers, the Trustee, the Paying Agent and the Registrar from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Issuers and the
Trustee may charge the holder for their expenses in replacing a Note (including without limitation, attorneys’ fees and disbursements in replacing such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become
or is about to become due and payable, the Issuers in their discretion may pay such Note instead of issuing a new Note in replacement thereof. 

Every replacement Note is an additional obligation of the Issuers. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 

Section 2.09    Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 13.06, a Note does not cease to be outstanding because one of the Issuers or an
Affiliate of one of the Issuers holds the Note. 
 If a Note is replaced pursuant to Section 2.08 (other than a mutilated Note
surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuers receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such
Note and replacement thereof pursuant to Section 2.08. 
 If a Paying Agent segregates and holds in trust, in accordance with this
Indenture, on a redemption date or maturity date money sufficient to pay all principal, premium, if any, and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and no Paying
Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 

Section 2.10    [Reserved]. 

Section 2.11    Cancellation. The Issuers at any time may deliver Notes to the Trustee for cancellation. The
Registrar and each Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The Issuers may not issue new Notes to replace Notes they have redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall
not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture. 

  
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 Section 2.12    Defaulted Interest. If the Issuers default
in a payment of interest on the Notes, the Issuers shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuers may pay the defaulted interest to the
Persons who are holders on a subsequent special record date. The Issuers shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed to each
affected holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

Section 2.13    CUSIP Numbers, ISINs, Etc. The Issuers in issuing the Notes may use CUSIP numbers, ISINs and
“Common Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided, however, that any
such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption that reliance may be placed only on the other identification numbers printed on
the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers shall advise the Trustee of any change in the CUSIP numbers, ISINs and “Common Code” numbers. 

Section 2.14    Calculation of Principal Amount of Notes. The aggregate principal amount of the Notes, at any
date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount of all
the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate principal
amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06 of this Indenture. Any such calculation made pursuant to this
Section 2.14 shall be made by the Company and delivered to the Trustee pursuant to an Officer’s Certificate. 

Section 2.15    Mandatory Disposition Pursuant to Gaming Laws. Each Person that holds or acquires beneficial
ownership of any of the Notes shall be deemed to have agreed, by accepting such Notes, that if any such Gaming Authority requires such Person to be approved, licensed, qualified or found suitable under applicable Gaming Laws, such holder or
beneficial owner, as the case may be, shall apply for a license, qualification or finding of suitability within the required time period. 

If a person required to apply or become licensed or qualified or be found suitable fails to do so (a “Disqualified Holder”),
the Issuers shall have the right, at their election, (1) to require such Person to dispose of its Notes or beneficial interest therein within 30 days of receipt of notice of such election or such earlier date as may be required by such Gaming
Authority or (2) to redeem such Notes at a redemption price that, unless otherwise directed by such Gaming Authority, shall be at a redemption price that is equal to the lesser of: 

(a)    such Person’s cost; or 

(b)    100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the earlier of (i) the
redemption date or (ii) the date such Person became a Disqualified Holder. 
 The Issuers shall notify the Trustee and applicable
Gaming Authority in writing of any such redemption as soon as practicable. The Issuers shall not be responsible for any costs or expenses any such holder may incur in connection with its application for a license, qualification or finding of
suitability. 

  
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 ARTICLE III. 

REDEMPTION 

Section 3.01    Redemption. The Notes may be redeemed, in whole, or from time to time in part, subject to the
conditions and at the redemption prices set forth in Paragraph 5 of the form of Note set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to
the redemption date. 
 Section 3.02    Applicability of Article. Redemption of Notes at the election of the
Issuers or otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article. 

Section 3.03    Notices to Trustee. If the Issuers elect to redeem Notes pursuant to the optional redemption
provisions of Paragraph 5 of the Note, they shall notify the Trustee in writing of (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes
to be redeemed and (iv) the redemption price. The Issuers shall give notice to the Trustee provided for in this paragraph at least 15 days but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of
the Note, unless a shorter period is acceptable to the Trustee. Such notice shall be accompanied by an Officer’s Certificate and Opinion of Counsel from the Issuers to the effect that such redemption will comply with the conditions herein, as
well as such notice required to be delivered under Section 3.05 below. If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall be selected by the Issuers and given to the Trustee, which record date
shall be not fewer than 15 days after the date of notice to the Trustee. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any holder or otherwise delivered in accordance with the applicable procedures of
the Depository and shall thereby be void and of no effect. 
 Section 3.04    Selection of Notes to Be
Redeemed. In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee by lot or by such other method as the Trustee shall deem fair and appropriate (and, in such manner that complies with the
requirements of the Depository, if applicable); provided that no Notes of $2,000 or less shall be redeemed in part. The Trustee shall make the selection from outstanding Notes not previously called for redemption. The Trustee may select for
redemption portions of the principal of Notes that have denominations of $2,000 or larger. Notes and portions of them the Trustee selects shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof. Provisions of this Indenture
that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Issuers promptly of the Notes or portions of Notes to be redeemed. 

Section 3.05    Notice of Optional Redemption. 

(a)    At least 10 days but not more than 60 days before a redemption date pursuant to Paragraph 5 of the Note, the
Issuers shall mail or cause to be mailed by first-class mail, or otherwise deliver in accordance with the procedures of the Depository, a notice of redemption to each holder whose Notes are to be redeemed at its registered address (with a copy to
the Trustee), except that redemption notices may be mailed or otherwise delivered more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture
pursuant to Article VIII. 

  
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 Any such notice shall identify the Notes to be redeemed and shall state: 

(i)    the redemption date and any conditions to such redemption; 

(ii)    the redemption price and the amount of accrued interest to the redemption date; 

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

(iv)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price, plus accrued interest; 
 (v)    if fewer than all the outstanding Notes are to be redeemed, the
certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 

(vi)    that, subject to satisfaction of any conditions to such redemption, unless the Issuers default in
making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(vii)    the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being
redeemed; and 
 (viii)    that no representation is made as to the correctness or accuracy of the CUSIP
number or ISIN and/or “Common Code” number, if any, listed in such notice or printed on the Notes. 

(b)    At the Issuers’ request, the Trustee shall deliver the notice of redemption in the Issuers’ name and at
the Issuers’ expense. In such event, the Issuers shall provide the Trustee with the information required by this Section 3.05 at least two Business Days prior to the date such notice is to be provided to holders in the final form such
notice is to be delivered to holders and such notice may not be canceled. Notice of any redemption upon any corporate transaction or other event (including any Equity Offering, Incurrence of Indebtedness, Change of Control or other transaction) may
be given prior to the completion thereof. In addition, any such redemption described above or notice thereof may, at the Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a
corporate transaction or other event. If any redemption is so subject to the satisfaction of one or more conditions precedent, the notice thereof shall describe each such condition and, if applicable, shall state that, in the Issuers’
discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied (or waived by the Issuers in their sole discretion) by the redemption date, or by the redemption date as so delayed (which may exceed 60 days from the date of the redemption notice in such case). In addition, the Issuers may provide in
such notice that payment of the redemption price and performance of the Issuers’ obligations with respect to such redemption may be performed by another Person. 

Section 3.06    Effect of Notice of Redemption. Once notice of redemption is mailed or otherwise delivered in
accordance with Section 3.05 but subject to satisfaction of any conditions specified in such notice, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as provided
in the final sentence of Paragraph 5 of the Notes. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, 

  
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plus accrued interest, to, but not including, the redemption date; provided, however, that if the redemption date is after a regular Record Date and on or prior to the next Interest
Payment Date, the accrued interest shall be payable to the holder of the redeemed Notes registered on the relevant Record Date. Failure to give notice or any defect in the notice to any holder shall not affect the validity of the notice to any other
holder. 
 Section 3.07    Deposit of Redemption Price. With respect to any Notes, prior to 10:00 a.m., New
York City time, on the redemption date, the Issuers shall deposit with the Paying Agent (or, if an Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and
accrued interest on all Notes or portions thereof to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuers to the Trustee for cancellation. On and after the redemption date,
interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuers have deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest (if any) and premium (if
any) on, the Notes to be redeemed, unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. 

Section 3.08    Notes Redeemed in Part. In the case of physical Notes, upon surrender and cancellation of a
Note that is redeemed in part, the Issuers shall execute and the Trustee shall authenticate for the holder (at the Issuers’ expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered and cancellation. 

Section 3.09    Mandatory Redemption. The Issuers are not required to make mandatory redemption (except as
required under Section 3.10) or sinking fund payments with respect to the Notes. 
 Section 3.10    Special
Mandatory Redemption. 
 (a)    If (i) the Escrowed Property has not been released from the Escrow Account in
connection with the consummation of the Merger as described in Section 4.20(d) on or prior to the Termination Date, (ii) the Escrow Issuer notifies the Escrow Agent and the Trustee in writing that the Escrow Release Conditions will not be
satisfied by the Termination Date (including, without limitation, due to the Merger Agreement having been terminated in accordance with its terms prior to the Termination Date) or (iii) the Escrow Issuer fails to deposit (or cause to be timely
deposited) in cash or by wire transfer such amounts required by the Escrow Agreement on or prior to three (3) business days after the applicable Deposit Date (each of the above, a “Special Mandatory Redemption Event”), then the
Escrow Agent shall, upon receipt of a notice from the Trustee in accordance with the Escrow Agreement notifying the Escrow Agent, among others, of the Special Mandatory Redemption Event, liquidate and release the Escrowed Property (including
investment earnings thereon and proceeds thereof, if any) to the Trustee, the amounts sufficient to redeem the Notes (the “Special Mandatory Redemption”) on the second (2nd) Business Day following the Special Mandatory Redemption
Event (such date, the “Special Mandatory Redemption Date”) or as otherwise required by the applicable procedures of DTC, at a redemption price (the “Special Mandatory Redemption Price”) equal to 100% of the initial
issue price of the Notes, plus accrued and unpaid interest from the Issue Date or the most recent date to which interest has been paid or duly provided for on the Notes, as the case may be, to, but excluding, the Special Mandatory Redemption Date.
On the Special Mandatory Redemption Date, the Escrow Agent will pay to the Escrow Issuer any Escrowed Property in excess of the amount necessary to effect the Special Mandatory Redemption for the Notes. 

(b)    Pursuant to the Escrow Agreement, on the last Business Day prior to the Special Mandatory Redemption Date, the
Escrow Agent will release in immediately available funds to the Trustee for payment to each holder of the Notes the Special Mandatory Redemption Price for such holder’s Notes. 

  
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In addition, on the Special Mandatory Redemption Date, the Escrow Agent will release to the Escrow Issuer any Escrowed Property (including investment earnings thereon and proceeds thereof, if
any) in excess of the amount necessary to effect the Special Mandatory Redemption on such Notes on the Special Mandatory Redemption Date. For the avoidance of doubt, it is acknowledged and agreed that in no event shall the Trustee or the Escrow
Agent have any responsibility for determining or verifying the accuracy of the Special Mandatory Redemption Price. 
 ARTICLE IV. 

COVENANTS 

Section 4.01    Payment of Notes. The Issuers shall promptly pay in U.S. dollars the principal of and interest
on the Notes on the dates and in the manner provided in the Notes and in this Indenture. An installment of principal of or interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 11:00 a.m. New
York City time money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture. 

The Issuers shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate borne by the Notes to the extent lawful. 
 Section 4.02    Reports
and Other Information. 
 So long as any Notes are outstanding, the Issuers will furnish to the holders: 

(1)    within 120 days of the end of the initial fiscal year of the Company ending after the Issue Date,
then within 90 days after the end of each subsequent fiscal year of the Company, all annual financial statements of the Company substantially in the form that would be required to be contained in a filing with the SEC on Form 10-K (but only to the extent similar information is included in the Offering Memorandum), in accordance with the requirements of such Form 10-K as of the Issue Date, if the
Company was required to file such form, together with a report thereon by the Company’s independent registered public accounting firm, and a “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”

 (2)    within 45 days after the end of each fiscal quarter of the Company ending after the Issue Date,
all quarterly financial statements of the Issuer substantially in the form that would be required to be contained in a filing with the SEC on Form 10-Q (but only to the extent similar information is included
in the Offering Memorandum), in accordance with the requirements of such Form 10-Q as of the Issue Date (solely with respect to the first three fiscal quarters of each fiscal year), if the Company were
required to file such form, and a “Management’s Discussion and Analysis of Financial Condition and Results of Operations;” and 

(3)    promptly from time to time after the occurrence of an event required to be therein reported, such
other information containing substantially the same information that would be required to be contained in filings with the SEC on Form 8-K, in accordance with the requirements of such Form 8-K as of the Issue Date, under Items: 
 (A)    1.03 (Bankruptcy or
Receivership); 

  
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 (B)    2.01 (Completion of Acquisition or Disposition of
Assets); 
 (C)    2.03 (Creation of a Direct Financial Obligation or an Obligations under an Off-Balance Sheet Arrangement) 
 (D)    2.04 (Triggering Events that
Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement); 

(E)    4.02 (Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report or Completed Interim Review); 
 (F)    5.01 (Changes in Control of
Registrant); 
 (G)    5.02(a)(1) (Resignation of Director due to Disagreement with Registrant); 

(H)    5.02(c)(1) (Name and Position of Newly Appointed Officer and Date of Appointment); and 

(I)    5.03(b) (Changes in Fiscal Year), 

if the Company were required to file such reports. 

With respect to the reports required to be furnished by the first paragraph of this covenant: 

(a)    no such reports referenced under clause (3) above will be required to include as an exhibit or
summary of terms of, any employment or compensatory arrangement agreement, plan or understanding between the Company (or any of its Subsidiaries or any Parent Company) and any director, manager or executive officer, of the Company (or any of its
Subsidiaries or any Parent Company); 
 (b)    in no event will such reports be required to comply with
Section 302, Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC; 

(c)    in no event will such reports be required to comply with Item 302 of Regulation S-K promulgated by the SEC; 
 (d)    in no event will such reports be
required to comply with Rule 3-10 of Regulation S-X promulgated by the SEC or contain separate financial statements for the Issuers, the
co-Issuer, the Subsidiary Guarantors or other Subsidiaries the shares of which may be pledged to secure the Notes or any Guarantee that would be required under
(i) Section 3-09 of Regulation S-X or (ii) Section 3-16 of Regulation S-X, respectively, promulgated by the
SEC (except for customary qualitative capsule financial statements and financial information); 

(e)    in no event will such reports be required to comply with Regulation G under the Exchange Act or Item
10(e) of Regulation S-K promulgated by the SEC with respect to any non-GAAP financial measures contained therein; 

(f)    no such reports referenced under clause (3) above will be required to be furnished if the
Issuer determines in its good faith judgment that such event is not material to the holders or the business, assets, operations or financial position of the Company and its Restricted Subsidiaries, taken as a whole; 

  
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 (g)    in no event will such reports be required to
comply with Item 601 of Regulation S-K promulgated by the SEC (with respect to exhibits) or, with respect to reports referenced in clause (3) above, to include as an exhibit copies of any agreements,
financial statements or other items that would be required to be filed as exhibits to a current report on Form 8-K, except for agreements evidencing material Indebtedness (excluding any schedules thereto);

 (h)    trade secrets and other confidential information that is competitively sensitive in the good
faith and reasonable determination of the Issuer may be excluded from any disclosures; and 
 (i)    such
information will not be required to contain any “segment reporting.” 
 The Issuers may satisfy their obligations in this
Section 4.02 with respect to financial information relating to the Issuers by furnishing financial information relating to any Parent Company; provided that if and so long as such Parent Company has Independent Assets or Operations, the
same is accompanied by consolidating information (which need not be audited) that explains in reasonable detail the differences between the information relating to such Parent Company, on the one hand, and the information relating to the Company and
its Restricted Subsidiaries on a stand-alone basis, on the other hand. 
 In addition, notwithstanding the foregoing, the financial
statements, information, auditors’ reports and other documents and information required to be provided pursuant to the first paragraph of this covenant may be, rather those of the Company, those of (a) any predecessor or successor of the
Company, (b) any Wholly Owned Restricted Subsidiary of the Company that, together with its consolidated Subsidiaries, constitutes substantially all of the assets of the Company and its consolidated Subsidiaries (“Qualified Reporting
Subsidiary”) or (c) any direct or indirect parent of the Issuers; provided that, if the financial information required to be provided pursuant to the first paragraph of this covenant relates to such Qualified Reporting
Subsidiary of the Company or such Parent Company, such financial information will be accompanied by consolidating information (which need not be audited) that explains in reasonable detail (in the good faith judgment of the Issuers) the differences
between the information relating to such Qualified Reporting Subsidiary or such Parent Company (as the case may be), on the one hand, and the information relating to the Company and its Restricted Subsidiaries on a stand-alone basis, on the other
hand. 
 Notwithstanding anything herein to the contrary, the Issuers will not be deemed to have failed to comply with any of its
obligations hereunder for purposes of Section 6.01(c) until 45 days after the date any report hereunder is due. 
 The Issuers will
make available such information and such reports to the Trustee, to any Holder and, upon request, to any beneficial owner of the Notes, in each case by posting such information on its website, on Intralinks or any comparable password-protected
online data system that will require a confidentiality acknowledgment, and will make such information readily available to any Holder, any bona fide prospective investor in the Notes (which prospective investors will be limited to “qualified
institutional buyers” within the meaning of Rule 144A of the Securities Act that certify their status as such to the reasonable satisfaction of the Issuers), any bona fide securities analyst (to the extent providing analysis of investment in
the notes to investors and prospective investors therein) or any bona fide market maker in the Notes who agrees to treat such information as confidential or accesses such information on Intralinks or any comparable password-protected online data
system that will require a confidentiality acknowledgment; provided the Issuers will post such information thereon and make readily available any 

  
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password or other login information to any such Holder, prospective investor, securities analyst or market maker; provided, further, however, the Issuers may deny access to
any competitively-sensitive information otherwise to be provided pursuant to this paragraph to any such Holder, prospective investor, security analyst or market maker that is a competitor of the Company and its Subsidiaries, or an affiliate of such
a competitor (other than any affiliate that is a bona fide bank debt fund, distressed asset fund, hedge fund, mutual fund, insurance company, financial institution or investment vehicle engaged in the business of investing in, acquiring or trading
commercial loans, bonds and similar extensions of credit in the ordinary course (and not organized primarily for the purpose of making equity investments)) to the extent that the Issuers determine in good faith that the provision of such information
to such Person would be competitively harmful to the Company and its Subsidiaries; and provided, further, that such holders, prospective investors, security analysts or market makers will agree to (1) treat all such reports
(and the information contained therein) and information as confidential, (2) not use such reports and the information contained therein for any purpose other than their investment or potential investment in the Notes and (3) not publicly
disclose or distribute to any competitor any such reports (and the information contained therein). 

Section 4.03    Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred
Stock. 
 (a)    (i) The Company shall not, and shall not permit any of the Restricted Subsidiaries to, directly or
indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Company shall not permit any of the Restricted Subsidiaries (other than an Issuer or a Subsidiary Guarantor) to issue
any shares of Preferred Stock; provided, however, that any Issuer or any Subsidiary Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and, subject to Section 4.03(c), any
Restricted Subsidiary that is not an Issuer or a Subsidiary Guarantor may Incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of
the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is
issued would have been at least 2.00 to 1.00 determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred
Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period. 

(b)    The limitations set forth in Section 4.03(a) shall not apply to: 

(i)    the Incurrence by the Company or any Restricted Subsidiary of Indebtedness under any Credit
Agreement and the issuance and creation of letters of credit and bankers’ acceptances thereunder (including any Indebtedness of the Company or any Restricted Subsidiaries, the proceeds of which Indebtedness are used to repay Indebtedness under
such Credit Agreement) up to an aggregate principal amount outstanding at the time of Incurrence that does not exceed (x) $5,700.0 million plus (y) the greater of (1) $1,450.0 million and (2) 100.0% of EBITDA for the Applicable
Measurement Period at time of Incurrence plus (z) an additional aggregate principal amount of Indebtedness outstanding at any one time that does not cause (1) in the case of Indebtedness constituting First Priority Lien Obligations,
the Senior Secured Indebtedness Leverage Ratio of the Company for the Applicable Measurement Period, determined on a pro forma basis, to exceed 4.75 to 1.00 (assuming for purposes of this clause (b)(i)(z)(1) that all Indebtedness Incurred under this
clause (b)(i)(z)(1) constitutes First Priority Lien Obligations) and (2) in the case of other Indebtedness, the Total Secured Indebtedness 

  
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Leverage Ratio of the Company for the Applicable Measurement Period, determined on a pro forma basis, to exceed 5.00 to 1.00 (assuming for purposes of this clause (b)(i)(z)(2) that all
Indebtedness Incurred under this clause (b)(i)(z)(2) constitutes Secured Indebtedness); 
 (ii)    the
Incurrence of the Notes issued on the Issue Date; 
 (iii)    Indebtedness existing or committed on the
Issue Date or on the Escrow Release Date (other than Indebtedness described in clauses (i)(x), (i)(z) or (ii) of this Section 4.03(b)) after giving effect to the Transactions; 

(iv)    Indebtedness (including Capitalized Lease Obligations and slot financing arrangements) Incurred by
the Company or any Restricted Subsidiary, Disqualified Stock issued by an Issuer or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary to finance (whether prior to or within 270 days after) the acquisition, lease,
construction, repair, replacement or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets); 

(v)    Indebtedness Incurred by the Company or any Restricted Subsidiary constituting reimbursement or
indemnification obligations with respect to letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other
benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental or other
permits or licenses from governmental authorities, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims; 

(vi)    Indebtedness arising from agreements (including leases) of the Company or any Restricted Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations (including earnouts), in each case, Incurred in connection with the Designated Operating Leases or any Investment or acquisition or disposition of any business,
assets or a Subsidiary of the Company in accordance with the terms of this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such
acquisition; 
 (vii)    Indebtedness of the Company to any Restricted Subsidiary; provided that
(except in respect of intercompany current liabilities Incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of the Company and its Subsidiaries) any such Indebtedness owed to a Restricted
Subsidiary that is not an Issuer or a Subsidiary Guarantor is subordinated in right of payment to the obligations of the Issuers under the Notes or Subsidiary Guarantors under the Note Guarantees, as applicable; provided, further, that
any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or
another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (vii); 

(viii)    shares of Preferred Stock of the Company or a Restricted Subsidiary issued to the Company or
another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary
ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not
permitted by this clause (viii); 

  
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 (ix)    Indebtedness of a Restricted Subsidiary to the
Company or another Restricted Subsidiary; provided that if a Subsidiary Guarantor Incurs such Indebtedness to a Restricted Subsidiary that is not an Issuer or a Subsidiary Guarantor (except in respect of intercompany current liabilities
Incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of the Company and its Subsidiaries), such Indebtedness is subordinated in right of payment to the obligations of such Subsidiary
Guarantor in respect of the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an Incurrence of such
Indebtedness not permitted by this clause (ix); 
 (x)    (A) Hedging Obligations entered into in
connection with the Transactions and (B) Hedging Obligations that are not Incurred for speculative purposes but (1) for the purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of
this Indenture to be outstanding; (2) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; or (3) for the purpose of fixing or hedging commodity price risk with respect to any commodity
purchases or sales and, in each case, extensions or replacements thereof; 
 (xi)    obligations
(including reimbursement Obligations with respect to letters of credit and bank guarantees) in respect of performance, bid, appeal and surety bonds and completion guarantees and similar obligations provided by the Company or any Restricted
Subsidiary in connection with a Project or in the ordinary course of business or consistent with past practice or industry practice, including those Incurred to secure health, safety and environmental obligations in the ordinary course of business
or consistent with past practice or industry practice; 
 (xii)    other Indebtedness or Disqualified
Stock of the Company or, subject to Section 4.03(c), Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount or
liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and Incurred pursuant to this clause (xii), does not exceed the greater of $550.0 million and 40.0% of EBITDA for the Applicable
Measurement Period at the time of Incurrence (it being understood that any Indebtedness Incurred pursuant to this clause (xii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xii) but shall be deemed Incurred
for purposes of Section 4.03(a) from and after the first date on which the Company, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under Section 4.03(a) without reliance upon this clause (xii));

 (xiii)    Indebtedness or Disqualified Stock of the Company or any Restricted Subsidiary and Preferred
Stock of any Restricted Subsidiary in an aggregate principal amount or liquidation preference not greater than 100% of the net cash proceeds received by the Company or any Restricted Subsidiary since immediately after the Issue Date from the issue
or sale of Equity Interests of the Company or any direct or indirect parent entity of the Company (which proceeds are contributed to the Company or a Restricted Subsidiary) or cash contributed to the capital of the Company (in each case other than
proceeds of Disqualified Stock or sales of Equity Interests to, or contributions received from, the Company or any Subsidiary) as determined in accordance 

  
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with clauses (B) and (C) of the definition of “Cumulative Credit” to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted
Payments or to make other Investments, payments or exchanges pursuant to Section 4.04(b) or to make Permitted Investments (other than Permitted Investments specified in clauses (1) and (3) of the definition thereof); 

(xiv)    any guarantee by the Company or any Restricted Subsidiary of Indebtedness or other obligations of
the Company or any Restricted Subsidiary so long as the Incurrence of such Indebtedness or other obligations Incurred by the Company or such Restricted Subsidiary is permitted under the terms of this Indenture; provided that (i) if such
Indebtedness is by its express terms subordinated in right of payment to the Notes or the obligations of the Company or a Subsidiary Guarantor in respect of the Notes, as applicable, any such guarantee with respect to such Indebtedness shall be
subordinated in right of payment to such Subsidiary Guarantor’s obligations with respect to the Notes substantially to the same extent as such Indebtedness is subordinated to the Notes or the obligations of such Subsidiary Guarantor in respect
of the Notes, as applicable and (ii) if such guarantee is of Indebtedness of the Company, such guarantee is Incurred in accordance with, or not in contravention of, Section 4.11 solely to the extent such Section is applicable; 

(xv)    the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness or Disqualified
Stock or Preferred Stock of a Restricted Subsidiary which serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 4.03(a) and clauses (i)(y), (i)(z), (ii),
(iii), (iv), (xii), (xiii), (xv), (xvi), (xx), (xxiii), (xxiv) and (xxvii) of this Section 4.03(b) or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund or refinance such Indebtedness, Disqualified Stock or
Preferred Stock, including any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), expenses, defeasance costs and fees in connection therewith (subject to the following proviso,
“Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

(1)    has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than
the shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all
payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on
such date; 
 (2)    to the extent such Refinancing Indebtedness refinances (a) Indebtedness subordinated in right
of payment to the Notes or the obligations of such Restricted Subsidiary in respect of the Notes, as applicable, such Refinancing Indebtedness is subordinated in right of payment to the Notes or such obligations of such Restricted Subsidiary, as
applicable, or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; and 

(3)    shall not include Indebtedness of the Company or a Restricted Subsidiary that refinances Indebtedness of an
Unrestricted Subsidiary; 
 provided, further, that subclause (1) of this clause (xv) will not apply to any refunding or refinancing
of any Secured Indebtedness constituting First Priority Lien Obligations. 

  
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 (xvi)    Indebtedness, Disqualified Stock or Preferred
Stock of (x) the Company or, subject to Section 4.03(c), any of the Restricted Subsidiaries Incurred to finance an acquisition or (y) Persons that are acquired by the Company or any of the Restricted Subsidiaries or merged,
consolidated or amalgamated with or into the Company or any of the Restricted Subsidiaries in accordance with the terms of this Indenture; provided that after giving effect to such acquisition or merger, consolidation or amalgamation, either:

 (1)    the Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 4.03(a); or 
 (2)    the Fixed Charge Coverage Ratio of the Company would
be equal to or greater than immediately prior to such acquisition or merger, consolidation or amalgamation; 

(xvii)    Indebtedness Incurred by a Receivables Subsidiary in a Qualified Receivables Financing that is
not recourse to the Company or any Restricted Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings); 

(xviii)    Indebtedness arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; 

(xix)    Indebtedness of the Company or any Restricted Subsidiary supported by a letter of credit or bank
guarantee issued pursuant to the Credit Agreement, in a principal amount not in excess of the stated amount of such letter of credit; 

(xx)    Indebtedness in respect of the Existing CRC Notes and the CRC Indenture; 

(xxi)    Indebtedness of the Company or any Restricted Subsidiary consisting of (1) the financing of
insurance premiums or (2) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xxii)    Indebtedness consisting of Indebtedness issued by the Company or a Restricted Subsidiary to
current or former officers, directors and employees thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Company or any
of its direct or indirect parent companies to the extent described in Section 4.04(b)(iv); 

(xxiii)    Indebtedness constituting Qualified Non-Recourse Debt or
Indebtedness in connection with any Project Financing in an aggregate outstanding principal amount that, when aggregated with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (xxiii), and
Section 4.03(b)(xxvii) together with any Refinancing Indebtedness in respect thereof Incurred pursuant to Section 4.03(b)(xv), does not exceed $1,500.0 million; 

(xxiv)    Indebtedness of, or Incurred on behalf of, or representing Guarantees of Indebtedness of, joint
ventures of the Company or any Restricted Subsidiary not in excess, at any one time outstanding, of the greater of $225.0 million and 15.0% of EBITDA for the Applicable Measurement Period; 

  
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 (xxv)    to the extent constituting Indebtedness,
agreements to pay service fees to professionals (including architects, engineers and designers) in furtherance of and/or in connection with a Project, in each case to the extent such agreements and related payment provisions are reasonably
consistent with commonly accepted industry practices (provided that no such agreements shall give rise to Indebtedness for borrowed money); 

(xxvi)    Indebtedness of Restricted Subsidiaries that are not a Subsidiary Guarantor; provided,
however, that the aggregate principal amount of Indebtedness Incurred under this clause (xxvi), when aggregated with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (xxvi), does not exceed
the greater of $350.0 million and 25.0% of EBITDA for the Applicable Measurement Period at the time of Incurrence (it being understood that any Indebtedness Incurred pursuant to this clause (xxvi) shall cease to be deemed Incurred or
outstanding for purposes of this clause (xxvi) but shall be deemed Incurred for the purposes of Section 4.03(a) from and after the first date on which such Restricted Subsidiary could have Incurred such Indebtedness under
Section 4.03(a) without reliance upon this clause (xxvi)); 
 (xxvii)    Indebtedness used to
finance, or Incurred or issued for the purpose of financing, Expansion Capital Expenditures or Development Projects in an aggregate outstanding principal amount that, when aggregated with the principal amount of all other Indebtedness then
outstanding and Incurred pursuant to this clause (xxvii), and Section 4.03(b)(xxiii) together with any Refinancing Indebtedness in respect thereof Incurred pursuant to Section 4.03(b)(xv), does not exceed $1,500.0 million, so long as
no Event of Default shall have occurred and be continuing; 
 (xxviii)    Indebtedness Incurred in the
ordinary course of business in respect of obligations of the Company or any Restricted Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that such
obligations are Incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary course of business and not in connection with the borrowing of money or any Hedging Obligations; 

(xxix)    Indebtedness representing deferred compensation to employees, consultants or independent
contractors of the Company (or, to the extent such work is done for the Company or its Restricted Subsidiaries, any direct or indirect parent thereof) or any Restricted Subsidiary Incurred in the ordinary course of business; 

(xxx)    Indebtedness of the Company and the Restricted Subsidiaries Incurred under lines of credit or
overdraft facilities (including, but not limited to, ACH and purchasing card/T&E services) extended by one or more financial institutions established for the Company’s and its Restricted Subsidiaries’ ordinary course operations (such
Indebtedness, the “Overdraft Line”), which Indebtedness may be secured by the security documents securing the Bank Indebtedness; 

(xxxi)    Indebtedness consisting of obligations of the Company or any Restricted Subsidiary under deferred
compensation or other similar arrangements Incurred by such Person in connection with the Transactions or any acquisition or Investment permitted under this Indenture; 

(xxxii)    Indebtedness of the Company or any Restricted Subsidiary to or on behalf of any joint venture
(regardless of the form of legal entity) that is not a Restricted Subsidiary arising in the ordinary course of business in connection with the cash management, tax and accounting operations (including with respect to intercompany self-insurance
arrangements) of the Company and the Restricted Subsidiaries; 

  
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 (xxxiii)     obligations in respect of cash management
agreements; and 
 (xxxiv)    (a) Discharged Indebtedness and (b) Escrowed Indebtedness. 

(c)    Restricted Subsidiaries that are not an Issuer or a Subsidiary Guarantor may not Incur Indebtedness or issue
Disqualified Stock or Preferred Stock under Section 4.03(a) or clause (xvi)(x) of Section 4.03(b) if, after giving pro forma effect to such Incurrence or issuance (including a pro forma application of the net proceeds
therefrom), the aggregate amount of Indebtedness and Disqualified Stock and Preferred Stock of Restricted Subsidiaries that are not an Issuer or a Subsidiary Guarantor Incurred or issued pursuant to Section 4.03(a) and clause (xvi)(x) of
Section 4.03(b), collectively, would exceed the greater of $400.0 million and 33.0% of EBITDA for the Applicable Measurement Period. 

(d)    For purposes of determining compliance with this Section 4.03: 

(i)    in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion
thereof) meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (i) through (xxxiv) of Section 4.03(b) or is entitled to be Incurred pursuant to Section 4.03(a), the Company shall, in its
sole discretion, classify or reclassify, or later divide, classify or reclassify, such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that complies with this Section 4.03 and at the time of
Incurrence, classification or reclassification shall be entitled to only include the amount and type of such item of Indebtedness (or any portion thereof) in one of the above paragraphs or clauses (or any portion thereof) and such item of
Indebtedness (or any portion thereof) shall be treated as having been Incurred or existing pursuant to only such paragraph or clause or paragraphs or clauses (or any portion thereof) without giving pro forma effect to any such item (or portion
thereof) when calculating the amount of Indebtedness that may be Incurred, classified or reclassified pursuant to any other paragraph or clause (or portion thereof) at such time; provided, however, Indebtedness outstanding or Incurred
under the CRC Credit Agreement on the Escrow Release Date will be deemed to have been Incurred pursuant to Section 4.03(b)(i) and may not later be reclassified; and 

(ii)    if the use of proceeds from any Incurrence of Indebtedness is to fund the refinancing of any
Indebtedness, then such refinancing shall be deemed to have occurred substantially simultaneously with such Incurrence so long as (1) such refinancing occurs on the same business day as such Incurrence, (2) if such proceeds will be offered
(through a tender offer or otherwise) to the holders of such Indebtedness to be refinanced, the proceeds thereof are deposited with a trustee, agent or other representative for such holders pending the completion of such offer on the same business
day as such Incurrence (and such proceeds are ultimately used in the consummation of such offer or otherwise used to refinance Indebtedness), (3) if such proceeds will be used to fund the redemption, discharge or defeasance of such Indebtedness to
be refinanced, the proceeds thereof are deposited with a trustee, agent or other representative for such Indebtedness pending such redemption, discharge or defeasance on the same business day as such Incurrence or (4) the proceeds thereof are
otherwise set aside to fund such refinancing (and such proceeds are ultimately used for such refinancing). 
 Accrual of interest, the
accretion of accreted value, the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable, amortization of original issue discount, the accretion of liquidation preference and
increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this
Section 4.03 and for the avoidance of doubt, with respect to any Indebtedness permitted to be Incurred under 

  
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this Indenture on the date of Incurrence, any Increased Amount of such Indebtedness shall also be permitted hereunder after the date of such Incurrence. Guarantees of, or Obligations in respect
of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of
the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed
or first Incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency (or in a different
currency from the Indebtedness being refinanced), and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such
U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced plus the aggregate amount of
fees, underwriting discounts, premiums (including tender premiums), defeasance costs and other costs and expenses Incurred in connection with such refinancing. 

(e)    Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that the Company
and the Restricted Subsidiaries may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies. The principal
amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
respective Indebtedness is denominated that is in effect on the date of such refinancing. 

Section 4.04    Limitation on Restricted Payments. 

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

(i)    declare or pay any dividend or make any distribution on account of any of the Company’s or any
of its Restricted Subsidiaries’ Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving the Company (other than (A) dividends or distributions payable solely in Equity Interests
(other than Disqualified Stock) of the Company; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a
Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of
securities); 
 (ii)    purchase or otherwise acquire or retire for value any Equity Interests of the
Company or any direct or indirect parent of the Company; 
 (iii)    make any principal payment on, or
redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness of the Company or any Subsidiary Guarantor (other than the payment, redemption,
repurchase, defeasance, acquisition or retirement of (A) Subordinated 

  
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Indebtedness in anticipation of satisfying a sinking fund Obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption,
repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (vii) and (ix) of Section 4.03(b)); or 

(iv)    make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1)    no Event of Default shall
have occurred and be continuing or would occur as a consequence thereof; 
 (2)    immediately after
giving effect to such transaction on a pro forma basis, the Company could Incur $1.00 of additional Indebtedness under Section 4.03(a); and 

(3)    such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by
the Company and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clause (ii) (with respect to the payment of dividends on Refunding Capital Stock (as defined herein) pursuant to clause (C) thereof),
(vi)(C), (viii) and (xix) of Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than the amount equal to the Cumulative Credit. 

(b)    The provisions of Section 4.04(a) shall not prohibit: 

(i)    the payment of any dividend or distribution or the consummation of any irrevocable redemption within
60 days after the date of declaration thereof, if at the date of declaration or the consummation of any irrevocable redemption, as applicable, such payment would have complied with the provisions of this Indenture; 

(ii)    (A)    the redemption, repurchase, retirement or other acquisition of any
Equity Interests (“Retired Capital Stock”) or Subordinated Indebtedness of the Company, any direct or indirect parent of the Company or any Subsidiary Guarantor in exchange for, or out of the proceeds of, the substantially
concurrent sale of, Equity Interests of the Company or any direct or indirect parent of the Company or contributions to the equity capital of the Company (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of the Company)
(collectively, including any such contributions, “Refunding Capital Stock”); 

(B)    the declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the
substantially concurrent sale (other than to a Subsidiary of the Company) of Refunding Capital Stock; and 

(C)    if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of
dividends thereon was permitted under clause (vi) of this Section 4.04(b) and not made pursuant to clause (b)(ii)(B), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds
of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of the Company) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were
declarable and payable on such Retired Capital Stock immediately prior to such retirement; 

  
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 (iii)    the redemption, repurchase, defeasance or other
acquisition or retirement of Subordinated Indebtedness of an Issuer or a Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of an Issuer or a Subsidiary Guarantor which is
Incurred in accordance with Section 4.03 so long as: 
 (A)    the principal amount (or accreted
value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value, if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or
retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired, any tender premiums, plus any defeasance
costs, fees and expenses Incurred in connection therewith); 
 (B)    such Indebtedness is subordinated
to the Notes or such Subsidiary Guarantor’s obligations in respect of the Notes, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for
value; 
 (C)    such Indebtedness has a final scheduled maturity date equal to or later than the earlier
of (x) the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity date of any Notes then outstanding; and 

(D)    such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less
than the shorter of (x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all
payments of principal on the Subordinated Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is 91 days following the last maturity date of any Notes then outstanding were instead due on
such date; 
 (iv)    a Restricted Payment to pay for the repurchase, retirement or other acquisition for
value of Equity Interests of the Company or any direct or indirect parent of the Company held by any future, present or former employee, director or consultant of the Company or any direct or indirect parent of the Company or any Subsidiary of the
Company pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this clause
(iv) do not exceed $45.0 million in any calendar year (with unused amounts in any calendar year being permitted to be carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of
$90.0 million in any calendar year); provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 

(A)    the cash proceeds received by the Company or any of the Restricted Subsidiaries from the sale of
Equity Interests (other than Disqualified Stock) of the Company or any direct or indirect parent of the Company (to the extent contributed to the Company) to members of management, directors or consultants of the Company and the Restricted
Subsidiaries or any direct or indirect parent of the Company that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the
Cumulative Credit); plus 

  
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 (B)    the cash proceeds of key man life insurance
policies received by the Company or any direct or indirect parent of the Company (to the extent contributed to the Company) or the Restricted Subsidiaries after the Issue Date; plus 

(C)    the amount of any cash bonuses otherwise payable to members of management, directors or consultants
of the Company and the Restricted Subsidiaries or any direct or indirect parent of the Company in connection with transactions that are foregone in return for the receipt of Equity Interests; 

provided that the Company may elect to apply all or any portion of the aggregate increase contemplated by clauses (A), (B) and (C) above in any
calendar year; and provided, further, that cancellation of Indebtedness owing to the Company or any Restricted Subsidiary from any present or former employees, directors, officers or consultants of the Company, any of the Restricted
Subsidiaries or their direct or indirect parents in connection with a repurchase of Equity Interests of the Company or any of its direct or indirect parents will not be deemed to constitute a Restricted Payment for purposes of this Section 4.04
or any other provision of this Indenture; 
 (v)    the declaration and payment of dividends or
distributions to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary issued or incurred in accordance with Section 4.03 to the extent such dividends are included in the definition of “Fixed
Charges”; 
 (vi)    (A)    the declaration and payment of dividends or
distributions to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; 

(B)    a Restricted Payment to any direct or indirect parent of the Company, the proceeds of which will be
used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of the Company issued after the Issue Date; provided that the aggregate
amount of dividends declared and paid pursuant to this clause (B) does not exceed the net cash proceeds actually received by the Company from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue
Date; and 
 (C)    the declaration and payment of dividends on Refunding Capital Stock that is Preferred
Stock in excess of the dividends declarable and payable thereon pursuant to clause (ii) of this Section 4.04(b); 

provided, however, in the case of each of (A) and (C) above of this clause (vi), that for the most recently ended four full
fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after giving effect to such issuance (and the payment of dividends or distributions) on a pro
forma basis, the Company would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 

(vii)    Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in
good faith by the Company), taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the greater of $210.0 million and 15.0% of EBITDA for the Applicable Measurement
Period at the time of such Investment (plus any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of
investments theretofore made by it pursuant to this clause (vii) (with the 

  
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Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided that if any Investment pursuant to this clause
(vii) is made in any Unrestricted Subsidiary and such Unrestricted Subsidiary is redesignated a Restricted Subsidiary of the Issuer after such date, such redesignation shall increase the amount available pursuant to this clause (vii) by an
amount equal to the fair market value (as determined in good faith by the Issuer) of the Issuer’s Investments in such Subsidiary previously made in reliance on this clause (vii) at the time of such redesignation; 

(viii)    the payment of dividends on the common stock of the Company (or a Restricted Payment to any
direct or indirect parent of the Company to fund the payment by such direct or indirect parent of the Company of dividends on such entity’s common stock) of up to 6.0% per annum of the net proceeds received by the Company from any public
offering of common stock of the Company or any direct or indirect parent of the Company, other than public offerings with respect to the Company’s (or such direct or indirect parent’s) common stock registered on Form S-4 or Form S-8 and other than any public sale constituting an Excluded Contribution; 

(ix)    Restricted Payments that are made with or in an amount equal to any Excluded Contributions; 

(x)    other Restricted Payments in an aggregate amount not to exceed the greater of $310.0 million
and 20.0% of EBITDA for the Applicable Measurement Period at the time made; 
 (xi)    the distribution,
as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries; 

(xii)     

(A)    the payment of dividends or other distributions to any direct or indirect parent of the Company that files a
consolidated tax return that includes the Company and its subsidiaries (including, without limitation, by virtue of such parent being the common parent of a consolidated or combined tax group of which the Company and/or its Restricted Subsidiaries
are members) in an amount not to exceed the amount that the Company and its Restricted Subsidiaries would have been required to pay in respect of federal, state or local taxes (as the case may be) if the Company and its Restricted Subsidiaries paid
such taxes as a stand-alone taxpayer (or stand-alone group); 
 (B)    the payment of dividends or other distributions
from the proceeds of a dividend or distribution from an Unrestricted Subsidiary (an “Unrestricted Subsidiary Tax Distribution”) to any direct or indirect parent of the Company that files a consolidated tax return that includes the Company
and its subsidiaries (including, without limitation, by virtue of such parent being the common parent of a consolidated or combined tax group of which the Company and/or such Unrestricted Subsidiary are members) in an amount not to exceed the amount
that such Unrestricted Subsidiary would have been required to pay in respect of federal, state or local taxes (as the case may be) if the Unrestricted Subsidiary paid such taxes as a stand-alone taxpayer (or stand-alone group); 

(C)    Restricted Payments in amounts required for any direct or indirect parent of the Company to pay overhead, legal,
accounting and other professional fees and expenses, fees and expenses (including franchise or similar taxes) required to 

  
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maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any direct or indirect parent of the
Company and general corporate operating and overhead expenses of any direct or indirect parent of the Company in each case to the extent such fees and expenses are attributable to the ownership or operation of the Company and its Subsidiaries; 

(D)    Restricted Payments in amounts required for any direct or indirect parent of the Company, if applicable, to pay
interest and/or principal on Indebtedness the proceeds of which have been contributed to the Company or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered Indebtedness of, the Company Incurred in accordance with
Section 4.03; and 
 (E)    in amounts required for any direct or indirect parent of the Company to pay fees and
expenses, other than to Affiliates of the Company, related to any equity or debt offering of such parent; 

(xiii)    payments in respect of intercompany Indebtedness not in violation of any subordination terms
applicable thereto; 
 (xiv)    any Restricted Payment in connection with the Transactions and the
payment of fees and expenses Incurred in connection with the Transactions or owed by the Company or its Restricted Subsidiaries or any direct or indirect parent of the Company to Affiliates, and any other payments made, including any such payments
made to any direct or indirect parent of the Company to enable it to make payments, whether payable on the Issue Date or the Escrow Release Date or thereafter, in each case to the extent permitted by Section 4.07; 

(xv)    any Restricted Payment made under any Master Lease, any Gaming Lease (solely to the extent that
such Restricted Payment is (i) otherwise permitted or required under the applicable Gaming Lease or (ii) upon the terms no less favorable to the Company or relevant Restricted Subsidiary, as applicable, that would be obtained in a
comparable arm’s-length transaction with a Person that is not an Affiliate), any MLSA or any Operations Management Agreement; 

(xvi)    repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such
Equity Interests represent a portion of the exercise price of such options or warrants; 

(xvii)    purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a
Qualified Receivables Financing and the payment or distribution of Receivables Fees; 

(xviii)    Restricted Payments by the Company or any Restricted Subsidiary to allow the payment of cash in
lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(xix)    the repurchase, redemption or other acquisition or retirement for value of any Subordinated
Indebtedness pursuant to the provisions similar to those described under Sections 4.06 and 4.08; provided that all Notes tendered by holders of the Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable,
have been repurchased, redeemed or acquired for value; 

  
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 (xx)    payments or distributions to dissenting
stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of the Company and the Restricted Subsidiaries, taken as a whole, that complies
with Section 5.01; provided that as a result of such consolidation, amalgamation, merger or transfer of assets, the Company shall have made a Change of Control Offer (if required by this Indenture) and that all Notes tendered by holders
in connection with such Change of Control Offer have been repurchased, redeemed or acquired for value; 

(xxi)    any Restricted Payment so long as, after giving pro forma effect to such Restricted Payment, the
Consolidated Leverage Ratio of the Company would not exceed 5.25 to 1.00; 
 (xxii)    any Restricted
Payment made to any direct or indirect parent of the Company to finance any Permitted Investment; provided that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Permitted Investment and
(B) such parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Company or a Restricted Subsidiary or (2) the merger, consolidation or
amalgamation (to the extent permitted under Section 5.01) of the person formed or acquired into the Company or a Restricted Subsidiary; 

(xxiii)    any Restricted Payment to allow CEC to repay convertible notes of CEC issued under its
convertible notes indenture in existence on the Issue Date to the extent such repayment is required pursuant to a covenant in such indenture that is similar to the provisions described under Section 4.06; and 

(xxiv)    any Restricted Payment deemed to be made in connection with the issuance of letters of credit for
the account or benefit of any subsidiary or any other Person designated by any Issuer to the extent permitted under this Indenture not to exceed $300.0 million in the aggregate at any time outstanding; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (vi)(B), (x) and
(xxi) of this Section 4.04(b), no Event of Default shall have occurred and be continuing or would occur as a consequence thereof; provided, further, that any Restricted Payments made with property other than cash shall
be calculated using the Fair Market Value (as determined in good faith by the Company) of such property. 
 (c)    The
Company will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all
outstanding Investments by the Company and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition
of “Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.

 For purposes of determining compliance with this Section 4.04, (A) a Restricted Payment (including any Permitted Investment) need
not be permitted solely by reference to one category of permitted Restricted Payments (or Permitted Investment) (or any portion thereof) described in the above clauses or the definition of “Permitted Investment” but may be permitted in
part under any combination thereof and (B) in the event that a Restricted Payment (including any Permitted Investment) (or any portion thereof) meets the criteria of one or more of the categories of permitted Restricted Payments

  
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(including any Permitted Investment) (or any portion thereof) described in the above clauses (or in the definition of “Permitted Investment”), the Issuers may, in their sole discretion,
classify or reclassify, or later divide, classify or reclassify, such permitted Restricted Payment (including Permitted Investments) (or any portion thereof) in any manner that complies with this covenant and at the time of classification or
reclassification will be entitled to only include the amount and type of such Restricted Payment (including Permitted Investments) (or any portion thereof) in one of the categories of permitted Restricted Payments (or Permitted Investment) (or any
portion thereof) described in the above clauses or in the definition of “Permitted Investment.” 

Section 4.05    Dividend and Other Payment Restrictions Affecting Subsidiaries. The Company shall not, and
shall not permit any of the Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:

 (a)    (i) pay dividends or make any other distributions to the Company or any Restricted Subsidiary (1) on its
Capital Stock; or (2) with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to the Company or any Restricted Subsidiary; 

(b)    make loans or advances to the Company or any Restricted Subsidiary; or 

(c)    sell, lease or transfer any of its properties or assets to the Company or any Restricted Subsidiary; 

except in each case for such encumbrances or restrictions existing under or by reason of: 

(1)    contractual encumbrances or restrictions in effect, contemplated or committed on the Issue Date or
the Escrow Release Date; 
 (2)    this Indenture, the Notes and the Note Guarantees, the CRC Indenture,
the Existing CRC Notes and any guarantees thereof, the CRC Credit Agreement and the other Credit Agreement Documents in connection with the CRC Credit Agreement; 

(3)    applicable law or any applicable rule, regulation or order; 

(4)    any agreement or other instrument of a Person acquired by the Company or any Restricted Subsidiary
or of an Unrestricted Subsidiary which is being designated as a Restricted Subsidiary which was in existence at the time of such acquisition or designation, as the case may be (but not created in contemplation thereof or to provide all or any
portion of the funds or credit support utilized to consummate such acquisition or designation), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries,
or the property or assets of the Person and its Subsidiaries, so acquired; 
 (5)    contracts or
agreements for the sale or lease of assets, including any restriction with respect to the Company or a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale, lease or disposition of the Capital Stock or assets of the
Company or such Restricted Subsidiary; 
 (6)    Secured Indebtedness otherwise permitted to be Incurred
pursuant to Sections 4.03 and 4.12 that apply only to the specific property or assets securing such Indebtedness and not all or substantially all assets; 

  
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 (7)    restrictions on cash or other deposits or net
worth imposed by customers under contracts entered into in the ordinary course of business or under real property leases; 

(8)    customary provisions in joint venture agreements and other similar agreements; 

(9)    purchase money obligations for property acquired and Capitalized Lease Obligations in the ordinary
course of business; 
 (10)    customary provisions contained in leases, licenses and other similar
agreements entered into in the ordinary course of business; 
 (11)    any encumbrance or restriction of
a Receivables Subsidiary effected in connection with a Qualified Receivables Financing; provided, however, that such restrictions apply only to such Receivables Subsidiary; 

(12)    other Indebtedness, Disqualified Stock or Preferred Stock (a) of the Company or any Restricted
Subsidiary that is an Issuer, a Subsidiary Guarantor or a Foreign Subsidiary, (b) of any Restricted Subsidiary that is not an Issuer, a Subsidiary Guarantor or a Foreign Subsidiary so long as such encumbrances and restrictions contained in any
agreement or instrument will not materially affect the Company’s ability to make anticipated principal or interest payments on the Notes (as determined in good faith by the Company) or (c) of any Restricted Subsidiary Incurred in
connection with any Project Financing, Qualified Non-Recourse Debt or Development Expense; provided that in the case of each of clauses (a) and (b) above, such Indebtedness, Disqualified Stock or
Preferred Stock is permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.03; 

(13)    any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; 

(14)    any encumbrance or restriction in any agreement related to the development or financing of a
Project; 
 (15)    restrictions contained in any Master Lease, any Gaming Lease, any MLSA or any
Operations Management Agreement; 
 (16)    customary provisions restricting the assignment of any
agreement entered into in the ordinary course of business; 
 (17)    customary restrictions and
conditions contained in the document relating to any Lien, so long as (A) such Lien is permitted under this Indenture and such restrictions or conditions relate only to the specific asset subject to such Lien and (2) such restrictions and
conditions are not created for the purpose of avoiding the restrictions imposed by this Section 4.05; 

(18)    customary restrictions on leases, subleases, licenses or Equity Interests or asset sale agreements
otherwise permitted by this Indenture as long as such restrictions relate to the Equity Interests and assets subject thereto; or 

(19)    any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above
imposed by any amendments, modifications, restatements, renewals, extensions, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations 

  
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referred to in clauses (1) through (18) above; provided that such amendments, modifications, restatements, renewals, extensions, 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, taken as a whole, prior to such
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 For purposes of determining
compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the
ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the 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 make loans or advances. 
 Section 4.06    Asset Sales. 

(a)    The Company shall not, and shall not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale,
unless (x) the Company or any Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Company) of the assets sold or otherwise
disposed of, and (y) at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 

(i)    any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent
balance sheet or in the notes thereto) of the Company or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or such Restricted Subsidiary’s obligations in respect of the Notes) that are assumed
by the transferee of any such assets or that are otherwise cancelled or terminated in connection with the transaction with such transferee; 

(ii)    any notes or other Obligations or other securities or assets received by the Company or such
Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the cash received); 

(iii)    Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of
such Asset Sale, to the extent that the Company and each other Restricted Subsidiary are released from any direct Obligation in respect of, or any guarantee of payment of, such Indebtedness in connection with the Asset Sale; 

(iv)    consideration consisting of Indebtedness of the Company or a Subsidiary Guarantor (other than
Subordinated Indebtedness) received after the Issue Date from Persons who are not the Company or any Restricted Subsidiary; and 

(v)    any Designated Non-cash Consideration received by the
Company or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value (as determined in good faith by the Company), taken together with all other Designated Non-cash Consideration
received pursuant to this clause (v) that is at that time outstanding, not to exceed the greater of $325.0 million and 25.0% of EBITDA for the Applicable Measurement Period at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to
subsequent changes in value); 

  
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 shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a). 

(b)    Within 18 months after the Company’s or any Restricted Subsidiary’s receipt of the Net Proceeds of any
Asset Sale, the Company or such Restricted Subsidiary may apply the Net Proceeds from such Asset Sale, at its option: 

(i)    to repay (A) Indebtedness constituting First Priority Lien Obligations (and, if the
Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto), provided that, for the avoidance of doubt, the Company and its Restricted Subsidiaries shall be entitled to repay such other
First Priority Lien Obligations prior to repaying (or making any offer to repay) the Notes Obligations, (B) convertible notes of CEC issued pursuant to the terms of its convertible notes indenture in existence on the Issue Date to the extent
such repayment is required pursuant to the terms of such indenture, (C) Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor, (D) Notes Obligations or (E) Indebtedness constituting Pari Passu Indebtedness other
than First Priority Lien Obligations so long as the Net Proceeds are with respect to assets not constituting Collateral (provided that if any Subsidiary Guarantor shall so reduce Obligations under unsecured Pari Passu Indebtedness under this
clause (E), the Issuers will equally and ratably reduce Notes Obligations as provided pursuant to Section 3.01, through open-market purchases (provided that such purchases are at or above 100% of the principal amount thereof or, in the
event that the Notes were issued with significant original issue discount, 100% of the accreted value thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer or a Collateral Asset Sale Offer, as
applicable) to all holders to purchase at a purchase price equal to 100% of the principal amount thereof or, in the event that the Notes were issued with significant original issue discount, 100% of the accreted value thereof, plus accrued and
unpaid interest, if any, the pro rata principal amount of Notes), in each case other than Indebtedness owed to the Company; or 

(ii)    to make an Investment in any one or more businesses (provided that if such Investment is in
the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary), assets, or property or capital expenditures, in each case (a) used or useful in a Similar Business or
(b) that replace the properties and assets that are the subject of such Asset Sale (it being understood that in the case of a casualty event or condemnation of property under a Master Lease or a Gaming Lease, such property so repaired,
replaced, restored or otherwise acquired may be owned by the landlord under such Master Lease or a Gaming Lease and leased to the Company or a Restricted Subsidiary of the Company under a Master Lease or a Gaming Lease, as applicable). 

In the case of Section 4.06(b)(ii), a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of
such commitment; provided that in the event such binding commitment is later cancelled or terminated for any reason before such Net Proceeds are so applied, the Company or such Restricted Subsidiary enters into another binding commitment (a
“Second Commitment”) within six months of such cancellation or termination of the prior binding commitment; provided, further that the Company or such Restricted Subsidiary may only enter into a Second Commitment under
the foregoing provision one time with respect to each Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds
or Collateral Excess Proceeds, as applicable. Pending the final application of any such Net Proceeds, the Company or such Restricted Subsidiary may temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest such
Net Proceeds in any manner not prohibited by this Indenture. 

  
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 Any Net Proceeds received from Asset Sales of Collateral that are not invested or applied as
set forth in the first paragraph of this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes, as described in clause (i) of this Section 4.06(b), shall be deemed to have
been invested whether or not such offer is accepted) will be deemed to constitute “Collateral Excess Proceeds.” When the aggregate amount of Collateral Excess Proceeds exceeds $90.0 million in any fiscal year, the Issuers shall make
an offer to all holders of the Notes and, if required by the terms of any First Priority Lien Obligations or Obligations secured by a Lien permitted under this Indenture (which Lien is not subordinate to the Lien of the Notes with respect to the
Collateral), to the holders of such First Priority Lien Obligations or such other Obligations (a “Collateral Asset Sale Offer”), to purchase the maximum aggregate principal amount of the Notes and such First Priority Obligations or
such other Obligations that is a minimum of $2,000 or an integral multiple of $1,000 in excess thereof that may be purchased out of the Collateral Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof
(or, in the event such First Priority Lien Obligations were issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest, if any (or, in respect of such First Priority Lien Obligations, such
lesser price, if any, as may be provided for by the terms of such First Priority Lien Obligations), to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Issuers will commence a
Collateral Asset Sale Offer with respect to Collateral Excess Proceeds within ten (10) Business Days after the date that Collateral Excess Proceeds exceed $90.0 million in any fiscal year by mailing, or delivered electronically if held by
DTC, the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. 
 Any Net Proceeds from Asset Sales of non-Collateral that are not invested or applied as provided and within the time period set forth in the first paragraph of this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to
make an offer to purchase Notes, as described in clause (i) of this Section 4.06(b), shall be deemed to have been invested whether or not such offer is accepted) will be deemed to constitute “Excess Proceeds.” When the aggregate
amount of Excess Proceeds exceeds $90.0 million in a fiscal year, the Issuers shall make an offer to all holders of Notes (and, at the option of the Issuers, to holders of any Pari Passu Indebtedness) (an “Asset Sale Offer”) to
purchase the maximum principal amount of Notes (and such Pari Passu Indebtedness), that is at least $2,000 and an integral multiple of $1,000 in excess thereof that may be purchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100% of the principal amount thereof (or, in the event such Pari Passu Indebtedness was issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest, if any (or, in respect of
such Pari Passu Indebtedness, such lesser price, if any, as may be provided for by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06.
The Issuers will commence an Asset Sale Offer with respect to Excess Proceeds within ten (10) Business Days after the date that Excess Proceeds exceeds $90.0 million in a fiscal year by mailing, or delivered electronically if held by DTC,
the notice required pursuant to the terms of Section 4.06(g), with a copy to the Trustee. 
 (c)    To the extent
that the aggregate amount of Notes and such other First Priority Lien Obligations or Obligations secured by a Lien permitted by this Indenture (which Lien is not subordinate to the Lien of the Notes with respect to the Collateral) tendered pursuant
to a Collateral Asset Sale Offer is less than the Collateral Excess Proceeds, the Issuers may use any remaining Collateral Excess Proceeds for any purpose that is not prohibited by this Indenture. If the aggregate principal amount of Notes or other
First Priority Lien Obligations or such other Obligations surrendered by such holders thereof exceeds the amount of Collateral Excess Proceeds, the Trustee shall select the Notes and such other First Priority Lien Obligations or such other
Obligations to be purchased in the manner described in Section 4.06(f). To the extent that the aggregate amount of Notes (and such Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers
may use any remaining Excess Proceeds for any purpose that is not prohibited by this Indenture. If the aggregate principal 

  
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amount of Notes (and such Pari Passu Indebtedness) surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased in the manner described
in Section 4.06(f). Upon completion of any such Collateral Asset Sale Offer or Asset Sale Offer, the amount of Collateral Excess Proceeds or Excess Proceeds, as the case may be, shall be reset at zero. The Issuers shall comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to
an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations described in this Indenture by virtue thereof. 
 (d)    Holders electing to have a Note
purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Issuers at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their
election if the Trustee or the Issuers receives not later than one Business Day prior to the purchase date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered by the holder
for purchase and a statement that such holder is withdrawing his election to have such Note purchased. If at the end of the Offer Period more Notes (and such First Priority Lien Obligations or Pari Passu Indebtedness, as applicable) are tendered
pursuant to an Asset Sale Offer or Collateral Asset Sale Offer than the Issuers are required to purchase, selection of such Notes for purchase shall be made by the Trustee in compliance with the requirements of the principal national securities
exchange, if any, on which such Notes are listed, or if such Notes are not so listed, on a pro rata basis to the extent practicable, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with
the requirements of DTC, if applicable); provided that no Notes of $2,000 or less shall be purchased in part. Selection of such First Priority Lien Obligations or Pari Passu Indebtedness, as applicable, shall be made pursuant to the terms of
such First Priority Lien Obligations or Pari Passu Indebtedness. 
 (e)    Notices of an Asset Sale Offer or a
Collateral Asset Sale Offer shall be mailed by first class mail, postage prepaid by the Issuers, or delivered electronically if held at DTC, at least 30 but not more than 60 days before the purchase date to each holder of Notes at such holder’s
registered address. If any Note is to be purchased in part only, any notice of purchase that relates to such Note shall state the portion of the principal amount thereof that has been or is to be purchased. 

(f)    Notwithstanding any other provisions of this Section 4.06 to the contrary, (i) to the extent that any Net
Proceeds of any Asset Sale or Net Insurance Proceeds of any Taking or Destruction of a Foreign Subsidiary is prohibited, restricted or delayed by applicable local law or material documents (including constituent and organizational documents) from
being repatriated to the United States, the portion of such Net Proceeds so affected will not be required to be applied to make an Asset Sale Offer or Collateral Asset Sale Offer but may be retained by the applicable Foreign Subsidiary so long, but
only so long, as the applicable local law or material documents will not permit repatriation to the United States, and once such repatriation of any of such affected Net Proceeds or Net Insurance Proceeds is permitted under the applicable local law
or material documents, such repatriation will be effected and such repatriated Net Proceeds or Net Insurance Proceeds will be promptly applied (net of additional taxes payable or reserved against as a result thereof) to make an Asset Sale Offer or
Collateral Asset Sale Offer to the extent provided herein, (ii) to the extent that the Company has determined in good faith that repatriation of any or all of such Net Proceeds or Net Insurance Proceeds could reasonably be expected to have an
adverse tax cost consequence that is not de minimis with respect to such Net Proceeds or Net Insurance Proceeds, the Net Proceeds or Net Insurance Proceeds so affected may be retained by the applicable Foreign Subsidiary (the Company hereby agreeing
to use commercially reasonable efforts (which shall not be required to extend beyond twelve (12) months after the applicable prepayment date) to 

  
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eliminate such tax effects in its reasonable control in order to make such prepayments) and (iii) to the extent that any Net Proceeds or Net Insurance Proceeds is required to be applied to
prepay Indebtedness of the Company or its Subsidiaries by the terms of the documents governing such Indebtedness, or to be reinvested by the Company or its Subsidiaries by the terms of the documents governing any such Indebtedness, or cannot be
distributed by the Company to the Issuers in accordance with the terms of the documents governing any such Indebtedness, the portion of such Net Proceeds or Net Insurance Proceeds so affected will not be required to be applied to make an Asset Sale
Offer or Collateral Asset Sale Offer but may be retained by the Company and its Subsidiaries. For the avoidance of doubt, the non-application of any amounts required to be applied pursuant to make an Asset
Sale Offer or Collateral Asset Sale Offer as a consequence of the foregoing provisions does not constitute a Default or an Event of Default, and such amounts shall be available for working capital purposes of the Company and the Restricted
Subsidiaries so long as not required to be prepaid in accordance with the foregoing provisions. Notwithstanding the foregoing, any prepayments required after application of the above provision shall be net of any costs, expenses or taxes Incurred by
the Company or any of its Affiliates and arising as a result of compliance with the preceding sentence. 

Section 4.07    Transactions with Affiliates. 

(a)    The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding,
loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $25.0 million, unless: 

(i)    such Affiliate Transaction is on terms that are not materially less favorable to the Company or
relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 

(ii)    with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate consideration in excess of $50.0 million, the Company delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors, approving such Affiliate Transaction and set forth in an Officer’s
Certificate certifying that such Affiliate Transaction complies with clause (i) above. 
 (b)    The provisions of
Section 4.07(a) shall not apply to the following: 
 (i)    transactions between or among the
Company and/or any of its Restricted Subsidiaries (or an entity that becomes a Restricted Subsidiary as a result of such transaction) and any merger, consolidation or amalgamation of the Company and any direct parent of the Company; 

(ii)    Restricted Payments permitted by Section 4.04 and Permitted Investments; 

(iii)    the Transactions and the payment of all fees and expenses in connection therewith; 

(iv)    the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity
provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary, or any direct or indirect parent of the Company; 

  
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 (v)    [reserved]; 

(vi)    transactions in which the Company or any Restricted Subsidiary, as the case may be, delivers to the
Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 4.07(a)(i); 

(vii)    payments or loans (or cancellation of loans) to officers, directors, employees or consultants
which are approved by a majority of the Board of Directors in good faith; 
 (viii)    any transactions,
agreements and arrangements as in effect as of the Issue Date or the Escrow Release Date or any amendment thereto or replacement thereof (so long as any such transaction, agreement or arrangement, together with all amendments thereto or replacements
thereof, taken as a whole, is not more disadvantageous to the holders of the Notes in any material respect than the original transaction, agreement or arrangement as in effect on the Issue Date) or any transaction contemplated thereby as determined
in good faith by the Company; 
 (ix)    the existence of, or the performance by the Company or any
Restricted Subsidiary of its obligations under the terms of any transaction, agreement or arrangement described in the Offering Memorandum including, without limitation, the WSOP Rio Agreements and, in each case, any amendment thereto or replacement
thereof or similar transactions, agreements or arrangements which it may enter into thereafter; provided, however, that the existence of, or the performance by the Company or any Restricted Subsidiary of its obligations under, any
future amendment to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement entered into after the Issue Date shall only be permitted by this clause (ix) to the extent that the terms of
any such existing transaction, agreement or arrangement, together with all amendments thereto or replacement thereof, taken as a whole, or new transaction, agreement or arrangement, taken as a whole, are not otherwise more disadvantageous to the
holders of the Notes in any material respect than the original transaction, agreement or arrangement as in effect on the Issue Date (as determined in good faith by the Company); 

(x)    the execution and consummation of the Transactions and the payment of all fees and expenses related
to the Transactions, including the payments to CEC, ERI and their Affiliates, if any, which are described in the Offering Memorandum or contemplated by the Transactions; 

(xi)    any transactions (i) made pursuant to any Master Lease, any Gaming Lease, any MLSA or any
Operations Management Agreement or (ii) in connection with any of the Transactions; 
 (xii)    (A)
transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in
compliance with the terms of this Indenture, which are fair to the Company and the Restricted Subsidiaries in the reasonable determination of the Board of Directors or senior management, or are on terms at least as favorable as might reasonably have
been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or industry norm; 

(xiii)    any transaction effected as part of a Qualified Receivables Financing; 

  
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 (xiv)    the issuance of Equity Interests (other than
Disqualified Stock) of the Company to any Person and investments by CEC, ERI and any of their Affiliates in securities of the Company or any of the Restricted Subsidiaries or the Company so long as (A) the investment is being offered generally
to other investors on the same or more favorable terms and (B) the investment constitutes less than 5.0% of the outstanding issue amount of such class of securities; 

(xv)    the issuances of securities or other payments, awards or grants in cash, securities or otherwise
pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Company or any direct or indirect parent of the Company or of a Restricted
Subsidiary, as appropriate, in good faith; 
 (xvi)    transactions undertaken in good faith (as
certified by a responsible financial or accounting officer of the Company in and Officer’s Certificate) for the purpose of improving the consolidated tax efficiency of the Company and its Subsidiaries and their direct and indirect parents and
not for the purpose of circumventing any provision set forth in this Indenture; 
 (xvii)    any
contribution to the capital of the Company; 
 (xviii)    transactions permitted by, and complying with,
Section 5.01; 
 (xix)    transactions between the Company or any Restricted Subsidiary and any
Person, a director of which is also a director of the Company or any direct or indirect parent of the Company; provided, however, that such director abstains from voting as a director of the Company or such direct or indirect parent,
as the case may be, on any matter involving such other Person; 
 (xx)    pledges of Equity Interests of
Unrestricted Subsidiaries; 
 (xxi)    the formation and maintenance of any consolidated group or
subgroup for tax, accounting or cash pooling or management purposes in the ordinary course of business; 

(xxii)    (A) any employment agreements entered into by the Company or any Restricted Subsidiary in the
ordinary course of business, (B) any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors, (C) any employee
compensation, benefit plan or arrangement, any health, disability or similar insurance plan with covers employees, and any reasonable employment contract and transactions pursuant thereto and (D) loans or advances to employees or consultants of
the Company or any Restricted Subsidiary or any direct or indirect parent of the Company; 

(xxiii)    payments by the Company or any Restricted Subsidiaries of the Company to any Affiliate made for
any financial advisory, financing, underwriting or placement services or in respect of any other investment banking activities, including in connection with acquisitions or divestitures, which payments are approved by the majority of the Board of
Directors of the Company, or a majority of the Disinterested Directors of the Company, in good faith; 

(xxiv)    transactions with Subsidiaries or joint ventures for the purchase or sale of goods, equipment,
products, parts and services entered into in the ordinary course of business; 

  
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 (xxv)    transactions in connection with the issuance of
letters of credit for the account or benefit of any Subsidiary or any other Person designated by the Company to the extent permitted under this Indenture (including with respect to the issuance of or payments in connection with drawings under
letters of credit); and 
 (xxvi)    transactions undertaken in good faith for the purpose of improving
the consolidated tax efficiency of the Company, its Subsidiaries and joint ventures and their direct and indirect parents. 

Notwithstanding the foregoing, CEC, Growth Partners, CES and their respective Affiliates (other than the Company and its Restricted
Subsidiaries) shall not be considered Affiliates of the Company or its Restricted Subsidiaries with respect to any transaction, so long as the transaction is in the ordinary course of business, pursuant to agreements existing on the Issue Date or
pursuant to any Master Lease, any Gaming Lease, any MLSA, any Operations Management Agreement, any intellectual property license or related agreement, any management agreement or any shared services agreement entered into with any of the Company
and/or its Subsidiaries or, in each case, amendments, modifications or supplements thereto, or replacements thereof. 

Section 4.08    Change of Control. 

(a)    Upon the occurrence of a Change of Control, each holder shall have the right to require the Issuers to repurchase
all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control, the Issuers
shall not be obligated to purchase any Notes pursuant to this Section 4.08 in the event that it has exercised its right to redeem such Notes in accordance with Article III of this Indenture. 

(b)    Within 30 days following any Change of Control, except to the extent that the Issuers have exercised their right to
redeem the Notes in accordance with Article III of this Indenture, the Issuers shall mail a notice (a “Change of Control Offer”) to each holder with a copy to the Trustee stating: 

(i)    that a Change of Control has occurred and that such holder has the right to require the Issuers to
repurchase such holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the holders of record on the relevant
Record Date to receive interest on the relevant Interest Payment Date); 
 (ii)    the circumstances and
relevant facts and financial information regarding such Change of Control; 
 (iii)    the repurchase
date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed); or 

(iv)    the instructions determined by the Issuers, consistent with this Section 4.08, that a holder
must follow in order to have its Notes purchased. 

  
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 (c)    Holders electing to have a Note purchased shall be required to
surrender the Note, with an appropriate form duly completed, to the Issuers at the address specified in the notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw their election if the Trustee or
the Issuers receives not later than one Business Day prior to the purchase date a facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered for purchase by the holder and a statement
that such holder is withdrawing his election to have such Note purchased. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 

(d)    On the purchase date, all Notes purchased by the Issuers under this Section 4.08 shall be delivered to the
Trustee for cancellation, and the Issuers shall pay the purchase price plus accrued and unpaid interest to the holders entitled thereto. 

(e)    A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of
Control. 
 (f)    Notwithstanding the foregoing provisions of this Section 4.08, the Issuers shall not be required
to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.08 applicable to a Change of
Control Offer made by the Issuers and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. 

(g)    Notes repurchased by the Issuers pursuant to a Change of Control Offer will have the status of Notes issued but not
outstanding or will be retired and cancelled at the option of the Issuers. Notes purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and outstanding. 

(h)    At the time the Issuers deliver Notes to the Trustee which are to be accepted for purchase, the Issuers shall also
deliver an Officer’s Certificate stating that such Notes are to be accepted by the Issuers pursuant to and in accordance with the terms of this Section 4.08. A Note shall be deemed to have been accepted for purchase at the time the
Trustee, directly or through an agent, mails or delivers payment therefor to the surrendering holder. 
 (i)    Prior to
any Change of Control Offer, the Issuers shall deliver to the Trustee an Officer’s Certificate stating that all conditions precedent contained herein to the right of the Issuers to make such offer have been complied with. 

(j)    The Issuers shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act
and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08,
the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue thereof. 

(k)    If holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not
withdraw such Notes in a Change of Control Offer and the Issuers, or any third party making a Change of Control Offer in lieu of the Issuers as described above, purchases all of the Notes validly tendered and not withdrawn by such holders, the
Issuers or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain outstanding
following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of redemption. Any such redemption shall be effected pursuant to Article III. 

  
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 Section 4.09    Compliance Certificate. The Issuers shall
deliver to the Trustee within 120 days after the end of each fiscal year of the Issuers, beginning with the fiscal year ending on December 31, 2020, an Officer’s Certificate stating that in the course of the performance by the signer of
his or her duties as an Officer of the Issuers he or she would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period. If he or she does, the certificate shall describe the Default,
its status and what action the Issuers are taking or propose to take with respect thereto. Except with respect to receipt of payments of principal and interest on the Notes and any Default or Event of Default information contained in the
Officer’s Certificate delivered to it pursuant to this Section 4.09, the Trustee shall have no duty to review, ascertain or confirm the Issuers’ compliance with or the breach of any representation, warranty or covenant made in this
Indenture. 
 Section 4.10    Further Instruments and Acts. Upon request of the Trustee, the Issuers shall
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 4.11    Future Subsidiary Guarantors. 

(a)    Upon the expiration of the Escrow Period, the Issuers shall cause each Wholly Owned Restricted Subsidiary that is a
Domestic Subsidiary (other than Finance) and that is a borrower or guarantor under the CRC Credit Agreement to execute and deliver to the Trustee (i) a supplemental indenture substantially in the form of Exhibit C pursuant to which such
Subsidiary Guarantor shall guarantee the Issuers’ obligations under the Notes and this Indenture and shall comply with the additional requirements of Section 13.06 and (ii) joinders to Security Documents or new Security Documents and
take all actions required by such Security Documents to perfect the Liens created thereunder; provided that the Bank Indebtedness Incurred under the CRC Credit Agreement is also then guaranteed by such Subsidiary Guarantor. 

(b)    From and after the expiration of the Escrow Period, the Company shall cause each Wholly Owned Restricted Subsidiary
that is a Domestic Subsidiary (unless such Subsidiary is a Receivables Subsidiary, a Qualified Non-Recourse Subsidiary or a Domestic Subsidiary that is wholly-owned by one or more Foreign Subsidiaries) that
guarantees the CRC Credit Agreement to execute and deliver to the Trustee (i) a supplemental indenture substantially in the form of Exhibit D pursuant to which such Subsidiary will guarantee the Issuers’ obligations under the Notes
and this Indenture and shall comply with the additional requirements of Section 13.06 and (ii) joinders to Security Documents or new Security Documents and take all actions required by such Security Documents to perfect the Liens created
thereunder. 
 Section 4.12    Liens. 

(a)    The Company shall not, and shall not permit any Issuer or any Subsidiary Guarantor to, directly or indirectly,
create, Incur, assume or suffer to exist any Lien (except Permitted Liens) that secures any Indebtedness on any asset or property of the Company, any Issuer or any Subsidiary Guarantor, other than Liens securing Indebtedness that are junior in
priority to the Liens on such property or assets securing the Notes. 
 (b)    For purposes of determining compliance
with this Section 4.12, (i) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” or pursuant to
Section 4.12(a) but may be permitted in part under any combination thereof and (ii) in the event that a Lien securing an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of one or more
of the categories of permitted Liens (or any portion thereof) described in the definition of 

  
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“Permitted Liens” or pursuant to Section 4.12(a), the Company shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Lien securing
such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant and will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien (or any portion thereof) in one
of the clauses of the definition of “Permitted Liens” or pursuant to Section 4.12(a) and in such event, such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being Incurred or existing pursuant to
only one of such clauses (or any portion thereof) or pursuant to Section 4.12(a) without giving pro forma effect to such item (or any portion thereof) when calculating the amount of Liens or Indebtedness that may be Incurred, classified or
reclassified pursuant to any other clause (or any portion thereof) at such time. 
 (c)    With respect to any Lien
securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount”
of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of
additional Indebtedness with the same terms or in the form of common stock, if any, of the Company, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue
discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause
(3) of the definition of “Indebtedness.” 
 Section 4.13    Maintenance of Office or Agency.

 (a)    The Issuers shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the
Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be served. The Issuers shall give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 14.02. 

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

(c)    The Issuers hereby designate the corporate trust office of the Trustee as set forth in Section 14.02 as such
office or agency of the Issuers in accordance with Section 2.04. 
 Section 4.14    Covenant
Suspension. If on any date following the Issue Date, (i) the Notes have Investment Grade Ratings from at least two of the Rating Agencies and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that
day (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), and subject to the provisions of the following paragraph, the Company and its
Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.11 and 5.01(a)(iv) (collectively, the “Suspended Covenants”). 

  
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 If and while the Company and its Restricted Subsidiaries are not subject to the Suspended
Covenants, the Notes will be entitled to substantially less covenant protection. In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of the
foregoing, and on any subsequent date (the “Reversion Date”) two of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating, then the Company and its
Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events. 

The Company shall promptly upon its occurrence deliver to the Trustee an Officer’s Certificate notifying the Trustee of the occurrence of
any Covenant Suspension Event or Reversion Date, and the date thereof. The Trustee shall not have any obligation to monitor the occurrence or dates of any Covenant Suspension Event or Reversion Date and may rely conclusively on such Officer’s
Certificate. The Trustee shall not have any obligation to notify the holders of the occurrence or dates of any Covenant Suspension Event or Reversion Date. 

On each Reversion Date, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be
classified as having been Incurred or issued pursuant to Section 4.03(a) or 4.03(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be Incurred or issued thereunder as of the Reversion Date and
after giving effect to Indebtedness Incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not be so permitted to be Incurred or issued
pursuant to Section 4.03(a) or 4.03(b) such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(iii). Calculations
made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 will be made as though Section 4.04 had been in effect since the Issue Date and prior, but not during, the Suspension Period.
Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 4.04(a). As described above, however, no Default or Event of Default will be deemed to have
occurred on the Reversion Date as a result of any actions taken by the Company or its Restricted Subsidiaries during the Suspension Period. Within 30 days of such Reversion Date, the Company must comply with the terms of Section 4.11. 

For purposes of Section 4.06, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero. 

Section 4.15    Maintenance of Insurance. The Issuers shall maintain, with financially sound and reputable
insurance companies, insurance (subject to customary deductibles and retentions) in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or similar businesses operating in the same or
similar locations. Notwithstanding the foregoing, the Issuers and the Subsidiary Guarantors may self-insure with respect to such risks with respect to which companies of established reputation in the same general line of business in the same general
area usually self-insure. 
 Section 4.16    After-Acquired Property. Upon the acquisition by an Issuer or
any Subsidiary Guarantor of any After-Acquired Property, such Issuer or Subsidiary Guarantor shall be required to execute and deliver such mortgages, deeds of trust, security instruments, financing statements and certificates, opinions of counsel or
such other documentation substantially similar to the documentation delivered to secure First Priority Lien Obligations as shall be reasonably necessary to vest in the Collateral Agent, for the benefit of the Trustee and the First Lien Secured
Parties, a perfected first priority security interest or lien, subject only to Permitted Liens, in such After-Acquired Property and to have such After-Acquired Property (but subject to certain limitations, if applicable, including as described in

  
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Article XII and the Security Documents) added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such After-Acquired
Property to the same extent and with the same force and effect. 
 Section 4.17    Security Documents.
Notwithstanding the foregoing, the Company shall use commercially reasonable efforts to perfect all security interests in the Collateral (other than Excluded Assets) on or after the Escrow Release Date in accordance with the definition of the Escrow
Release Condition and to the extent that any instrument or deliverable under the Security Documents is required to be delivered and is not delivered on or prior to the Escrow Release Date, the Issuers will use their commercially reasonable efforts
to, and use their commercially reasonable efforts to cause the Subsidiary Guarantors to, deliver such instruments and deliverables within 90 days following the Escrow Release Date or such longer period of time as agreed to by the Collateral Agent or
the administrative agent under any Credit Agreement with respect to perfecting security interests in such Collateral thereunder under a provision in the security documents with respect to the Credit Agreement that exists in substantially the same
form in the Security Documents. For the avoidance of doubt, it is understood that Mortgages shall not be required to be executed and delivered on or prior to the Escrow Release Date and the delivery of Mortgages shall be subject to the post-Escrow
Release Date provisions of this Section 4.17. 
 Section 4.18    Further Assurances. The Issuers and
the Subsidiary Guarantors shall execute any and all further documents, financing statements, agreements and instruments, and take all further actions that may be required under applicable law, or that Collateral Agent or the Trustee may reasonably
request, in order to grant, preserve, protect and perfect the validity and priority of the security interests and Liens created or intended to be created by Security Documents in the Collateral. 

Section 4.19    Maintenance of Properties. Except where the failure to do so would not reasonably be expected
to have a material adverse effect, the Issuers will do or cause to be done all things necessary to (i) lawfully obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents, trademarks,
service marks, trade names, copyrights, licenses and rights with respect thereto necessary to the normal conduct of its business, and (ii) at all times maintain and preserve all tangible property necessary to the normal conduct of its business
and keep such property in good repair, working order and condition (ordinary wear and tear, casualty and condemnation excepted), from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and
replacements thereto necessary in order that the business carried on in connection therewith, if any, may be properly conducted at all times (in each case except as permitted by this Indenture). 

Section 4.20    Escrow of Proceeds. 

(a)    The Company shall apply the Escrowed Property in accordance with the terms of the Escrow Agreement. 

(b)    On the date of this Indenture, the Escrow Issuer will enter into an escrow agreement (the “Escrow
Agreement”) with the Trustee and JPMorgan Chase Bank, N.A., as escrow agent (in such capacity, together with its successors, the “Escrow Agent”). Pursuant to the terms of the Escrow Agreement, on the date of this Indenture,
the Escrow Issuer will deposit (or cause to be deposited) into the Escrow Account, (i) an amount equal to the gross proceeds of the offering of the Notes and (ii) an additional amount in cash that, when taken together with such gross
proceeds, is sufficient to fund the Special Mandatory Redemption of the Notes on the date that is the last day of the first full calendar month following the Issue Date, if the Special Mandatory Redemption were to occur on such date (the
“Escrowed Property”). 

  
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 (c)    Unless the Escrow Issuer (i) has then directed the Escrow
Agent to release the Escrowed Property pursuant to clause (e) below or (ii) delivered notice to the Escrow Agent to the effect set forth in Section 3.10, commencing with the first day of the second full calendar month following the
Issue Date, at least two (2) business days prior to such date (each such date, a “Deposit Date”), the Escrow Issuer will deposit, or cause to be deposited, cash or by wire transfer in the Escrow Account in an amount equal to
the lesser of (x) the monthly interest that would accrue on the Notes during such next calendar month and (y) the amount of interest that would accrue on the Notes from the first day of the next calendar month to, but excluding, the
Termination Date (in each case, as calculated by Escrow Issuer in accordance with this Indenture). 
 (d)    The
Escrowed Property will be held in the Escrow Account until the earliest of (i) the date on which the Escrow Issuer delivers to the Escrow Agent the release request referred to in Section 4.20(e), (ii) the Termination Date, (iii) the
date on which the Escrow Issuer delivers notice to the Escrow Agent to the effect set forth in Section 3.10, and (iv) the date on which Escrow Issuer fails to timely deposit (or cause to be timely deposited) in cash such amounts required
by Section 4.20(c) on or prior to three (3) business days after the applicable deposit date. 

(e)    Pursuant to the terms of the Escrow Agreement, the Escrowed Property held in the Escrow Account will be released
(the “Escrow Release”) to, or as directed by, the Escrow Issuer within two (2) Business Days following delivery by the Escrow Issuer to the Escrow Agent and the Trustee, not later than the Termination Date, of a release request
(in the form and substance as set forth in the Escrow Agreement) instructing the Escrow Agent to release the Escrowed Property and certifying that the following conditions (collectively, the “Escrow Release Conditions”) have been
or, substantially concurrent with the release of the Escrowed Property will be, satisfied (the date of the Escrow Release is hereinafter referred to as the “Escrow Release Date”): 

(i)    the Merger will occur substantially concurrent with the release of the Escrowed Property from the
Escrow Account; and 
 (ii)    (a) the Company and Finance have assumed, jointly and severally, or
substantially concurrent with the release of the Escrowed Property from the Escrow Account shall assume, all of the rights and obligations of the Escrow Issuer under the Notes and this Indenture, by the execution and delivery of a supplemental
indenture by the Company and Finance on or prior to the Escrow Release Date; (b) each of the Initial Guarantors shall have, by supplemental indenture, become, or substantially concurrently with the Escrow Release shall become, parties to this
Indenture in the capacities described in this Indenture; and (c) the Company, Finance and each of the Initial Guarantors shall become parties to the applicable Escrow Release Date Security Documents and, subject to using commercially reasonable
efforts, the other applicable Security Documents, in each case, in accordance with the terms required by this Indenture. 

(f)    The Escrow Issuer will grant the Trustee, for the benefit of the holders of the Notes, a first-priority security
interest in the Escrow Account and all specified cash equivalents therein to secure the payment of the Special Mandatory Redemption Price; provided, however, that such lien and security interest shall automatically be released and terminate
at such time as the Escrowed Property is released from the Escrow Account on the Escrow Release Date. The Escrow Agent will invest the Escrowed Property in such specified cash equivalents, and liquidate such specified cash equivalents, as Escrow
Issuer will from time to time direct in writing in accordance with the Escrow Agreement. 

Section 4.21    Limitation on Activities of Escrow Issuer Prior to Escrow Release Date. 

  
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 On the Issue Date, and prior to the consummation of the Merger, Escrow Issuer will be
restricted to issuing the Notes and the ERI Notes, performing its obligations in respect of the Notes under this Indenture and the ERI Notes under the ERI Indentures and the Escrow Agreement and the ERI Escrow Agreements, performing obligations
under the Merger Agreement, and consummating the Transactions or redeeming the Notes and the ERI Notes on the Special Mandatory Redemption Date, as applicable, and conducting such other activities as are necessary or appropriate to carry out the
activities described above. Prior to the Escrow Release Date, the Escrow Issuer will not issue any Indebtedness other than the Notes or the ERI Notes or own, hold or otherwise have any interest in any assets other than the Escrow Account, the ERI
Escrow Accounts, its interest in the Merger Agreement and cash or Cash Equivalents. 
 ARTICLE V. 

SUCCESSOR COMPANY 

Section 5.01    When the Issuers May Merge or Transfer Assets. 

(a)    From and after the Escrow Release Date, the Company may not, directly or indirectly, consolidate, amalgamate,
consummate a Division as the Dividing Person (whether or not the Issuer is the surviving entity or the Division Successor, as applicable) or merge with or into or wind up or convert into (whether or not the Company is the surviving Person), or sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person (other than in connection with the Transactions) unless: 

(i)    (x) the Company is the surviving Person or the Division Successor, as applicable, (y) the
Person formed by or surviving any such consolidation, amalgamation, merger, winding up or conversion (if other than the Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a
corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state thereof or the District of Columbia (the Company or such Person, as the case may be, being herein called the
“Successor Issuer”); provided that in the case where the surviving Person is not a corporation, at least one other Issuer is a corporation, or (z) in the case of a Division where the Issuer is the Dividing Person, either
all Division Successors shall become co-Issuers of the Notes or the Division, as to any Division Successor that will not be a co-Issuer, is permitted by the covenant
described above under Section 4.04 (it being understood for the avoidance of doubt that a Division by the Issuer constitutes a Restricted Payment); 

(ii)    the Successor Issuer (if other than the Company) expressly assumes all the obligations of the
Company under this Indenture and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 

(iii)    immediately after giving effect to such transaction (and treating any Indebtedness which becomes
an obligation of the Successor Issuer or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction) no Default shall have occurred
and be continuing; 
 (iv)    immediately after giving pro forma effect to such transaction, as if
such transaction had occurred at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Issuer or any of its Restricted Subsidiaries as a result of such transaction as having
been Incurred by the Successor Issuer or such Restricted Subsidiary at the time of such transaction), either: 

  
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 (A)    the Successor Issuer would be permitted to Incur
at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 

(B)    the Fixed Charge Coverage Ratio for the Successor Issuer and its Restricted Subsidiaries is not
less than such ratio for such prior Issuer and its Restricted Subsidiaries immediately prior to such transaction; or 

(C)    the Consolidated Leverage Ratio of the Successor Issuer would be equal to or less than the
Consolidated Leverage Ratio for such prior Issuer immediately prior to such transaction; 

(v)    [reserved]; and 

(vi)    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture. 

The Successor Issuer will succeed to, and be substituted for, the Company under this Indenture and the Notes, and in such event the Company
will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clauses (iii) and (iv) of this Section 5.01(a), (a) the Company or any Restricted Subsidiary may merge,
consolidate or amalgamate with or transfer all or part of its properties and assets to another Restricted Subsidiary and (b) the Company may merge, consolidate or amalgamate with an Affiliate incorporated solely for the purpose of establishing
the jurisdiction of formation of the Company in another state of the United States or the District of Columbia or may convert into a corporation, a limited partnership or a business trust, so long as the amount of Indebtedness of the Company and its
Restricted Subsidiaries is not increased thereby. This Article V will not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Company and the Restricted Subsidiaries. 

(b)    Subject to the provisions of Section 12.04 (which govern the release of assets and property securing the Notes
upon the sale or disposition of a Restricted Subsidiary that is a Subsidiary Guarantor), none of the Subsidiary Guarantors shall, and the Company shall not permit any Subsidiary Guarantor to, consolidate, amalgamate, consummate a Division as the
Dividing Person (whether or not such Subsidiary Guarantor is the surviving entity or the Division Successor, as applicable) or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets of the Subsidiary Guarantors taken as a whole in one or more related transactions to, any Person (other than in any case in connection with the
Transactions) unless: 
 (i)    either (A) such Subsidiary Guarantor is the surviving Person or the
Division Successor, as applicable, the Person formed by or surviving any such Division, consolidation, amalgamation or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made is a corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state thereof or the District of Columbia (such Subsidiary Guarantor or such
Person, as the case may be, being herein called the “Successor Entity”) and the Successor Entity (if other than such Subsidiary Guarantor) expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture and
the Security Documents pursuant to documents or instruments in form reasonably satisfactory to the Trustee, or (B) such sale or disposition or consolidation, amalgamation or merger is not in violation of Section 4.06; and 

  
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 (ii)    the Successor Entity (if other than such
Subsidiary Guarantor) shall have delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if
any) comply with this Indenture. 
 Except as otherwise provided in this Indenture, the Successor Entity (if other than such Subsidiary
Guarantor) will succeed to, and be substituted for, such Issuer or Subsidiary Guarantor under this Indenture and such Subsidiary Guarantor’s obligations in respect of the Notes, and such Subsidiary Guarantor will automatically be released and
discharged from its obligations under this Indenture and such Subsidiary Guarantor’s obligations in respect of the Notes. Notwithstanding the foregoing, (1) a Subsidiary Guarantor may merge, amalgamate or consolidate with an Affiliate
incorporated solely for the purpose of establishing the jurisdiction of formation in another state of the United States or the District of Columbia or for changing the form of such entity into a corporation, limited liability company, limited
partnership or business trust so long as the amount of Indebtedness of such Issuer or Subsidiary Guarantor is not increased thereby and (2) a Subsidiary Guarantor may merge, amalgamate or consolidate with another Subsidiary Guarantor. 

In addition, notwithstanding the foregoing, any Subsidiary Guarantor may consolidate, amalgamate or merge with or into or wind up into, or
sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets (collectively, a “Transfer”) to any Subsidiary Guarantor. 

ARTICLE VI. 
 DEFAULTS
AND REMEDIES 
 Section 6.01    Events of Default. An “Event of Default” occurs with
respect to the Notes if: 
 (a)    there is a default in any payment of interest on any Note when the same becomes due
and payable, and such default continues for a period of 30 days; 
 (b)    there is a default in the payment of
principal or premium, if any, of any Note when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 

(c)    the failure by the Company or any Restricted Subsidiary to comply for 60 days after notice with its other
agreements contained in the Notes or this Indenture; 
 (d)    the failure by the Company or any Significant Subsidiary
(or any group of Subsidiaries that together would constitute a Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to the Company or a Restricted Subsidiary) within any applicable grace period after final maturity or the
acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $225.0 million or its foreign currency equivalent (the
“cross-acceleration provision”); 
 (e)    either the Company or any Significant Subsidiary pursuant to
or within the meaning of any Bankruptcy Law: 
 (i)    commences a voluntary case; 

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

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

(iii)    orders the winding up or liquidation of either the Company or any Significant Subsidiary; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days (the
“bankruptcy provision”); 
 (g)    failure by the Company or any Significant Subsidiary (or any group
of Subsidiaries that together would constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $225.0 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies
issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 consecutive days (the “judgment default provision”); 

(h)    the Note Guarantee of a Significant Subsidiary (or any group of Subsidiaries that together would constitute a
Significant Subsidiary) ceases to be in full force and effect (except as contemplated by the terms thereof); 

(i)    unless all of the Collateral has been released from Liens securing the Notes Obligations in accordance with the
provisions of Article XII, the Liens securing the Notes Obligations on any material portion of the Collateral cease to be valid or enforceable or cease to create valid and perfected first-priority Liens (subject to Permitted Liens) and such Default
continues for 30 days, or the Company shall assert, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable and, in the case of any such Person that is a Subsidiary of the Company, the
Company fails to cause such Subsidiary to rescind such assertions within 30 days after the Company has actual knowledge of such assertions; or 

(j)    the failure by the Company or any Subsidiary Guarantor to comply for 60 days after notice with its other agreements
contained in the Security Documents except for a failure that would not be material to the holders of the Notes and would not materially affect Liens on the Collateral securing the Notes Obligations or the value of the Collateral taken as a whole.

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

  
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 The term “Bankruptcy Law” means the Bankruptcy Code, or any similar Federal,
foreign or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

However, a default under clauses (c) or (j) above shall not constitute an Event of Default until the Trustee or the holders of 30% in
principal amount of outstanding Notes notify the Issuers of the default and the Issuers do not cure such default within the time specified in clauses (c) or (j) hereof after receipt of such notice. Such notice must specify the Default, demand
that it be remedied and state that such notice is a “Notice of Default.” The Issuers shall deliver to the Trustee, within five (5) Business Days after the occurrence thereof, written notice in the form of an Officer’s Certificate
of any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Issuers are taking or proposes to take with respect thereto. 

Section 6.02    Acceleration. If an Event of Default (other than an Event of Default specified in
Section 6.01(e) or 6.01(f) hereof with respect to the Issuer) occurs and is continuing, the Trustee may (and shall if directed by the holders of at least 30% in principal amount of outstanding Notes) or the holders of at least 30% in principal
amount of outstanding Notes by notice to the Issuer may declare the principal of, premium, if any, and accrued but unpaid interest on all the Notes to be due and payable; provided, however, that so long as any Bank Indebtedness remains
outstanding, no such acceleration shall be effective until the earlier of (1) five Business Days after the giving of written notice to the Issuer and the Representative under any Credit Agreement and (2) the day on which any Bank
Indebtedness is accelerated. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(e) or (f) with respect to the Issuer occurs, the principal of,
premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. The holders of a majority in principal amount of the outstanding Notes, on behalf
of the holders of all of the Notes, may rescind any acceleration with respect to the Notes and its consequences; provided such rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 

In the event of any Event of Default specified in Section 6.01(d) above, such Event of Default and all consequences thereof (excluding,
however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within 20 days after such Event of Default arose the Issuers deliver an
Officer’s Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action
(as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as
described above be annulled, waived or rescinded upon the happening of any such events. 
 Section 6.03    Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the
Notes, this Indenture or the Security Documents. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. No remedy is exclusive of any other remedy. To the extent required by law, all available remedies are cumulative. 

  
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 Section 6.04    Waiver of Past Defaults. Provided the Notes
are not then due and payable by reason of a declaration of acceleration, the holders of a majority in principal amount of the Notes by written notice to the Trustee may waive an existing Default and its consequences except (a) a Default in the
payment of the principal of or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default in respect of a provision that under
Section 9.02 cannot be amended without the consent of each holder affected. When a Default is waived, it is deemed cured and the Issuers, the Trustee and the holders will be restored to their former positions and rights under this Indenture,
but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

Section 6.05    Control by Majority. The holders of a majority in principal amount of Notes may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or, if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive committee, or a trust committee
of directors or trustees and/or Trust Officers shall determine that the action or proceeding so directed might involve the Trustee in personal liability or expense for which it is not adequately indemnified, or subject to Section 7.01, that is
unduly prejudicial to the rights of any other holder or that might involve the Trustee in personal or financial liability. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnification and 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)    Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may
pursue any remedy with respect to this Indenture or the Notes unless: 
 (i)    such holder has
previously given the Trustee notice that an Event of Default is continuing; 
 (ii)    holders of at
least 30% in principal amount of the outstanding Notes have requested the Trustee to pursue the remedy; 

(iii)    such holders have offered the Trustee reasonable security and indemnity against any loss,
liability or expense; 
 (iv)    the Trustee has not complied with such request within 60 days after the
receipt of the request and the offer of security or indemnity; and 
 (v)    the holders of a majority in
principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 

(b)    A holder may not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority
over another holder. 
 Section 6.07    Rights of the Holders to Receive Payment. Notwithstanding any other
provision of this Indenture, the contractual right of any holder to receive payment of principal of and interest on the Notes held by such holder, on or after the respective due dates expressed or provided for in the Notes, or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such holder. 

  
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 Section 6.08    Collection Suit by Trustee. If an Event of
Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuers or any other obligor on the Notes for the whole amount then due
and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07. 

Section 6.09    Trustee May File Proofs of Claim. The Trustee may file such proofs of claim, statements of
interest and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants,
experts or such other professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the Issuers, the Subsidiary Guarantors, their creditors or their property (including in
any bankruptcy, insolvency, receivership or other similar case or proceeding), shall be entitled to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or
applicable regulations, may vote on behalf of the holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian, bankruptcy trustee, or debtor-in-possession in any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 

Section 6.10    Priorities. Subject to the terms of the First Lien Intercreditor Agreement and any Junior
Intercreditor Agreement and the Security Documents, any money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Issuers’ or any Subsidiary Guarantor’s
obligations under this Indenture after an Event of Default shall be applied in the following order: 
 FIRST: to the Trustee
(acting in any capacity hereunder or in connection herewith) for amounts due under Section 7.07; 
 SECOND: to the
holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and

 THIRD: to the Issuers or, to the extent the Trustee collects any amount for any Subsidiary Guarantor, to such Subsidiary
Guarantor. 
 The Trustee may fix a record date and payment date for any payment to the holders pursuant to this Section 6.10. At least
15 days before such record date, the Trustee shall mail to each holder and the Issuers a notice that states the record date, the payment date and amount to be paid. 

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

  
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 Section 6.12    Waiver of Stay or Extension Laws. Neither
the Issuers nor any Subsidiary Guarantor (to the extent it may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any
time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuers and Subsidiary Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and
shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE VII. 
 TRUSTEE

 Section 7.01    Duties of Trustee. 

(a)    The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or
waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

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

(i)    the Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture and no implied covenants, duties or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a
duty); and 
 (ii)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee shall be under no duty to make any
investigation as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case of certificates or opinions
required by any provision hereof to be provided to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (c)    The Trustee may not be relieved from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

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

(ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii)    the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 

  
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 (iv)    no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise Incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d)    Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and
(c) of this Section 7.01. 
 (e)    The Trustee shall not be liable for interest on any money received by it
except as the Trustee may agree in writing with the Issuers. 
 (f)    Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law. 
 (g)    Every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.02. 

Section 7.02    Rights of Trustee. 

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

(b)    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c)    The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent
appointed with due care. 
 (d)    The Trustee shall not be responsible or liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e)    The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to
legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or
opinion of such counsel. 
 (f)    The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the holders of not less than a
majority in principal amount of the Notes at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuers, personally or by agent or attorney, at the expense of the Issuers and shall Incur no liability of any kind by reason of such inquiry or
investigation. 
 (g)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by this Indenture at the request or direction of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which
might be Incurred by it in compliance with such request or direction. 

  
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 (h)    The rights, privileges, protections, immunities and benefits
given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(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 Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee in accordance with Section 6.01, and such notice references the Notes
and this Indenture. 
 (l)    The Trustee may request that the Issuers deliver an Officer’s Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take 
 specified actions pursuant to this Indenture, which
Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

(m)    The Trustee shall not be responsible or liable for special, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of actions. 

(n)    The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers
under this Indenture. 
 (o)    The Trustee shall not be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other
military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; the unavailability of the Federal Reserve Bank wire or
facsimile or other wire or communication facility; and acts of civil or military authorities and governmental action. 

(p)    The Trustee shall have no duty to monitor or investigate the Issuers’ compliance with or breach of any
representation, warranty, covenant or duty made in this Indenture. Delivery of reports, information and documents under Section 4.02 of this Indenture is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any of the information therein including the Issuers’ compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely conclusively on Officer’s Certificates provided to it by an
Issuer). 

  
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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 Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with
like rights. However, the Trustee must comply with Section 7.10. 

Section 7.04    Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture, the Note Guarantees or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuers
or any Subsidiary Guarantor in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge of any
Default or Event of Default under Sections 6.01(c), (d), (e), (f), (g), (h), (i) or (j), or of the identity of any Significant Subsidiary unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee shall
have received written notice thereof in accordance with Section 14.02 hereof from the Issuers, any Subsidiary Guarantor or any holder. In accepting the trust hereby created, the Trustee acts solely as Trustee for the holders of the Notes and
not in its individual capacity and all persons, including without limitation the holders of Notes and the Issuers having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee
hereunder for payment except as otherwise provided herein. 
 Section 7.05    Notice of Defaults. If a
Default occurs and is continuing and if it is actually known to the Trustee, the Trustee shall mail to each holder notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a Trust Officer or
written notice if it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in
good faith determines that withholding the notice is in the interests of the holders. The Issuers are required to deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default that occurred during the
previous year. The Issuers also are required to deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any event which would constitute certain Defaults, their status and what action the Issuers are taking or propose
to take in respect thereof. 
 Section 7.06    [Reserved]. 

Section 7.07    Compensation and Indemnity. The Issuers shall pay to the Trustee (acting in any capacity
hereunder or in connection herewith) from time to time such compensation, as the Issuers and the Trustee shall from time to time agree in writing, for the Trustee’s acceptance of this Indenture and its services hereunder. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee (acting in any capacity hereunder or in connection herewith) upon request for all reasonable out-of-pocket expenses Incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuers and the Subsidiary Guarantors, jointly and severally shall indemnify the Trustee (acting in any capacity hereunder or
in connection herewith), including its officers, directors, employees and agents, and shall hold them harmless, against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) Incurred by or in
connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture or Note Guarantee against the Issuers or any Subsidiary Guarantor (including
this Section 7.07) and defending itself against or investigating any claim (whether asserted by the Issuers, any Subsidiary Guarantor, any holder or any other Person). The obligation to pay such amounts, including any indemnification, shall
survive the payment in full or defeasance of the Notes or the removal or resignation of the Trustee. The Trustee shall notify the Issuers of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof;
provided, however, that any 

  
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failure so to notify the Issuers shall not relieve any Issuer or any Subsidiary Guarantor of its indemnity obligations hereunder. The Issuers shall defend the claim and the indemnified party
shall provide reasonable cooperation at the Issuers’ expense in the defense. Such indemnified parties may have separate counsel and the Issuers and such Subsidiary Guarantor, as applicable, shall pay the fees and expenses of such counsel;
provided, however, that the Issuers shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no conflict of interest
between the Issuers and the Subsidiary Guarantor, as applicable, and such parties in connection with such defense. The Issuers need not reimburse any expense or indemnify against any loss, liability or expense Incurred by an indemnified party
through such party’s own willful misconduct, negligence or bad faith. 
 To secure the Issuers’ and the Subsidiary
Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on
particular Notes. 
 The Issuers’ and the Subsidiary Guarantors’ payment obligations pursuant to this Section shall survive
the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to the Trustee under applicable
law, when the Trustee Incurs expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuers, the expenses are intended to constitute expenses of administration under the Bankruptcy Law (including
under Section 507 of the Bankruptcy Code). 
 No provision of this Indenture shall require the Trustee to expend or risk its own funds
or otherwise Incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity against such risk or liability is not assured to its
satisfaction. 
 Section 7.08    Replacement of Trustee. 

(a)    The Trustee may resign at any time by so notifying the Issuers. The holders of a majority in principal amount of the
Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuers shall remove the Trustee if: 

(i)    the Trustee fails to comply with Section 7.10; 

(ii)    the Trustee is adjudged bankrupt or insolvent; 

(iii)    a receiver or other public officer takes charge of the Trustee or its property; or 

(iv)    the Trustee otherwise becomes incapable of acting. 

(b)    If the Trustee resigns, is removed by the Issuers or by the holders of a majority in principal amount of the Notes
and such holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuers shall promptly appoint
a successor Trustee. 
 (c)    A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuers. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to the holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

  
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 (d)    If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee or the holders of 10% in principal amount of the Notes may petition at the expense of the Issuers any court of competent jurisdiction for the appointment of a successor Trustee. 

(e)    If the Trustee fails to comply with Section 7.10, any holder who has been a bona fide holder of a Note for at
least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f)    Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuers’ obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee. 
 Section 7.09    Successor Trustee
by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion,
consolidation or transfer to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

Section 7.10    Eligibility; Disqualification. 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 $100,000,000 as set forth in its most recent published annual report of condition. 

Section 7.11    Escrow Authorization. Each holder, by its acceptance of a Note, consents and agrees to the
terms of the Escrow Agreement, including related documents thereto, as the same may be in effect or may be amended from time to time in writing by the parties thereto, and authorizes and directs the Trustee to enter into the Escrow Agreement,
binding the holders to the terms thereof and to perform its obligations and exercise its rights thereunder in accordance herewith and therewith. The Issuers shall do or cause to be done all such acts and things as may be necessary or proper, or as
may be required by the provisions of the Escrow Agreement, to assure and confirm to the Trustee the security interest contemplated by the Escrow Agreement or any part thereof, as from time to time constituted, so as to render the same available for
the security and benefit of this Indenture and of the Notes, according to the intent and purpose herein expressed. The Issuers shall take, or shall cause to be taken, any and all actions reasonably required to cause the Escrow Agreement to create
and maintain, as security for the obligations of the Issuers under this Indenture and the Notes as provided in the Escrow Agreement, valid and enforceable first priority perfected liens in and on all the Escrowed Property, in favor of the Trustee
for its benefit and the ratable benefit of the holders, superior to and prior to the rights of third Persons and subject to no other Liens. 

  
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 ARTICLE VIII. 

DISCHARGE OF INDENTURE; DEFEASANCE 

Section 8.01    Discharge of Liability on Notes; Defeasance. 

(a)    This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of
registration or transfer or exchange of Notes, as expressly provided for in this Indenture) as to all outstanding Notes when: 

(i)    either (a) all the Notes theretofore authenticated and delivered (except lost, stolen or
destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuers and thereafter repaid to the Issuers or discharged from such trust) have been
delivered to the Trustee for cancellation or (b) all of the Notes (1) have become due and payable, (2) will become due and payable at their Stated Maturity within one year or (3) if redeemable at the option of the Issuers, are to
be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers, and the Issuers have irrevocably deposited or caused to be
deposited with the Trustee funds in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of
deposit together with irrevocable instructions from the Issuers directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; provided that upon any redemption that requires the payment of the
Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any
deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to the date of the redemption; 

(ii)    the Issuers and/or the Subsidiary Guarantors have paid all other sums payable under this Indenture;
and 
 (iii)    the Issuers have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

(b)    Subject to Sections 8.01(c) and 8.02, the Issuers at any time may terminate (i) all of their obligations
under the Notes and this Indenture (with respect to the holders of the Notes) (“legal defeasance option”) or (ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12, 4.16, 4.17, 4.18,
4.19 and 4.20 and the operation of Section 5.01 for the benefit of the holders of the Notes, and Sections 6.01(c), 6.01(d) and Sections 6.01(e) and 6.01(f) (with respect to Significant Subsidiaries only), 6.01(g), 6.01(h), 6.01(i) and
6.01(j) (“covenant defeasance option”). The Issuers may exercise their legal defeasance option notwithstanding their prior exercise of its covenant defeasance option. In the event that the Issuers terminate all of their obligations
under the Notes and this Indenture (with respect to such Notes) by exercising their legal defeasance option or their covenant defeasance option, the obligations of each Subsidiary Guarantor with respect to the Notes and of the Issuers and each
Subsidiary Guarantor with respect to the Security Documents (with respect to the Notes Obligations) shall be terminated simultaneously with the termination of such obligations. 

If the Issuers exercise its legal defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default
with respect thereto. If the Issuers exercise their covenant 

  
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defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default specified in Section 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(i) and 6.01(j) (with
respect to only Significant Subsidiaries), 6.01(g) and 6.01(h) or because of the failure of the Issuers to comply with Section 5.01. 

Upon satisfaction of the conditions set forth herein and upon request of the Issuers, the Trustee shall acknowledge in writing the discharge
of those obligations that the Issuers terminate. 
 (c)    Notwithstanding clauses (a) and (b) above, the
Issuers’ obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in this Article VIII shall survive until the Notes have been paid in full. Thereafter, the Issuers’ obligations in Sections 7.07, 8.05 and
8.06 shall survive such satisfaction and discharge. 
 Section 8.02    Conditions to Defeasance. 

(a)    The Issuers may exercise their legal defeasance option or their covenant defeasance option only if: 

(i)    the Issuers irrevocably deposit in trust with the Trustee cash in U.S. Dollars, U.S. Government
Obligations or a combination thereof sufficient to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption, as the case may be, including interest thereon to maturity or such redemption date;
provided that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable
Premium calculated as of the date of the notice of redemption, with any deficit as of the date of the redemption only required to be deposited with the Trustee on or prior to the date of the redemption; 

(ii)    the Issuers deliver to the Trustee a certificate from a nationally recognized firm of independent
accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such
amounts as will be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

(iii)    no Default specified in Section 6.01(e) or (f) with respect to the Issuers shall have
occurred or is continuing on the date of such deposit; 
 (iv)    the deposit does not constitute a
default under any other agreement binding on the Issuers and is not prohibited by Article X; 

(v)    in the case of the legal defeasance option, the Issuers shall have delivered to the Trustee an
Opinion of Counsel stating that (1) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable Federal income tax
law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject
to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred. Notwithstanding the foregoing, the Opinion of Counsel required by the immediately
preceding sentence with respect to a legal defeasance need not be delivered if all of the Notes not theretofore delivered to 

  
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the Trustee for cancellation (x) have become due and payable or (y) will become due and payable at their Stated Maturity within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuers; 

(vi)    such exercise does not impair the right of any holder to receive payment of principal of, premium,
if any, and interest on such holder’s Notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; 

(vii)    in the case of the covenant defeasance option, the Issuers shall have delivered to the Trustee an
Opinion of Counsel to the effect that the holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(viii)    the Issuers deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent to the defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article VIII have been complied with. 

(b)    Before or after a deposit, the Issuers may make arrangements satisfactory to the Trustee for the redemption of such
Notes at a future date in accordance with Article III. 
 Section 8.03    Application of Trust Money.
The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article VIII. It shall apply the deposited money and the money from U.S. Government Obligations through each
Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes so discharged or defeased. 

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

Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuers upon written request any money
held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Issuers for payment as general creditors, and the Trustee and each Paying Agent shall have no
further liability with respect to such monies. 
 Section 8.05    Indemnity for U.S. Government Obligations.
The Issuers shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

Section 8.06    Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S.
Government Obligations in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
Issuers’ obligations under this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any Paying Agent is
permitted to apply all such money or 

  
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U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuers have made any payment of principal of, premium, if any, or interest
on, any such Notes because of the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying
Agent. 
 ARTICLE IX. 

AMENDMENTS AND WAIVERS 

Section 9.01    Without Consent of the Holders. 

(a)    The Issuers and the Trustee may amend or supplement this Indenture, the Security Documents, the First Lien
Intercreditor Agreement, any Junior Lien Intercreditor Agreement or the Notes without notice to or consent of any holder: 

(i)    to cure any ambiguity, omission, mistake, defect or inconsistency; 

(ii)    to provide for the assumption by a Successor Issuer (with respect to an Issuer) of the obligations
of the Issuers under this Indenture and the Notes; 
 (iii)    to provide for the assumption by a
Successor Entity of the obligations of a Subsidiary Guarantor under this Indenture, the Notes or its Note Guarantee, as applicable, and the Security Documents; 

(iv)    to provide for uncertificated Notes in addition to or in place of certificated Notes
(provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code);

 (v)    to add a Subsidiary Guarantor or collateral with respect to the Notes, to secure the Notes;

 (vi)    to add to the covenants of the Issuers for the benefit of the holders or to surrender any
right or power herein conferred upon the Issuers; 
 (vii)    to make any change that does not adversely
affect the rights of any holder; 
 (viii)    to conform the text of this Indenture, the Notes, the Note
Guarantees, the Security Documents, the First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement to any provision of the “Description of Senior Secured Notes” in the Offering Memorandum to the extent that such
provision in the “Description of Senior Secured Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes, the Note Guarantees, the Security Documents, the First Lien Intercreditor Agreement or any Junior
Lien Intercreditor Agreement, and the Issuers will confirm their good faith intention of any such textual change intended to be a verbatim recitation in an Officer’s Certificate delivered to the Trustee; 

(ix)    to release or subordinate Collateral as permitted by this Indenture or the Intercreditor Agreements
(including (A) to consent to and enter into (and execute documents permitting the filing and recording, where appropriate) the grant of easements, covenants, 

  
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declarations, sub-divisions and subordination rights with respect to real property, conditions, restrictions and declarations on customary terms, and (B) subordination, nondisturbance and
attornment agreements (x) on customary terms reasonably requested by the Issuers or (y) with respect to any Master Lease or any Gaming Lease, to the extent requested by the landlord under such Master Lease or Gaming Lease); 

(x)    to add additional secured creditors holding Other First Priority Lien Obligations or other Junior
Lien Obligations so long as such obligations are not prohibited by this Indenture or the Security Documents; 

(xi)    to make changes to provide for the issuance of the Additional Notes; or 

(xii)     to amend, waive or modify this Indenture, the Notes, the First Lien Intercreditor Agreement, any
Junior Lien Intercreditor Agreement or any Security Document as required by local law to give effect to, or protect any security interest for the benefit of the First Lien Secured Parties, in any property or so that the security interests therein
comply with applicable law or this Indenture or in each case to otherwise enhance, protect or preserve the rights or benefits of any holder of Notes under this Indenture, the Notes or the Note Guarantees. 

(b)    After an amendment under this Section 9.01 becomes effective, the Issuers shall mail to the holders a notice
briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 

Section 9.02    With Consent of the Holders. 

(a)    The Issuers, the Escrow Agent (if applicable) and the Trustee may amend or supplement this Indenture, the Security
Documents, the First Lien Intercreditor Agreement, the Escrow Agreement and any Junior Lien Intercreditor Agreement with the written consent of the holders of at least a majority in principal amount of the Notes then outstanding voting as a single
class (including consents obtained in connection with a tender offer or exchange for the Notes). However, without the consent of each holder of an outstanding Note affected, an amendment may not: 

(1)    reduce the amount of Notes whose holders must consent to an amendment; 

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

(3)    reduce the principal of or change the Stated Maturity of any Note; 

(4)    reduce the premium payable upon the redemption of any Note or change the time at which any Note may
be redeemed in accordance with Article III; 
 (5)    make any Note payable in money other than that
stated in such Note; 
 (6)    expressly subordinate the Notes in right of payment to any other
Indebtedness of the Issuers or any Subsidiary Guarantor; 
 (7)    impair the contractual right of any
holder to institute suit for the enforcement of any payment on or with respect to such holder’s Notes on or after the due dates therefor; 

(8)    make any change in the amendment provisions which require each holder’s consent or in the
waiver provisions; or 

  
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 (9)    make any change in the provisions of the First
Lien Intercreditor Agreement, any Junior Lien Intercreditor Agreement or this Indenture dealing with the application of proceeds of Collateral that would adversely affect the holders of the Notes. 

Except as expressly provided by this Indenture, without the consent of holders of at least 66 2/3% in aggregate principal amount of the Notes
then outstanding, no amendment may modify or release the Note Guarantee of any Significant Subsidiary in any manner adverse to the holders of the Notes. In addition, except as expressly provided by this Indenture, without the consent of the holders
of at least 66 2/3% in aggregate principal amount of Notes then outstanding, no amendment or waiver may release all or substantially all of the Collateral from the Lien of this Indenture and the Security Documents with respect to the Notes. 

It shall not be necessary for the consent of the holders under this Section 9.02 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 9.02
becomes effective, the Issuers shall mail to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.02. 
 Section 9.03    [Reserved]. 

Section 9.04    Revocation and Effect of Consents and Waivers. 

(a)    A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of
that Note or portion of the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as
to such holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s Certificate from the Issuers certifying that the requisite principal amount of Notes
have consented. After an amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuers or the Trustee of consents by the holders of the requisite principal amount
of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental
indenture) by the Issuers and the Trustee. 
 (b)    The Issuers may, but shall not be obligated to, fix a record date
for the purpose of determining the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether
or not such Persons continue to be holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.05    Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a
Note, the Issuers may require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the holder. Alternatively, if the Issuers or the Trustee so
determine, the Issuers in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such
amendment, supplement or waiver. 

  
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 Section 9.06    Trustee to Sign Amendments. The Trustee
shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In
signing such amendment, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers and the Subsidiary Guarantors,
enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof and that all conditions precedent to the execution and delivery of the supplemental indenture have been complied with.

 Section 9.07    Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this
Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of the
requisite aggregate principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.14. 

ARTICLE X. 
 [RESERVED.]

 ARTICLE XI. 

RANKING OF NOTE LIENS 

Section 11.01    Relative Rights. The First Lien Intercreditor Agreement and after the effectiveness thereof,
any Junior Lien Intercreditor Agreement define the relative rights, as lienholders, of holders of Liens securing First Priority Lien Obligations and holders of Liens securing Junior Lien Obligations. Nothing in this Indenture or the First Lien
Intercreditor Agreement (or any Junior Lien Intercreditor Agreement) will: 
 (a)    impair, as between the Issuers and
holders of Notes, the obligation of the Issuers, which is absolute and unconditional, to pay principal of, premium and interest on Notes in accordance with their terms or to perform any other obligation of the Issuers or any other obligor under this
Indenture, the Notes, the Note Guarantees and the Security Documents; 
 (b)    restrict the right of any holder to sue
for payments that are then due and owing, in a manner not inconsistent with the provisions of the First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement; 

(c)    prevent the Trustee, the Collateral Agent or any holder from exercising against the Issuers or any other obligor
any of its other available remedies upon a Default or Event of Default (other than its rights as a secured party, which are subject to the First Lien Intercreditor Agreement); or 

  
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 (d)    restrict the right of the Trustee, the Collateral Agent or any
holder: 
 (i)    to file and prosecute a petition seeking an order for relief in an involuntary
bankruptcy case or proceeding as to any obligor or otherwise to commence, or seek relief commencing, any insolvency or liquidation case or proceeding involuntarily against any obligor; 

(ii)    to make, support or oppose any request for an order for dismissal, abstention or conversion in any
insolvency or liquidation case or proceeding; 
 (iii)    to make, support or oppose, in any insolvency
or liquidation case or proceeding, any request for an order extending or terminating any period during which the debtor (or any other Person) has the exclusive right to propose a plan of reorganization or other dispositive restructuring or
liquidation plan therein; 
 (iv)    to seek the creation of, or appointment to, any official committee
representing creditors (or certain of the creditors) in any insolvency or liquidation case or proceedings and, if appointed, to serve and act as a member of such committee without being in any respect restricted or bound by, or liable for, any of
the obligations under this Article XI; 
 (v)    to seek or object to the appointment of any professional
person to serve in any capacity in any insolvency or liquidation case or proceeding or to support or object to any request for compensation made by any professional person or others therein; 

(vi)    to make, support or oppose any request for order appointing a trustee or examiner in any insolvency
or liquidation case or proceeding; or 
 (vii)    otherwise to make, support or oppose any request for
relief in any insolvency or liquidation case or proceeding that it is permitted by law to make, support or oppose: 
 if it were a holder of
unsecured claims; or 
 (1)    as to any matter relating to any plan of reorganization or other 

(2)    restructuring or liquidation plan or as to any matter relating to the administration of the estate
or the disposition of the case or proceeding (in each case except as set forth in the First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement). 

ARTICLE XII. 

COLLATERAL 

Section 12.01    Security Documents. The payment of the principal of and interest and premium, if any, on the
Notes when due, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise and whether by the Issuers pursuant to the Notes or by the Subsidiary Guarantors pursuant to the Note Guarantees, the payment of
all other Notes Obligations and the performance of all other obligations of the Issuers and the Subsidiary Guarantors under this Indenture, the Notes, the Note Guarantees and the Security Documents are secured as provided in the Security Documents
which the Issuers and the Subsidiary Guarantors have entered into and will be secured by Security Documents hereafter delivered as required or permitted by this Indenture. The Issuers and the Subsidiary Guarantors hereby acknowledge and agree that
the Collateral Agent holds a Lien on the Collateral for the benefit of the holders of the Notes and pursuant to the terms of the Security Documents, subject to the terms of the First Lien Intercreditor Agreement and any Junior Lien Intercreditor
Agreement. The Issuers shall, and shall cause each Subsidiary Guarantor to, and each Subsidiary 

  
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Guarantor shall, make all filings (including filings of continuation statements and amendments to Uniform Commercial Code financing statements that may be necessary to continue the effectiveness
of such Uniform Commercial Code financing statements) and all other actions as are necessary or required by the Security Documents to maintain (at the sole cost and expense of the Company and its Subsidiary Guarantors) the security interest in favor
of the Collateral Agent for its benefit and the benefit of the Trustee and the holders of the Notes created by the Security Documents in the Collateral (other than with respect to any Collateral the security interest in which is not required to be
perfected under the Security Documents) as a perfected first priority security interest subject only to Permitted Liens. 

Section 12.02    Collateral Agent. 

(a)    The Collateral Agent shall have all the rights and protections provided in the Security Documents and shall have all
of the rights and protections provided to the collateral agent appointed pursuant to the CRC Credit Agreement. 

(b)    Subject to Section 7.01, neither the Trustee nor the Collateral Agent nor any of their respective officers,
directors, employees, attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any Collateral, for the legality, enforceability, effectiveness or sufficiency of the Security Documents, for the
obtaining or maintaining insurance on any Collateral, for the creation, perfection, priority, sufficiency or protection of any Lien securing the Notes Obligations, or any defect or deficiency as to any such matters. Beyond the exercise of reasonable
care in the custody thereof, the Collateral Agent shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties
or any other rights pertaining thereto and the Collateral Agent shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting
or maintaining the perfection of any security interest in the Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially
equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee
selected by the Collateral Agent in good faith. 
 (c)    Subject to the Security Documents and the First Lien
Intercreditor Agreement, (i) the Trustee shall direct the Collateral Agent and (ii) except as directed by the Trustee as required or permitted by this Indenture and any other representatives or pursuant to the Security Documents, the
holders acknowledge that Collateral Agent will not be obligated: 
 (i)    to act upon directions
purported to be delivered to it by any other Person; 
 (ii)    to foreclose upon or otherwise enforce
any Lien securing the Notes Obligations; or 
 (iii)    to take any other action whatsoever with regard
to any or all of the Lien securing the Notes Obligations, Security Documents or Collateral. 
 (d)    The holders of
Notes agree that the Collateral Agent shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to the Collateral Agent by the Security Documents. Furthermore, each holder of a Note, by accepting such
Note, consents and agrees to the terms of and authorizes and directs the Trustee (in each of its capacities) and the Collateral Agent to enter into and perform the First Lien Intercreditor Agreement (and any future First Lien Intercreditor
Agreement), any Junior Lien Intercreditor Agreement and Security Documents in each of its capacities thereunder. 

  
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 (e)    If the Company or any applicable Restricted Subsidiary
(i) Incurs First Priority Lien Obligations at any time when the First Lien Intercreditor Agreement is not in effect or at any time when Indebtedness constituting First Priority Lien Obligations entitled to the benefit of an existing
intercreditor agreement is concurrently retired, and (ii) delivers to the Trustee and Collateral Agent an Officer’s Certificate so stating and requesting the Trustee and/or the Collateral Agent to enter into a First Lien Intercreditor
Agreement in favor of a designated agent or representative for the holders of the First Priority Lien Obligations so Incurred, the holders acknowledge that the Trustee and the Collateral Agent is hereby authorized and directed to (and shall) enter
into such intercreditor agreement, bind the holders on the terms set forth therein and perform and observe its obligations thereunder. 

(f)    If the Company or any applicable Restricted Subsidiary Incurs any Junior Lien Obligations and delivers to the
Collateral Agent and the Trustee an Officer’s Certificate requesting the Trustee and/or the Collateral Agent enter into a Junior Lien Intercreditor Agreement with a designated agent or representative for the holders of the Junior Lien
Obligations so Incurred, the Trustee and the Collateral Agent are hereby authorized and directed to (and shall) enter into such intercreditor agreement, bind the holders on the terms set forth therein and perform and observe its obligations
thereunder. 
 Section 12.03    Authorization of Action to Be Taken. 

(a)    Each holder of Notes, by its acceptance thereof, consents and agrees to the terms of each Security Document, the
First Lien Intercreditor Agreement as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture and any Junior Lien Intercreditor Agreement entered into in accordance
with the terms of this Indenture, appoints the Collateral Agent as its collateral agent, authorizes and directs the Trustee and the Collateral Agent to enter into the Security Documents to which it is a party, authorizes and empowers the Trustee to
direct the Collateral Agent to enter into, and the Collateral Agent to execute and deliver, the First Lien Intercreditor Agreement (and any future First Lien Intercreditor Agreement) and any Junior Lien Intercreditor Agreement permitted hereunder
and authorizes and empowers the Trustee and the Collateral Agent to bind the holders of Notes and other holders of Obligations as set forth in the Security Documents to which it is a party and the First Lien Intercreditor Agreement (and any future
First Lien Intercreditor Agreement)and any Junior Lien Intercreditor Agreement permitted hereunder and to perform its obligations and exercise its rights and powers thereunder. 

(b)    Subject to the terms of the First Lien Intercreditor Agreement (and any future First Lien Intercreditor Agreement)
and any Junior Lien Intercreditor Agreement, the Collateral Agent and the Trustee are authorized and empowered to receive for the benefit of the holders of Notes any funds collected or distributed under the Security Documents to which the Collateral
Agent or the Trustee are a party and to make further distributions of such funds to the holders of Notes according to the provisions of this Indenture. 

(c)    Subject to the provisions of Section 7.01 and Section 7.02 hereof, and the First Lien Intercreditor
Agreement (and any future First Lien Intercreditor Agreement), any Junior Lien Intercreditor Agreement and the Security Documents, during the continuation of an Event of Default, the Trustee may direct, on behalf of the holders, the Collateral Agent
to take all actions it deems necessary or appropriate in order to: 
 (i)    foreclose upon or otherwise
enforce any or all of the Liens securing the Notes Obligations; 

  
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 (ii)    enforce any of the terms of the Security
Documents to which the Collateral Agent or Trustee is a party; or 
 (iii)    collect and receive payment
of any and all Notes Obligations. 
 Subject to the First Lien Intercreditor Agreement (and any future First Lien Intercreditor Agreement),
the Trustee is authorized and empowered (but not obligated) to institute and maintain, or direct the Collateral Agent to institute and maintain, such suits and proceedings as it may deem expedient to protect or enforce the Liens securing the Notes
Obligations or the Security Documents to which the Collateral Agent or Trustee is a party or to prevent any impairment of Collateral by any acts that may be unlawful or in violation of the Security Documents to which the Collateral Agent or Trustee
is a party or this Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interests and the interests of the holders of Notes in the Collateral, including power to institute and
maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such
enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of holders, the Trustee or the Collateral Agent. 

Additionally, the Trustee and the Collateral Agent are authorized and empowered to consent to and enter into (and execute documents permitting
the filing and recording, where appropriate) (A) subordination agreements and consents with respect to the grant of easements, covenants, declarations, subdivisions and subordination rights with respect to real property, conditions,
restrictions and declarations on customary terms, and (B) subordination, non-disturbance and attornment agreements (x) on customary terms reasonably requested by the Issuers or (y) with respect
to any Master Lease or any Gaming Lease, to the extent requested by the landlord under such Master Lease or Gaming Lease. In entering into any such agreements or other instruments, the Trustee and the Collateral Agent shall be entitled to receive
and rely on an Officer’s Certificate to the effect that such agreements or instruments are authorized or permitted by this Indenture. 

Section 12.04    Release of Collateral. 

(a)    Collateral shall be released from the Lien and security interest created by the Security Documents to secure the
Notes and obligations under this Indenture at any time or from time to time in accordance with the provisions of the First Lien Intercreditor Agreement (and any future First Lien Intercreditor Agreement), any Junior Lien Intercreditor Agreement or
as provided hereby or in the Security Documents. The applicable assets included in the Collateral shall be automatically released from the Liens securing the Notes, and the applicable Subsidiary Guarantor shall be automatically released from its
obligations under this Indenture and the Security Documents, under any one or more of the following circumstances or any applicable circumstance as provided in the First Lien Intercreditor Agreement (and any future First Lien Intercreditor
Agreement),    any Junior Lien Intercreditor Agreement or the Security Documents: 

(i)    to enable the Company or any Subsidiary Guarantor to consummate the sale, transfer, distribution or
other disposition of such property or assets to a Person that is not the Company or a Subsidiary Guarantor to the extent not prohibited under Section 4.06; 

(ii)    [reserved]; 

(iii)    in respect of the property and assets of a Subsidiary Guarantor, upon the designation of such
Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with Section 4.04 and the definition of “Unrestricted Subsidiary,” and such Subsidiary Guarantor shall be automatically released from its obligations hereunder and
under the Security Documents; 

  
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 (iv)    [reserved]; 

(v)    in respect of the property and assets of a Subsidiary Guarantor, upon the release or discharge of
the Note Guarantee of such Subsidiary Guarantor in accordance with this Indenture; 
 (vi)    in respect
of any property or assets of the Company or a Subsidiary Guarantor that would constitute Collateral but is at such time not subject to a Lien securing First Priority Lien Obligations (other than the Notes Obligations), other than any property or
assets that cease to be subject to a Lien securing First Priority Lien Obligations in connection with a discharge of such First Priority Lien Obligations; provided that this clause shall not apply with respect to a release of all or
substantially all of the Collateral; provided, further, that if such property and assets are subsequently subject to a Lien securing First Priority Lien Obligations, such property and assets (other than Excluded Assets) shall
subsequently constitute Collateral under this Indenture; 
 (vii)    pursuant to an amendment or waiver
as described under Article IX; and 
 (viii)    to the extent such property or assets constitute Excluded
Assets. 
 In addition, the security interests granted pursuant to the Security Documents securing the Notes Obligations shall automatically
terminate and/or be released all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the applicable Pledgor (as defined in the Collateral Agreement), as of the date upon
(i) all the Obligations under the Notes and this Indenture and the Security Documents (other than contingent or unliquidated obligations or liabilities not then due) have been paid in full in cash or immediately available funds, (ii) a
legal defeasance or covenant defeasance or discharge under Article VIII or (iii) the holders of at least two thirds in aggregate principal amount of all Notes issued and outstanding under this Indenture consent to the termination of the
Security Documents. 
 In connection with any termination or release pursuant to this Section 12.04(a), the Collateral Agent shall
execute and deliver to any Pledgor (as defined in the Collateral Agreement), at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such termination or release (including, without limitation, Uniform
Commercial Code termination statements, intellectual property security agreement releases and mortgage releases), and will duly assign and transfer (or cause the Collateral Custodian to duly assign and transfer) to such Pledgor, such of the Pledged
Collateral (as defined in the Collateral Agreement) that may be in the possession of the Collateral Agent or of the Collateral Custodian, as applicable, and has not theretofore been sold or otherwise applied or released pursuant to this Indenture or
the Security Documents. Any execution and delivery of documents pursuant to this Section 12.04(a) shall be without recourse to or warranty by the Collateral Agent. In connection with any release pursuant to this Section 12.04(a), the
Pledgors shall be permitted to take any action in connection therewith consistent with such release including, without limitation, the filing of Uniform Commercial Code termination statements. 

Upon the receipt of an Officer’s Certificate from an Issuer or Opinion of Counsel, as described in Section 12.04(b) below, if
applicable, and any necessary or proper instruments of termination, subordination, satisfaction or release prepared by the Issuers, the Collateral Agent shall execute, deliver or acknowledge such instruments or releases to evidence the release or
subordination of any Collateral permitted to be released or subordinated pursuant to this Indenture or the Security Documents or the First Lien Intercreditor Agreement. 

  
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 (b)    Notwithstanding anything herein to the contrary, in connection
with any release of Collateral pursuant to Section 12.04(a), the Collateral Agent shall not be required to execute, deliver or acknowledge any instruments of termination, satisfaction or release unless, in each case, an Officer’s
Certificate or Opinion of Counsel certifying that all conditions precedent, including, without limitation, this Section 12.04, have been met and stating under which of the circumstances set forth in Section 12.04(a) above the Collateral is
being released have been delivered to the Collateral Agent and the Trustee on or prior to the date on which the Collateral Agent executes any such instrument. 

Section 12.05    [Reserved]. 

Section 12.06    Release Upon Termination of the Issuers’ Obligations. In the event
(i) that the Issuers deliver to the Trustee, in form and substance acceptable to it, an Officer’s Certificate or Opinion of Counsel certifying that all the Obligations under this Indenture, the Notes and the Security Documents have been
satisfied and discharged by the payment in full of the Issuers’ Obligations under the Notes, this Indenture and the Security Documents, and all such Obligations have been so satisfied, or (ii) a discharge, legal defeasance or covenant
defeasance of this Indenture occurs under Article VIII, the Trustee shall deliver to the Issuers and the Collateral Agent a notice stating that the Trustee, on behalf of the holders, disclaims and gives up any and all rights it has in or to the
Collateral, and any rights it has under the Security Documents, and upon receipt by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall do or cause to be
done all acts reasonably requested by the Issuers to release such Lien as soon as is reasonably practicable. 

Section 12.07    Designations. Except as provided in the next sentence, for purposes of the provisions hereof
and the First Lien Intercreditor Agreement requiring an Issuer to designate Indebtedness for the purposes of the terms First Priority Lien Obligations and Other First Priority Lien Obligations or any other such designations hereunder or under the
First Lien Intercreditor Agreement, any such designation shall be sufficient if the relevant designation provides in writing that such First Priority Lien Obligations or Other First Priority Lien Obligations are permitted under this Indenture and is
signed on behalf of an Issuer by an Officer and delivered to the Trustee, the Collateral Agent and the administrative agent under any Credit Agreement. For all purposes hereof and the First Lien Intercreditor Agreement, such Issuer hereby designates
the Obligations pursuant to the CRC Credit Agreement as in effect on the Escrow Release Date, as First Priority Lien Obligations. 

Section 12.08    Taking and Destruction. Subject to the First Lien Intercreditor Agreement, upon any Taking or
Destruction of any Collateral, all Net Insurance Proceeds received by the Company or any Restricted Subsidiary shall be included in Net Proceeds to the extent set forth in the definition of “Net Proceeds” and shall be applied in accordance
with Section 4.06. 
 ARTICLE XIII. 

GUARANTEE 

Section 13.01    Guarantee. 

(a)    Each Subsidiary Guarantor, by executing a supplemental indenture, hereby jointly and severally, irrevocably and
unconditionally guarantees, as a primary obligor and not merely as a surety, to each holder, to the Trustee and to the Collateral Agent and their respective successors and assigns (i) the performance and punctual payment when due, whether at
Stated Maturity, by acceleration or otherwise, 

  
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of all obligations of the Issuers under this Indenture (including obligations to the Trustee and to the Collateral Agent) and the Notes, whether for payment of principal of, premium, if any, or
interest on in respect of the Notes and all other monetary obligations of the Issuers under this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Issuers whether
for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). The Guaranteed Obligations of all Subsidiary Guarantors
shall be secured by first-priority security interests (subject to Permitted Liens and Liens permitted by Section 4.12) in the Collateral owned by such Subsidiary Guarantor on a pari passu basis with all other First Priority Lien Obligations
pursuant to the terms of the Security Documents and the First Lien Intercreditor Agreement. Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent
from any Subsidiary Guarantor, and that each Subsidiary Guarantor shall remain bound under this Article XIII notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b)    Each Subsidiary Guarantor waives presentation to, demand of payment from and protest to the Issuers of any of the
Guaranteed Obligations and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be
affected by (i) the failure of any holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuers or any other Person under this Indenture, the Notes or any other agreement or otherwise; (ii) any
extension or renewal of this Indenture, the Notes or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of
any security held by any holder or the Trustee for the Guaranteed Obligations or each Subsidiary Guarantor; (v) the failure of any holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or
(vi) any change in the ownership of each Subsidiary Guarantor, except as provided in Section 12.02(b). Each Subsidiary Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided among the
Subsidiary Guarantors, such that such Subsidiary Guarantor’s obligations would be less than the full amount claimed. 

(c)    Each Subsidiary Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuers
first be used and depleted as payment of the Issuers’ or such Subsidiary Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such Subsidiary Guarantor hereunder. Each Subsidiary Guarantor hereby waives any
right to which it may be entitled to require that the Issuers be sued prior to an action being initiated against such Subsidiary Guarantor. 

(d)    Each Subsidiary Guarantor further agrees that its Note Guarantee herein constitutes a guarantee of payment,
performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any holder or the Trustee to any security held for payment of the Guaranteed Obligations. 

(e)    The Note Guarantee of each Subsidiary Guarantor is, to the extent and in the manner set forth in Article XIII,
equal in right of payment to all existing and future Pari Passu Indebtedness and senior in right of payment to all existing and future Subordinated Indebtedness of such Subsidiary Guarantor. Pursuant to the Security Documents and the First Lien
Intercreditor Agreement, the security interests securing the Note Guarantees will be equal in priority (subject to Permitted Liens and Liens permitted by Section 4.12) to all security interests in the Collateral granted to secure the First
Priority Lien Obligations. 
 (f)    Except as expressly set forth in Sections 8.01(b), 12.02 and 12.06, the
obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or 

  
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termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or
impaired or otherwise affected by the failure of any holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor
or would otherwise operate as a discharge of any Subsidiary Guarantor as a matter of law or equity. 
 (g)    Each
Subsidiary Guarantor agrees that its Note Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations of such Subsidiary Guarantor. Each Subsidiary Guarantor further agrees that its Note Guarantee herein
shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded, avoided, or must otherwise be restored by any holder or the
Trustee upon the bankruptcy or reorganization of the Issuers or otherwise. 
 (h)    In furtherance of the foregoing and
not in limitation of any other right which any holder or the Trustee has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuers to pay the principal of or interest on any Guaranteed Obligation when and
as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Subsidiary Guarantor hereby promises to and shall, upon receipt of written demand by
the Trustee, forthwith pay, or cause to be paid, in cash, to the holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed
Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuers to the holders and the Trustee. 

(i)    Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the
holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Subsidiary Guarantor further agrees that, as between it, on the one hand, and the holders and the Trustee, on the other
hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Note Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article VI, such Guaranteed Obligations (whether or not due and
payable) shall forthwith become due and payable by the Subsidiary Guarantors for the purposes of this Section 13.01. 

(j)    Each Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’
fees and expenses) Incurred by the Trustee or any holder in enforcing any rights under this Section 13.01. 

(k)    Upon request of the Trustee, each Subsidiary Guarantor shall execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture although the Trustee shall have no obligation to make any such request. 

  
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 Section 13.02    Limitation on Liability. 

(a)    Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the
Guaranteed Obligations guaranteed hereunder by each Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Subsidiary Guarantor without rendering this Indenture, as it relates to such Subsidiary
Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

(b)    A Note Guarantee as to any Subsidiary that executes a supplemental indenture in accordance with Section 4.11
hereof and provides a guarantee shall terminate and be of no further force or effect and such Subsidiary Guarantor shall be deemed to be released from all obligations under this Article XIII upon: 

(i)    the sale, disposition, exchange or other transfer (including through merger, consolidation,
amalgamation or otherwise) of the Capital Stock (including any sale, disposition or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary), of the applicable Subsidiary Guarantor if such sale,
disposition, exchange or other transfer is made in a manner not in violation of this Indenture; 

(ii)    the Issuers designating such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance
with the provisions of Section 4.04 and the definition of “Unrestricted Subsidiary”; 

(iii)    the release or discharge of the borrowing or guarantee by such Subsidiary Guarantor of the
Indebtedness which resulted in the obligation to guarantee the Notes; 
 (iv)    the Issuers’
exercise of their legal defeasance option or covenant defeasance option under Article VIII or if the Issuers’ obligations under this Indenture are discharged in accordance with the terms of this Indenture; and 

(v)    such Restricted Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge
or security interest in favor of the First Priority Lien Obligations, subject to, in each case, the application of the proceeds of such foreclosure in accordance with Section 12.04. 

Section 13.03    Successors and Assigns. This Article XIII shall be binding upon each Subsidiary
Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the holders and, in the event of any transfer or assignment of rights by any holder or the Trustee, the rights and privileges
conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

Section 13.04    No Waiver. Neither a failure nor a delay on the part of either the Trustee or the holders in
exercising any right, power or privilege under this Article XIII shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and
benefits of the Trustee and the holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XIII at law, in equity, by statute or otherwise. 

Section 13.05    Modification. No modification, amendment or waiver of any provision of this
Article XIII, nor the consent to any departure by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or

  
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consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle any Subsidiary Guarantor
to any other or further notice or demand in the same, similar or other circumstances. 

Section 13.06    Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary and other Person
which is required to become a Subsidiary Guarantor of the Notes pursuant to Section 4.11 shall promptly execute and deliver to the Trustee and the Collateral Agent a supplemental indenture in the form of Exhibit C or Exhibit D, as
applicable, hereto pursuant to which such Subsidiary or other Person shall become a Subsidiary Guarantor under this Article XIII and shall guarantee the Notes. Concurrently with the execution and delivery of such supplemental indenture, the
Company shall deliver to the Trustee and the Collateral Agent an Opinion of Counsel and an Officer’s Certificate to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person
and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at
law or in equity, the Note Guarantee of such Subsidiary Guarantor is a valid and binding obligation of such guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms. 

Section 13.07    Non-Impairment. The failure to endorse a Note
Guarantee on any Note shall not affect or impair the validity thereof. 
 ARTICLE XIV. 

MISCELLANEOUS 

Section 14.01    [Reserved]. 

Section 14.02    Notices. 

(a)    Any notice or communication required or permitted hereunder shall be in writing, in English and delivered in
person, via facsimile, electronic mail or mailed by first-class mail addressed as follows: 
 if to
the Escrow Issuer, the Issuers or a Subsidiary Guarantor: 
 Caesars Resort Collection, LLC 

One Caesars Palace Drive 
 Las
Vegas, Nevada 89109-8969 
 Telephone: (702) 407-6000 

Facsimile: (702) 407-6418 

Attn: General Counsel 
 Email:
equatmann@eldoradoresorts.com 
 if to the Trustee: 

U.S. Bank National Association 

Global Corporate Trust 
 Goodwin
Square 
 225 Asylum Street 

Hartford, Connecticut 06103 

Attention: Laurel Casasanta 

  
 132 

 Facsimile: (860) 241-6897 

Email: laurel.casasanta@usbank.com 

With a copy to: 

Shipman & Goodwin LLP 

One Constitution Plaza 

Hartford, CT 06103 
 Attn:
William G. Rock, Esq. 
 Facsimile: 860-251-5212 

Email: wrock@goodwin.com 
 if to
the Collateral Agent: 
 Credit Suisse AG, Cayman Islands Branch 

Eleven Madison Avenue, 8th Floor 

New York, NY 10010 
 Attention:
catherine.lim.3@credit-suisse.com 
 Office: (212) 325-4239 

Facsimile: (212) 322-2291 
 with
a copy to: 
 Cahill Gordon & Reindel LLP 

80 Pine Street 
 New York, NY
10005-1702 
 Attention: WIlliam J. Miller 

Office: (212) 701-3836 

Facsimile: (212) 378-2500 

Email: wmiller@cahill.com 
 The Issuers or the
Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b)    Any notice or communication mailed to a holder shall be mailed, first class mail, to the holder at the
holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

(c)    Failure to mail a notice or communication to a holder or any defect in it shall not affect its sufficiency with
respect to other holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 

(d)    The Issuer agrees to assume all risks arising out of the use of using digital signatures and electronic methods to
submit communications to Trustee or Collateral Agent, including without limitation the risk of Trustee or Collateral Agent acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 14.03    [Reserved]. 

Section 14.04    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Issuers to the Trustee to take or refrain from taking any action under this Indenture, the Issuers shall furnish to the Trustee: 

(a)    an Officer’s Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the
signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

  
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 (b)    an Opinion of Counsel in form reasonably satisfactory to the
Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Section 14.05    Statements Required in Certificate or Opinion. Each certificate or opinion with respect to
compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 

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

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

(d)    a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied
with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on statements or certificates of an Officer of an Issuer, an Officer’s Certificate or certificates of public officials. 

Section 14.06    When Notes Disregarded. In determining whether the holders of the required principal amount
of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, the Subsidiary Guarantors or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuers or
the Subsidiary Guarantors shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer
of the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 

Section 14.07    Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for
action by or a meeting of the holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 

Section 14.08    Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next
succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the intervening period. If a regular Record Date is not a Business Day, the
Record Date shall not be affected. 
 Section 14.09    GOVERNING LAW. THIS INDENTURE AND THE SECURITIES
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 14.10    No Recourse Against Others. No director, officer, employee, manager, incorporator or holder
of any Equity Interests in the Issuers or of any Subsidiary Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuers or any Subsidiary Guarantor under the Notes or this Indenture or
for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Notes. 

  
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 Section 14.11    Successors. All agreements of an Issuer and
a Subsidiary Guarantor in this Indenture and the Notes shall bind such person’s successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 14.12    Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 

Section 14.13    Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the
Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 14.14    Indenture Controls. If and to the extent that any provision of the Notes limits, qualifies or
conflicts with a provision of this Indenture, such provision of this Indenture shall control. 

Section 14.15    Severability. In case any provision in this Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 Section 14.16    Intercreditor Agreements. The terms of this Indenture are subject to the terms of the
First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement entered into as permitted under this Indenture. 

Section 14.17    Acts of Holders. Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such holders in person or by agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuers. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuers, if made in the manner provided in this Section 14.17. The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such
officer the execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact
and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

The ownership of the Notes shall be proved by the register of the Notes kept by the Registrar. 

Any request, demand, authorization, direction, notice, consent, waiver or other Act of the holder of any Note shall bind every future holder
of the same Note and the holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuers in reliance thereon,
whether or not notation of such action is made upon such Note. 

  
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 If the Issuers shall solicit from the holders any request, demand, authorization, direction,
notice, consent, waiver or other Act, the Issuers may, at their option, by or pursuant to a resolution of the Board of Directors or any committee thereof of such Issuer, fix in advance a record date for the determination of holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuers shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other
Act may be given before or after such record date, but only the holders of record at the close of business on such record date shall be deemed to be holders for the purposes of determining whether holders of the requisite proportion of the
outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no
such authorization, agreement or consent by the holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

Section 14.18    Security Advice Waiver. The parties hereto acknowledge that to the extent regulations of the
Comptroller of the Currency or other applicable regulatory entity grant them the right to receive brokerage confirmations for certain security transactions as they occur, they each specifically waive receipt of such confirmations to the extent
permitted by law. 
 Section 14.19    USA PATRIOT Act. In order to comply with the laws, rules, regulations
and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the
United States (“Applicable AML Law”), the Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly, each
of the parties agree to provide to the Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with Applicable AML Law. 

[Remainder of page intentionally left blank] 

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

			
	 COLT MERGER SUB, INC.,

as Issuer

		
	By:	 	 /s/ Edmund L. Quatmann, Jr.

		 	Name: Edmund L. Quatmann, Jr.
		 	Title: Chief Legal Officer and Executive Vice President

 [Signature Page to Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Laurel Casasanta

		 	Name: Laurel Casasanta
		 	Title: Vice President
	
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as Collateral Agent

		
	By:	 	 /s/ Whitney Gaston

		 	Name: Whitney Gaston
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Andrew Griffin

		 	Name: Andrew Griffin
		 	Title: Authorized Signatory

 [Signature Page to Indenture] 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL SECURITIES AND ADDITIONAL SECURITIES 

1.    Definitions. 

1.1    Definitions. 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Definitive Note” means a certificated Initial Note or Additional Note (bearing the Restricted Notes Legend if the transfer
of such Note is restricted by applicable law) that does not include the Global Notes Legend. 
 “Depository” means The
Depository Trust Company, its nominees and their respective successors. 
 “Global Note” means a certificated Initial Note
that includes the Global Notes Legend. 
 “Global Notes Legend” means the legend set forth under that caption in
Exhibit A to this Indenture. 
 “IAI” means an institutional “accredited investor” as described in Rule
501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Initial Purchasers” means Credit Suisse Securities (USA) LLC,
J.P. Morgan Securities LLC, Macquarie Capital (USA) Inc., BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc., Citizens Capital Markets, Inc., Fifth
Third Securities, Inc. and KeyBanc Capital Markets Inc. 
 “Notes Custodian” means the custodian with respect to a Global
Note (as appointed by the Depository) or any successor person thereto, who shall initially be the Trustee. 
 “Purchase
Agreement” means the Purchase Agreement dated June 19, 2020, among the Issuers and the Representative of the Initial Purchasers entered into in connection with the sale and issuance of the Notes. 

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

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

“Regulation S Notes” means all Initial Notes offered and sold outside the United States in reliance on Regulation S. 

“Restricted Notes Legend” means the legend set forth in Section 2.2(f)(i) herein. 

“Restricted Period” with respect to any Notes, means the period of 40 consecutive days beginning on and including the later
of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the Issuers to the
Trustee, and (b) the Issue Date, and with respect to any Additional Notes that are Transfer Restricted Notes, it means the comparable period of 40 consecutive days. 

  
 Appendix A-1 

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

“Rule 144A Notes” means all Initial Notes offered and sold to QIBs in reliance on Rule 144A. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Transfer Restricted Definitive Notes” means Definitive Notes that bear or are required to bear or are subject to the
Restricted Notes Legend. 
 “Transfer Restricted Global Notes” means Global Notes that bear or are required to bear or are
subject to the Restricted Notes Legend. 
 “Unrestricted Definitive Notes” means Definitive Notes that are not required to
bear, or are not subject to, the Restricted Notes Legend. 
 “Unrestricted Global Notes” means Global Notes that are not
required to bear, or are not subject to, the Restricted Notes Legend. 
 1.2    Other Definitions. 

 

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

 2.    The Notes. 

2.1    Form and Dating; Global Notes. 

(a)    The Initial Notes issued on the date hereof will be (i) privately placed by the Issuers pursuant to the
Offering Memorandum and (ii) sold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial Notes may thereafter be transferred
to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Notes offered after the date hereof may be offered and sold by the Issuers from time to time pursuant to one
or more agreements in accordance with applicable law. 
 (b)    Global Notes. (i) Rule 144A Notes initially
shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons (collectively, the “Rule 144A Global Notes”). 

Regulation S Notes initially shall be represented by one or more Notes in fully registered, global form without interest coupons
(collectively, the “Regulation S Global Notes”), which shall be registered in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear or Clearstream. 

  
 Appendix A-2 

 The term “Global Notes” means the Rule 144A Global Notes and the Regulation S
Global Notes. The Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member,
(ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Notes Legend. 
 Members of, or
direct or indirect participants in, the Depository (collectively, the “Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its
custodian, or under the Global Notes. The Depository may be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository and its Agent
Members, the operation of customary practices governing the exercise of the rights of a holder of any Note. 

(ii)    Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depository, its
successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and procedures of the Depository and the provisions of
Section 2.2. In addition, a Global Note shall be exchangeable for Definitive Notes if (x) the Depository (1) notifies the Issuers that it is unwilling or unable to continue as depository for such Global Note and the Issuers thereupon
fail to appoint a successor depository or (2) has ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of Default with respect to such Global Note and a request has
been made for such exchange; provided that in no event shall the Regulation S Global Note be exchanged by the Issuers for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of
any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any
approved denominations, requested by or on behalf of the Depository in accordance with its customary procedures. 

(iii)    In connection with the transfer of a Global Note as an entirety to beneficial owners pursuant to
subsection (i) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuers shall execute, and, upon written order of each Issuer signed by an Officer, the Trustee shall
authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized
denominations. 
 (iv)    Any Transfer Restricted Note delivered in exchange for an interest in a Global Note pursuant
to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend. 

(v)    Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note
may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2. 

(vi)    The holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and
Persons that may hold interests through Agent Members, to take any action which a holder is entitled to take under this Indenture or the Notes. 

  
 Appendix A-3 

 2.2    Transfer and Exchange. 

(a)    Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in
Section 2.1(b). Global Notes will not be exchanged by the Issuers for Definitive Notes except under the circumstances described in Section 2.1(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Section 2.08 of this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.2(b). 

(b)    Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Transfer Restricted Global Notes shall be
subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers
and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i)    Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Transfer Restricted
Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in accordance with the transfer restrictions set forth in the Restricted Notes Legend;
provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person. A beneficial
interest in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar
to effect the transfers described in this Section 2.2(b)(i). 
 (ii)    All Other Transfers and Exchanges of
Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the
Registrar (1) a written order from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member
account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the
Trustee shall adjust the principal amount of the relevant Global Note pursuant to Section 2.2(i). 

(iii)    Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in a Transfer
Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer complies with the requirements of Section 2.2(b)(ii) above and the
Registrar receives the following: 
 (A)    if the transferee will take delivery in the form of a
beneficial interest in a Rule 144A Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note; and 

(B)    if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global
Note, then the transferor must deliver a certificate in the form attached to the applicable Note. 

  
 Appendix A-4 

 (iv)    Transfer and Exchange of Beneficial Interests in a Transfer
Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or
transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the
following: 
 (A)    if the holder of such beneficial interest in a Transfer Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B)    if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Issuers or the Registrar so request or if the applicable rules and procedures of the Depository so require, an Opinion of
Counsel in form reasonably acceptable to the Issuers and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend
are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuers
shall issue and, upon receipt of a written order of the Issuers in the form of an Officer’s Certificate in accordance with Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount
equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 

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

(c)    Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. A beneficial interest in
a Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a
Definitive Note except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes. 

(d)    Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Transfers and exchanges
of Definitive Notes for beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable: 

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

(A)    if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer
Restricted Note for a beneficial interest in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note; 

  
 Appendix A-5 

 (B)    if such Transfer Restricted Definitive Note is
being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(C)    if such Transfer Restricted Definitive Note is being transferred to a
non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(D)    if such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(E)    if such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an
exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder in the form attached to the applicable Note, including the certifications,
certificates and Opinion of Counsel, if applicable; or 
 (F)    if such Transfer Restricted Definitive
Note is being transferred to the Issuers or a Subsidiary thereof, a certificate from such holder in the form attached to the applicable Note; 
 the Trustee
shall cancel the Transfer Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note. 

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

(A)    if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer
Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B)    if the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer
Restricted Definitive Note to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Issuers or the Registrar so request or if the applicable rules and procedures of the Depository so require, an Opinion of
Counsel in form reasonably acceptable to the Issuers and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend
are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Definitive Notes and increase or cause to be increased
the aggregate principal amount of the Unrestricted Global Note. If any such transfer or 

  
 Appendix A-6 

 
exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of a written order of
the Issuers in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes transferred or
exchanged pursuant to this subparagraph (ii). 
 (iii)    Unrestricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause
to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has not yet been issued, the
Issuers shall issue and, upon receipt of a written order of the Issuers in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate
principal amount of Unrestricted Definitive Notes transferred or exchanged pursuant to this subparagraph (iii). 

(iv)    Unrestricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. An Unrestricted
Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note. 

(e)    Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a holder of Definitive Notes
and such holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting holder shall present or
surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such holder or by its attorney, duly authorized in writing. In addition, the
requesting holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e). 

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

(A)    if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor
must deliver a certificate in the form attached to the applicable Note; 
 (B)    if the transfer will be
made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 

(C)    if the transfer will be made pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note; 

(D)    if the transfer will be made to an IAI in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (A) through (C) above, a certificate in the form attached to the applicable Note; and 

  
 Appendix A-7 

 (E)    if such transfer will be made to an Issuer or a
Subsidiary thereof, a certificate in the form attached to the applicable Note. 
 (ii)    Transfer Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Transfer Restricted Definitive Note may be exchanged by the holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note if the Registrar receives the following: 
 (A)    if the holder of such
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note; or 

(B)    if the holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note, 

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

(iii)    Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder of an Unrestricted Definitive
Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. Upon receipt of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the holder thereof. 
 (iv)    Unrestricted
Definitive Notes to Transfer Restricted Definitive Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note. 

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

  
 Appendix A-8 

 (f)    Legend. 

(i)    Except as permitted by the following paragraph (iii) or (iv), each Note certificate evidencing the Global Notes
and any Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only): 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT
IT WILL NOT WITHIN ONE YEAR OF THE ORIGINAL ISSUE DATE HEREOF RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUERS SO REQUEST), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.” 

“THE TERMS OF THIS SECURITY ARE SUBJECT TO THE TERMS OF (1) THE FIRST LIEN INTERCREDITOR AGREEMENT, DATED THE ESCROW RELEASE DATE, BY
AND AMONG CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, AS COLLATERAL AGENT, CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, AS AUTHORIZED REPRESENTATIVE UNDER THE CRC CREDIT AGREEMENT (AS DEFINED THEREIN), U.S. BANK NATIONAL ASSOCIATION, AS INITIAL OTHER
AUTHORIZED REPRESENTATIVE, AND THE OTHER PARTIES FROM TIME TO TIME PARTY THERETO, AS IT MAY BE AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME AND (2) ANY JUNIOR LIEN INTERCREDITOR AGREEMENT, AS MAY BE AMENDED, RESTATED,
SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME.” 
 Each Regulation S Note shall bear the following additional legend: 

“BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S.
PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.” 
 Each Definitive Note
shall bear the following additional legend: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER
AGENT SUCH CERTIFICATES AND OTHER 

  
 Appendix A-9 

 
INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii)    Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof
to exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Definitive Note if the holder certifies in writing to the
Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note). 

(iii)    Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to
Regulation S, all requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply. 

(iv)    Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 

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

(h)    Obligations with Respect to Transfers and Exchanges of Notes. 

(i)    To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate,
Definitive Notes and Global Notes at the Registrar’s request. 
 (ii)    No service charge shall be made for any
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or
similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of this Indenture). 

(iii)    Prior to the due presentation for registration of transfer of any Note, the Issuers, the Trustee, a Paying Agent
or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not
such Note is overdue, and none of the Issuers, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

  
 Appendix A-10 

 (iv)    All Notes issued upon any transfer or exchange pursuant to the
terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(i)    No Obligation of the Trustee. 

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

  
 Appendix A-11 

 EXHIBIT A 

[FORM OF FACE OF INITIAL NOTE] 

[GLOBAL NOTES LEGEND] 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

[For Regulation S Global Note Only] 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON,
AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 
 [Restricted Notes
Legend] 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT
IT WILL NOT WITHIN ONE YEAR OF THE ORIGINAL ISSUE DATE HEREOF RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUERS SO REQUEST) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE 

  
 A-1 

 
SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

THE TERMS OF THIS SECURITY ARE SUBJECT TO THE TERMS OF (1) THE FIRST LIEN INTERCREDITOR AGREEMENT, DATED THE ESCROW RELEASE DATE, BY AND
AMONG CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, AS COLLATERAL AGENT, CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, AS AUTHORIZED REPRESENTATIVE UNDER THE CRC CREDIT AGREEMENT (AS DEFINED THEREIN), U.S. BANK NATIONAL ASSOCIATION, AS INITIAL OTHER
AUTHORIZED REPRESENTATIVE, AND THE OTHER PARTIES FROM TIME TO TIME PARTY THERETO, AS IT MAY BE AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME AND (2) ANY JUNIOR LIEN INTERCREDITOR AGREEMENT, AS MAY BE AMENDED, RESTATED,
SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME. 
 Each Definitive Note shall bear the following additional legends: 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 A-2 

 [FORM OF INITIAL NOTE] 

 

			
	 No.
	 	 144A CUSIP No. 12770R AA1

144A ISIN No. US12770RAA14

REG S CUSIP No. U1231B AA9

REG S ISIN No. USU1231BAA99

 5.750% Senior Secured Note due 2025 

COLT MERGER SUB, INC., a Delaware corporation (and its successors and assigns under the Indenture hereinafter referred to), promises to pay to
Cede & Co., or registered assigns, the principal sum set forth on the Schedule of Increases or Decreases in Global Security attached hereto on July 1, 2025. 

Interest Payment Dates: January 1 and July 1 

Record Dates: December 15 and June 15 

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

  
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 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	 COLT MERGER SUB, INC.
 as
Issuer

 
			
		
	 By:
	 	
 

			
	 Name:
	 	
	 Title:
	 	

 Dated: 

  
 A-4 

 TRUSTEE’S CERTIFICATE OF 

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

			
		
	 By:
	 	 
		 	 Authorized Signatory

  

	*/	 If the Note is to be issued in global form, add the Global Notes Legend and the attachment from Exhibit A
captioned “TO BE ATTACHED TO GLOBAL SECURITIES 

 - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  
 A-1 

 [FORM OF REVERSE SIDE OF INITIAL NOTE] 

5.750% SENIOR SECURED NOTES DUE 2025 

1.    Interest. 

Colt Merger Sub, Inc., a Delaware corporation (such entity, and its successors and assigns under the Indenture hereinafter referred to, being
herein, jointly and severally, called the “Issuer” or “Issuers”), promise to pay interest on the principal amount of this Note at the rate per annum shown above. The Issuer shall pay interest semiannually on
January 1 and July 1 of each year (each an “Interest Payment Date”), commencing January 1, 2021. Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if
no interest has been paid or duly provided for, from the date of issuance, until the principal hereof is due. 
 Interest shall be computed
on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Notes, and it shall pay interest on
overdue installments of interest at the same rate to the extent lawful. 
 2.    Method of Payment. 

The Issuer shall pay interest on the Notes (except defaulted interest) to the Persons who are registered holders at the close of business on
December 15 and June 15 (each a “Record Date”) next preceding the Interest Payment Date even if Notes are canceled after the Record Date and on or before the Interest Payment Date (whether or not a Business Day). Holders
must surrender Notes to the Paying Agent to collect principal payments. The Issuers shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and
private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company
or any successor depositary. The Issuers shall make all payments in respect of a certificated Note (including principal, premium, if any, and interest) at the office of the Paying Agent, except that, at the option of the Issuers, payment of interest
may be made by mailing a check to the registered address of each holder thereof; provided, however, that payments on the Notes may also be made, in the case of a holder of at least $1,000,000 aggregate principal amount of Notes, by
wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such holder elects payment by wire transfer by giving written notice to the Trustee or Paying Agent to such effect designating such account no later
than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

3.    Paying Agent and Registrar. 

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

4.    Indenture. 

The Issuers issued the Notes under an Indenture dated as of July 6, 2020 (the “Indenture”), among the Issuers, the
Subsidiary Guarantors party thereto from time to time, the Trustee and the Collateral Agent. The terms of the Notes include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in
the Indenture. The Notes are subject to all terms and provisions of the Indenture, and the holders (as defined in the Indenture) are referred to the Indenture for a statement of such terms and provisions. 

  
 A-2 

 After satisfaction of the Escrow Release Conditions, the Notes will be senior secured
obligations of the Issuer. This Note is one of the Initial Notes referred to in the Indenture. The Notes include the Initial Notes and any Additional Notes. The Initial Notes and any Additional Notes may, at the Issuer’s option, be treated as a
single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and
other distributions, Incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of the Company and such Restricted
Subsidiaries, enter into or permit certain transactions with Affiliates, create or Incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of any Issuer and each Subsidiary Guarantor to consolidate or merge with or
into any other Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the due and punctual payment of
the principal and interest on the Notes and all other amounts payable by the Issuers under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the
Notes and the Indenture, any Subsidiary Guarantor that executes a Note Guarantee pursuant to Section 4.11 of the Indenture will unconditionally guarantee the Guaranteed Obligations pursuant to the terms of the Indenture. 

5.    Optional Redemption. 

On or after July 1, 2022, the Issuer may redeem the Notes at their option, in whole at any time or in part from time to time, upon not
less than 10 nor more than 60 days’ prior notice delivered to each holder’s registered address, which in the case of Global Notes shall be the Depository, at the following redemption prices (expressed as a percentage of principal amount),
plus accrued and unpaid interest, if any, to the redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period commencing on July 1 of the years set forth below: 
  

					
	 Period
	  	Redemption Price	 
	 2022
	  	 	102.875	% 
	 2023
	  	 	101.438	% 
	 2024 and thereafter
	  	 	100.000	% 

 In addition, prior to July 1, 2022, the Issuers may redeem the Notes at their option, in whole at any
time or in part from time to time, upon not less than 10 nor more than 60 days’ prior notice mailed by first-class mail, or delivered electronically to the Depository if held by DTC, to each holder’s registered address, which in the case
of Global Notes shall be the Depository, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, the applicable redemption date (subject to the
right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 
 Notwithstanding
the foregoing, at any time and from time to time on or prior to July 1, 2022, the Issuers may redeem in the aggregate up to 40% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of
Additional Notes) with the net cash proceeds of one or more Equity Offerings (1) by the Company (as defined in the Indenture) or (2) by any direct or indirect 

  
 A-3 

 
parent of the Company to the extent the net cash proceeds thereof are contributed to the common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of
the Company at a redemption price (expressed as a percentage of principal amount thereof) of 105.750%, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of holders of record on the relevant Record Date to receive
interest due on the relevant Interest Payment Date); provided, however, that at least 50% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) must remain
outstanding after each such redemption; provided, further, that such redemption shall occur within 120 days after the date on which any such Equity Offering is consummated upon not less than 10 nor more than 60 days’ notice mailed
to each holder of Notes being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 
 If holders of not less
than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuers, or any third party making a Change of Control Offer, purchases all of such Notes, the Issuers
or such third party may redeem all of the Notes that remain outstanding following such purchase at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption. 

In connection with any tender offer or other offer to purchase for all of the Notes, if holders of not less than 90% of the aggregate
principal amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such tender offer and the Issuers, or any third party making such tender offer in lieu of the Issuers, purchases all of the Notes validly
tendered and not validly withdrawn by such holders, the Issuers or such third party will have the right upon not less than 10 nor more than 60 days’ notice following such purchase date, to redeem all Notes, that remain outstanding following
such purchase at a price equal to the price paid to each other holder in such tender offer, plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the date of such redemption.

 Notice of any redemption upon any corporate transaction or other event (including any Equity Offering, Incurrence of Indebtedness, Change
of Control or other transaction) may be given prior to the completion thereof. In addition, any such redemption described above or notice thereof may, at the Issuers’ discretion, be subject to one or more conditions precedent, including, but
not limited to, completion of a corporate transaction or other event. If any redemption is so subject to the satisfaction of one or more conditions precedent, the notice thereof shall describe each such condition and, if applicable, shall state
that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the redemption date, or by the redemption date as so delayed (which may exceed 60 days from the date of the redemption notice in such case). In addition,
the Issuers may provide in such notice that payment of the redemption price and performance of the Issuers’ obligations with respect to such redemption may be performed by another Person. 

6.    Mandatory Redemption. 

Except as set forth in the Indenture, the Issuers will not be required to make any mandatory redemption or sinking fund payments with respect
to the Notes. 

  
 A-4 

 7.    Special Mandatory Redemption. 

(a)    If (i) the Escrowed Property has not been released from the Escrow Account in connection with the consummation
of the Merger as described in Section 4.20(d) of the Indenture on or prior to the Termination Date, (ii) the Escrow Issuer notifies the Escrow Agent and the Trustee in writing that the Escrow Release Conditions will not be satisfied by the
Termination Date (including, without limitation, due to the Merger Agreement having been terminated in accordance with its terms prior to the Termination Date) or (iii) the Escrow Issuer fails to deposit (or cause to be timely deposited) in
cash or by wire transfer such amounts required by the Escrow Agreement on or prior to three (3) business days after the applicable Deposit Date (each of the above, a “Special Mandatory Redemption Event”), then the Escrow Agent
shall, upon receipt of a notice from the Trustee in accordance with the Escrow Agreement notifying the Escrow Agent, among others, of the Special Mandatory Redemption Event, liquidate and release the Escrowed Property (including investment earnings
thereon and proceeds thereof, if any) to the Trustee, the amounts sufficient to redeem the Notes (the “Special Mandatory Redemption”) on the second (2nd) Business Day following the Special Mandatory Redemption Event (such date, the
“Special Mandatory Redemption Date”) or as otherwise required by the applicable procedures of DTC, at a redemption price (the “Special Mandatory Redemption Price”) equal to 100% of the initial issue price of the
Notes, plus accrued and unpaid interest from the Issue Date or the most recent date to which interest has been paid or duly provided for on the Notes, as the case may be, to, but excluding, the Special Mandatory Redemption Date. On the Special
Mandatory Redemption Date, the Escrow Agent will pay to the Escrow Issuer any Escrowed Property in excess of the amount necessary to effect the Special Mandatory Redemption for the Notes. 

(b)    Pursuant to the Escrow Agreement, on the last Business Day prior to the Special Mandatory Redemption Date, the
Escrow Agent will release in immediately available funds to the Trustee for payment to each holder of the Notes the Special Mandatory Redemption Price for such holder’s Notes. In addition, on the Special Mandatory Redemption Date, the Escrow
Agent will release to the Escrow Issuer any Escrowed Property (including investment earnings thereon and proceeds thereof, if any) in excess of the amount necessary to effect the Special Mandatory Redemption on such Notes on the Special Mandatory
Redemption Date. For the avoidance of doubt, it is acknowledged and agreed that in no event shall the Trustee or the Escrow Agent have any responsibility for determining or verifying the accuracy of the Special Mandatory Redemption Price. 

8.    Mandatory Disposition Pursuant to Gaming Laws. 

Each person that holds or acquires beneficial ownership of any of the Notes shall be deemed to have agreed, by accepting such Notes, that if
any Gaming Authority requires such person to be approved, licensed, qualified or found suitable under applicable Gaming Laws, such holder or beneficial owner, as the case may be, shall apply for a license, qualification or finding of suitability
within the required time period. 
 If a person required to apply or become licensed or qualified or be found suitable fails to do so (a
“Disqualified Holder”), the Issuers shall have the right, at their election, (1) to require such person to dispose of its Notes or beneficial interest therein within 30 days of receipt of notice of such election or such earlier
date as may be required by such Gaming Authority or (2) to redeem such Notes at a redemption price that, unless otherwise directed by such Gaming Authority, shall be at a redemption price that is equal to the lesser of: (a) such
person’s cost, or (b) 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the earlier of (i) the redemption date or (ii) the date such person became a Disqualified Holder. 

The Issuers shall notify the Trustee and applicable Gaming Authority in writing of any such redemption as soon as practicable. The Issuers
shall not be responsible for any costs or expenses any such holder may Incur in connection with its application for a license, qualification or finding of suitability. 

  
 A-5 

 9.    Notice of Redemption. 

Other than with respect to a Special Mandatory Redemption pursuant to Section 3.10 of the Indenture, notice of redemption will be mailed
by first class mail at least 10 but not more than 60 days before the redemption date, to each holder of Notes to be redeemed at its registered address (with a copy to the Trustee) or otherwise in accordance with the procedures of DTC, except that
redemption notices may be mailed more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Article VIII thereof. 

If money sufficient to pay the redemption price of and accrued and unpaid interest on all Notes (or portions thereof) to be redeemed on the
redemption date is deposited with a Paying Agent no later than 10:00 a.m. New York City time on the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such Notes (or such portions
thereof) called for redemption. 
 10.    Repurchase of Notes at the Option of the Holders upon Change of Control and
Asset Sales. 
 Upon the occurrence of a Change of Control, each holder shall have the right, subject to certain conditions specified in
the Indenture, to cause the Issuers to repurchase all or any part of such holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to
the right of the holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms of, the Indenture. 

In accordance with Section 4.06 of the Indenture, the Issuers will be required to offer to purchase Notes upon the occurrence of certain
events. 
 11.    Ranking and Collateral. 

Prior to satisfaction of the Escrow Release Conditions, the Notes will be senior secured obligations of the Escrow Issuer, secured on a
first-priority basis only by the Escrowed Property, will not be the obligations of the Company or Finance and will not be guaranteed by the Subsidiary Guarantors. Upon satisfaction of the Escrow Release Conditions and the consummation of the CRC
Assumption (as defined in the Indenture), the Indebtedness evidenced by the Notes and the Guarantees will be senior secured Indebtedness of the Issuers and the Subsidiary Guarantors, respectively, will rank equally in right of payment with all
existing and future senior Indebtedness of the Issuers and the Subsidiary Guarantors, including the Existing CRC Notes and the CRC Credit Agreement, will be senior in right of payment to all existing and future Subordinated Indebtedness of the
Issuers and the Subsidiary Guarantors, be effectively senior in right of payment to all senior Indebtedness of the Issuers and the Subsidiary Guarantors that is unsecured, including the Existing CRC Notes and the guarantees thereof, or that is
secured by a lien ranking junior in priority to the liens securing the Notes and the guarantees thereof, in each case to the extent of the value of the assets securing the Notes and the guarantees thereof, will rank equally with all of the
Company’s and the Subsidiary Guarantors’ existing and future first-priority lien obligations, including Indebtedness under the CRC Credit Agreement, to the extent of the value of the assets securing the Notes, and be structurally
subordinated in right of payment to all existing and future Indebtedness and other liabilities (including trade payables) of the Issuers’ Subsidiaries that do not guarantee the Notes. 

  
 A-6 

 12.    Denominations; Transfer; Exchange. 

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

13.    Persons Deemed Owners. 

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

14.    Unclaimed Money. 

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

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

16.    Amendment; Waiver. 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture, the Security Documents, the First Lien Intercreditor
Agreement, any Junior Lien Intercreditor Agreement or the Notes may be amended with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding Notes and (ii) any past default or compliance with
any provisions may be waived with the written consent of the holders of at least a majority in principal amount of the outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any holder, the Issuers and
the Trustee may amend the Indenture, the Security Documents, the First Lien Intercreditor Agreement, any Junior Lien Intercreditor Agreement or the Notes (i) to cure any ambiguity, omission, mistake, defect or inconsistency; (ii) to
provide for the assumption by a Successor Issuer (with respect to an Issuer) of the obligations of the Issuers under this Indenture and the Notes; (iii) to provide for the assumption by a Successor Entity of the obligations of an Issuer or a
Subsidiary Guarantor under the Indenture, the Notes or its Note Guarantee, as applicable; (iv) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the uncertificated Notes
are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code; (v) to add a Subsidiary Guarantor or collateral with respect
to the Notes or to secure the Notes; (vi) to release or subordinate Collateral as permitted by the Indenture, the First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement; (vii) to add additional secured creditors
holding Other First Priority Lien Obligations or other Junior Lien Obligations so long as such Obligations are not prohibited by the Indenture or the Security Documents; (viii) to add to the covenants

  
 A-7 

 
of the Issuers for the benefit of the holders or to surrender any right or power herein conferred upon the Issuers; (ix) to make any change that does not adversely affect the rights of any
holder; (x) to conform the text of the Indenture, the Notes, the Note Guarantees, the Security Documents, the First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement to any provision of the “Description of First
Lien Notes” in the Offering Memorandum to the extent that such provision in the “Description of First Lien Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Notes, the Note Guarantees, the
Security Documents, the First Lien Intercreditor Agreement or any Junior Lien Intercreditor Agreement, and the Issuers will confirm their good faith intention of any such textual change intended to be a verbatim recitation in an Officer’s
Certificate delivered to the Trustee; (xi) to release or subordinate Collateral as permitted by this Indenture or the Intercreditor Agreement (including (A) to consent to and enter into (and execute documents permitting the filing and
recording, where appropriate) the grant of easements, covenants, declarations, sub-divisions and subordination rights with respect to real property, conditions, restrictions and declarations on customary terms, and (B) subordination,
nondisturbance and attornment agreements (x) on customary terms reasonably requested by the Issuers or (y) with respect to any Master Lease or any Gaming Lease, to the extent requested by the landlord under such Master Lease or Gaming
Lease); (xii) to add additional secured creditors holding Other First Priority Lien Obligations or other Junior Lien Obligations so long as such obligations are not prohibited by this Indenture or the Security Documents; (xiii) to make changes
to provide for the issuance of the Additional Notes; or (xiv) to amend, waive or modify this Indenture, the Notes, the First Lien Intercreditor Agreement, any Junior Lien Intercreditor Agreement or any Security Document as required by local law
to give effect to, or protect any security interest for the benefit of the First Priority Secured Parties, in any property or so that the security interests therein comply with applicable law or this Indenture or in each case to otherwise enhance
the rights or benefits of any holder of Notes under the Indenture, the Notes or the Note Guarantees. 
 Except as expressly provided by the
Indenture, without the consent of holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding, no amendment may modify or release the Note Guarantee of any Significant Subsidiary in any manner adverse to the holders of
the Notes. In addition, except as expressly provided by the Indenture, without the consent of the holders of at least 66 2/3% in aggregate principal amount of Notes then outstanding, no amendment or waiver may release all or substantially all of the
Collateral from the Lien of the Indenture and the Security Documents with respect to the Notes. 
 17.    Defaults
and Remedies. 
 If an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or
reorganization of the Company) and is continuing, the Trustee or the holders of at least 30% in principal amount of the outstanding Notes, in each case, by notice to the Issuers, may declare the principal of, premium, if any, and accrued but unpaid
interest on all the Notes to be due and payable. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Notes shall become
immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances, the holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with
respect to the Notes and its consequences. 
 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under the Indenture at the request or direction of any of the holders unless such holders have offered to the Trustee reasonable indemnity and security against any loss, liability or expense and certain other
conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with respect to the Indenture or the Notes unless (i) such holder has previously
given the Trustee notice that an 

  
 A-8 

 
Event of Default is continuing, (ii) the holders of at least 30% in principal amount of the outstanding Notes have requested the Trustee in writing to pursue the remedy, (iii) such
holders have offered the Trustee reasonable security and indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or
indemnity and (v) the holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
restrictions, the holders of a majority in principal amount of the outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal or financial
liability and security. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

18.    Trustee Dealings with the Issuers. 

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

19.    No Recourse Against Others. 

No director, officer, employee, incorporator or holder of any equity interests in the Issuers or of any Subsidiary Guarantor or any direct or
indirect parent corporation, as such, shall have any liability for any obligations of the Issuers or any Subsidiary Guarantor under the Notes, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each holder of Notes by accepting a Note waives and releases all such liability. 

20.    Authentication. 

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

Customary abbreviations may be used in the name of a holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors Act). 

22.    Governing Law. 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

23.    CUSIP Numbers; ISINs. 

The Issuers have caused CUSIP numbers and ISINs to be printed on the Notes and have directed the Trustee to use CUSIP numbers and ISINs in
notices of redemption as a convenience to the holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 

  
 A-9 

 The Issuers will furnish to any holder of Notes upon written request and without charge
to the holder a copy of the Indenture which has in it the text of this Note. 

  
 A-10 

 ASSIGNMENT FORM 

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

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

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

 

			
	Date:                             	  	Your Signature:
                                         
                                         
                  

  
  

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

Signature Guarantee: 
  

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

  
 A-11 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES 

This certificate relates to $             principal amount of Notes held in (check applicable
space) book-entry or                  definitive form by the undersigned. 

The undersigned (check one box below): 
  

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

  

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

 In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is still a Transfer
Restricted Definitive Note or a Transfer Restricted Global Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

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

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Issuers or the Trustee may require, prior to registering any such transfer of the
Notes, such legal opinions, certifications and other information as the Issuers or the Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933. 

  
 A-12 

			
		
	Date:                                 	  	Your Signature:
                                         
                                         
              

  
  

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

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

  
 A-13 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

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

			
	 Date:
                                    
	  	                                      
                                         
 
		  	 NOTICE: To be executed by an executive officer

  
 A-14 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Note is
$                 . The following increases or decreases in this Global Note have been made: 
  

									
	Date of Exchange	 	 Amount of

decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

increase in

Principal
 Amount of
this
 Global Note
	  	 Principal amount

of this Global
 Note
following
 such decrease or

increase
	  	 Signature of

authorized
 signatory
of
 Trustee or Notes
Custodian

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  
 A-15 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the
Indenture, check the box: 
  

			
	 Asset Sale ☐
	  	Change of Control ☐

 If you want to elect to have only part of this Note purchased by the Issuers pursuant to Section 4.06
(Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($2,000 or any integral multiple of $1,000 in excess thereof): 

$ 
  

					
	
Date:                  
      
	  	 Your Signature:
                                         
                               

		  		 	 Sign exactly as your name appears on the

other side of this Note.

  

					
	 Signature Guarantee:
	  	  
	  	
	 	  	 Signature must be guaranteed by a

participant in a recognized signature
 guaranty medallion program
or other
 signature guarantor program reasonably
 acceptable to
the Trustee
	  	 

  
 A-16 

 EXHIBIT B 

[FORM OF] 
 TRANSFEREE LETTER OF
REPRESENTATION 
 CRC Finco, Inc. 
 Caesars Resort Collections,
LLC 
 [ ● ]c/o [ ● ]Attention: [ ● ] 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[    ] principal amount of the 5.750% Senior Secured Notes due 2025 (the “Notes”) of Colt Merger Sub, Inc., a Delaware corporation and (to be assumed, jointly and severally, by
CRC Finco, Inc. and Caesars Resort Collection, LLC) (together, the “Issuers”). 
 Upon transfer, the Notes would be
registered in the name of the new beneficial owner as follows: 
 Name:
                                        
                     

Address:                        
                                   

Taxpayer ID Number:
                                     

1.    The undersigned represents and warrants to you that: We are an institutional “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at
least $100,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are
each able to bear the economic risk of our or its investment. 
 2.    We understand that the Notes have not been
registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or
otherwise transfer such Notes prior to the date that is two years after the later of the date of original issue and the last date on which either the Issuers or any affiliate of such Issuers was the owner of such Notes (or any predecessor thereto)
(the “Resale Restriction Termination Date”) only (a) in the United States to a person whom we reasonably believe is a qualified institutional buyer (as defined in rule 144A under the Securities Act) in a transaction meeting the
requirements of Rule 144A, (b) outside the United States in an offshore transaction in accordance with Rule 904 of Regulation S under the Securities Act, (c) pursuant to an exemption from registration under the Securities Act provided by
Rule 144 thereunder (if applicable) or (d) pursuant to an effective registration statement under the Securities Act, in each of cases (a) through (d) in accordance with any applicable securities laws of any state of the United States. In
addition, we will, and each subsequent holder is required to, notify any purchaser of the Note evidenced hereby of the 

 
resale restrictions set forth above. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is
proposed to be made to an institutional “accredited investor” prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuers and the
Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for
investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuers and the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination
Date of the Notes pursuant to clause (b) or (c) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuers and the Trustee. 

Date:                         
        
  

	
	
TRANSFEREE:                 
                   ,

	
	
By:                  
                                       

	
	
                   
                                         
    

 EXHIBIT C 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED IN CONNECTION WITH THE CRC ASSUMPTION] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of
[                ], among COLT MERGER SUB, INC., a Delaware corporation (the “Escrow Issuer”), CRC FINCO, INC., a Delaware corporation
(“Finance”), CAESARS RESORT COLLECTION, LLC, a Delaware limited liability company (“CRC”, and together with Finance, the “New Issuers”), each of the parties that are signatories hereto as Initial
Guarantors, that are each subsidiaries of CRC (collectively, the “New Guarantors”), U.S. BANK NATIONAL ASSOCIATION, as trustee (in such capacity, the “Trustee”) and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as
collateral agent (in such capacity, the “Collateral Agent”). 
 W I T N E S E T H : 

WHEREAS, the Escrow Issuer has heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified,
the “Indenture”) dated as of July 6, 2020, providing for the issuance of 5.750% Senior Secured Notes due 2025 (the “Notes”), initially in the aggregate principal amount of $1,000,000,000; 

WHEREAS, the Merger will occur substantially concurrent with the execution of this Supplemental Indenture; 

WHEREAS, Section 4.20 of the Indenture provides that it is a condition to release of the Escrowed Property from the Escrow Account that
(a) the New Issuers shall assume, jointly and severally, all of the rights and obligations of the Escrow Issuer in respect of the Notes and the Indenture and be substituted for, and may exercise every right and power of, the Escrow Issuer under
the Indenture and the Notes, and (b) each of the Initial Guarantors will become a Subsidiary Guarantor under the Indenture, in each case, by the execution and delivery of this Supplemental Indenture; and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture without
the consent of the holders of the Notes. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

1.    Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or
recital hereto are used herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the
benefit of such holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular
section hereof. 
 2.    Agreement to be Bound. (a) Each of the New Issuers acknowledge that is has
received and reviewed a copy of the Indenture and all other documents it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledge and agree to (i) unconditionally assume, jointly and severally, all of the
Escrow Issuer’s obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in the Indenture; (ii) be bound by all applicable provisions of the Indenture as if made by, and with respect to the New
Issuer; and (iii) perform all obligations and duties required of the Issuer pursuant to the Indenture. From and after the date hereof, all references in the Indenture to the “Issuer” or “Issuers” shall refer to the New
Issuers instead of the Escrow Issuer. 

  
 C-1 

 (b) Each New Guarantor hereby agrees, jointly and severally with all existing guarantors (if
any), to unconditionally guarantee the Issuers’ Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article XIII of the Indenture and to be bound by all other applicable provisions of the
Indenture and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture. From and after the date hereof, all references in the Indenture to the “Initial Guarantors” and the “Subsidiary
Guarantors” shall refer to each of the New Guarantors. 
 3.    Notices. All notices or other communications
to the Issuers or any New Guarantor shall be given as provided in Section 14.02 of the Indenture. 

4.    Execution and Delivery. The Issuers agree that the Notes shall remain in full force and effect
notwithstanding the absence of any endorsement of the Issuers or the Notes, and each New Guarantor agrees that its Note Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note
Guarantee. 
 5.    Release of Obligations. Upon execution of this Supplemental Indenture by the Issuers, the New
Guarantors and the Trustee, the Escrow Issuer shall be unconditionally and irrevocably released and discharged from all obligations and liabilities under the Indenture and the Notes (other than those obligations and liabilities applicable to the
Escrow Issuer as a Subsidiary Guarantor as described in Section 2(b) above). 
 6.    Ratification of Indenture;
Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

7.    No Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity
Interests in the Issuers or of any New Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuers or any New Guarantor under the Notes or the Indenture or this Supplemental Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Notes. 
 8.    Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 9.    Trustee Makes No Representation. The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture. 
 10.    Counterparts. The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

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

  
 C-2 

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

			
	 CAESARS RESORT COLLECTION, LLC

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 CRC FINCO, INC.,

as Issuer

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 [NEW GUARANTOR],

as a Subsidiary Guarantor

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as

Collateral Agent

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 C-2 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of
[                ], among [                 ] (the “New Guarantor”), as
a subsidiary of CAESARS RESORT COLLECTION, LLC, or its permitted successor, a Delaware limited liability company (the “Company”), CRC FINCO, INC., a Delaware Corporation (“Finance” and, together with the Company,
the “Issuers”), the other Subsidiary Guarantors (as defined in the Indenture referred to herein), U.S. BANK NATIONAL ASSOCIATION, as trustee (in such capacity, the “Trustee”) and
[                ], as collateral agent (in such capacity, the “Collateral Agent”). 

W I T N E S E T H : 
 WHEREAS,
the Company and Finance have heretofore executed and delivered to the Trustee and the Collateral Agent an indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of July 6, 2020, providing for the
issuance of 5.750% Senior Secured Notes due 2025 (the “Notes”), initially in the aggregate principal amount of $1,000,000,000, as supplemented by that certain supplemental indenture, dated as of [    ], 2020, by
and among the Issuers, the Subsidiary Guarantors party thereto, the Trustee and the Collateral Agent, pursuant to which the Issuers assumed, jointly and severally, the Escrow Issuer’s obligations under the Notes and the Indenture, and the
guarantors became party thereto (as further amended, supplemented or otherwise modified, the “Indenture”); 
 WHEREAS,
Section 4.11 of the Indenture provides that under certain circumstances the Issuers are required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally
guarantee all the Issuers’ Obligations under the Notes and the Indenture pursuant to a Note Guarantee on the terms and conditions set forth herein; and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee, the Collateral Agent, the Issuers and the Subsidiary Guarantors, if any,
are authorized to execute and deliver this Supplemental Indenture; 
 NOW THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Issuers, the Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:

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

  
 D-1 

 3.    Notices. All notices or other communications to the New
Guarantor shall be given as provided in Section 14.02 of the Indenture. 
 4.    Execution and Delivery. The
New Guarantor agrees that its Note Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee. 

5.    Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of
Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 6.    Governing Law. THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

7.    No Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity
Interests in the New Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the New Guarantor under the Notes or the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

8.    Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of
this Supplemental Indenture. 
 9.    Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

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

  
 D-2 

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

			
	 CAESARS RESORT COLLECTION, LLC,
 as
Issuer

		
	By:	 	  

		 	Name:
		 	Title:
	
	 CRC FINCO, INC.,
 as
Issuer

		
	By:	 	  

		 	Name:
		 	Title:
	
	 [SUBSIDIARY GUARANTORS],
 as a
Subsidiary Guarantor

		
	By:	 	  

		 	Name:
		 	Title:
	
	 [NEW GUARANTOR],
 as a Subsidiary
Guarantor

		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	  

		 	Name:
		 	Title:
	
	[                    ], as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

[FORM OF JUNIOR LIEN INTERCREDITOR AGREEMENT] 

  
 E-1 

 SCHEDULE I 

PERMITTED DISPOSITIONS 
 None. 

  
 I-1 

 SCHEDULE II 

UNRESTRICTED SUBSIDIARIES AS OF THE ESCROW RELEASE DATE 
  

					
	  	  	Legal Name	  	Jurisdiction of Organization
	1.	  	 Bally’s Las Vegas Manager, LLC
	  	
Delaware

	2.	  	 Baluma Holdings S.A.
	  	
Bahamas

	3.	  	 Caesars Baltimore Acquisition Company, LLC
	  	
Delaware

	4.	  	 Caesars Baltimore Management Company, LLC
	  	
Delaware

	5.	  	 Caesars Enterprise Services, LLC
	  	
Delaware

	6.	  	 Caesars Entertainment Japan, LLC
	  	
Delaware

	7.	  	 Caesars License Company, LLC
	  	
Nevada

	8.	  	 Caesars Massachusetts Investment Company, LLC
	  	
Delaware

	9.	  	 Cromwell Manager, LLC
	  	
Delaware

	10.	  	 Des Plaines Development Limited Partnership
	  	
Delaware

	11.	  	 Horseshoe Cincinnati Management, LLC
	  	
Delaware

	12.	  	 PHW Las Vegas, LLC
	  	
Nevada

	13.	  	 The Quad Manager, LLC
	  	
Delaware

  
 II-1Exhibit

Exhibit 4.1

ENTERPRISE BANCORP, INC.
As Issuer,
and
UMB BANK, NATIONAL ASSOCIATION
As Trustee
INDENTURE
Dated as of July 7, 2020
5.25% Subordinated Notes due 2030

Exhibit 4.1

TABLE OF CONTENTS
		
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	1

		
	Section 1.01
	Definitions                                    1

		
	Section 1.02
	Compliance Certificates and Opinions                        13

		
	Section 1.03
	Form of Documents Delivered to Trustee                    13

		
	Section 1.04
	Acts of Holders                                    14

		
	Section 1.05
	Required Notices or Demands                            15

		
	Section 1.06
	Language of Notices                                17

		
	Section 1.07
	Incorporation by Reference of Trust Indenture Act; Conflicts            17

		
	Section 1.08
	Effect of Headings and Table of Contents                    17

		
	Section 1.09
	Successors and Assigns                                17

		
	Section 1.10
	Severability                                    17

		
	Section 1.11
	Benefits of Indenture                                17

		
	Section 1.12
	Governing Law                                    18

		
	Section 1.13
	Legal Holidays                                    18

		
	Section 1.14
	Counterparts; Electronic Transmission                        18

		
	Section 1.15
	Immunity of Certain Persons                            18

		
	Section 1.16
	Waiver of Jury Trial                                18

		
	Section 1.17
	Force Majeure                                    18

		
	Section 1.18
	USA Patriot Act                                    19

		
	Section 1.19
	No Sinking Fund                                    19

		
	Section 1.20
	Rules of Construction                                19

		
	ARTICLE II THE SUBORDINATED NOTES
	19

		
	Section 2.01
	Forms Generally                                    19

		
	Section 2.02
	Definitive Subordinated Notes                            20

		
	Section 2.03
	Global Subordinated Notes                            20

		
	Section 2.04
	Restricted Subordinated Notes                            20

		
	Section 2.05
	Execution and Authentication                            21

		
	Section 2.06
	Registrar and Paying Agent                            22

		
	Section 2.07
	Registration of Transfer and Exchange                        22

		
	Section 2.08
	Exchange Offer                                    26

		
	Section 2.09
	Mutilated, Destroyed, Lost and Stolen Subordinated Notes            27

		
	Section 2.10
	Payment of Interest; Rights to Interest Preserved                27

		
	Section 2.11
	Persons Deemed Owners                                28

		
	Section 2.12
	Cancellation                                    29

		
	Section 2.13
	Computation of Interest                                29

		
	Section 2.14
	CUSIP Numbers                                    31

		
	ARTICLE III SATISFACTION AND DISCHARGE OF INDENTURE
	32

		
	Section 3.01
	Satisfaction and Discharge                            32

		
	Section 3.02
	Defeasance and Covenant Defeasance                        32

		
	Section 3.03
	Application of Trust Money                            35

		
	Section 3.04
	Reinstatement                                    35

		
	Section 3.05
	Effect on Subordination Provisions                        35

		
	ARTICLE IV REMEDIES
	36

i

Exhibit 4.1

		
	Section 4.01
	Events of Default; Acceleration                            36

		
	Section 4.02
	Failure to Make Payments                            37

		
	Section 4.03
	Trustee May File Proofs of Claim                        38

		
	Section 4.04
	Trustee May Enforce Claims Without Possession of Subordinated Notes    39

		
	Section 4.05
	Application of Money Collected                            39

		
	Section 4.06
	Limitation on Suits                                39

		
	Section 4.07
	Unconditional Right of Holders to Payments                    40

		
	Section 4.08
	Restoration of Rights and Remedies                        40

		
	Section 4.09
	Rights and Remedies Cumulative                        40

		
	Section 4.10
	Delay or Omission Not Waiver                            41

		
	Section 4.11
	Control by Holders                                41

		
	Section 4.12
	Waiver of Past Defaults                                41

		
	Section 4.13
	Undertaking for Costs                                41

		
	ARTICLE V THE TRUSTEE
	42

		
	Section 5.01
	Duties of Trustee                                    42

		
	Section 5.02
	Certain Rights of Trustee                                42

		
	Section 5.03
	Notice of Defaults                                44

		
	Section 5.04
	Not Responsible for Recitals or Issuance of Subordinated Notes        45

		
	Section 5.05
	May Hold Subordinated Notes                            45

		
	Section 5.06
	Money Held in Trust                                45

		
	Section 5.07
	Compensation and Reimbursement                        45

		
	Section 5.08
	Corporate Trustee Required; Eligibility                        46

		
	Section 5.09
	Resignation and Removal; Appointment of Successor                47

		
	Section 5.10
	Acceptance of Appointment by Successor                    48

		
	Section 5.11
	Merger, Conversion, Consolidation or Succession to Business            49

		
	Section 5.12
	Appointment of Authenticating Agent                        49

		
	Section 5.13
	Preferred Collection of Claims against Company                51

		
	ARTICLE VI HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
	51

		
	Section 6.01
	Holder Lists                                    51

		
	Section 6.02
	Preservation of Information; Communications to Holders            51

		
	Section 6.03
	Reports by Trustee                                51

		
	Section 6.04
	Reports by Company                                52

		
	ARTICLE VII SUCCESSORS
	53

		
	Section 7.01
	Merger, Consolidation or Sale of All or Substantially All Assets        53

		
	Section 7.02
	Successor Person Substituted for Company                    54

		
	ARTICLE VIII SUPPLEMENTAL INDENTURES
	54

		
	Section 8.01
	Supplemental Indentures without Consent of Holders                54

		
	Section 8.02
	Supplemental Indentures with Consent of Holders                55

		
	Section 8.03
	Execution of Supplemental Indentures                        56

		
	Section 8.04
	Effect of Supplemental Indentures                        56

		
	Section 8.05
	Reference in Subordinated Notes to Supplemental Indentures            56

		
	Section 8.06
	Effect on Senior Indebtedness                            56

		
	Section 8.07
	Conformity with Trust Indenture Act                        56

ii

Exhibit 4.1

		
	ARTICLE IX COVENANTS
	56

		
	Section 9.01
	Payment of Principal and Interest                        56

		
	Section 9.02
	Maintenance of Office                                57

		
	Section 9.03
	Money for Subordinated Notes Payments to Be Held in Trust            57

		
	Section 9.04
	Corporate Existence                                58

		
	Section 9.05
	Maintenance of Properties                            59

		
	Section 9.06
	Waiver of Certain Covenants                            59

		
	Section 9.07
	Company Statement as to Compliance                        59

		
	Section 9.08
	Tier 2 Capital                                    59

		
	ARTICLE X REDEMPTION OF SECURITIES
	60

		
	Section 10.01
	Applicability of Article                                60

		
	Section 10.02
	Election to Redeem; Notice to Trustee                        60

		
	Section 10.03
	Selection by Trustee of Subordinated Notes to be Redeemed            60

		
	Section 10.04
	Notice of Redemption                                61

		
	Section 10.05
	Deposit of Redemption Price                            62

		
	Section 10.06
	Subordinated Notes Payable on Redemption Date                62

		
	Section 10.07
	Subordinated Notes Redeemed in Part                        62

		
	ARTICLE XI SUBORDINATION OF SECURITIES
	63

		
	Section 11.01
	Agreement to Subordinate                            63

		
	Section 11.02
	Distribution of Assets                                63

		
	Section 11.03
	Default With Respect to Senior Indebtedness                    65

		
	Section 11.04
	No Impairment                                    65

		
	Section 11.05
	Effectuation of Subordination Provisions                    66

		
	Section 11.06
	Notice to Trustee                                    66

		
	Section 11.07
	Trustee Knowledge of Senior Indebtedness                    67

		
	Section 11.08
	Senior Indebtedness to Trustee                            67

		
	Section 11.09
	Subordination Not Applicable to Trustee Compensation            67

iii

Exhibit 4.1

CROSS-REFERENCE TABLE

	
		
	Trust Indenture Act Section
	Indenture Section

	§310    (a)(1)
	5.08

	    (a)(2)
	5.08

	    (a)(5)
	5.08

	    (b)
	5.08, 5.09

	§311    (a)
	5.05

	    (b)
	5.05

	§312    (a)
	6.01

	    (b)
	6.02

	    (c)
	6.02

	§313    (a)
	6.03

	    (b)(2)
	6.03

	    (c)
	6.03

	    (d)
	6.03

	§314    (a)
	6.04

	    (a)(4)
	9.07

	    (c)(1)
	1.02

	    (c)(2)
	1.02

	    (e)
	1.02

	§315    (a)
	5.01, 5.02

	    (b)
	5.03

	    (c)
	5.01

	    (d)
	5.01, 5.02

	    (e)
	4.13

	§316    (a) (last sentence)
	1.01

	    (a)(1)(A)
	4.02, 4,11

	    (a)(1)(B)
	4.11, 4.12

	    (b)
	4.07

	    (c)
	1.04

	§317    (a)(1)
	4.02

	    (a)(2)
	4.03

	    (b)
	9.03

	§318    (a)
	1.07

	    (b)
	1.07

	    (c)
	1.07

Note:  This Cross-Reference table will not, for any purpose, be deemed part of this Indenture.

iv

Exhibit 4.1

This INDENTURE, dated as of July 7, 2020, is by and between Enterprise Bancorp, Inc., a Massachusetts corporation (the “Company”), and UMB Bank, National Association, a national banking association duly organized and existing under the laws of the United State of America, as trustee (the “Trustee”).
RECITALS
WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to provide for an issue of $60 million in aggregate principal amount of 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, subject to the terms and conditions set forth in this Indenture.
NOW, THEREFORE, in order to declare the terms and conditions upon which the Subordinated Notes are authenticated, issued and delivered, and in consideration of the premises, and of the purchase and acceptance of the Subordinated Notes by the Holders thereof, the Company and the Trustee agree as follows for the benefit of each other and for the benefit of the respective Holders from time to time of the Subordinated Notes.
ARTICLE I 
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01    Definitions.  Except as otherwise expressly provided in this Indenture or unless the context otherwise requires, the terms defined in this Section for all purposes of this Indenture, any Company Order, any Board Resolution, and any indenture supplemental hereto will have the respective meanings specified in this Section.
“Act,” when used with respect to any Holders, is defined in Section 1.04.
“Additional Interest” has the meaning set forth in the Registration Rights Agreement.
“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person.  For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Subordinated Note, the rules and procedures of the Depositary that apply to such transfer or exchange.
“Authenticating Agent” means any Person authorized by the Trustee in accordance with Section 5.12 to act on behalf of the Trustee to authenticate Subordinated Notes.
“Authorized Officer” means each of the Chairman of the Board, the Chief Executive Officer, the President and the Chief Financial Officer of the Company.
“Bankruptcy Laws” mean Title 11, United States Code (11 U.S.C. §§101 et seq.) or any similar federal or state law for the relief of debtors.

1

Exhibit 4.1

“Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.
“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
(a) The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;

(b) the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment;

(c) the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; or
(d) the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark Replacement Adjustment.
“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
(a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;
(b) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
(c) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at such time.

2

Exhibit 4.1

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably necessary).
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
(a) in the case of clause (a) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;
(b) in the case of clause (b) or (c) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or
(c) in the case of clause (d) of the definition of “Benchmark Transition Event,” the date of such public statement or publication of information referenced therein.
(d) For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for purposes of such determination.
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

(a) if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;
(b) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;
(c) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with 

3

Exhibit 4.1

similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or
(d) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.
“Board of Directors” means, as to any Person, the board of directors, or similar governing body, of such Person or any duly authorized committee thereof.
“Board Resolution” means one or more resolutions, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, delivered to the Trustee.
“Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions in the State of New York or Massachusetts are authorized or obligated by law, regulation or executive order to close.
“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Interest Period.  The initial Calculation Agent shall be the Company.
“Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.
“Company” is defined in the preamble to this Indenture, and shall include any successors to the Company.
“Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be, signed on behalf of the Company by an Authorized Officer and delivered to the Trustee.
“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company in accordance with:
(a) the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:
(b) if, and to the extent that, the Company or its designee determines that Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any industry-accepted market practice for U.S. dollar denominated floating rate notes at such time.

4

Exhibit 4.1

For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment and the spread specified on the face of the Subordinated Note.
“Corporate Trust Office” means the address of the Trustee specified in Section 1.05 or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated address of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company).
“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding any Business Day adjustment) as the applicable tenor for the then-current Benchmark.
“Covenant Defeasance” is defined in Section 3.02(3).
“Defaulted Interest” is defined in Section 2.10.
“Definitive Subordinated Notes” means, individually and collectively, each Restricted Definitive Subordinated Note and each Unrestricted Definitive Subordinated Note, substantially in the form of Exhibit A-l hereto, issued under this Indenture.
“Depositary” means, with respect to any Subordinated Note issuable or issued in whole or in part in global form, the Person designated as depositary by the Company in accordance with this Indenture, and any and all successors thereto appointed as Depositary under this Indenture.  The initial Depositary shall be The Depository Trust Company.
“Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the United States.
“Event of Default” is defined in Section 4.01.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute thereto.
“Exchange Notes” means the Subordinated Notes issued in the Exchange Offer in accordance with Section 2.08.
“Exchange Offer” has the meaning set forth in the Registration Rights Agreement.
“Federal Reserve Board” means the Board of Governors of the Federal Reserve System or any successor regulatory authority with jurisdiction over bank holding companies.
“Fixed Interest Payment Date” means January 15 and July 15 of each year during the Fixed Interest Period, beginning January 15, 2021.
“Fixed Interest Period” means from and including the original issue date of the Subordinated Notes to but excluding July 15, 2025 or any earlier redemption date contemplated in the Subordinated Note.

5

Exhibit 4.1

“Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions.
“Floating Interest Payment Date” means January 15, April 15, July 15 and October 15 of each year during the Floating Interest Period, beginning October 15, 2025.
“Floating Interest Period” means each three-month period of each year, beginning July 15, 2025.
“FRBNY” means the Federal Reserve Bank of New York.
“FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source. 
“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the statements and pronouncements of the Financial Accounting Standards Board and such other statements by such other entities (including the Commission) as have been accepted by a significant segment of the accounting profession, which are applicable at the date of this Indenture.
“Global Subordinated Notes” means, individually and collectively, each Restricted Global Subordinated Note and each Unrestricted Global Subordinated Note, substantially in the form of Exhibit A-2 hereto, issued under this Indenture.
“Government Obligations” means securities which are direct obligations of the United States of America in each case where the payment or payments thereunder are supported by the full faith and credit of the United States of America.
“Holder” means the Person in whose name the Subordinated Note is registered in the Subordinated Note Register.
“Indenture” means this Indenture, as amended and supplemented from time to time in accordance with its terms.
“Initial Notes” means the $60 million in aggregate principal amount of the Company’s 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 issued under this Indenture on the date hereof.
“Interest Payment Date” means either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.
“Interest Period” means (i) during the Fixed Interest Period, each six-month period beginning on a Fixed Interest Payment or (ii) during the Floating Interest Period, each three-month period beginning on a Floating Interest Payment Date.
“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the 

6

Exhibit 4.1

Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.
“Investment Company Event” means the receipt by the Company of a legal opinion from counsel experienced in such matters to the effect that there is more than an insubstantial risk that the Company is or, within 90 days of the date of such legal opinion will be, considered an “investment company” that is required to be registered under the Investment Company Act of 1940, as amended.
“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.
“ISDA Definitions” means the 2006 ISDA Definitions published by the ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.
“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.
“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment
“Legal Defeasance” is defined in Section 3.02(2).
“Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders for use by such Holders in connection with an Exchange Offer.
“Maturity” or “Maturity Date” means the date on which the principal of a Subordinated Note or an installment of principal becomes due and payable as provided in or under this Indenture or such Subordinated Note, whether at the Stated Maturity or by an acceleration of the maturity of such Subordinated Note in accordance with the terms of such Subordinated Note, upon redemption at the option of the Company, upon repurchase or repayment or otherwise, and includes a Redemption Date for such Subordinated Note and a date fixed for the repurchase or repayment of such Subordinated Note at the option of the Holder.
“Officer” means, with respect to any Person, the chairman of the board, the vice chairman of the board, the chief executive officer, the president, the chief operating officer, the chief financial officer, the treasurer, any assistant treasurer, the controller, the secretary or any vice president of such Person.
“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company, that complies with the requirements of Section 1.02 and is delivered to the Trustee.

7

Exhibit 4.1

“Opinion of Counsel” means a written opinion from legal counsel, which opinion meets the requirements of Section 1.02.  The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company.
“Outstanding,” when used with respect to any Subordinated Notes, means, as of the date of determination, all such Subordinated Notes theretofore authenticated and delivered under this Indenture, except (1) any such Subordinated Note theretofore cancelled by the Trustee or the Registrar or delivered to the Trustee or the Registrar for cancellation; (2) any such Subordinated Note for whose payment at the Maturity thereof money in the necessary amount has been theretofore deposited in accordance with this Indenture (other than in accordance with Section 3.02) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company will act as its own Paying Agent) for the Holders of such Subordinated Notes, provided that, if such Subordinated Notes are to be redeemed, notice of such redemption has been duly given in accordance with this Indenture or provision therefor satisfactory to the Trustee has been made; (3) any such Subordinated Note with respect to which the Company has effected Legal Defeasance or Covenant Defeasance in accordance with Section 3.02, except to the extent provided is Section 3.02; and (4) any such Subordinated Note that has been paid in accordance with Section 2.09 or in exchange for or in lieu of which other Subordinated Notes have been authenticated and delivered under this Indenture, unless there will have been presented to the Trustee proof satisfactory to the Trustee that such Subordinated Note is held by a bona fide purchaser in whose hands such Subordinated Note is a valid obligation of the Company; provided, however, in all cases, that in determining whether the Holders of the requisite principal amount of Outstanding Subordinated Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder.  Subordinated Notes owned by the Company or any Affiliate of the Company will be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee will be protected in making any determination or relying upon any request, demand, authorization, direction, notice, consent or waiver, only Subordinated Notes that a Responsible Officer actually knows to be so owned will be so disregarded.  Subordinated Notes so owned that will 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 Subordinated Notes and that the pledgee is not the Company or an Affiliate of the Company.
“Paying Agent” is defined in Section 2.06.
“Person” means any individual, corporation, partnership, association, limited liability company, other company, statutory trust, business trust, joint venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
“Place of Payment,” with respect to any Subordinated Note, means the place or places where the principal of, or interest on, such Subordinated Note are payable as provided in or under this Indenture or such Subordinated Note.
“Private Placement Legend” means the legend set forth in Section 2.04 of this Indenture to be placed on all Subordinated Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture.

8

Exhibit 4.1

“Purchase Agreement” means the Subordinated Note Purchase Agreement concerning the Subordinated Notes, dated July 7, 2020, by and among the Company and the purchasers identified therein.
“Redemption Date” with respect to any Subordinated Note or portion thereof to be redeemed, means the date fixed for such redemption by or under this Indenture or such Subordinated Note.
“Redemption Price” with respect to any Subordinated Note or portion thereof to be redeemed, means the price at which it is to be redeemed as determined by or under this Indenture or such Subordinated Note.
“Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.
“Registrar” is defined in Section 2.06.
“Registration Rights Agreement” means the Registration Rights Agreement in the form attached as Exhibit B to the Purchase Agreement with respect to the Subordinated Notes, dated as of the date of this Indenture, by and among the Company and the purchasers of the Initial Notes identified therein.
“Regular Record Date,” with respect to any Interest Payment Date, means the close of business on the fifteenth calendar day prior to the applicable Interest Payment Date, without regard to whether the Regular Record Date is a Business Day.
“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto.
“Responsible Officer” means, when used with respect to the Trustee, any officer assigned to the Corporate Trust Office who has direct responsibility for the administration of this Indenture and, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of such Person’s knowledge of and familiarity with the particular subject.
“Restricted Definitive Subordinated Note” means a Definitive Subordinated Note bearing, or that is required to bear, the Private Placement Legend.
“Restricted Global Subordinated Note” means a Global Subordinated Note bearing, or that is required to bear, the Private Placement Legend,
“Restricted Subordinated Note” means a Restricted Global Subordinated Note or a Restricted Definitive Subordinated Note.
“Rule 144” means Rule 144 promulgated under the Securities Act.

9

Exhibit 4.1

“Rule 144A” means Rule 144A promulgated under the Securities Act.
“Securities Act” means the Securities Act of 1933, as amended, or any successor statute thereto.
“Senior Indebtedness” means the principal of, and premium, if any, and interest, including interest accruing after the commencement of any bankruptcy proceeding relating to the Company, on, or substantially similar payments the Company makes in respect of the following categories of debt, whether that debt was outstanding on the date of execution of this Indenture or thereafter incurred, created or assumed: (1) all indebtedness of the Company for borrowed money, whether or not evidenced by notes, debentures, bonds, securities or other similar instruments issued under the provisions of any indenture, fiscal agency agreement, debenture or note purchase agreement or other agreement, including any senior debt securities that may be offered; (2) indebtedness of the Company for money borrowed or represented by purchase money obligations, as defined below; (3) the Company’s obligations as lessee under leases of property whether made as part of a sale and leaseback transaction to which it is a party or otherwise; (4) reimbursement and other obligations relating to letters of credit, bankers’ acceptances and similar obligations and direct credit substitutes; (5) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts, commodity contracts and other similar arrangements; (6) all of the Company’s obligations issued or assumed as the deferred purchase price of property or services, but excluding trade accounts payable and accrued liabilities arising in the ordinary course of business; (7) any other obligation of the Company to its general creditors; (8) all obligations of the type referred to in clauses (1) through (7) of other persons for the payment of which the Company is liable contingently or otherwise to pay or advance money as obligor, guarantor, endorser or otherwise; (9) all obligations of the types referred to in clauses (1) through (8) of other persons secured by a lien on any property or asset of the Company; and (10) deferrals, renewals or extensions of any of the indebtedness or obligations described above.
However, clauses (1) through (10) above exclude: (x) any indebtedness, obligation or liability referred to in clauses (1) through (10) above as to which, in the instrument creating or evidencing that indebtedness, obligation or liability, it is expressly provided that the indebtedness, obligation or liability is not senior in right of payment, is junior in right of payment to, or ranks equally in right of payment with, other specified types of indebtedness, obligations and liabilities of the Company, which other specified types of indebtedness, obligations and liabilities of the Company include the Subordinated Notes, (y) any indebtedness, obligation or liability that is subordinated to indebtedness, obligations or liabilities of the Company to substantially the same extent as or to a greater extent than the Subordinated Notes are subordinated, including any of the Company’s other subordinated debt, whether such subordinated debt is outstanding on the date of execution of this Indenture or thereafter incurred, created or attained; and (z) the Subordinated Notes and, unless expressly provided in the terms thereof, any indebtedness of the Company to its Subsidiaries.
As used above, the term “purchase money obligations” means indebtedness, obligations evidenced by a note, debenture, bond or other instrument, whether or not secured by a lien or other security interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any deferred obligation for the payment of, the purchase price of property but excluding indebtedness or obligations for which recourse is limited to the property purchased, issued or assumed as all or a part of the consideration for the acquisition of property or services, whether by purchase, merger, consolidation or otherwise, but does not include any trade accounts payable.

10

Exhibit 4.1

“Significant Subsidiary” means any Subsidiary of the Company that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X promulgated by the Commission (as such rule is in effect on the date of this Indenture).
“SOFR” means the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark (or a successor administrator), on the FRBNY’s Website.
“Special Record Date” for the payment of any Defaulted Interest on any Subordinated Note means a date fixed in accordance with Section 2.10.
“Stated Maturity” means July 15, 2030.
“Subordinated Note” or “Subordinated Notes” means the Initial Notes and the Exchange Notes and, more particularly, any Subordinated Note authenticated and delivered under this Indenture, including those Subordinated Notes issued or authenticated upon transfer, replacement or exchange.
“Subordinated Note Register” is defined in Section 2.06.
“Subordination Provisions” means the provisions contained in Article XI or any provisions with respect to subordination contained in the Subordinated Notes.
“Subsidiary” means a corporation, a partnership, business or statutory trust or a limited liability company, a majority of the outstanding voting equity securities or a majority of the voting membership or partnership interests, as the case may be, of which is owned or controlled, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company.  For the purposes of this definition, “voting equity securities” means securities having voting power for the election of directors, managers, managing partners or trustees, as the case may be, whether at all times or only so long as no senior class of stock has voting power by reason of any contingency.
“Tax Event” means the receipt by the Company of a legal opinion from counsel experienced in such matters to the effect that, as a result of a change or a prospective change in law on or after the date hereof, there is more than an insubstantial risk that interest paid by the Company on the Subordinated Notes is not, or, within 90 days of the date of such legal opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes.
“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator).
“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions.

11

Exhibit 4.1

“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Company decides in good faith that adoption of any portion of such market practice is not administratively feasible or if the Company reasonably determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary).
“Tier 2 Capital” means Tier 2 capital for purposes of capital adequacy regulations and guidelines of the Federal Reserve Board, as then in effect and applicable to the Company. 
“Tier 2 Capital Event” means the receipt by the Company of a written legal opinion from counsel experienced in such matters to the effect that, as a result of any change, event, occurrence, circumstance or effect occurring on or after the date hereof, there is more than an insubstantial risk that the Subordinated Notes do not constitute, or within 90 days of the date of such legal opinion will not constitute, Tier 2 Capital (or its then equivalent if the Company were subject to such capital requirement).
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.
“Trustee” means UMB Bank, National Association, as trustee, until a successor replaces it in accordance with the provisions of this Indenture and thereafter means the successor serving hereunder.
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
“United States,” means the United States of America (including the states thereof and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.
“Unrestricted Definitive Subordinated Note” means a Definitive Subordinated Note that does not bear, and is not required to bear, the Private Placement Legend.
“Unrestricted Global Subordinated Note” means a Global Subordinated Note that does not bear, and is not required to bear, the Private Placement Legend.

12

Exhibit 4.1

Section 1.02    Compliance Certificates and Opinions.  Except as otherwise expressly provided in or under this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company will furnish to the Trustee an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent (including covenants compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent (including covenants compliance with which constitutes a condition precedent), if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.
Each certificate or opinion with respect to which compliance with a condition provided for in this Indenture (other than an Officers’ Certificate provided under Section 9.07) must comply with the provisions of Section 314(e) of the Trust Indenture Act and must include:
(1)a statement that the person making such certificate or opinion has read such covenant or condition;
(2)a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(3)a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such condition has been satisfied; and
(4)a statement as to whether or not, in the opinion of such person, such condition has been satisfied.
Section 1.03    Form of Documents Delivered to Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.
Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care, but without investigation, should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based is erroneous. 
Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless such 

13

Exhibit 4.1

counsel knows, or in the exercise of reasonable care, but without investigation, should know, that the certificate or opinion or representations with respect to such matters are erroneous.
Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture or any Subordinated Note, they may, but need not, be consolidated and form one instrument.
Section 1.04    Acts of Holders.
(1)Any request, demand, authorization, direction, notice, consent, waiver or other action provided by or under this Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing.  Except as herein otherwise expressly provided, such action will become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company.  Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Subordinated Note, will be sufficient for any purpose of this Indenture and (subject to Section 5.01) conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section.
(2)    The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner that the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine, and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section.
(3)    The ownership, principal amount and serial numbers of Subordinated Notes held by any Person, and the date of the commencement and the date of the termination of holding the same, will be proved by the Subordinated Note Register.
(4)    The Company may, in the circumstances permitted by the Trust Indenture Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act authorized or permitted to be given or taken by Holders.  Unless otherwise specified, if not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, any such record date will be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation.  If a record date is fixed, the Holders on such record date, and only such Persons, will be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date.  No such request, demand, authorization, direction, notice, consent, waiver or other action will be valid or effective if made, given or taken more than 90 days after such record date.
(5)    Any effective request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any Subordinated Note will bind every future Holder of the same Subordinated Note and the Holder of every Subordinated Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or suffered to be done by 

14

Exhibit 4.1

the Trustee, any Registrar, any Paying Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Subordinated Note.
(6)    Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Subordinated Note may do so with regard to all or any part of the principal amount of such Subordinated Note or by one or more duly appointed agents, each of which may do so in accordance with such appointment with regard to all or any part of such principal amount.  Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount in accordance with this paragraph will have the same effect as if given or taken by separate Holders of each such different part.
(7)    Without limiting the generality of this Section 1.04, a Holder, including a Depositary that is a Holder of a Global Subordinated Note, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other Act provided in or under this Indenture or the Subordinated Notes to be made, given or taken by Holders, and a Depositary that is a Holder of a Global Subordinated Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Subordinated Note through such Depositary’s Applicable Procedures.  The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Subordinated Note entitled under the Applicable Procedures of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders.  If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, will be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date.  No such request, demand, authorization, direction, notice, consent, waiver or other action will be valid or effective if made, given or taken more than 90 days after such record date.
Promptly upon any record date being set in accordance with this Section 1.04, the Company, at its own expense, will cause notice of the record date, the proposed action by Holders and the expiration date to be given to the Trustee in writing and the Holders in the manner set forth in Section 1.05.
Section 1.05    Required Notices or Demands.  Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in Person or delivered by registered or certified mail (return receipt requested), facsimile, electronic mail or overnight air courier guaranteeing next day delivery, to the other’s address:
If to the Company;
Enterprise Bancorp, Inc.
222 Merrimack Street
Lowell, Massachusetts 01852
Attention: Joseph R. Lussier
Facsimile: (978) 275-8609
Email: joe.lussier@ebtc.com

15

Exhibit 4.1

If to the Trustee:
UMB Bank, National Association, as Trustee
1010 Grand Boulevard
Kansas City, Missouri 64106
Attention: Mauri J. Cowen / Corporate Trust
Facsimile: (214) 389-5949
Email: mauri.cowen@umb.com

The Company or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or communications.
All notices and communications will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if delivered by mail; on the first Business Day after being sent, if sent by facsimile and the sender receives confirmation of successful transmission; upon confirmation of transmittal (but excluding any automatic reply to such email), if sent by email; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.
Any notice required or permitted to be given to a Holder or electronically through the Applicable Procedures of the Depositary under the provisions of this Indenture will be deemed to be properly delivered by being deposited postage prepaid in a post office letter box in the United States addressed to such Holder at the address of such Holder as shown on the Subordinated Note Register.  Any report in accordance with Section 313 of the Trust Indenture Act will be transmitted in compliance with subsection (c) therein.  If the Company delivers a notice or communication to Holders, the Company will deliver a copy to the Trustee at the same time.
In any case where notice to Holders of Subordinated Notes is delivered by mail, neither the failure to deliver such notice, nor any defect in any notice so delivered, to any particular Holder of a Subordinated Note will affect the sufficiency of such notice with respect to other Holders of Subordinated Notes.  Any notice that is delivered in the manner herein provided will be conclusively presumed to have been duly given or provided.  In the case by reason of the suspension of regular mail service or by reason of any other cause it will be impracticable to give such notice by mail, then such notification as will be made with the approval of the Trustee will constitute a sufficient notification for every purpose hereunder.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver will be the equivalent of such notice.  Waivers of notice by Holders of Subordinated Notes will be filed with the Trustee, but such filing will not be a condition precedent to the validity of any action taken in reliance upon such waiver.
Notwithstanding any other provision herein, where this Indenture provides for notice to any Holder of a Global Subordinated Note, or of an interest therein, such notice will be sufficiently given 

16

Exhibit 4.1

if given to the Depositary for such Global Subordinated Note (or its designee) according to the Applicable Procedures of such Depositary prescribed for giving such notice.
Section 1.06    Language of Notices.  Any request, demand, authorization, direction, notice, consent or waiver or other Act required or permitted under this Indenture will be in the English language, except that, if the Company so elects, any published notice may be in an official language of the country of publication.
Section 1.07    Incorporation by Reference of Trust Indenture Act; Conflicts.  Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture.  The Trust Indenture Act term “obligor” used in this Indenture means the Company and any successor obligor upon the Subordinated Notes.
All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by Commission rule under the Trust Indenture Act have the meanings so assigned to them as of the date of this Indenture.  If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision included in this Indenture that is required to be included in this Indenture by any of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provision will control If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture Act, the duties imposed by Section 318(c) of the Trust Indenture Act will control.  If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provisions of the Trust Indenture Act will be deemed to apply to this Indenture as so modified or will be excluded, as the case may be.
Section 1.08    Effect of Headings and Table of Contents.  The Article and Section headings in this Indenture and the Table of Contents are for convenience only and will not affect the construction of this Indenture.
Section 1.09    Successors and Assigns.  All the covenants, stipulations, promises and agreements in this Indenture by or on behalf of the Company or the Trustee will bind its respective successors and permitted assigns, whether so expressed or not.  The Company may assign its rights under this Indenture, but may not assign its obligations under this Indenture, other than in connection with a transaction permitted by Article VII hereof, or as consented to by the Holder of each Outstanding Subordinated Note.
Section 1.10    Severability.  In case any provision in this Indenture or any Subordinated Note will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not, to the fullest extent permitted by law, in any way be affected or impaired thereby.
Section 1.11    Benefits of Indenture.  Nothing in this Indenture or any Subordinated Note, express or implied, will give to any Person, other than the parties hereto, any Registrar, any Paying Agent and their respective successors hereunder and the Holders of Subordinated Notes, and the holders of Senior Indebtedness, any benefit or any legal or equitable right, remedy or claim under this Indenture.

17

Exhibit 4.1

Section 1.12    Governing Law.  This Indenture and the Subordinated Notes will be governed by and construed in accordance with the laws of the State of New York without giving effect to its principles of conflict of laws (other than Section 5-1401 of the New York General Obligations Law).
Section 1.13    Legal Holidays.  Unless otherwise specified in or under this Indenture or any Subordinated Notes, in any case where any Interest Payment Date, Stated Maturity or Maturity of, or any other day on which a payment is due with respect to, any Subordinated Note will be a day that is not a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Subordinated Note other than a provision in any Subordinated Note or in the Board Resolution, Officers’ Certificate or supplemental indenture establishing the terms of any Subordinated Note that specifically states that such provision will apply in lieu hereof) payment need not be made at such Place of Payment on such date, but such payment may be made on the next succeeding day that is a Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest will accrue on the amount payable on such date or at such time for the period from and after such Interest Payment Date, Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day. 
Section 1.14    Counterparts; Electronic Transmission.  This Indenture may be executed in several counterparts, each of which will be an original and all of which will constitute but one and the same instrument.  Any facsimile or electronically transmitted copies hereof or signature hereon will, for all purposes, be deemed originals.
Section 1.15    Immunity of Certain Persons.  No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Subordinated Note, or because of any indebtedness evidenced thereby, will be had against any past, present or future shareholder, employee, officer or director, as such, of the Company or Trustee or of any predecessor or successor, either directly or through the Company or Trustee or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Subordinated Notes by the Holders and as part of the consideration for the issue of the Subordinated Notes.
Section 1.16    Waiver of Jury Trial.  EACH PARTY HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SUBORDINATED NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.
Section 1.17    Force Majeure.  In no event will the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee will use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

18

Exhibit 4.1

Section 1.18    USA Patriot Act.  The Trustee hereby notifies the Company that in accordance with the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow the Trustee to identify the Company in accordance with the USA Patriot Act.
Section 1.19    No Sinking Fund.  The Subordinated Notes are not entitled to the benefit of any sinking fund.
Section 1.20    Rules of Construction.  Unless the context otherwise requires:
(1)    a term has the meaning assigned to it;
(2)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
(3)    “or” is not exclusive;
(4)    words in the singular include the plural, and in the plural include the singular;
(5)    “including” means including without limitation;
(6)    “will” will be interpreted to express a command;
(7)    provisions apply to successive events and transactions;
(8)    references to sections of, or rules under, the Securities Act will be deemed to include substitute, replacement or successor sections or rules adopted by the Commission from time to time;
(9)    unless the context otherwise requires, any reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and
(10)    the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision.
ARTICLE II     
THE SUBORDINATED NOTES
Section 2.01    Forms Generally.  The Subordinated Notes (including the Trustee’s certificate of authentication) will be substantially in the form of Exhibit A-l and Exhibit A-2, as applicable, which are a part of this Indenture.  The Subordinated Notes may have notations, legends or endorsements required by law, stock exchange rule or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company).  The Company will provide any such notations, legends or endorsements to the Trustee in writing.  Each Subordinated Note will be dated the date of its authentication.  The terms and provisions contained in the Subordinated Notes will 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, agree to such terms and provisions and to be bound thereby.  However, 

19

Exhibit 4.1

to the extent any provision of any Subordinated Note irreconcilably conflicts with the express provisions of this Indenture, the provisions of this Indenture will govern and be controlling.
Section 2.02    Definitive Subordinated Notes.  The Initial Notes will be issued initially in the form of one or more Definitive Subordinated Notes.  The Exchange Notes will also be issued initially in the form of one or more Definitive Subordinated Notes, unless, before the issuance of such Exchange Notes, the Company has determined that the Subordinated Notes may be represented by Global Subordinated Notes and has so notified the Trustee, in which event the Exchange Notes will be issued in the form of one or more Global Subordinated Notes.  Except as provided in Section 2.07, Holders of Definitive Subordinated Notes will not be entitled to transfer Definitive Subordinated Notes in exchange for beneficial interests in Global Subordinated Notes, and owners of beneficial interests in Global Subordinated Notes will not be entitled to receive physical delivery of Definitive Subordinated Notes.
Section 2.03    Global Subordinated Notes.  Each Global Subordinated Note issued under this Indenture will be deposited with the Trustee at its Corporate Trust Office, as custodian for the Depositary, and registered in the name of the Depositary or the nominee thereof, duly executed by the Company and authenticated by the Trustee as hereinafter provided.  The aggregate principal amount of any Global Subordinated Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary as hereinafter provided.  Any adjustment of the aggregate principal amount of a Global Subordinated Note to reflect the amount of any increase or decrease in the amount of outstanding Subordinated Notes represented thereby will be made by the Trustee in accordance with instructions given by the Holder thereof as required by Section 2.07 hereof and will be made on the records of the Trustee and the Depositary.
Section 2.04    Restricted Subordinated Notes.  Each Restricted Definitive Subordinated Note and Restricted Global Subordinated Note will bear a legend in substantially the following form:
THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; (B) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO A PERSON THAT YOU REASONABLY BELIEVE TO BE AN INSTITUTIONAL ACCREDITED INVESTOR AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT; OR (C) UNDER ANY OTHER AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT), AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED.

20

Exhibit 4.1

The Private Placement Legend set forth above will be removed and a new Subordinated Note of like tenor and principal amount without such Private Placement Legend will be executed by the Company, and upon written request of the Company (together with an Officers’ Certificate and an Opinion of Counsel) given at least three Business Days prior to the proposed authentication date, the Trustee will authenticate and deliver such new Subordinated Note to the respective Holder, if legal counsel to the Holder or owner of beneficial interests requesting the removal of such Private Placement Legend deliver to the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the Company an opinion of counsel in compliance with this Indenture and additionally opining that the restrictive legend can be removed in connection with the transfer in accordance with the Securities Act.
Section 2.05    Execution and Authentication.  Subordinated Notes will be executed on behalf of the Company by any Authorized Officer and may (but need not) have the Company’s corporate seal or a facsimile thereof reproduced thereon.  The signature of an Authorized Officer on the Subordinated Notes may be manual or facsimile.  Subordinated Notes bearing the manual or facsimile signatures of individuals who were at the time of execution Authorized Officers of the Company will, to the fullest extent permitted by law, bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Subordinated Notes or did not hold such offices at the date of such Subordinated Notes.
The Trustee or an Authenticating Agent will authenticate and deliver the Initial Notes for original issue in an initial aggregate principal amount of up to $60 million upon one or more Company Orders and an Opinion of Counsel.  In addition, the Trustee or an Authenticating Agent will upon receipt of a Company Order, Opinion of Counsel and Officers’ Certificate authenticate and deliver any Exchange Notes for an aggregate principal amount not to exceed $60 million specified in such Company Order for Exchange Notes issued hereunder.  The aggregate principal amount of the Outstanding Subordinated Notes to be issued hereunder may be increased at any time hereafter and the series may be reopened for issuances of additional Subordinated Notes upon Company Order without the consent of any Holder.  The Subordinated Notes issued on the date hereof and any such additional Subordinated Notes that may be issued hereafter shall be part of the same series of Subordinated Notes for all purposes under this Indenture.  Unless the context otherwise requires, the initial Subordinated Notes and the Exchange Notes shall constitute one series for all purposes under this Indenture, including with respect to any amendment, waiver, acceleration or other Act of the Holders or upon redemption of the Subordinated Notes.  The Subordinated Notes will be issued only in registered form without coupons and in minimum denominations of $1,000 and any integral multiple of $1,000 in excess thereof.
The Trustee will not be required to authenticate any Subordinated Notes if the issue of such Subordinated Notes under this Indenture will affect the Trustee’s own rights, duties or immunities under the Subordinated Notes and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken.
No Subordinated Note will be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Subordinated Note a certificate of authentication substantially in the form provided for herein executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized signatories.  Such certificate upon 

21

Exhibit 4.1

any Subordinated Note will be conclusive evidence, and the only evidence, that such Subordinated Note has been duly authenticated and delivered hereunder.
Section 2.06    Registrar and Paying Agent.  The Company will maintain an office or agency where Subordinated Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Subordinated Notes may be presented for payment (“Paying Agent”).  The Registrar will keep a register of the Subordinated Notes (“Subordinated Note Register”) and of their transfer and exchange.  The registered Holder of a Subordinated Note will be treated as the owner of the Subordinated Note for all purposes.  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 prior notice to any Holder; provided that no such removal or replacement will be effective until a successor Paying Agent or Registrar will have been appointed by the Company and will have accepted such appointment.  The Company will notify the Trustee in writing of the name and address of any Registrar or Paying Agent not a party to this Indenture.  If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee will act as such.  The Company or any of its Subsidiaries may act as Paying Agent or Registrar.
The Company initially appoints the Trustee to act as the Paying Agent and Registrar for the Subordinated Notes and, in the event that any Subordinated Notes are issued in global form, to initially act as custodian with respect to the Global Subordinated Notes.  In the event that the Trustee will not be or will cease to be Registrar with respect the Subordinated Notes, it will have the right to examine the Subordinated Note Register at all reasonable times.  There will be only one Subordinated Note Register.
Section 2.07    Registration of Transfer and Exchange. 
(1)    Except as otherwise provided in or under this Indenture, upon surrender for registration of transfer of any Subordinated Note, the Company will execute, and the Trustee will, upon receipt of a Company Order, authenticate and deliver, in the name of the designated transferee or transferees, one or more new Subordinated Notes denominated as authorized in or under this Indenture, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.
Except as otherwise provided in or under this Indenture, at the option of the Holder, Subordinated Notes may be exchanged for other Subordinated Notes containing identical terms and provisions, in any authorized denominations (minimum denominations of $1,000 and any integral multiple of $1,000 in excess thereof), and of a like aggregate principal amount, upon surrender of the Subordinated Notes to be exchanged at any office or agency for such purpose.  Whenever any Subordinated Notes are so surrendered for exchange, the Company will execute, and the Trustee will authenticate and deliver, subject to the terms hereof, the Subordinated Notes that the Holder making the exchange is entitled to receive.
All Subordinated Notes issued upon any registration of transfer or exchange of Subordinated Notes will be the valid obligations of the Company evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Subordinated Notes surrendered upon such registration of transfer or exchange.

22

Exhibit 4.1

Every Subordinated Note presented or surrendered for registration of transfer or for exchange or redemption will (if so required by the Company or the Registrar for such Subordinated Note) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar for such Subordinated Note duly executed by the Holder thereof or his attorney duly authorized in writing.
No service charge will be made for any registration of transfer or exchange of Subordinated Notes, or any redemption or repayment of Subordinated Notes, or any conversion or exchange of Subordinated Notes for other types of securities or property, but the Company or the Registrar may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of the Subordinated Notes from the Holder requesting such transfer or exchange.
Except as otherwise provided in or under this Indenture, the Company will not be required (i) to issue, register the transfer of or exchange any Subordinated Notes during a period beginning at the opening of business 15 days before the day of the selection for redemption of Subordinated Notes under Section 10.03 and ending at the close of business on the day of such selection, or (ii) to register the transfer of or exchange any Subordinated Note, or portion thereof, so selected for redemption, except in the case of any Subordinated Note to be redeemed in part, the portion thereof not to be redeemed.
Any Registrar (if not the Trustee) appointed in accordance with Section 2.06 hereof will provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Registrar of Subordinated Notes upon transfer or exchange of Subordinated Notes.  No Registrar will be required to make registrations of transfer or exchange of Subordinated Notes during any periods designated in the Subordinated Notes or in this Indenture as periods during which such registration of transfers and exchanges need not be made.
The Trustee and the Registrar will have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Subordinated Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Subordinated Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
Neither the Trustee nor any Paying Agent will have any responsibility for any actions taken or not taken by the Depositary.
(2)    When Definitive Subordinated Notes are presented by a Holder to the Registrar with a request to register the transfer of such Definitive Subordinated Notes or to exchange such Definitive Subordinated Notes for an equal principal amount of Definitive Subordinated Notes of other authorized denominations, the Registrar will register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Subordinated Notes surrendered for transfer or exchange will be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing.

23

Exhibit 4.1

(3)    A Global Subordinated Note may not be transferred 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 Subordinated Notes will be exchanged by the Company for Definitive Subordinated Notes if: (i) the Depositary has notified the Company that it is unwilling or unable to continue as Depositary for such Global Subordinated Note or such Depositary has ceased to be a “clearing agency” registered under the Exchange Act, and a successor depositary is not appointed by the Company within 90 days, (ii) the Company determines that the Subordinated Notes are no longer to be represented by Global Subordinated Notes and so notifies the Trustee, or (iii) an Event of Default has occurred and is continuing with respect to the Subordinated Notes and the Depositary or its participant(s) has requested the issuance of Definitive Subordinated Notes.
Any Global Subordinated Note exchanged in accordance with clause (i) or (ii) above will be so exchanged in whole and not in part, and any Global Subordinated Note exchanged in accordance with clause (iii) above may be exchanged in whole or from time to time in part as directed by the Depositary.
Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Subordinated Notes will be issued in fully registered form, without interest coupons, will have an aggregate principal amount equal to that of the Global Subordinated Note or portion thereof to be so exchanged, will be registered in such names and be in such authorized denominations as the Depositary will instruct the Trustee in writing and will bear such legends as provided herein.  Global Subordinated Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.09 hereof.  Every Subordinated Note authenticated and delivered in exchange for, or in lieu of, a Global Subordinated Note or any portion thereof, in accordance with this Section 2.07 or Section 2.09 hereof, will be authenticated and delivered in the form of, and will be, a Global Subordinated Note, except as otherwise provided herein.  A Global Subordinated Note may not be exchanged for another Subordinated Note other than as provided in this Section 2.07(3); however, beneficial interests in a Global Subordinated Note may be transferred and exchanged as provided in Section 2.07(4) hereof.
Any Global Subordinated Note to be exchanged in whole will be surrendered by the Depositary to the Trustee.  With regard to any Global Subordinated Note to be exchanged in part, either such Global Subordinated Note will be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Subordinated Note, the principal amount thereof will be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee.  Upon any such surrender or adjustment, the Trustee will authenticate and deliver the Subordinated Note issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof.
(4)    The transfer and exchange of beneficial interests in the Global Subordinated Notes will be effected through the Depositary in accordance with the Applicable Procedures and this Section 2.07.
(5)    A Definitive Subordinated Note may not be exchanged for a beneficial interest in a Global Subordinated Note unless the Company determines that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee.  After the Company has determined that the Subordinated Notes may be represented by Global Subordinated Notes and so notifies the Trustee in writing, then upon receipt by the Trustee of a Definitive Subordinated Note, duly endorsed or 

24

Exhibit 4.1

accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee, together with written instructions from such Holder directing the Trustee to make, or to direct the Registrar to make, an adjustment on its books and records with respect to such Global Subordinated Note to reflect an increase in the aggregate principal amount of the Subordinated Notes represented by the Global Subordinated Note, such instructions to contain information regarding the Depositary account to be credited with such increase, the Trustee will cancel such Definitive Subordinated Note and cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Registrar, the aggregate principal amount of Subordinated Notes represented by the Global Subordinated Note to be increased by the aggregate principal amount of the Definitive Subordinated Note to be exchanged, and will credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Subordinated Note equal to the principal amount of the Definitive Subordinated Note so cancelled.  If no Global Subordinated Notes are then outstanding, the Company will issue and the Trustee will authenticate, upon Company Order, a new Global Subordinated Note in the appropriate principal amount.
(6)    At such time as all beneficial interests in a particular Global Subordinated Note have been exchanged for Definitive Subordinated Notes or a particular Global Subordinated Note has been repurchased or canceled in whole and not in part, each such Global Subordinated Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.12 hereof.  At any time prior to such cancellation, if any beneficial interest in a Global Subordinated Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Subordinated Note or for Definitive Subordinated Notes, the principal amount of Subordinated Notes represented by such Global Subordinated Note will be reduced accordingly by adjustments made on the records 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 Subordinated Note, such other Global Subordinated Note will be increased accordingly by adjustments made on the records of the Trustee to reflect such increase.
(7)    No Restricted Subordinated Note will be transferred or exchanged except in compliance with the Private Placement Legend or as provided in accordance with Section 2.08.  In addition to the provisions for transfer and exchange set forth in this Section 2.07, the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the Company may, prior to effecting any requested transfer or exchange of any Restricted Subordinated Notes, other than an exchange in accordance with Section 2.08, require that legal counsel to the Holder or owner of beneficial interests requesting such transfer or exchange deliver to the Trustee, any Registrar and Paying Agent (if a different Person than the Trustee) and the Company, an Opinion of Counsel in compliance with this Indenture and additionally opining that the transfer or exchange is in compliance with the requirements of the Private Placement Legend and that the Subordinated Note issued to the transferee or in exchange for the Restricted Subordinated Note may be issued free of the Private Placement Legend.  Any untransferred or unexchanged balance of a Restricted Subordinated Note will be reissued to the Holder with the Private Placement Legend, unless the Private Placement Legend may be omitted in accordance with Section 2.04, as evidenced by the Opinion of Counsel.

25

Exhibit 4.1

Section 2.08    Exchange Offer.  Upon the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of a Company Order in accordance with Section 2.05 hereof, the Trustee will authenticate (i) Unrestricted Definitive Subordinated Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Subordinated Notes tendered in such Exchange Offer for acceptance by each Person that certifies in the applicable Letter of Transmittal that (a) it is not an affiliate (as defined in Rule 405 under the Securities Act) of the Company, (b) any Exchange Notes to be received by it will be acquired in the ordinary course of business, (c) it has no arrangement with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes and (d) it is not acting on behalf of any Person who could not truthfully make the statements set forth in clauses (a), (b) and (c) immediately above, and shall be required to make such other representations as may be reasonably necessary under applicable Commission rules, regulations or interpretations to render the use of Form S-4 or another appropriate form under the Securities Act available or, if permitted by the Company, (ii) one or more Unrestricted Global Subordinated Notes in an aggregate principal amount equal to the aggregate principal amount of the beneficial interests in the Restricted Global Subordinated Notes tendered in such Exchange Offer for acceptance by each Person that certifies in the applicable Letter of Transmittal that (w) it is not an affiliate (as defined in Rule 405 under the Securities Act) of the Company, (x) any Exchange Notes to be received by it will be acquired in the ordinary course of business, (y) it has no arrangement with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes and (z) it is not acting on behalf of any Person who could not truthfully make the statements set forth in clauses (w), (x) and (y) immediately above, and shall be required to make such other representations as may be reasonably necessary under applicable Commission rules, regulations or interpretations to render the use of Form S-4 or another appropriate form under the Securities Act available.  Concurrently with the issuance of such Unrestricted Global Subordinated Notes upon exchange of Restricted Global Subordinated Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Subordinated Notes to be reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Restricted Definitive Subordinated Notes so accepted Unrestricted Definitive Subordinated Notes in the applicable principal amount.  Any Subordinated Notes that remain outstanding after the consummation of such Exchange Offer, and Exchange Notes issued in connection with such Exchange Offer, will be treated as a single class of securities under this Indenture.  For the avoidance of doubt, the only remedy for breach of registration rights is the Additional Interest set forth in Section 2(e) of the Registration Rights Agreement.

26

Exhibit 4.1

Section 2.09    Mutilated, Destroyed, Lost and Stolen Subordinated Notes.  If any mutilated Subordinated Note is surrendered to the Trustee, subject to the provisions of this Section 2.09, the Company will execute and the Trustee will authenticate and deliver in exchange therefor a new Subordinated Note containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding.
If there be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Subordinated Note, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Subordinated Note has been acquired by a bona fide purchaser, the Company will execute and, upon Company Request the Trustee will authenticate and deliver, in exchange for or in lieu of any such destroyed, lost or stolen Subordinated Note, a new Subordinated Note containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding.
Notwithstanding the foregoing provisions of this Section 2.09, in case the outstanding principal balance of any mutilated, destroyed, lost or stolen Subordinated Note has become or is about to become due and payable, or is about to be redeemed by the Company pursuant to Article X hereof, the Company in its discretion may, instead of issuing a new Subordinated Note, pay or redeem such Subordinated Note, as the case may be.
Upon the issuance of any new Subordinated Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Subordinated Note issued in accordance with this Section in lieu of any destroyed, lost or stolen Subordinated Note will constitute a separate obligation of the Company, whether or not the destroyed, lost or stolen Subordinated Note will be at any time enforceable by anyone, and will be entitled to all the benefits of this Indenture equally and proportionately with any and all other Subordinated Notes duly issued hereunder.
The provisions of this Section, as amended or supplemented in accordance with this Indenture with respect to particular Subordinated Notes or generally, will (to the extent lawful) be exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Subordinated Notes.
Section 2.10    Payment of Interest; Rights to Interest Preserved.  Any interest on any Subordinated Note that will be payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the Person in whose name such Subordinated Note is registered as of the close of business on the Regular Record Date for such Interest Payment Date.
Any interest on any Subordinated Note that will be payable, but will not be punctually paid or duly provided for, on any Interest Payment Date for such Subordinated Note (herein called “Defaulted Interest”) will cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below:

27

Exhibit 4.1

(1)    The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Subordinated Note will be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which will be fixed in the following manner.  The Company will notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Subordinated Note and the date of the proposed payment, and at the same time the Company will deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or will make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in this clause provided.  Thereupon, the Company will fix or cause to be fixed a Special Record Date for the payment of such Defaulted Interest, which will be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.  The Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company), will cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be delivered to the Holder of such Subordinated Note at the Holder’s address as it appears in the Subordinated Note Register not less than 10 days prior to such Special Record Date.  Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been delivered as aforesaid, such Defaulted Interest will be paid to the Person in whose name such Subordinated Note will be registered at the close of business on such Special Record Date and will no longer be payable under the following clause (2).
(2)    The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Subordinated Note may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Company to the Trustee of the proposed payment under this Clause, such payment will be deemed practicable by the Trustee.
Unless otherwise provided in or under this Indenture or the Subordinated Notes, at the option of the Company, interest on Subordinated Notes that bear interest may be paid by mailing a check to the address of the Person entitled thereto as such address will appear in the Subordinated Note Register or by transfer to an account maintained by the payee with a bank located in the United States.
Subject to the foregoing provisions of this Section and Section 2.07, each Subordinated Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Subordinated Note will carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Subordinated Note.
Section 2.11    Persons Deemed Owners.  Prior to due presentment of a Subordinated Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Subordinated Note is registered in the Subordinated Note Register as the owner of such Subordinated Note for the purpose of receiving payment of principal of, and (subject to Section 2.07 and Section 2.10) interest on, such Subordinated Note and for all other purposes whatsoever, whether or not any payment with respect to such Subordinated Note will be overdue, and neither the Company, the Trustee or any agent of the Company or the Trustee will be affected by notice to the contrary.

28

Exhibit 4.1

No holder of any beneficial interest in any Global Subordinated Note held on its behalf by a Depositary will have any rights under this Indenture with respect to such Global Subordinated Note, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global Subordinated Note for all purposes whatsoever.  None of the Company, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Subordinated Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
Notwithstanding the foregoing, nothing herein will prevent the Company, the Trustee, any Paying Agent or the Registrar from giving effect to any written certification, proxy or other authorization furnished by the applicable Depositary, as a Holder, with respect to a Global Subordinated Note or impair, as between such Depositary and the owners of beneficial interests in such Global Subordinated Note, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as the Holder of such Global Subordinated Note.
Section 2.12    Cancellation.  All Subordinated Notes surrendered for payment, redemption, registration of transfer or exchange will, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Subordinated Note, as well as Subordinated Notes surrendered directly to the Trustee for any such purpose, will be cancelled promptly by the Trustee.  The Company may at any time deliver to the Trustee for cancellation any Subordinated Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Subordinated Notes so delivered will be cancelled promptly by the Trustee, No Subordinated Notes will be authenticated in lieu of or in exchange for any Subordinated Notes cancelled as provided in this Section, except as expressly permitted by or under this Indenture.  All cancelled Subordinated Notes held by the Trustee will be disposed of in accordance with its procedure for the disposition of cancelled Subordinated Notes, and the Trustee upon the written request of the Company will deliver to the Company a certificate of such disposition, unless by a Company Order the Company shall direct that cancelled Subordinated Notes shall be returned to the Company.

29

Exhibit 4.1

Section 2.13    Computation of Interest.  
(1)    From and including the original issue date of the Subordinated Notes to but excluding July 15, 2025, the rate at which the Subordinated Notes shall bear interest shall be 5.25% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semiannually in arrears on each Fixed Interest Payment Date.  From and including July 15, 2025 to but excluding the Stated Maturity, the rate at which the Subordinated Notes shall bear interest shall be a floating rate equal to the Floating Interest Rate for the applicable Interest Period (provided, however, that in the event that the Floating Interest Rate for the applicable interest period is less than zero, the Floating Interest Rate for such interest period shall be deemed to be zero) plus 517.5 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears on each Floating Interest Payment Date. Any payment of principal of or interest on the Subordinated Notes that would otherwise become due and payable on a day which is not a Business Day will become due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of such principal or interest, and no interest will accrue in respect of such payment for the period after such day.
(2)    The “Floating Interest Rate” means:
(a)    initially Three-Month Term SOFR (as defined below). 
(b)    Notwithstanding the foregoing clause (i) of this Section 2(b):
i.    If the Calculation Agent, determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Interest Period.
ii.    However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent (as defined below).
iii.    If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Interest Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Company, then the relevant Three-Month Term SOFR Conventions will apply.

30

Exhibit 4.1

(3)    Effect of Benchmark Transition Event.
(a)    If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates.
(b)    In connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time.
(c)    Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection:
i.    will be conclusive and binding absent manifest error;
ii.    if made by the Company, will be made in the Company’s sole discretion;
iii.    if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects; and
iv.    notwithstanding anything to the contrary in the Subordinated Note, this Indenture or the Purchase Agreement, shall become effective without consent from the relevant Holders or any other party.
(d)    For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on the Subordinated Notes for the Floating Interest Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the spread specified on the face hereof.
(4)    In the event that any Fixed Interest Payment Date during the Fixed Interest Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional interest shall accrue as a result of that postponement.  In the event that any Floating Interest Payment Date during the Floating Interest Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and interest shall accrue to but excluding the date interest are paid.  However, if the postponement would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest Payment Date shall instead be brought forward to the immediately preceding Business Day. 

31

Exhibit 4.1

Section 2.14    CUSIP Numbers.  The Company may issue the Subordinated Notes with one or more “CUSIP” numbers (if then generally in use).  The Company will promptly notify the Trustee in writing of any change in the CUSIP numbers.  The Trustee may use “CUSIP” numbers in notices (including but not limited to 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 of such numbers either as printed on the Subordinated Notes or as contained in any notice (including any notice of redemption or exchange) and that reliance may be placed only on the other identification numbers printed on the Subordinated Notes, and any such notice will not be affected by any defect in or omission of such numbers.

32

Exhibit 4.1

ARTICLE III     
SATISFACTION AND DISCHARGE OF INDENTURE
Section 3.01    Satisfaction and Discharge.  This Indenture will cease to be of further effect, and the Trustee, on receipt of a Company Order, at the expense of the Company, will execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:
(1)    either: 
(a)    all Subordinated Notes theretofore authenticated and delivered (other than (i) Subordinated Notes that have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09 and (ii) Subordinated Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 9.03) have been delivered to the Trustee for cancellation; or
(b)    all Subordinated Notes that have not been delivered to the Trustee for cancellation (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one year, or (iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, an amount sufficient to pay and discharge the entire indebtedness on such Subordinated Notes not theretofore delivered to the Trustee for cancellation, including the principal of, and interest on, such Subordinated Notes, to the date of such deposit (in the case of Subordinated Notes which have become due and payable) or to the Maturity thereof, as the case may be;
(2)    the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Outstanding Subordinated Notes or this Indenture; and
(3)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been satisfied.
Notwithstanding the satisfaction and discharge of this Indenture with respect to the Subordinated Notes, the obligations of the Company to the Trustee under Section 5.07 and, if money will have been deposited with the Trustee in accordance with Section 3.01(1)(b), the obligations of the Company and the Trustee with respect to the Subordinated Notes under Section 3.03 and Section 9.03 will survive.

Section 3.02    Defeasance and Covenant Defeasance.
(1)    The Company may at its option and at any time, elect to have Section 3.02(2) or Section 3.02(3) be applied to such Outstanding Subordinated Notes upon compliance with the conditions set forth below in this Section 3.02.  Legal Defeasance and Covenant Defeasance may be effected only with respect to all, and not less than all, of the Outstanding Subordinated Notes.

33

Exhibit 4.1

(2)    Upon the Company’s exercise of the option set forth in Section 3.02(1) applicable to this Section 3.02(2), the Company will be deemed to have been discharged from its obligations with respect to such Outstanding Subordinated Notes on the date the conditions set forth in clause (4) of this Section 3.02 are satisfied (“Legal Defeasance”).  For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Subordinated Notes, which will thereafter be deemed to be “Outstanding” only for the purposes of Section 3.02(5) and the other Sections of this Indenture referred to in clauses (i) through (iv) of this paragraph, and to have satisfied all of its other obligations under such Subordinated Notes and this Indenture insofar as such Subordinated Notes are concerned (and the Trustee, at the expense of the Company, will execute proper instruments acknowledging the same), except for the following which will survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Subordinated Notes to receive, solely from the trust fund described in Section 3.02(4)(a) and as more fully set forth in this Section 3.02 and Section 3.03, payments in respect of the principal of and interest, if any, on, such Subordinated Notes when such payments are due, (ii) the obligations of the Company and the Trustee with respect to such Subordinated Notes under Section 2.07, Section 2.09, Section 9.02 and Section 9.03, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 3.02 and Section 3.03.  The Company may exercise its option under this Section 3.02(2) notwithstanding the prior exercise of its option under Section 3.02(3) with respect to such Subordinated Notes.
(3)    Upon the Company’s exercise of the option set forth in Section 3.02(1) applicable to this Section 3.02(3), the Company will be released from its obligations under Section 9.04 (except with respect to clause (i)) and under Section 9.05, Section 9.08 and Section 9.09 on and after the date the conditions set forth in Section 3.02(4) are satisfied (“Covenant Defeasance”), and such Subordinated Notes will thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such covenant, but will continue to be deemed “Outstanding” for all other purposes hereunder.  For this purpose, such Covenant Defeasance means that with respect to such Outstanding Subordinated Notes, the Company may omit to comply with, and will have no liability in respect of, any term, condition or limitation set forth in any such Section or any such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply will not constitute a default, but, except as specified above, the remainder of this Indenture and such Subordinated Notes will be unaffected thereby.
(4)    The following will be the conditions to application of Section 3.02(2) or Section 3.02(3) to any Outstanding Subordinated Notes:
(a)    The Company will irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 5.08 who will agree to comply with the provisions of this Section 3.02 applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders, (i) an amount in Dollars, (ii) Government Obligations that through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment of principal of and interest, if any, on such Subordinated Notes, money or (iii) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent 

34

Exhibit 4.1

public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which will be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of and interest, if any, on, such Outstanding Subordinated Notes on the Stated Maturity of such principal or installment of principal or interest or the applicable Redemption Date, as the case may be.
(b)    Such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company or any Subsidiary is a party or by which it is bound.
(c)    No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Subordinated Notes will have occurred and be continuing on the date of such deposit, and, solely in the case of Legal Defeasance under Section 3.02(2), no Event of Default, or event which with notice or lapse of time or both would become an Event of Default, under Section 4.01 will have occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit (it being understood that this condition to Legal Defeasance under Section 3.02(2) will not be deemed satisfied until the expiration of such period),
(d)    In the case of Legal Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture there has been a change in applicable federal income tax law, in either case to the effect that, and based thereon such opinion of independent counsel will confirm that, the Holders of such Outstanding Subordinated 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.
(e)    In the case of Covenant Defeasance, the Company will have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Subordinated 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.
(f)    The Company will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the Legal Defeasance or Covenant Defeasance, as the case may be, under this Indenture have been satisfied.
(g)    If the moneys or Government Obligations or combination thereof, as the case may be, deposited under Section 3.02(4)(a) above are sufficient to pay the principal of, and interest, if any, on, such Subordinated Notes provided such Subordinated Notes are redeemed on a particular Redemption Date, the Company will have given the Trustee irrevocable instructions to redeem such Subordinated Notes on such date and to provide notice of such redemption to Holders as provided in or under this Indenture.
(h)    The Trustee will have received such other documents, assurances and Opinions of Counsel as the Trustee will have reasonably required.

35

Exhibit 4.1

(5)    Subject to the provisions of the last paragraph of Section 9.03, all money and Government Obligations deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 3.02(5), the “Trustee”) in accordance with Section 3.02(4)(a) in respect of any Outstanding Subordinated Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company or any Subsidiary or Affiliate of the Company acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become due thereon in respect of principal and interest but such money and Government Obligations need not be segregated from other funds, except to the extent required by law.
The Company will pay and indemnify the Trustee against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited in accordance with this Section 3.02 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Subordinated Notes.
Section 3.03    Application of Trust Money.  Subject to the provisions of the last paragraph of Section 9.03, all money and Government Obligations deposited with the Trustee in accordance with Section 3.01 or Section 3.02 will be held in trust and applied by the Trustee, in accordance with the provisions of such Subordinated Notes subject to discharge under Section 3.01 or Legal Defeasance or Covenant Defeasance under Section 3.02, 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 interest for whose payment such money has or Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations need not be segregated from other funds, except to the extent required by law.
Section 3.04    Reinstatement.  If the Trustee (or other qualifying trustee appointed in accordance with Section 3.02(4)(a)) or any Paying Agent is unable to apply any moneys or Government Obligations deposited in accordance with Section 3.01(1) or Section 3.02(4)(a) to pay any principal of, or interest, if any, on, the Subordinated Notes by reason of any legal proceeding or 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 Subordinated Notes will be revived and reinstated as though no such deposit had occurred, until such time as the Trustee (or other qualifying trustee) or Paying Agent is permitted to apply all such moneys and Government Obligations to pay the principal of, and interest, if any, on the Subordinated Notes as contemplated by Section 3.01 or Section 3.02 as the case may be; provided, however, that if the Company makes any payment of the principal of, or interest if any on, the Subordinated Notes following the reinstatement of its obligations as aforesaid, the Company will be subrogated to the rights of the Holders of such Subordinated Notes to receive such payment from the funds held by the Trustee (or other qualifying trustee) or Paying Agent.
Section 3.05    Effect on Subordination Provisions.  The provisions of Article XI are expressly made subject to the provisions for, and to the right of the Company to effect, the satisfaction and discharge of all of the Subordinated Notes as set forth in and in accordance with Section 3.01 and the provisions for, and to the right of the Company to effect, Legal Defeasance and Covenant Defeasance of all of the Subordinated Notes as set forth in and in accordance with Section 3.02.  As a result, and anything herein to the contrary notwithstanding, if the Company complies with the provisions of Section 3.01 to effect the satisfaction and discharge of the Subordinated Notes or complies with the provisions of Section 3.02 to effect the Legal Defeasance or Covenant Defeasance, upon the effectiveness of such satisfaction and 

36

Exhibit 4.1

discharge in accordance with Section 3.01 or of Legal Defeasance or Covenant Defeasance in accordance with Section 3.02, in the case of satisfaction and discharge in accordance with Section 3.01, or, in the case of Legal Defeasance or Covenant Defeasance in accordance with Section 3.02, the Subordinated Notes as to which Legal Defeasance or Covenant Defeasance, as the case may be, will have become effective will thereupon cease to be so subordinated in right of payment to the Senior Indebtedness and will no longer be subject to the provisions of Article XI and, without limitation to the foregoing, all moneys and Government Obligations deposited with the Trustee (or other qualifying trustee) in trust in connection with such satisfaction and discharge.  Legal Defeasance or Covenant Defeasance, as the case may be, and all proceeds therefrom may be applied to pay the principal of, and interest, if any, on, such Subordinated Notes as and when the same will become due and payable notwithstanding the provisions of Article XI without regard to whether any or all of the Senior Indebtedness then outstanding will have been paid or otherwise provided for.
ARTICLE IV     
REMEDIES
Section 4.01    Events of Default; Acceleration.  An “Event of Default” means any one of the following events (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected by operation of law or in accordance with any judgment, decree, or order of any court or any order, rule, or regulation of any administrative or governmental body):
(1)    the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period of 60 consecutive days;
(2)    the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case or proceeding under any such law;
(3)    the failure of the Company to pay any installment of interest on any of the Subordinated Notes as and when the same will become due and payable, and the continuation of such failure for a period of 30 days;
(4)    the failure of the Company to pay all or any part of the principal of any of the Subordinated Notes as and when the same will become due and payable under this Indenture;
(5)    the failure of the Company to perform any other covenant or agreement on the part of the Company contained in the Subordinated Notes or in this Indenture, and the continuation of such failure for a period of 60 days after the date on which notice specifying such failure, stating that such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, will have been given, in the manner set forth in Section 1.05, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Subordinated Notes at the time Outstanding; or 

37

Exhibit 4.1

(6)    the default by the Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an aggregate principal amount outstanding of at least $50,000,000, whether such indebtedness now exists or is created or incurred in the future, which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration having been rescinded or annulled.
Upon becoming aware of any Event of Default, the Company will promptly deliver to the Trustee a written statement specifying the Event of Default.
If an Event of Default described in Section 4.01(1) or Section 4.01(2) occurs, then the principal amount of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices.  Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in Section 4.01(1) or Section 4.01(2), neither the Trustee nor any Holder may accelerate the Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable.
Subject to the foregoing, if any Event of Default occurs and is continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest on, the Subordinated Notes or to enforce the performance of any provision of the Subordinated Notes or this Indenture.
Section 4.02    Failure to Make Payments.  If an Event of Default described in Section 4.01(3) or Section 4.01(4) occurs, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Subordinated Notes (without acceleration of the Maturity Date of the Subordinated Notes), the whole amount then due and payable with respect to such Subordinated Notes, with interest upon the overdue principal, any premium, and, to the extent permitted by applicable law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to such Subordinated Notes or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by such Subordinated Notes, and, in addition thereto, such further amount of money as will 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 and all other amounts due to the Trustee under Section 5.07.
If the Company fails to pay the money it is required to pay the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute .such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Subordinated Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company, wherever situated.

38

Exhibit 4.1

The Trustee may proceed to protect and enforce its rights and the rights of the Holders of Subordinated Notes by such appropriate judicial proceedings as the Trustee will deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other proper remedy.
Upon an Event of Default, the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of Company’s capital stock or the exchange or conversion of one class or series of Company’s capital stock for another class or series of Company’s capital stock; (iv) the purchase of fractional interests in shares of Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of Company’s common stock related to the issuance of common stock or rights under any benefit plans for Company’s directors, officers or employees or any of Company’s dividend reinvestment plans.
Section 4.03    Trustee May File Proofs of Claim.  In case of any judicial proceeding relative to the Company (or any other obligor upon the Subordinated Notes), its property or its creditors, the Trustee will be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding.  In particular, the Trustee will be authorized to:  
(1)    file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Subordinated Notes, of the principal and interest owing and unpaid in respect of such Subordinated Notes and to file such 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 or counsel) and of the Holders of such Subordinated Notes allowed in such judicial proceeding, and 
(2)    collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator, or other similar official in any such judicial proceeding is authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee will consent to the making of such payments directly to the Holders and to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and counsel, and any other amounts due hereunder.
No provision of this Indenture will 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 Subordinated 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; provided, however, the Trustee may 

39

Exhibit 4.1

vote on behalf of the Holders for the election of a trustee in bankruptcy or similar official and may be a member of a creditors, or other similar committee.
Section 4.04    Trustee May Enforce Claims Without Possession of Subordinated Notes.  All rights of action and claims under this Indenture or the Subordinated Notes may be prosecuted and enforced by the Trustee without the possession of any of the Subordinated Notes or the production of such Subordinated Notes in any related proceeding, and any such proceeding instituted by the Trustee will be brought in its own name as trustee of an express trust, and any recovery of judgment will, after provision for the payment of the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents, and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered.
Section 4.05    Application of Money Collected.  Any money collected by the Trustee in accordance with this Article IV or, after an Event of Default, any money or other property distributable in respect of the Company’s obligations under this Indenture will be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any interest, upon presentation of the Subordinated Notes and the notation on such Subordinated Notes of the payment if only partially paid and upon surrender of such Subordinated Notes if fully paid:
FIRST: To the payment of all amounts due the Trustee (including the payment of Trustee’s agents, accountants, consultants, counsel and other experts employed by it in the exercise and performance of its powers and duties as Trustee), acting in any capacity hereunder, (including any predecessor trustee) under Section 5.07;
SECOND: To the payment of amounts then due and unpaid to the holders of Senior Indebtedness, to the extent required under the Subordination Provisions established with respect to the Subordinated Notes;
THIRD: To the payment of the amounts then due and unpaid for principal of and any interest on the Subordinated Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Subordinated Notes for principal and interest, respectively; and
FOURTH: The balance, if any, to the Person or Persons entitled thereto.
Section 4.06    Limitation on Suits.  No Holder of any Subordinated Note will have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or any Subordinated Notes, or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless:
(1)    such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Subordinated Notes;
(2)    the Holders of not less than 25% in aggregate principal amount of the Outstanding Subordinated Notes will have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;

40

Exhibit 4.1

(3)    such Holder or Holders have offered to the Trustee security and indemnity reasonably satisfactory to the Trustee to bond against the costs, expenses, and liabilities to be incurred in compliance with such request;
(4)    the Trustee for 60 days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding; and
(5)    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Subordinated Notes;
it being understood and intended that no one or more of such Holders will have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb, or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal and ratable benefit of all of such Holders.
Section 4.07    Unconditional Right of Holders to Payments.  Notwithstanding any other provision in this Indenture, the Holder of any Subordinated Note will have the right, which is absolute and unconditional, to receive payment of the principal of and (subject to Section 2.07 and Section 2.10) any interest on such Subordinated Note on the respective Stated Maturity or Maturities expressed in such Subordinated Note (or, in the case of redemption, on the Redemption Date), and to institute suit for the enforcement of any such payment and such rights will not be impaired without the consent of such Holder.
Section 4.08    Restoration of Rights and Remedies.  If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders will be restored severally and respectively to their former positions under this Indenture, and thereafter all rights and remedies of the Trustee and the Holders will continue as though no such proceeding had been instituted.
Section 4.09    Rights and Remedies Cumulative.  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost, or stolen Subordinated Notes in the last paragraph of Section 2.09, no right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under this Indenture or now or in the future existing at law or in equity or otherwise.  The assertion or employment of any right or remedy under this Indenture, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy.

41

Exhibit 4.1

Section 4.10    Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder of any Subordinated Notes to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of or acquiescence in any such Event of Default.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
Section 4.11    Control by Holders.  The Holders of a majority in aggregate principal amount of the Outstanding Subordinated Notes will have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Subordinated Notes, provided that: 
(1)    such direction will not violate any rule of law or this Indenture or the Subordinated Notes,
(2)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and
(3)    the Trustee will have the right to decline to follow any such direction if the Trustee in good faith will determine that the proceeding so directed would involve the Trustee in personal liability.
Section 4.12    Waiver of Past Defaults.  The Holders of not less than a majority in aggregate principal amount of the Outstanding Subordinated Notes may on behalf of the Holders of all the Subordinated Notes waive any past default under this Indenture and its consequences, except a default in the payment of the principal of, or interest on, any Subordinated Note, or in respect of a covenant or provision of this Indenture which under Article VIII cannot be modified or amended without the consent of the Holder of each Outstanding Subordinated Note.
Upon any such waiver, such default will cease to exist, and any Event of Default arising from such default will be deemed to have been cured, for every purpose of this Indenture; but no such waiver will extend to any subsequent or other default or impair any consequent right.
Section 4.13    Undertaking for Costs.  All parties to this Indenture agree, and each Holder of any Subordinated Notes by his acceptance of such Subordinated Notes will be deemed to have agreed, that any court may in its discretion require, 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, suffered, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney’s fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 4.13 will not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Subordinated Notes, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest, if any, on any Subordinated Notes on or after the Stated Maturity or Maturities expressed in such Subordinated Notes (or, in the case of redemption, on or after the Redemption Date).

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Exhibit 4.1

ARTICLE V     
THE TRUSTEE
Section 5.01    Duties of Trustee.
(1)    If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it hereby, 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.
(2)    Except during the continuance of an Event of Default:
(a)    the duties of the Trustee will be determined solely by the express provisions hereof and the Trustee need perform only those duties that are specifically set forth herein and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and
(b)    in the absence of bad faith, gross negligence or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements hereof; however, the Trustee will examine the certificates and opinions to determine whether or not they conform on their face to the requirements hereof (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).
(3)    Whether or not therein expressly so provided, every provision hereof that in any way relates to the Trustee is subject to paragraphs (1) and (2) of this Section 5.01 and to Section 5.02.
(4)    No provision hereof will require the Trustee to expend or risk its own funds or incur any liability.  The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity reasonably satisfactory to it against any loss, liability or expense.
(5)    The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
Section 5.02    Certain Rights of Trustee.  Subject to Section 315(a) through Section 315(d) of the Trust Indenture Act:
(1)    the Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties;
(2)    any request or direction of the Company mentioned herein will be sufficiently evidenced by a Company Request or a Company Order (unless other evidence in respect thereof be 

43

Exhibit 4.1

herein specifically prescribed) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;
(3)    whenever in the administration of this Indenture the Trustee will deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence will be herein specifically prescribed) may, in the absence of bad faith, gross negligence or willful misconduct on its part, rely upon an Officers’ Certificate or Opinion of Counsel, or both, which will comply with Section 1.02;
(4)    before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both.  The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.  The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.  The Trustee may act through its attorneys and agents and will not be responsible for the willful misconduct or negligence of any agent appointed with due care.
(5)    the Trustee will be under no obligation to exercise any of the rights or powers vested in it by or under this Indenture at the request or direction of any Holder(s) under this Indenture, unless such Holder(s) will have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction;
(6)    the Trustee will not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee will determine to make such further inquiry or investigation, it will be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Company, personally or by agent, accountant or attorney, at the sole cost of the Company and will incur no liability or additional liability of any kind by reason of such inquiry or investigation;
(7)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee will not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
(8)    the Trustee will not be liable for any action taken, suffered or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;
(9)    in no event will the Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;

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Exhibit 4.1

(10)    the Trustee will not be required to take notice or be deemed to have notice of any default or Event of Default, except failure by the Company to pay or cause to be made any of the payments required to be made to the Trustee, unless a Responsible Officer of the Trustee shall receive written notice of such default or Event of Default from the Company or from the Holders of at least 25% in aggregate principal amount of the then Outstanding Subordinated Notes delivered to the Corporate Trust Office of the Trustee and in the absence of such notice so delivered the Trustee may conclusively assume no Event of Default exists;
(11)    the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified for all reasonable costs (including those of its retained counsel), are extended to, and will be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed or appointed to act hereunder; 
(12)    the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions under this Indenture;
(13)    the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; 
(14)     the Trustee shall not be liable or responsible for any calculation in connection with the transactions contemplated hereunder nor for any information used in connection with such calculation; 
(15)    in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and
(16)    the Trustee shall not be bound to make any investigation into (i) the performance of or compliance with any of the covenants or agreements set forth herein, or (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture or any other agreement, instrument or document.
Section 5.03    Notice of Defaults.  Within 90 days after a Responsible Officer of the Trustee is notified of the occurrence of any default hereunder with respect to the Subordinated Notes, the Trustee will deliver to all Holders entitled to receive reports in accordance with Section 6.03(3), notice of such default hereunder known to the Trustee, unless such default will have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of or interest, if any, on, any Subordinated Note, the Trustee will be protected in withholding such notice if and so long as the Board of Directors or a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the best interest of the Holders.  For the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Subordinated Notes.

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Exhibit 4.1

Section 5.04    Not Responsible for Recitals or Issuance of Subordinated Notes.  The recitals contained herein and in the Subordinated Notes, except the Trustee’s certificate of authentication, will be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Subordinated Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Subordinated Notes and perform its obligations hereunder and that the statements made by it in any Statement of Eligibility on Form T-1 supplied to the Company arc true and accurate, subject to the qualifications set forth therein.  Neither the Trustee nor any Authenticating Agent will be accountable for the use or application by the Company of the Subordinated Notes or the proceeds thereof.  The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Subordinated Notes, it will not be accountable for the Company’s use of the proceeds from the Subordinated Notes or any money paid to the Company or upon the Company’s direction under any provision hereof, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Subordinated Notes or any other document in connection with the sale of the Subordinated Notes or under this Indenture other than its certificate of authentication.
Section 5.05    May Hold Subordinated Notes.  The Trustee, any Authenticating Agent, any Paying Agent, any Registrar or any other Person that may be an agent of the Trustee or the Company, in its individual or any other capacity, may become the owner or pledgee of Subordinated Notes and, subject to Section 310(b) and Section 311 of the Trust Indenture Act, may otherwise deal with the Company with the same rights that it would have if it were not Trustee, Authenticating Agent, Paying Agent, Registrar or such other Person.
The Trustee is subject to Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of Trust Indenture Act to the extent indicated.

Section 5.06    Money Held in Trust.  Except as provided in Section 3.02(5), Section 3.03 and Section 9.03, money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law and will be held uninvested.  The Trustee will be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company.
Section 5.07    Compensation and Reimbursement.  The Company agrees:
(1)    to pay to the Trustee from time to time compensation for all services rendered by the Trustee acting in any capacity hereunder (which compensation will not be limited by any provision of law in regard to the compensation of a trustee of an express trust);
(2)    except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to the Trustee’s gross negligence or willful misconduct; and

46

Exhibit 4.1

(3)    to indemnify, defend, protect and hold each of the Trustee acting in any capacity or any predecessor Trustee and their agents, accountants, consultants, counsel and other experts employed by it in the exercise and performance of its powers and duties as Trustee harmless from and against any and all losses, liabilities, damages, costs or expenses suffered or incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction.  The Trustee will notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the Company will not relieve the Company of its obligations hereunder. 
The obligations of the Company under this Section 5.07 will survive the satisfaction and discharge of this Indenture.
As security for the performance of the obligations of the Company under this Section, the Trustee will have a lien prior to the Subordinated Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, or interest on, Subordinated Notes.  Such lien will survive the satisfaction and discharge hereof.
Any compensation or expense incurred by the Trustee after a default specified by Section 4.01 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law.  “Trustee” for purposes of this Section 5.07 will include any predecessor Trustee, but the negligence or bad faith of any Trustee will not affect the rights of any other Trustee under this Section 5.07.  The provisions of this Section 5.07 will, to the extent permitted by law, survive any termination of this Indenture (including, without limitation, termination in accordance with any Bankruptcy Laws) and the resignation or removal of the Trustee.
Section 5.08    Corporate Trustee Required; Eligibility.  
(1)    There will at all times be a Trustee hereunder that is a corporation, organized and doing business under the laws of the United States, any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal or state authority.  The Trustee will also satisfy the requirements of Section 310(a)(5) of the Trust Indenture Act. If at any time the Trustee will cease to be eligible in accordance with the provisions of this Section, it will resign immediately in the manner and with the effect hereinafter specified in this Article V.
(2)    The Trustee will comply with Section 310(b) of the Trust Indenture Act; provided, however, that there will be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture or any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met.

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Exhibit 4.1

Section 5.09    Resignation and Removal; Appointment of Successor.
(1)    No resignation or removal of the Trustee and no appointment of a successor Trustee in accordance with this Article V will become effective until the acceptance of appointment by the successor Trustee in accordance with Section 5.10.
(2)    The Trustee may resign at any time with respect to the Subordinated Notes by giving written notice thereof to the Company.  If the instrument of acceptance by a successor Trustee required by Section 5.10 will not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the Company’s expense, petition any court of competent jurisdiction for the appointment of a successor Trustee.
(3)    The Trustee may be removed at any time with respect to the Subordinated Notes by Act of the Holders of a majority in principal amount of the Outstanding Subordinated Notes, delivered to the Trustee and the Company.
If at any time:
(a)    the Trustee will fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to Subordinated Notes after written request therefor by the Company or any Holder who has been a bona fide Holder for at least six months,
(b)    the Trustee will cease to be eligible under Section 5.08 and will fail to resign after written request therefor by the Company or any such Holder, or
(c)    the Trustee will become incapable of acting or will be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property will be appointed or any public officer will take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,
then, in any such case, (i) the Company, by or in accordance with a Board Resolution, may remove the Trustee with respect to the Subordinated Notes, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Subordinated Notes and the appointment of a successor Trustee or Trustees.
(4)    If the Trustee will resign, be removed or become incapable of acting, or if a vacancy will occur in the office of Trustee for any cause, with respect to the Subordinated Notes, the Company, by or in accordance with a Board Resolution, will promptly appoint a successor Trustee or Trustees with respect to the Subordinated Notes and will comply with the applicable requirements of Section 5.10.  If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Subordinated Notes will be appointed by Act of the Holders of a majority in principal amount of the Outstanding Subordinated Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed will, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 5.10, become the successor Trustee with respect to the Subordinated Notes and to that extent supersede the successor Trustee appointed by the Company.  If no successor Trustee with respect to the Subordinated Notes will have been so appointed by the Company or the Holders and accepted appointment in the manner required 

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Exhibit 4.1

by Section 5.10, any Holder who has been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Subordinated Notes.
(5)    The Company will give notice of each resignation and each removal of the Trustee with respect to the Subordinated Notes and each appointment of a successor Trustee with respect to the Subordinated Notes by delivering written notice of such event by first-class mail, postage prepaid, to the Holders as their names and addresses appear in the Subordinated Note Register.  Each notice will include the name of the successor Trustee with respect to the Subordinated Notes and the address of its Corporate Trust Office.
Section 5.10    Acceptance of Appointment by Successor.
(1)    Upon the appointment hereunder of any successor Trustee with respect to all Subordinated Notes, such successor Trustee so appointed will execute, acknowledge and deliver to the Company and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee will become effective and such successor Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, will execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 9.03, will duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 5.07.
(2)    Upon the appointment hereunder of any successor Trustee with respect to the Subordinated Notes, the Company, the retiring Trustee and such successor Trustee will execute and deliver an indenture supplemental hereto wherein each successor Trustee will accept such appointment and which (i) will contain such provisions as will be necessary or desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes, (ii) if the retiring Trustee is not retiring with respect to all Subordinated Notes, will contain such provisions as will be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes will continue to be vested in the retiring Trustee, and (iii) will add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture will constitute such Trustees co-trustees of the same trust, that each such Trustee will be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee will be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee will become effective to the extent provided therein, such retiring Trustee will have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture with respect to the Subordinated Notes other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Subordinated Notes; but, on request of the Company or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Subordinated Notes and subject to Section 9.03 will duly assign, transfer and deliver to such successor 

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Exhibit 4.1

Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Subordinated Notes, subject to its claim, if any, provided for in Section 5.07.
(3)    Upon request of any Person appointed hereunder as a successor Trustee, the Company will execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as the case may be.
(4)    No Person will accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person will be qualified and eligible under this Article.  No resigning or removed Trustee shall have any liability or responsibility for the action or inaction of any successor Trustee.
Section 5.11    Merger, Conversion, Consolidation or Succession to Business.  Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee will be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, will be the successor of the Trustee hereunder (provided that such corporation will otherwise be qualified and eligible under this Article), without the execution or filing of any paper or any further act on the part of any of the parties hereto.  In case any Subordinated Notes will have been authenticated but not delivered by the Trustee then in office, any such successor to such authenticating Trustee may adopt such authentication and deliver the Subordinated Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Subordinated Notes.  In case any Subordinated Notes will not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Subordinated Notes in either its own name or that of its predecessor Trustee.
Section 5.12    Appointment of Authenticating Agent.  The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to the Subordinated Notes which will be authorized to act on behalf of the Trustee to authenticate Subordinated Notes issued upon original issue, exchange, registration of transfer, partial redemption, partial repayment, or in accordance with Section 2.09, and Subordinated Notes so authenticated will be entitled to the benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.  Wherever reference is made in this Indenture to the authentication and delivery of Subordinated Notes by the Trustee or the Trustee’s certificate of authentication, such reference will be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent will be reasonably acceptable to the Company and, except as provided in or under this Indenture, will at all times be a corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 and is subject to supervision or examination by federal or state authority.  If at any time an Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, it will resign immediately upon written request therefor by the Company or any Holder in the manner and with the effect specified in this Section.

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Exhibit 4.1

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, will be the successor of such Authenticating Agent hereunder, provided such corporation will be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.
An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company.  The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company.  Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that will be acceptable to the Company and will deliver written notice of such appointment by first-class mail, postage prepaid, to all Holders with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Subordinated Note Register.  Any successor Authenticating Agent, upon acceptance of its appointment hereunder, will become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent No successor Authenticating Agent will be appointed unless eligible under the provisions of this Section 5.12.
The Company agrees to pay each Authenticating Agent from time to time reasonable compensation for its services under this Section.  If the Trustee makes such payments, it will be entitled to be reimbursed for such payments, subject to the provisions of Section 5.07.
The provisions of Section 2.11, Section 5.04 and Section 5.05 will be applicable to each Authenticating Agent.
If an Authenticating Agent is appointed under this Section, the Subordinated Notes may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form:
This is one of the Subordinated Notes of the series designated therein referred to in the within-mentioned Indenture.
    
As Trustee

By:        
As Authenticating Agent

By:        
Name:    
Title:        

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Exhibit 4.1

Section 5.13    Preferred Collection of Claims against Company.  If and when the Trustee will be or become a creditor of the Company (or any other obligor upon the Subordinated Notes), the Trustee will be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).
ARTICLE VI     
HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
Section 6.01    Holder Lists.  The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of the Holders.  If the Trustee is not the Registrar, the Company will cause to be furnished to the Trustee at least semiannually on January 1 and July 1 a listing of the Holders dated within 10 days of the date on which the list is furnished 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.
Section 6.02    Preservation of Information; Communications to Holders.  The Trustee will comply with the obligations imposed upon it in accordance with Section 312 of the Trust Indenture Act.
Every Holder of Subordinated Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company, the Trustee, any Paying Agent or any Registrar will be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Subordinated Notes in accordance with Section 312(c) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee will not be held accountable by reason of delivering any material in accordance with a request made under Section 312(b) of the Trust Indenture Act.
Section 6.03    Reports by Trustee.
(1)    Within 60 days after July 15 of each year commencing with the first July 15 following the date of this Indenture, if required by Section 313(a) of the Trust Indenture Act, the Trustee will transmit, in accordance with Section 313(c) of the Trust Indenture Act, a brief report dated as of such July 15 with respect to any of the events specified in said Section 313(a) and Section 313(b)(2) of the Trust Indenture Act that may have occurred since the later of the immediately preceding July 15 and the date of this Indenture.
(2)    The Trustee will transmit the reports required by Section 313(a) of the Trust Indenture Act at the times specified therein.
(3)    The Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act.
(4)    Reports under this Section will be transmitted in the manner and to the Persons required by Section 313(c) and Section 313(d) of the Trust Indenture Act.

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Exhibit 4.1

Section 6.04    Reports by Company.
(1)    The Company, in accordance with Section 314(a) of the Trust Indenture
 
Act, will:
(a)    file with the Trustee, within 15 days after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission in accordance with Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports in accordance with either of said Sections, then it will file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports that may be required in accordance with Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations;
(b)    file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional certificates, information, documents and reports with respect to compliance by the Company, with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and
(c)    transmit to the Holders within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company in accordance with paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.  Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such will 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 hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).
(2)    The Company intends to file the reports referred to in Section 6.04(1) with the Commission in electronic form in accordance with Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis and Retrieval system.  Compliance with the foregoing, or any successor electronic system approved by the Commission, will constitute delivery by the Company of such reports to the Trustee and Holders in compliance with the provision of Section 6.04(1) and Trust Indenture Act Section 314(a).  Notwithstanding anything to the contrary herein, the Trustee will have no duty to search for or obtain any electronic or other filings that the Company makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise.  Delivery of the reports, information and documents to the Trustee in accordance with this Section 6.04(2) will be solely for the purposes of compliance with Section 6.04(1) and with Trust Indenture Act Section 314(a).  The Trustee’s receipt of such reports, information and documents (whether or not filed in electronic form) is for informational purposes only and the Trustee’s receipt of such will 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 hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).  The Trustee shall have no liability or 

53

Exhibit 4.1

responsibility for the filing, content or timelines of any report hereunder aside from any report transmitted under Section 6.03 hereof. 
ARTICLE VII     
SUCCESSORS
Section 7.01    Merger, Consolidation or Sale of All or Substantially All Assets.  The Company will not, in any transaction or series of related transactions, consolidate with or merge into any Person or sell, assign, transfer, lease or otherwise convey all or substantially all its properties and assets to any Person, unless:
(1)    either the Company will be the continuing Person (in the case of a merger), or the successor Person (if other than the Company) formed by such consolidation or into which the Company is merged or which acquires by sale, assignment, transfer, lease or other conveyance all or substantially all the properties and assets of the Company will be a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia and will expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by such successor corporation and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and interest on, all the Outstanding Subordinated Notes and the due and punctual performance and observance of every obligation in this Indenture and the Outstanding Subordinated Notes on the part of the Company to be performed or observed;
(2)    immediately after giving effect to such transaction and treating any indebtedness that becomes an obligation of the Company or any Subsidiary as a result of that transaction as having been incurred by the Company or any Subsidiary at the time of the transaction, no Event of Default, and no event which, after notice or lapse of time, or both, would become an Event of Default, will have occurred and be continuing; and
(3)    either the Company or the successor Person will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article VII and that all conditions precedent herein provided for relating to such transaction have been complied with.
For purposes of the foregoing, any sale, assignment, transfer, lease or other conveyance of all or any of the properties and assets of one or more Subsidiaries of the Company (other than to the Company or another Subsidiary), which, if such properties and assets were directly owned by the Company, would constitute all or substantially all of the Company’s properties and assets, will be deemed to be the transfer of all or substantially all of the properties and assets of the Company.
Section 7.02    Successor Person Substituted for Company.  Upon any consolidation by the Company with or merger of the Company into any other Person or any sale, assignment, transfer, lease or conveyance of all or substantially all of the properties and assets of the Company to any Person in accordance with Section 7.01, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, assignment, transfer, lease or other conveyance is made will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; and 

54

Exhibit 4.1

thereafter, except in the case of a lease, the predecessor Person will be released from all obligations and covenants under this Indenture and the Subordinated Notes.
ARTICLE VIII     
SUPPLEMENTAL INDENTURES
Section 8.01    Supplemental Indentures without Consent of Holders.  Without the consent of any Holders of Subordinated Notes, the Company (when authorized by or in accordance with a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:
(1)    to evidence the succession of another Person to the Company, or successive successions, and the assumption by any such successor of the covenants of the Company contained herein and in the Subordinated Notes;
(2)    to add to the covenants of the Company for the benefit of the Holders (as will be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Company with respect to the Subordinated Notes issued under this Indenture (as will be specified in such supplemental indenture or indentures);
(3)    to permit or facilitate the issuance of Subordinated Notes in uncertificated or global form, provided any such action will not adversely affect the interests of the Holders;
(4)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Subordinated Notes and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, in accordance with the requirements of Section 5.10;
(5)    to cure any ambiguity or to correct or supplement any provision herein that may be defective or that may be inconsistent with any other provision herein;
(6)    to make any other provisions with respect to matters or questions arising under this Indenture that will not adversely affect the interests of the Holders of then Outstanding Subordinated Notes in any material respect;
(7)    to add any additional Events of Default (as will be specified in such supplemental indenture);
(8)    to supplement any of the provisions of this Indenture to such extent as will be necessary to permit or facilitate the Legal Defeasance, Covenant Defeasance and/or satisfaction and discharge of the Subordinated Notes in accordance with Article III, provided that any such action will not adversely affect the interests of any Holder in any material respect;
(9)    to provide for the issuance of Exchange Notes;
(10)    to conform any provision in this Indenture to the requirements of the Trust Indenture Act; or

55

Exhibit 4.1

(11)    to make any change that does not adversely affect the legal rights under this Indenture of any Holder.
Section 8.02    Supplemental Indentures with Consent of Holders.  With the consent of the Holders of not less than a majority in principal amount of the Outstanding Subordinated Notes, by Act of said Holders delivered to the Company and the Trustee, the Company (when authorized by or in accordance with a Board Resolution), and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of the Subordinated Notes or of modifying in any manner the contractual rights of the Holders under this Indenture; provided, that no such supplemental indenture, without the consent of the Holder of each Outstanding Subordinated Note affected thereby, will: 
(1)    reduce the rate of or change the time for payment of interest, including Defaulted Interest, on any Subordinated Notes;
(2)    reduce the principal of or change the Stated Maturity of any Subordinated Notes, or change the date on which any Subordinated Notes may be subject to redemption or reduce the Redemption Price therefore;
(3)    make any Subordinated Note payable in money other than Dollars;
(4)    make any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on such Subordinated Note on or after the due date thereof or setting forth the contractual right to bring suit to enforce such payment,
(5)    reduce the percentage in principal amount of the Outstanding Subordinated Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in Section 4.12 or Section 9.07 of this Indenture, or
(6)    modify any of the provisions of this Section 8.02, Section 4.12 or Section 9.07, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Subordinated Note affected thereby.
It will not be necessary for any Act of Holders under this Section 8.02 to approve the particular form of any proposed supplemental indenture, but it will be sufficient if such Act will approve the substance thereof.

56

Exhibit 4.1

Section 8.03    Execution of Supplemental Indentures.  As a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article VIII or the modifications thereby of the trust created by this Indenture, the Trustee will be entitled to receive, and (subject to Section 5.01) will be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel to the effect that the execution of such supplemental indenture is authorized or permitted by this Indenture, that such supplemental indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable obligation of, the Company, subject to customary exceptions, and that, to the extent applicable pursuant to Section 8.01, such supplemental indenture does not adversely affect the legal rights under this Indenture of the Holders.  The Trustee may, but will not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.
Section 8.04    Effect of Supplemental Indentures.  Upon the execution of any supplemental indenture under this Article VIII, this Indenture will be modified in accordance therewith, and such supplemental indenture will form a part of this Indenture for all purposes; and every Holder theretofore or thereafter authenticated and delivered hereunder.
Section 8.05    Reference in Subordinated Notes to Supplemental Indentures.  Subordinated Notes authenticated and delivered after the execution of any supplemental indenture in accordance with this Article VIII may, and will if required by the Company, bear a notation in form approved by the Company as to any matter provided for in such supplemental indenture.  If the Company will so determine, new Subordinated 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 Subordinated Notes.
Section 8.06    Effect on Senior Indebtedness.  No supplemental indenture will directly or indirectly modify or eliminate the Subordination Provisions or the definition of “Senior Indebtedness” applicable with respect to the Subordinated Notes in any manner that might terminate or impair the subordination of such Subordinated Notes to such Senior Indebtedness without the prior written consent of each of the holders of such Senior Indebtedness. 
Section 8.07    Conformity with Trust Indenture Act.  Every supplemental indenture executed in accordance with this Article will conform to the requirements of the Trust Indenture Act as then in effect.
ARTICLE IX     
COVENANTS
Section 9.01    Payment of Principal and Interest.  The Company covenants and agrees for the benefit of the Holders that it will duly and punctually pay the principal of, and interest on, the Subordinated Notes, in accordance with the terms thereof and this Indenture.  Principal and interest will 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., Kansas City, Missouri time, on the Business Day immediately prior to any Interest Payment Date, an amount in immediately available funds provided by the Company that is designated for and sufficient to pay all principal and interest then due.  The Company will pay all Additional Interest, if any, on the dates and in the amounts set forth in the Registration Rights Agreement.

57

Exhibit 4.1

If Additional Interest is payable by the Company in accordance with the Registration Rights Agreement, the Company will deliver to the Trustee a certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional Interest is payable.  Unless and until a Responsible Officer of the Trustee receives such a certificate or instruction or direction from the Holders in accordance with the terms of this Indenture, the Trustee may assume without inquiry that no Additional Interest is payable.  The foregoing will not prejudice the rights of the Holders with respect to their entitlement to Additional Interest as otherwise set forth in this Indenture or the Subordinated Notes and pursuing any action against the Company directly or otherwise directing the Trustee to take such action in accordance with the terms of this Indenture and the Subordinated Notes.  If the Company has paid Additional Interest directly to persons entitled to it, the Company will deliver to the Trustee a certificate setting forth the particulars of such payment.
Section 9.02    Maintenance of Office.  The Company will maintain an office or agency in the City of Lowell, Massachusetts (which may be an office of the Trustee or an Affiliate of the Trustee or Registrar) where Subordinated Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Subordinated Notes and this Indenture may be served.  The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served 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 Subordinated Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the City of Lowell, Massachusetts.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 9.02; provided, however, that no service of legal process on the Company may be made at any office of the Trustee.
Section 9.03    Money for Subordinated Notes Payments to Be Held in Trust.  If the Company will at any time act as its own Paying Agent, it will, on or before each due date of the principal of, or interest on, any of the Subordinated Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum in Dollars sufficient to pay the principal and interest, as the case may be, so becoming due until such sums will be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.
Whenever the Company will have one or more Paying Agents, it will, on or prior to each due date of the principal of, or interest on, any Subordinated Notes, deposit with any Paying Agent a sum in Dollars sufficient to pay the principal and interest, as the case may be, so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

58

Exhibit 4.1

The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent will agree with the Trustee, subject to the provisions of this Section that such Paying Agent will:
(1)    hold all sums held by it for the payment of the principal of, or interest on, the Subordinated Notes in trust for the benefit of the Persons entitled thereto until such sums will be paid to such Persons or otherwise disposed of as provided in or under this Indenture;
(2)    give the Trustee notice of any default by the Company in the making of any payment of principal, or interest on, the Subordinated Notes; and
(3)    at any time during the continuance of any such default, upon the written request of the Trustee, pay to the Trustee all sums so held in trust by such Paying Agent.
The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent will be released from all further liability with respect to such sums.
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, or interest on, any Subordinated Note and remaining unclaimed for two years after such principal or interest will have become due and payable will be paid to the Company upon a Company Request, or (if then held by the Company) will be discharged from such trust; and the Holder of such Subordinated Note will thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease.
Section 9.04    Corporate Existence.  Subject to Article VII, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect (i) the corporate existence of the Company, (ii) the existence (corporate or otherwise) of each Significant Subsidiary and (iii) the rights (charter and statutory), licenses and franchises of the Company and each of its Significant Subsidiaries, including without limitation the Company’s status as a bank holding company or financial holding company under the Bank Holding Company Act of 1956, as amended, and the Bank’s status as an “insured depository institution” under Section 3(c)(2) of the Federal Deposit Insurance Act, as amended; provided, however, that the Company will not be required to preserve the existence (corporate or other) of any of its Significant Subsidiaries or any such right, license or franchise of the Company or any of its Significant Subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant Subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any material respect to the Holders.  Subject to Article VII, the Company shall not take any action, omit to take any action or enter into any transaction that would have the effect of the Company owning less than one hundred percent (100%) of the capital stock of the Bank.

59

Exhibit 4.1

Section 9.05    Maintenance of Properties.  The Company will, and will cause each Significant Subsidiary to, cause all its properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section will prevent the Company or any Significant Subsidiary from discontinuing the operation and maintenance of any of their respective properties if such discontinuance is, in the judgment of the Board of Directors of the Company or of any Significant Subsidiary, as the case may be desirable in the conduct of its business.
Section 9.06    Waiver of Certain Covenants.  The Company may omit in any particular instance to comply with any term, provision or condition set forth in Section 9.02 to Section 9.05, inclusive, with respect to the Subordinated Notes if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Subordinated Notes, by Act of such Holders, either will waive such compliance in such instance or generally will have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver will become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition will remain in full force and effect.
Section 9.07    Company Statement as to Compliance.  The Company will deliver to the Trustee, within 120 days after the end of each fiscal year during which the Subordinated Notes are outstanding, an Officers’ Certificate covering the preceding calendar year, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to notice requirements or periods of grace) and if the Company will be in default, specifying all such defaults and the nature and status thereof of which he or she may have knowledge.
Section 9.08    Tier 2 Capital.  If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, the Company will as promptly as reasonably practicable notify the Trustee and the Holders thereof, and thereafter the Company and the Holders will work together in good faith, subject to the terms of this Indenture, to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital and the Company shall request, subject to the terms of this Indenture, that the Trustee execute and deliver all such agreements as may be reasonably necessary in order to effect any restructuring agreed to by the Company and the Holders; provided, however, that nothing contained in this Section 9.08 shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to Section 10.01(3) hereof.

60

Exhibit 4.1

ARTICLE X     
REDEMPTION OF SECURITIES
Section 10.01    Applicability of Article.
(1)    Except as provided in this Section 10.01, the Subordinated Notes are not subject to redemption at the option of the Company.  The Subordinated Notes are not subject to redemption at the option of the Holders.
(2)    Subject to the receipt of any required regulatory approvals, including but not limited to prior approval of the Federal Reserve to the extent such approval is then required under the capital adequacy rules of the Federal Reserve, with corresponding written notice to the Trustee, the Company may, at its option, on any Interest Payment Date on or after July 15, 2025 may redeem all or a portion of the Subordinated Notes.
(3)    Subject to the receipt of any required regulatory approvals, the Company may, at its option, redeem all but not a portion of the Outstanding Subordinated Notes at any time upon an Investment Company Event, a Tax Event or a Tier 2 Capital Event.
(4)    The Redemption Price with respect to any redemption permitted under this Indenture will be equal to 100% of the principal amount of the Subordinated Notes, or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the Redemption Date.
Section 10.02    Election to Redeem; Notice to Trustee.  The election of the Company to redeem any Subordinated Notes will be evidenced by a Company Order.  In case of any redemption of less than all of the Subordinated Notes, the Company will, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice will be satisfactory to the Trustee, but in any event not less than 45 days prior to the Redemption Date), notify the Trustee, of such Redemption Date and of the principal amount of Subordinated Notes to be redeemed.
In the case of any redemption of Subordinated Notes (i) prior to the expiration of any restriction on such redemption provided in the terms of such Subordinated Notes or elsewhere in this Indenture or (ii) in accordance with an election of the Company that is subject to a condition specified in the terms of such Subordinated Notes or elsewhere in this Indenture, the Company will furnish to the Trustee an Officers’ Certificate evidencing compliance with such restriction or condition.
Section 10.03    Selection by Trustee of Subordinated Notes to be Redeemed.  If less than all of the Subordinated Notes are to be redeemed, the particular Subordinated Notes to be redeemed will be selected not more than 45 days prior to the Redemption Date by the Trustee from the Outstanding Subordinated Notes not previously called for redemption unless otherwise required by law or applicable depositary requirements, on a pro rata basis as to the Holders, and which may provide for the selection for redemption of portions of the principal amount of Subordinated Notes; provided, however, that no such partial redemption will reduce the portion of the principal amount of a Subordinated Note not redeemed to less than the minimum denomination for a Subordinated Note established in or under this Indenture.  In the event a pro rata redemption is not permitted under applicable law or applicable depositary requirements, the Subordinated Notes to be redeemed will be selected by lot or such method as the Trustee will deem fair and appropriate.

61

Exhibit 4.1

The Trustee will promptly notify the Company and the Registrar (if other than itself) in writing of the Subordinated Notes selected for redemption and, in the case of any Subordinated Notes selected for partial redemption, the principal amount thereof to be redeemed.
For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Subordinated Notes will relate, in the case of any Subordinated Notes redeemed or to be redeemed only in part, to the portion of the principal of such Subordinated Notes which has been or is to be redeemed.
Section 10.04    Notice of Redemption.  Notice of redemption will be given in the manner provided in Section 1.05, not less than 30 nor more than 60 days prior to the Redemption Date to the Holders of Subordinated Notes to be redeemed.  Failure to give notice by delivering in the manner herein provided to the Holder of any Subordinated Notes designated for redemption as a whole or in part, or any defect in the notice to any such Holder, will not affect the validity of the proceedings for the redemption of any other Subordinated Notes or portions thereof.
Any notice that is delivered to the Holder of any Subordinated Notes in the manner herein provided will be conclusively presumed to have been duly given, whether or not such Holder receives the notice.
All notices of redemption will state:
(1)    the Redemption Date,
(2)    the Redemption Price,
(3)    if less than all Outstanding Subordinated Notes are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Subordinated Note or Subordinated Notes to be redeemed,
(4)    that, in case any Subordinated Note is to be redeemed in part only, on and after the Redemption Date, upon surrender of such Subordinated Note, the Holder of such Subordinated Note will receive, without charge, a new Subordinated Note or Subordinated Notes of authorized denominations for the principal amount thereof remaining unredeemed,
(5)    that, on the Redemption Date, the Redemption Price will become due and payable upon each such Subordinated Note or portion thereof to be redeemed, together (if applicable) with accrued and unpaid interest and Additional Interest, if any, thereon (subject, if applicable, to the provisos to the first paragraph of Section 10.06), and, if applicable, that interest thereon will cease to accrue on and after said date,
(6)    the place or places where such Subordinated Notes are to be surrendered for payment of the Redemption Price and any accrued interest pertaining thereto, 
(7)    the section hereunder providing for such redemption, and
(8)    any condition to such redemption.

62

Exhibit 4.1

The notice of redemption shall include the CUSIP number reference numbers of such Subordinated Notes, if any (or any other numbers used by a Depositary to identify such Subordinated Notes).
Notice of redemption of Subordinated Notes to be redeemed at the election of the Company will be given by the Company or, at the Company Request delivered at least 10 days before the date such notice is to be given (unless a shorter period will be acceptable to the Trustee), by the Trustee in the name and at the expense of the Company.
Section 10.05    Deposit of Redemption Price.  On or prior to 11:00 a.m. Eastern Time, on any Redemption Date, the Company will deposit, with respect to the Subordinated Notes called for redemption in accordance with Section 10.04, with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 9.03) an amount sufficient to pay the Redemption Price of, and (except if the Redemption Date will be an Interest Payment Date) any accrued interest on, all such Subordinated Notes or portions thereof which are to be redeemed on that date.
Section 10.06    Subordinated Notes Payable on Redemption Date.  Notice of redemption having been given as provided above, the Subordinated Notes so to be redeemed will, on the Redemption Date, become due and payable at the Redemption Price therein specified, together with accrued and unpaid interest and Additional Interest, if any, thereon and from and after such date (unless the Company will default in the payment of the Redemption Price and accrued interest, if any) such Subordinated Notes will cease to bear interest.  Upon surrender of any such Subordinated Note for redemption in accordance with said notice, such Subordinated Note will be paid by the Company at the Redemption Price, together with any accrued and unpaid interest and Additional Interest, if any, thereon to but excluding the Redemption Date; provided, however, that installments of interest on Subordinated Notes whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Subordinated Notes registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 2.10.
If any Subordinated Note called for redemption will not be so paid upon surrender thereof for redemption, the principal, until paid, will bear interest from the Redemption Date at the rate prescribed therefor in the Subordinated Note or, if no rate is prescribed therefor in the Subordinated Note, at the rate of interest, if any, borne by such Subordinated Note,
Section 10.07    Subordinated Notes Redeemed in Part.  Any Subordinated Note which is to be redeemed only in part will be surrendered at any office or agency for such Subordinated Note (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company will execute and the Trustee will authenticate and deliver to the Holder of such Subordinated Note without service charge, a new Subordinated Note or Subordinated Notes, containing identical terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Subordinated Note so surrendered.  If a Global Subordinated Note is so surrendered, the Company will execute, and the Trustee will authenticate and deliver to the Depositary for such Global Subordinated Note as will be specified in the Company Order with respect thereto to the Trustee, 

63

Exhibit 4.1

without service charge, a new Global Subordinated Note in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Subordinated Note so surrendered.
Upon surrender of a Subordinated Note that is redeemed in part, the Company will issue and the Trustee will authenticate for the Holder at the expense of the Company a new Subordinated Note equal in principal amount to the unredeemed portion of the Subordinated Note surrendered representing the same indebtedness to the extent not redeemed.  Notwithstanding anything in this Indenture to the contrary, only a Company Order and not an Opinion of Counsel or an Officers’ Certificate of the Company is required for the Trustee to authenticate such new Subordinated Note.
ARTICLE XI     
SUBORDINATION OF SECURITIES
Section 11.01    Agreement to Subordinate.  The Company, for itself, its successors and assigns, covenants and agrees, and each Holder of Subordinated Notes by the Holder’s acceptance thereof, likewise covenants and agrees, that the payment of the principal of and interest on each and all of the Subordinated Notes is and will be expressly subordinated in right of payment to the prior payment in full of all Senior Indebtedness.
Section 11.02    Distribution of Assets.
(1)    Upon any distribution of assets of the Company upon any termination, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred upon the Senior Indebtedness and the holders thereof with respect to the Subordinated Notes and the Holders thereof by a lawful plan of reorganization under applicable bankruptcy law):
(a)    holders of all Senior Indebtedness will first be entitled to receive payment in full in accordance with the terms of such Senior Indebtedness of the principal thereof, premium, if any, and the interest due thereon (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter in effect) before the Holders of the Subordinated Notes are entitled to receive any payment upon the principal of or interest on indebtedness evidenced by the Subordinated Notes;
(b)    any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders would be entitled except for the provisions of this Article XI, including any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the Subordinated Notes, will be paid by the liquidating trustee or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, in accordance with the priorities then existing among holders of Senior Indebtedness for payment of the aggregate amounts remaining unpaid on account of the principal, premium, if any, and interest (including interest accruing subsequent to the commencement of any 

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Exhibit 4.1

proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter in effect) on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness; it being understood that if the Holders fail to file a proper claim in the form required by any proceeding referred to in this Section 11.02(1)(b) prior to 30 days before the expiration of the time to file such claim or claims, then the holders of Senior Indebtedness are hereby authorized to file an appropriate claim or claims for and on behalf of the Holders, in the form required in any such proceeding; and
(c)    in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinate to the payment of the Subordinated Notes will be received by the Trustee or the Holders before all Senior Indebtedness is paid in full, such payment or distribution will be paid over to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment of assets of the Company for all Senior Indebtedness remaining unpaid until all such Senior Indebtedness will have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 
(2)    Subject to the payment in full of all Senior Indebtedness, the Holders will be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until the principal of and interest on the Subordinated Notes will be paid in full and no such payments or distributions to holders of such Senior Indebtedness to which the Holders would be entitled except for the provisions hereof of cash, property or securities otherwise distributable to the holders of Senior Indebtedness will, as between the Company, its creditors, other than the holders of Senior Indebtedness, and the Holders, be deemed to be a payment by the Company to or on account of the Senior Indebtedness.  It is understood that the provisions of this Article XI are intended solely for the purpose of defining the relative rights of the Holders of the Subordinated Notes, on the one hand, and the holders of Senior Indebtedness, on the other hand.  Nothing contained in this Article XI or elsewhere in this Indenture or any supplemental indenture issued in accordance with Article VIII of this Indenture or in the Subordinated Notes is intended to or will impair, as between the Company, its creditors, other than the holders of Senior Indebtedness, and the Holders, the obligation of the Company, which is unconditional and absolute, to pay to the Holders the principal of and interest on the Subordinated Notes as and when the same will become due and payable in accordance with their terms or to affect the relative rights of the Holders and creditors of the Company, other than the holders of the Senior Indebtedness, nor, except as otherwise expressly provided in this Indenture and the Subordinated Notes with respect to the limitation on the rights of the Trustee and the Holders, to accelerate the Stated Maturity of the Subordinated Notes and pursue remedies upon such an acceleration, will anything herein or in the Subordinated Notes prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon any Event of Default under this Indenture occurring, subject to the rights, if any, under this Article XI of the holders of Senior Indebtedness, in respect of cash, property or securities of the Company received upon the exercise of any such remedy.  Upon any payment or distribution of assets of the Company referred to in this Article XI, the Trustee and the Holders will be entitled to rely upon any order or decree of a court of competent jurisdiction in which such termination, winding up, liquidation or reorganization proceeding is pending or upon a certificate of the liquidating trustee or agent or other Person making any distribution to the Trustee or to the Holders for the purpose of ascertaining the Persons entitled to participate in such 

65

Exhibit 4.1

distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article XI.  In the absence of any such liquidating trustee, agent or other person, the Trustee will be entitled to rely upon a written notice by a Person representing itself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such a trustee or representative).  If the Trustee determines, in good faith, that further evidence is required with respect to the right of any Person, as a holder of Senior Indebtedness, to participate in any payment or distribution in accordance with this Article XI, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person is entitled to participation in such payment or distribution, and as to other facts pertinent to the rights of such Person under this Article XI, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.
With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations with respect to the holders of Senior Indebtedness will be read into this Indenture against the Trustee.  The Trustee, however, will not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness by reason of the execution of this Indenture, or any other supplemental indenture entered into in accordance with Article VIII of this Indenture, and will not be liable to any such holders if it will in good faith mistakenly pay over or distribute to or on behalf of the Holders or the Company moneys or assets to which any holders of Senior Indebtedness will be entitled by virtue of this Article XI or otherwise.
Section 11.03    Default With Respect to Senior Indebtedness.  In the event and during the continuation of any default in the payment of principal of, or premium, if any, or interest on, any Senior Indebtedness, beyond any applicable grace period, or if any event of default with respect to any Senior Indebtedness will have occurred and be continuing, or would occur as a result of the payment referred to hereinafter, permitting the holders of such Senior Indebtedness (or a trustee on behalf of the holders thereof) to accelerate the maturity thereof, then, unless and until such default or event of default will have been cured or waived or will have ceased to exist, no payment or principal of or interest on the Subordinated Notes, or in respect of any retirement, purchase or other acquisition of any of the Subordinated Notes, will be made by the Company.
Section 11.04    No Impairment.  Nothing contained in this Indenture, any other supplemental indenture entered into in accordance with Article VIII of this Indenture, or in any of the Subordinated Notes will: (i) impair, as between the Company and the Holders, the obligations of the Company, to make, or prevent the Company from making, at any time except as provided in Section 11.02 and Section 11.03, payments of principal of, or interest (including interest accruing subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency, or similar law now or hereafter in effect) on, the Subordinated Notes, as and when the same will become due and payable in accordance with the terms of the Subordinated Notes; (ii) affect the relative rights of the Holders and creditors of the Company other than the holders of the Senior Indebtedness; (iii) except as otherwise expressly provided in this Indenture and the Subordinated Notes with respect to the limitation on the rights of the Trustee and the Holders, to accelerate the Stated Maturity of the Subordinated Notes and pursue remedies upon such an acceleration, prevent the Holder of any Subordinated Notes or the Trustee from exercising all remedies otherwise permitted by applicable law 

66

Exhibit 4.1

upon default thereunder, subject to the rights, if any, under this Article XI of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of such remedy; or (iv) prevent the application by the Trustee or any Paying Agent of any moneys deposited with it hereunder to the payment of or on account of the principal of, or interest on, the Subordinated Notes or prevent the receipt by the Trustee or any Paying Agent of such moneys, if, prior to the third Business Day prior to such deposit, the Trustee or such Paying Agent did not have written notice of any event prohibiting the making of such deposit by the Company.
Section 11.05    Effectuation of Subordination Provisions.  Each Holder by his acceptance of any Subordinated Notes authorizes and expressly directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the Subordination Provisions, and appoints the Trustee such Holder’s attorney-in-fact for such purposes, including, in the event of any termination, winding up, liquidation or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon an assignment for the benefit of creditors by the Company, a marshalling of the assets and liabilities of the Company or otherwise) tending toward the liquidation of the property and assets of the Company, the filing of a claim for the unpaid balance of the Subordinated Notes in the form required in those proceedings.
Section 11.06    Notice to Trustee.  The Company will give prompt written notice to the Trustee of any fact known to the Company that would prohibit the Company from making any payment to or by the Trustee in respect of the Subordinated Notes in accordance with the provisions of this Article XI.  The Trustee will not be charged with the knowledge of the existence of any default or event of default with respect to any Senior Indebtedness or of any other facts that would prohibit the making of any payment to or by the Trustee or any Paying Agent unless and until a Responsible Officer of the Trustee has received a written notice specifying such default, event of default or other facts signed by an Authorized Officer, or by a holder of Senior Indebtedness or a trustee or agent thereof; and prior to the receipt of any such written notice, the Trustee will, subject to Article V of this Indenture, be entitled to assume that no such facts exist; provided that, if the Trustee will not have received the notice provided for in this Section 11.06 at least two Business Days prior to the date upon which, by the terms of the Indenture, any monies will become payable for any purpose (including, without limitation, the payment of the principal of or interest on any Subordinated Note), then, notwithstanding anything herein to the contrary, the Trustee will have full power and authority to receive any monies from the Company and to apply the same to the purpose for which they were received, and will not be affected by any notice to the contrary that may be received by it on or after such prior date except for an acceleration of the Subordinated Notes prior to such application.  The foregoing will not apply if the Paying Agent is the Company.  The Trustee will be entitled to rely on the delivery to it of a written notice by a Person representing himself or itself to be a holder of any Senior Indebtedness (or a trustee on behalf of, or agent of, such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee or agent on behalf of any such holder.
In the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution in accordance with this Article XI, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article XI and, if such evidence is not furnished to the 

67

Exhibit 4.1

Trustee, the Trustee may defer any payment to such Person pending such evidence being furnished to the Trustee or a judicial determination that such Person has the right to receive such payment.
Section 11.07    Trustee Knowledge of Senior Indebtedness.  Notwithstanding the provisions of this Article XI or any other provisions of this Indenture or any other supplemental indenture issued in accordance with Article VIII of this Indenture, neither the Trustee nor any Paying Agent will be charged with knowledge of the existence of any Senior Indebtedness or of any event that would prohibit the making of any payment of moneys to or by the Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee or such Paying Agent has received written notice thereof from the Company or from the holder of any Senior Indebtedness or from the representative of any such holder.
Section 11.08    Senior Indebtedness to Trustee.  The Trustee will be entitled to all of the rights set forth in this Article XI in respect of any Senior Indebtedness at any time held by it in its individual capacity to the same extent as any other holder of such Senior Indebtedness, and nothing in this Indenture or any other supplemental indenture issued in accordance with Article VIII of this Indenture will be construed to deprive the Trustee of any of its rights as such holder.
Section 11.09    Subordination Not Applicable to Trustee Compensation.  Nothing contained in this Article XI will apply to the claims of, or payments to, the Trustee under Section 5.07 of this Indenture.
The Trustee hereby accepts the trusts in this Indenture upon the terms and conditions set forth herein.
[Signature Page Follows]

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Exhibit 4.1

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly signed as of the date first written above.
ENTERPRISE BANCORP, INC. 

By:    /s/ Joseph R. Lussier    
Name: Joseph R. Lussier
Title:   Executive Vice President, 
Chief Financial Officer & Treasurer

UMB BANK, NATIONAL ASSOCIATION,
As Trustee

By:    /s/ Mauri J. Cowen    
Name:    Mauri J Cowen    
Title:    Sr. Vice President    

1

Exhibit 4.1

EXHIBIT A-l
(FORM OF DEFINITIVE SUBORDINATED NOTE)
ENTERPRISE BANCORP, INC.
5.25% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE 2030
THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; (B) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO A PERSON THAT YOU REASONABLY BELIEVE TO BE AN INSTITUTIONAL ACCREDITED INVESTOR AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT; OR (C) UNDER ANY OTHER AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT), AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED.
THE SECURITY AND THE OBLIGATIONS OF THE COMPANY AS EVIDENCED BY THIS SUBORDINATED NOTE (1) ARE NOT A DEPOSIT AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).
CERTAIN ERISA CONSIDERATIONS:
THE HOLDER OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 

A-1- 1

Exhibit 4.1

95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER: (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLANS, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF SUCH EMPLOYEE BENEFIT PLAN OR PLANS TO FINANCE SUCH PURCHASE OR (II) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.
ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN.

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Exhibit 4.1

No. [•]                            CUSIP Accredited Investors: 293668 AB5
CUSIP QIBs: 293668 AA7
ENTERPRISE BANCORP, INC.
5.25% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE 2030
1.Subordinated Notes. This Subordinated Note is one of a duly authorized issue of notes of Enterprise Bancorp, Inc., a Massachusetts corporation (the “Company”), designated as the “5.25% Fixed to Floating Rate Subordinated Notes due 2030” (the “Subordinated Notes”) in an aggregate principal amount of $60,000,000 and initially issued on July 7, 2020. The Company has issued this Subordinated Note under that certain Indenture dated as of July 7, 2020, as the same may be amended or supplemented from time to time (“Indenture”), between the Company and UMB Bank, National Association, as Trustee (the “Trustee”). All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the Indenture. The terms of this Subordinated Note 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 “Trust Indenture Act”). This Subordinated Note is subject to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling.

2.Payment. The Company, for value received, promises to pay to [•] or its registered assigns (the “Holder”), the principal sum of [•] Dollars (U.S.) ($[•],000,000), plus accrued but unpaid interest on July 15, 2030 (the “Stated Maturity”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding July 15, 2025 or the earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Fixed Interest Period”), at the rate of 5.25% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on January 15 and July 15 of each year (each payment date, a “Fixed Interest Payment Date”), beginning January 15, 2021, and (ii) from and including July 15, 2025 to but excluding the Stated Maturity or earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Floating Interest Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable Floating Interest Period (as defined below)(provided that in the event that the Floating Interest Rate for the applicable Floating Interest Period is less than zero, the Floating Interest Rate for such Floating Interest Period shall be deemed to be zero), plus 517.5 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each three-month period, a “Floating Interest Period”) on January 15, April 15, July 15 and October 15 of each year (each payment date, a “Floating Interest Payment Date”). Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions (as 

A-1- 3

Exhibit 4.1

defined below). The Company will pay all Additional Interest, if any, on the dates and in the amounts set forth in the Registration Rights Agreement.

(a)An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable. 

(b)The “Floating Interest Rate” means:
(i)initially Three-Month Term SOFR (as defined below).
(ii)Notwithstanding the foregoing clause (i) of this Section 2(b):

(1)If the Calculation Agent (as defined below), determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Interest Period. 
(2)However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent.

(iii)If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Interest Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Company, then the relevant Three-Month Term SOFR Conventions will apply.
(c)Effect of Benchmark Transition Event.
(i)If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates.

(ii)In connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders or any other party.
(iii)Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence 

A-1- 4

Exhibit 4.1

or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection:
(1)will be conclusive and binding absent manifest error;
(2)if made by the Company, will be made in the Company’s sole discretion; 
(3)if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects; and
(4)notwithstanding anything to the contrary in this Subordinated Note, the Indenture or the Purchase Agreements, shall become effective without consent from the relevant Holders or any other party.
(iv)For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note for the Floating Interest Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the spread specified on the face hereof.

(v)As used in this Subordinated Note:
(1)“Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

(2)“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
a.The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment; 
b.the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment;
c.the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; or
d.the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark Replacement Adjustment.

A-1- 5

Exhibit 4.1

(3)“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
a.the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;
b.if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; or
c.the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at such time.

(4)“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably necessary).
(5)“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
a.in the case of clause (a) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;
b.in the case of clause (b) or (c) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or
c.in the case of clause (d) of the definition of “Benchmark Transition Event,” the date of such public statement or publication of information referenced therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for purposes of such determination.
(6)“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

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Exhibit 4.1

a.if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;
b.a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;
c.a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or
d.a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

(7)“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Interest Period. The initial Calculation Agent shall be the Company.

(8)“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance with:
a.the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:
b.if, and to the extent that, the Company or its designee determines that Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any industry-accepted market practice for U.S. dollar denominated floating rate notes at such time.

For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment and the spread specified on the face hereof.

A-1- 7

Exhibit 4.1

(9)“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding any Business Day adjustment) as the applicable tenor for the then-current Benchmark.

(10)“FRBNY” means the Federal Reserve Bank of New York.

(11)“FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source.

(12)“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.

(13)“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.

(14)“ISDA Definitions” means the 2006 ISDA Definitions published by the ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

(15)“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

(16)“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.
(17)“Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.

(18)“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto.

(19)“SOFR” means the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark (or a successor administrator), on the FRBNY’s Website.

A-1- 8

Exhibit 4.1

(20)“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

(21)“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator).

(22)“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions.

(23)“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary).

(24)“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

(25)Other capitalized terms not defined herein shall have the meaning set forth in the Indenture.

(d)In the event that any Fixed Interest Payment Date during the Fixed Interest Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Interest Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest Payment Date shall instead be brought forward to the immediately preceding Business Day. The term “Business Day” means any day other than a Saturday or Sunday or any other day on which banking institutions in the Commonwealth of Massachusetts are generally authorized or required by law or executive order to be closed.

(e)The Company will pay interest on this Subordinated Note to the Person who is the registered Holder as of the close of business on the Regular Record Date for such interest, except as provided in Section 2.10 of the Indenture with respect to Defaulted Interest. This 

A-1- 9

Exhibit 4.1

Subordinated Note will be payable as to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer to an account appropriately designated by the person entitled to payment; provided, that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of this Subordinated Note in the case of a payment of interest at Stated Maturity).

3.Paying Agent and Registrar. UMB Bank, National Association, the Trustee under the Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at 1010 Grand Boulevard, Kansas City, Missouri 64106. 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.Subordination. The indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to obligations of the Company constituting the Senior Indebtedness (as defined in the Indenture) on the terms and subject to the terms and conditions as provided and set forth in Article XI of the Indenture and will rank pari passu in right of payment with all other Subordinated Notes. The Holder, by the acceptance of this Subordinated Note, agrees to and will be bound by such provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided.

		
	5.
	Redemption.

(a)The Company may, at its option, on any Interest Payment Date on or after July 15, 2025, redeem this Subordinated Note, in whole or in part, without premium or penalty, but in all cases in a principal amount of $1,000 and with integral multiples of $1,000 in excess thereof. In addition, the Company may, at its option, redeem all but not a portion of the Subordinated Notes at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. Any redemption with respect to this Subordinated Note will be subject to the receipt of any required regulatory approvals (including from the Federal Reserve Board, to the extent such approval is then required under the capital adequacy rules of the Federal Reserve Board). This Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with respect to any redemption permitted under the Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the Redemption Date.

(b)If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five years immediately preceding the Stated Maturity of the Subordinated Notes, the Company will as promptly as reasonably practicable notify the Trustee and the Holders thereof, and thereafter, subject to the terms of the Indenture, the Company and the Holders will work together in good faith, and the Company shall request the Trustee and the Holders to execute and deliver all agreements as reasonably necessary, in order to restructure the applicable portions of the obligations 

A-1- 10

Exhibit 4.1

evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, that nothing contained in this Section 5(b) shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to this Section 5 (Redemption) of this Subordinated Note and Section 10.01(3) of the Indenture.

(c)If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued representing the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holder, and if the Subordinated Notes are represented by Global Subordinated Notes held by the Depositary and such redemption is processed through the Depositary, such redemption will be made on a “Pro Rata Pass-Through Distribution of Principal” basis in accordance with the procedures of the Depositary. In the event a pro rata redemption as provided in the preceding sentence is not permitted under applicable law or applicable requirements of the Depositary, the Subordinated Notes to be redeemed will be selected by lot or such method as the Trustee will deem fair and appropriate. 

(d)If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes so called for redemption, all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights with respect to such Subordinated Notes shall forthwith on such Redemption Date cease and terminate (unless the Company shall default in the payment of the Redemption Price), except only the right of the Holders thereof to receive the amount payable on such redemption, without interest. 

6.Events of Default; Acceleration. An “Event of Default” means any one of the events described in Section 4.01 of the Indenture. If an Event of Default described in Section 4.01(1) or Section 4.01(2) of the Indenture occurs, then the principal amount of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in Section 4.01(1) or Section 4.01(2) of the Indenture, neither the Trustee nor the Holder may accelerate the Stated Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable. If any Event of Default occurs and is continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest on, the Subordinated Notes then due and payable or to enforce the performance of any provision of the Subordinated Notes or the Indenture.

7.Failure to Make Payments. If an Event of Default described in Section 4.01(3) or Section 4.01(4) of the Indenture occurs, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note (without acceleration of the Stated Maturity of the Subordinated Notes in any 

A-1- 11

Exhibit 4.1

manner), with interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated Note, and, in addition thereto, such further amount of money as will 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 and all other amounts due to the Trustee under Section 5.07 of the Indenture.

Upon an Event of Default, the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock; (iv) the purchase of fractional interests in shares of the Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of the Company’s common stock related to the issuance of common stock or rights under any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment plans.
8.Denominations, Transfer, Exchange. The Subordinated Notes are issuable only in registered form without interest coupons in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered and this Subordinated Note may be exchanged as provided in the Indenture. The Registrar may require the Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law or permitted by the Indenture. 

A-1- 12

Exhibit 4.1

9.Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange.

10.Persons Deemed Owners. The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither the Company, the Trustee nor any such agent will be affected by notice to the contrary.

11.Amendments and Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time by the Company and the Trustee with the consent of the holders of a majority in principal amount of the then Outstanding Subordinated Notes. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the then Outstanding Subordinated Notes, on behalf of the holders of all Subordinated Notes, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such Holder and upon all future holders of this Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note; but no such waiver will extend to any subsequent or other default or impair any consequent right of the holders.

12.No Impairment. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture will alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if any) and Additional Interest on this Subordinated Note at the times, place and rate as herein prescribed.

13.Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any subsidiary of the Company.

14.No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated Note by the Holder and as part of the consideration for the issuance of this Subordinated Note.
15.Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.

A-1- 13

Exhibit 4.1

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

17.Available Information. The Company will furnish to the Holder upon written request and without charge a copy of the Indenture. Requests by Holder to the Company may be made to:  Enterprise Bancorp, Inc., 222 Merrimack Street, Lowell, Massachusetts 01852; Attention:  Joseph R. Lussier.

18.Governing Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

[Signature Page Follows]

A-1- 14

Exhibit 4.1

IN WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed and attested.
Enterprise Bancorp, Inc.
By:_______________________________________
Name: [•]
Title: [•]

ATTEST:
__________________________________
Name:     [•]
Title:    [•]

[Signature Page to Definitive Subordinated Note]

A-1- 15

Exhibit 4.1

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
		
	 
	 

	[UMB BANK, NATIONAL ASSOCIATION], as Trustee

	 

	 

	      By:
	 

	 
	Authorized Signatory

	 
	 

Dated: ______________________

A-1- 16

Exhibit 4.1

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

and irrevocably appoint ________________     agent to transfer this Subordinated 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 Subordinated Note)
Tax Identification No:    ___________________________
Signature Guarantee:    _______________________________________________________________________
(Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).
The undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.
In connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned confirms that this Subordinated Note is being:
CHECK ONE BOX BELOW:	
			
	□
	(1)
	acquired for the undersigned’s own account, without transfer;

	□
	(2)
	transferred to the Company;

	□
	(3)
	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);

	□
	(4)
	transferred under an effective registration statement under the Securities Act;

	□
	(5)
	transferred in accordance with and in compliance with Regulation S under the Securities Act;

	□
	(6)
	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act);

	□
	(7)
	transferred to an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), not referred to in item (6) that has been provided with the information designated under Section 4(d) of the Securities Act; or

	□
	(8)
	transferred in accordance with another available exemption from the registration requirements of the Securities Act.

A-1- 17

Exhibit 4.1

Unless one of the boxes is checked, the Company will refuse to register this Subordinated Note in the name of any person other than the registered holder thereof; provided, however, that if box (5), (6), (7) or (8) is checked, the Company may require, prior to registering any such transfer of this Subordinated Note, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably request 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 such as the exemption provided by Rule 144 under such Act.
Signature: ___________________________________    
Signature Guarantee:    _______________________________________________________________________
(Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5).
TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.
The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A

     

A-1- 18

Exhibit 4.1

EXHIBIT A-2
(FORM OF GLOBAL SUBORDINATED NOTE)
ENTERPRISE BANCORP, INC.
5.25% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE 2030
THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (A) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT THE TIME OF SUCH TRANSFER; (B) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR TO A PERSON THAT YOU REASONABLY BELIEVE TO BE AN INSTITUTIONAL ACCREDITED INVESTOR AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT; OR (C) UNDER ANY OTHER AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT), AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS, AS EVIDENCED BY A LEGAL OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED.
THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO. AS NOMINEE OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SUBORDINATED NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE INDENTURE. 
UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SUBORDINATED NOTE 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 HEREON 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 

A-2- 1

Exhibit 4.1

INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE SECURITY AND THE OBLIGATIONS OF THE COMPANY AS EVIDENCED BY THIS SUBORDINATED NOTE (1) ARE NOT A DEPOSIT AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND AND (2) ARE SUBORDINATE IN THE RIGHT OF PAYMENT TO ALL SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).
CERTAIN ERISA CONSIDERATIONS:
THE HOLDER OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER: (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLANS, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF SUCH EMPLOYEE BENEFIT PLAN OR PLANS TO FINANCE SUCH PURCHASE OR (II) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.
ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN.

    A-2- 2

Exhibit 4.1

No. [•]                        CUSIP Accredited Investors: 293668 AB5
CUSIP QIBs: 293668 AA7

ENTERPRISE BANCORP, INC.
5.25% FIXED TO FLOATING RATE SUBORDINATED NOTE DUE 2030

1.Subordinated Notes. This Subordinated Note is one of a duly authorized issue of notes of Enterprise Bancorp, Inc., a Massachusetts corporation (the “Company”), designated as the “5.25% Fixed to Floating Rate Subordinated Notes due 2030” (the “Subordinated Notes”) in an aggregate principal amount of $60,000,000 and initially issued on July 7, 2020. The Company has issued this Subordinated Note under that certain Indenture dated as of July 7, 2020, as the same may be amended or supplemented from time to time (“Indenture”), between the Company and UMB Bank, National Association, as Trustee (the “Trustee”). All capitalized terms not otherwise defined in this Subordinated Note will have the meanings assigned to them in the Indenture. The terms of this Subordinated Note 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 “Trust Indenture Act”). This Subordinated Note is subject to all such terms, and the Holder (as defined below) is referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Subordinated Note irreconcilably conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling.

2.Payment. The Company, for value received, promises to pay to Cede & Co. or its registered assigns (the “Holder”), as nominee of DTC, the principal sum of SIXTY MILLION Dollars (U.S.) ($60,000,000), plus accrued but unpaid interest on July 15, 2030 (the “Stated Maturity”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding July 15, 2025 or the earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Fixed Interest Period”), at the rate of 5.25% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on January 15 and July 15 of each year (each payment date, a “Fixed Interest Payment Date”), beginning January 15, 2021, and (ii) from and including July 15, 2025 to but excluding the Stated Maturity or earlier redemption date contemplated by Section 5 (Redemption) of this Subordinated Note (the “Floating Interest Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable Floating Interest Period (as defined below)(provided that in the event that the Floating Interest Rate for the applicable Floating Interest Period is less than zero, the Floating Interest Rate for such Floating Interest Period shall be deemed to be zero), plus 517.5 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each three-month period, a “Floating Interest Period”) on January 15, April 15, July 15 and October 15 of each year (each payment date, a “Floating Interest Payment Date”). Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up. The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions (as defined below). The Company will pay 

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Exhibit 4.1

all Additional Interest, if any, on the dates and in the amounts set forth in the Registration Rights Agreement.
(a)An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable.

(b)The “Floating Interest Rate” means:
i.initially Three-Month Term SOFR (as defined below).

ii.Notwithstanding the foregoing clause (i) of this Section 2(b):
(1)If the Calculation Agent (as defined below), determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Holders and Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Interest Period. 
(2)However, if the Calculation Agent, determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent.

iii.If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Interest Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Company, then the relevant Three-Month Term SOFR Conventions will apply.
(c)Effect of Benchmark Transition Event.
i.If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates.

ii.In connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Holders or any other party.
iii.Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence 

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Exhibit 4.1

or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection:
(1)will be conclusive and binding absent manifest error;
(2)if made by the Company, will be made in the Company’s sole discretion; 
(3)if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects; and
(4)notwithstanding anything to the contrary in this Subordinated Note, the Indenture or the Purchase Agreements, shall become effective without consent from the relevant Holders or any other party.

iv.For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note for the Floating Interest Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the spread specified on the face hereof.

v.As used in this Subordinated Note:

(1)“Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

(2)“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
a.The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment; 
b.the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment;
c.the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; or
d.the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a 

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Exhibit 4.1

replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark Replacement Adjustment.

(3)“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
a.the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;
b.if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; or
c.the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at such time.

(4)“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the Company decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably necessary).
(5)“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
a.in the case of clause (a) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;
b.in the case of clause (b) or (c) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or
c.in the case of clause (d) of the definition of “Benchmark Transition Event,” the date of such public statement or publication of information referenced therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for purposes of such determination.

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Exhibit 4.1

(6)“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
a.if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;
b.a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;
c.a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or
d.a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.
(7)“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Interest Period. The initial Calculation Agent shall be the Company.

(8)“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance with:
a.the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:
b.if, and to the extent that, the Company or its designee determines that Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any industry-accepted market practice for U.S. dollar denominated floating rate notes at such time.

For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment and the spread specified on the face hereof.

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Exhibit 4.1

(9)“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding any Business Day adjustment) as the applicable tenor for the then-current Benchmark.

(10)“FRBNY” means the Federal Reserve Bank of New York.

(11)“FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source.

(12)“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.

(13)“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.

(14)“ISDA Definitions” means the 2006 ISDA Definitions published by the ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

(15)“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

(16)“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.
(17)“Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.

(18)“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto.

(19)“SOFR” means the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark (or a successor administrator), on the FRBNY’s Website.

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Exhibit 4.1

(20)“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

(21)“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator).

(22)“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions.

(23)“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary).

(24)“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

(25)Other capitalized terms not defined herein shall have the meaning set forth in the Indenture.

(d)In the event that any Fixed Interest Payment Date during the Fixed Interest Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Interest Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest Payment Date shall instead be brought forward to the immediately preceding Business Day. The term “Business Day” means any day other than a Saturday or Sunday or any other day on which banking institutions in the Commonwealth of Massachusetts are generally authorized or required by law or executive order to be closed.

(e)The Company will pay interest on this Subordinated Note to the Person who is the registered Holder as of the close of business on the Regular Record Date for such interest, except as provided in Section 2.10 of the Indenture with respect to Defaulted Interest. This 

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Exhibit 4.1

Subordinated Note will be payable as to principal and interest at the office or agency of the Paying Agent, or, at the option of the Company, payment of interest may be made by check delivered to the Holder at its address set forth in the Subordinated Note Register or by wire transfer to an account appropriately designated by the person entitled to payment; provided, that the Paying Agent will have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of this Subordinated Note in the case of a payment of interest at Stated Maturity).

3.Paying Agent and Registrar. UMB Bank, National Association, the Trustee under the Indenture, will act as the initial Paying Agent and Registrar through its offices presently located at 1010 Grand Boulevard, Kansas City, Missouri 64106. 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.Subordination. The indebtedness of the Company evidenced by this Subordinated Note, including the principal thereof and interest thereon, is, to the extent and in the manner set forth in the Indenture, subordinate and junior in right of payment to obligations of the Company constituting the Senior Indebtedness (as defined in the Indenture) on the terms and subject to the terms and conditions as provided and set forth in Article XI of the Indenture and will rank pari passu in right of payment with all other Subordinated Notes. The Holder, by the acceptance of this Subordinated Note, agrees to and will be bound by such provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided.

		
	5.
	Redemption.

(a)The Company may, at its option, on any Interest Payment Date on or after July 15, 2025, redeem this Subordinated Note, in whole or in part, without premium or penalty, but in all cases in a principal amount of $1,000 and with integral multiples of $1,000 in excess thereof. In addition, the Company may, at its option, redeem all but not a portion of the Subordinated Notes at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. Any redemption with respect to this Subordinated Note will be subject to the receipt of any required regulatory approvals (including from the Federal Reserve Board, to the extent such approval is then required under the capital adequacy rules of the Federal Reserve Board). This Subordinated Note is not subject to redemption at the option of the Holder. The Redemption Price with respect to any redemption permitted under the Indenture will be equal to 100% of the principal amount of this Subordinated Note, or portion thereof, to be redeemed, plus accrued but unpaid interest and Additional Interest, if any, thereon to, but excluding, the Redemption Date.

(b)If all or any portion of the Subordinated Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five years immediately preceding the Stated Maturity of the Subordinated Notes, the Company will as promptly as reasonably practicable notify the Trustee and the Holders thereof, and thereafter, subject to the terms of the Indenture, the Company and the Holders will work together in good faith, and the Company shall request the Trustee and the Holders to execute and deliver all agreements as reasonably necessary, in order to restructure the applicable portions of the obligations 

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Exhibit 4.1

evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, that nothing contained in this Section 5(b) shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to this Section 5 (Redemption) of this Subordinated Note and Section 10.01(3) of the Indenture.

(c)If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new note shall be issued representing the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holder, and if the Subordinated Notes are represented by Global Subordinated Notes held by the Depositary and such redemption is processed through the Depositary, such redemption will be made on a “Pro Rata Pass-Through Distribution of Principal” basis in accordance with the procedures of the Depositary. In the event a pro rata redemption as provided in the preceding sentence is not permitted under applicable law or applicable requirements of the Depositary, the Subordinated Notes to be redeemed will be selected by lot or such method as the Trustee will deem fair and appropriate. 

(d)If notice of redemption has been duly given and notwithstanding that any Subordinated Notes so called for redemption have not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes so called for redemption, all Subordinated Notes so called for redemption shall no longer be deemed outstanding and all rights with respect to such Subordinated Notes shall forthwith on such Redemption Date cease and terminate (unless the Company shall default in the payment of the Redemption Price), except only the right of the Holders thereof to receive the amount payable on such redemption, without interest. 

6.Events of Default; Acceleration. An “Event of Default” means any one of the events described in Section 4.01 of the Indenture. If an Event of Default described in Section 4.01(1) or Section 4.01(2) of the Indenture occurs, then the principal amount of all of the Outstanding Subordinated Notes, and accrued and unpaid interest, if any, on all Outstanding Subordinated Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holder, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices. Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in Section 4.01(1) or Section 4.01(2) of the Indenture, neither the Trustee nor the Holder may accelerate the Stated Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable. If any Event of Default occurs and is continuing, the Trustee may also pursue any other available remedy to collect the payment of principal of, and interest on, the Subordinated Notes then due and payable or to enforce the performance of any provision of the Subordinated Notes or the Indenture.

7.Failure to Make Payments. If an Event of Default described in Section 4.01(3) or Section 4.01(4) of the Indenture occurs, the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder, the whole amount then due and payable with respect to this Subordinated Note (without acceleration of the Stated Maturity of the Subordinated Notes in any 

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Exhibit 4.1

manner), with interest upon the overdue principal, any premium and, to the extent permitted by applicable law, upon any overdue installments of interest at the rate or respective rates, as the case may be, provided for or with respect to this Subordinated Note or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by this Subordinated Note, and, in addition thereto, such further amount of money as will 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 and all other amounts due to the Trustee under Section 5.07 of the Indenture.

Upon an Event of Default, the Company may not declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to this Subordinated Note, or make any payments under any guarantee that ranks equal with or junior to this Subordinated Note, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Company’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock; (iv) the purchase of fractional interests in shares of the Company’s capital stock in accordance with the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of the Company’s common stock related to the issuance of common stock or rights under any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment plans.
8.Denominations, Transfer, Exchange. The Subordinated Notes are issuable only in registered form without interest coupons in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. The transfer of this Subordinated Note may be registered and this Subordinated Note may be exchanged as provided in the Indenture. The Registrar may require the Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require the Holder to pay any taxes and fees required by law or permitted by the Indenture.
9.Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Holder requesting such transfer or exchange. 

10.Persons Deemed Owners. The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Subordinated Note is registered as the owner hereof for all purposes, whether or not this Subordinated Note is overdue, and neither the Company, the Trustee nor any such agent will be affected by notice to the contrary.

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Exhibit 4.1

11.Amendments and Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Subordinated Notes at any time by the Company and the Trustee with the consent of the holders of a majority in principal amount of the then Outstanding Subordinated Notes. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the then Outstanding Subordinated Notes, on behalf of the holders of all Subordinated Notes, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Subordinated Note will be conclusive and binding upon such Holder and upon all future holders of this Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note; but no such waiver will extend to any subsequent or other default or impair any consequent right of the holders. 

12.Impairment. No reference herein to the Indenture and no provision of this Subordinated Note or of the Indenture will alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest (if any) and Additional Interest on this Subordinated Note at the times, place and rate as herein prescribed.

13.Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any subsidiary of the Company.

14.No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated Note by the Holder and as part of the consideration for the issuance of this Subordinated Note.
15.Authentication. This Subordinated Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.

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

17.Available Information. The Company will furnish to the Holder upon written request and without charge a copy of the Indenture. Requests by Holder to the Company may be made to:  Enterprise Bancorp, Inc., 222 Merrimack Street, Lowell, Massachusetts 01852; Attention:  Joseph R. Lussier.

    A-2- 13

Exhibit 4.1

18.Governing Law. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

[Signature Page Follows]

    A-2- 14

Exhibit 4.1

IN WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed and attested.

Enterprise Bancorp, Inc.
By:_______________________________________
Name:  John P. Clancy, Jr.
Title:    Chief Executive Officer
ATTEST:
__________________________________
Name:     Joseph R. Lussier
Title:     Executive Vice President, 
 Chief Financial Officer and Treasurer

[Signature Page to Subordinated Note]
    

    A-2- 15

Exhibit 4.1

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
		
	 
	 

	UMB BANK, NATIONAL ASSOCIATION, as Trustee

	 

	 

	      By:
	 

	 
	Authorized Signatory

	 
	 

Dated: ______________________

    A-2- 16

Exhibit 4.1

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

and irrevocably appoint ________________      agent to transfer this Subordinated 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 Subordinated Note)
		
	Tax Identification No:
	 ____________________________

Signature Guarantee:    ________________________________________________________________
(Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).
The undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company.
In connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned confirms that this Subordinated Note is being:

    A-2- 17

Exhibit 4.1

CHECK ONE BOX BELOW:
	
			
	□
	(1)
	acquired for the undersigned’s own account, without transfer;

	□
	(2)
	transferred to the Company;

	□
	(3)
	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);

	□
	(4)
	transferred under an effective registration statement under the Securities Act;

	□
	(5)
	transferred in accordance with and in compliance with Regulation S under the Securities Act;

	□
	(6)
	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act);

	□
	(7)
	transferred to an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), not referred to in item (6) that has been provided with the information designated under Section 4(d) of the Securities Act; or

	□
	(8)
	transferred in accordance with another available exemption from the registration requirements of the Securities Act.

Unless one of the boxes is checked, the Company will refuse to register this Subordinated Note in the name of any person other than the registered holder thereof; provided, however, that if box (5), (6), (7) or (8) is checked, the Company may require, prior to registering any such transfer of this Subordinated Note, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably request 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 such as the exemption provided by Rule 144 under such Act.
Signature: __________________________    
Signature Guarantee:    _______________________________________________________________________
(Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5).
TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.
The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A

    A-2- 18

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