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THIRD SUPPLEMENTAL INDENTURE
THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of October 9, 2020, among Twin River Worldwide Holdings, Inc., a Delaware corporation (the “Issuer”), the Guarantors (as defined in the Indenture referred to herein, as amended and supplemented from time to time) and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”).  
W I T N E S S E T H
WHEREAS, the Issuer, the Guarantors and the Trustee are party to an indenture dated as of May 10, 2019 (as amended and supplemented, the “Indenture”) relating to the Issuer’s 6.750% Senior Notes due 2027 (the “Existing Notes”);
WHEREAS, Sections 2.01(b), 2.02 and 4.09 of the Indenture provide that the Issuer may, from time to time and in accordance therewith, create and issue Additional Notes under the Indenture;
WHEREAS, the Issuer has duly authorized the issuance of Additional Notes and is, on the date hereof, issuing $125,000,000 in aggregate principal amount of its 6.750% Senior Notes due 2027 (the “New Notes” and, together with the Existing Notes, the “Notes”);
WHEREAS, Sections 9.01(9) of the Indenture provides that, without the consent of the Holders of any Notes, the Indenture may be amended or supplemented by the Issuer, the Guarantors and the Trustee to provide for the issuance of Additional Notes in accordance with the Indenture;
WHEREAS, the Issuer and the Guarantors are authorized to execute and deliver this Third Supplemental Indenture to provide for the issuance and guarantee of the New Notes;
WHEREAS, the Issuer has requested that the Trustee execute and deliver this Third Supplemental Indenture; and
WHEREAS, all conditions and requirements necessary to the execution and delivery of this Third Supplemental Indenture have been done and performed, and the execution and delivery hereof has been in all respects authorized.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties to this Third Supplemental Indenture mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:
1.Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.
2.Amount of New Notes. The aggregate principal amount of New Notes to be authenticated and delivered under this Third Supplemental Indenture on October 9, 2020 is $125,000,000.
3.Terms of New Notes. The New Notes are to be issued as Additional Notes under the Indenture and shall:
a.be issued as part of the existing series of Existing Notes under the Indenture, and the New Notes and the Existing Notes shall be a single class for all purposes 

under the Indenture, including, without limitation, with respect to waivers, amendments, redemptions and offers to purchase;
b.be issued on October 9, 2020 (the “Issue Date”) and will accrue interest from June 1, 2020 to, but not including, the Issue Date;
c.be issuable in whole in the form of one or more Global Notes to be issued in the name of the Depositary nominee, Cede & Co., and held by the Trustee as Custodian for the Depositary and in the form, including appropriate transfer restriction legends, provided in Exhibit A to the Indenture; and
d.bear, in the case of New Notes sold under Rule 144A of the Securities Act, the CUSIP number of 90171V AA3 and ISIN of US90171VAA35, and, in the case of New Notes sold under Regulation S of the Securities Act, initially bear the CUSIP number of U88818 AB2 and ISIN of USU88818AB23, and after the 40-day distribution compliance period, will bear the CUSIP number of U88818 AA4 and ISIN of USU8818AA40.
4.No Recourse Against Others.  No manager, managing director, director, officer, employee, incorporator or holder of any Equity Interests in the Issuer, any Subsidiary or any direct or indirect parent of the Issuer, as such, shall have any liability for any obligations of the Issuer or any Guarantor under the Additional Notes, the Third Supplemental Indenture, the Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder of the Additional Notes, by accepting an Additional Note, waives and releases all such liability.  This waiver and release are part of the consideration for issuance of the Additional Notes.  This waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.
5.Ratification of Indenture; Third Supplemental Indenture Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Third 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.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS THIRD SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
7.Counterparts.  This Third Supplemental Indenture may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. Any signature to this Third Supplemental Indenture may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Third Supplemental Indenture.

8.Effect of Headings.  The section headings herein are for convenience only and shall not affect the construction hereof.
9.The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture, the Notes or the Additional Notes or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer and the Guarantors. The Trustee shall not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof.  In acting hereunder and with respect to the Notes, the rights, privileges, protections, immunities and benefits afforded to the Trustee under the Indenture, including, without limitation, its right to be indemnified, are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full.
10.Miscellaneous.  For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to the Notes must be in writing (provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English.  The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.
[Signatures on following page]

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

TWIN RIVER WORLDWIDE HOLDINGS, INC.

By:        /s/ Craig Eaton                    
    Name:  Craig Eaton
    Title:    Executive Vice President, General Counsel and Secretary

UTGR, INC.
PREMIER ENTERTAINMENT BILOXI, LLC 
PREMIER ENTERTAINMENT III, LLC 
TWIN RIVER MANAGEMENT GROUP, INC.
TWIN RIVER – TIVERTON, LLC 
JAMLAND, LLC
PREMIER FINANCE BILOXI CORP.
DOVER DOWNS, INC.
PREMIER ENTERTAINMENT BLACK HAWK, LLC
PREMIER ENTERTAINMENT VICKSBURG, LLC
IOC-KANSAS CITY, INC.
RAINBOW CASINO-VICKSBURG PARTNERSHIP, L.P.
each as a Guarantor

    
By:        /s/ Craig Eaton                    
    Name:  Craig Eaton
    Title:    Executive Vice President, General Counsel and Secretary

[Signature Page to Third Supplemental Indenture]

U.S. BANK NATIONAL ASSOCIATION
as Trustee
By: /s/ Laurel Casasanta    
Name:    Laurel Casasanta
Title:    Vice President

[Signature Page to Third Supplemental Indenture]Exhibit 4.1

 

[Form of Unit Certificate]

NUMBER
UNITS

U-

 

SEE REVERSE FOR
CERTAIN DEFINITIONS

CUSIP [              ]

 

SPARTAN ACQUISITION CORP. II

 

UNITS CONSISTING OF ONE SHARE OF CLASS
A COMMON STOCK AND

ONE-THIRD OF ONE REDEEMABLE WARRANT TO PURCHASE ONE SHARE OF CLASS A COMMON STOCK

 

THIS CERTIFIES THAT                                          is the owner
of                                          Units.

 

Each Unit (“Unit”)
consists of one (1) share of Class A common stock, par value $0.0001 per share (“Common Stock”), of Spartan
Acquisition Corp. II, a Delaware corporation (the “Company”), and one-third of one redeemable warrant
(each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one (1) share (subject
to adjustment) of Common Stock for $11.50 per share (subject to adjustment). Only whole Warrants are exercisable. Each Warrant
will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (each a “Business
Combination”), or (ii) twelve (12) months from the closing of the Company’s initial public offering, and will
expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company
completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”).
The Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior to [              
], 2020, unless Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Cowen and Company, LLC elect to allow earlier
separate trading, subject to the Company’s filing of a Current Report on Form 8-K with the Securities and Exchange Commission
containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the offering and issuing a
press release announcing when separate trading will begin. No fractional Warrants will be issued upon separation of the Units.
The terms of the Warrants are governed by a Warrant Agreement, dated as of [                ],
2020, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York
10004, and are available to any Warrant holder on written request and without cost.

 

Upon consummation of
a Business Combination, the United represented by this certificate will automatically separate into the shares of Common Stock
and Warrants comprising such Units.

 

This certificate is not
valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

This certificate shall
be governed by and construed in accordance with the internal laws of the State of New York.

 

Witness the facsimile
signature of its duly authorized officers. 

 

		 	
	Secretary	 	Chief Executive Officer

 

    

    	 

    

 

Spartan Acquisition Corp. II

 

The Company will furnish
without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or
restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	–	as tenants in common	 	UNIF GIFT MIN ACT	–		Custodian	 
	TEN ENT	–	as tenants by the entireties	 	 	 	(Cust)	 	(Minor)

 

	JT TEN	–	as joint tenants with right of survivorship and not as tenants in common	 	 	 	
        under
        Uniform Gifts to Minors Act

        (State)

  

Additional abbreviations may also be used
though not in the above list.

 

For value received,                          
hereby sell, assign and transfer unto                                             

 

 

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

 

 

 

 

 

Units represented by the within Certificate,
and do hereby irrevocably constitute and appoint Attorney to transfer the said Units on the books of the within named Company with
full power of substitution in the premises. 

 

	Dated: 	 	 

 

		Notice:  	The signature to this assignment must correspond with the name as written upon the face of the certificate
in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 

THE SIGNATURE(S)
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 UNDER THE SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).  

 

    

    	 

    

 

In each case, as more
fully described in the Company’s final prospectus dated [           ],
2020, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account
established in connection with the Company’s initial public offering only in the event that (i) the Company redeems the shares
of Common Stock sold in its initial public offering and liquidates because it does not consummate an initial Business Combination
within the period of time set forth in the Company’s amended and restated certificate of incorporation, as may be amended
from time to time (the “Charter”), (ii) the Company redeems the shares of Common Stock sold in its initial
public offering in connection with a stockholder vote to approve an amendment to the Charter that would affect the substance or
timing of the Company’s obligation to redeem 100% of the Common Stock if it does not consummate an initial Business Combination
within the period of time set forth therein, or (iii) if the holder(s) seek(s) to redeem for cash his, her or its respective shares
of Common Stock in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks stockholder approval
of the proposed initial Business Combination) setting forth the details of a proposed initial Business Combination. In no other
circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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