Document:

exv4w1

 

EXHIBIT
4.1

EXECUTION VERSION

Wimar OpCo, LLC (d/b/a Tropicana Entertainment)

Wimar OpCo Finance Corp. (d/b/a Tropicana Finance)

Issuers

95/8% Senior Subordinated Notes Due 2014

 

INDENTURE

Dated as of December 28, 2006

 

U.S. Bank National Association

Trustee

 

 

CROSS-REFERENCE TABLE

	 	 	 	 	 	 	 
	 	 	TIA	 	Indenture	 	 
	 	 	Section	 	Section	 	 
	 	 	310(a)(1)
	 	 	 	7.10
	(a)(2)	 	 
	 	 	 	7.10
	(a)(3)	 	 
	 	 	 	N.A.
	(a)(4)	 	 
	 	 	 	N.A.
	(b)	 	 
	 	 	 	7.08;7.10
	(c)	 	 
	 	 	 	N.A.
	 	 	311(a)
	 	 	 	7.11
	(b)	 	 
	 	 	 	7.11
	(c)	 	 
	 	 	 	N.A.
	 	 	312(a)
	 	 	 	2.05
	(b)	 	 
	 	 	 	11.03
	(c)	 	 
	 	 	 	11.03
	 	 	313(a)
	 	 	 	7.06
	(b)(1)	 	 
	 	 	 	N.A.
	(b)(2)	 	 
	 	 	 	7.06
	(c)	 	 
	 	 	 	11.02
	(d)	 	 
	 	 	 	7.06
	 	 	314(a)
	 	 	 	4.02;
	 	 	 
	 	4.10; 11.02	 	 
	(b)	 	 
	 	 	 	N.A.
	(c)(l)	 	 
	 	 	 	11.04
	(c)(2)	 	 
	 	 	 	11.04
	(c)(3)	 	 
	 	 	 	N.A.
	(d)	 	 
	 	 	 	N.A.
	(e)	 	 
	 	 	 	11.05
	(f)	 	 
	 	 	 	4.10
	 	 	315(a)
	 	 	 	7.01
	(b)	 	 
	 	 	 	7.05;11.02
	(c)	 	 
	 	 	 	7.01
	(d)	 	 
	 	 	 	7.01
	(e)	 	 
	 	 	 	6.11
	 	 	316(a)(last
	 	 	 	11.0
	 	 	sentence)
	 	 	 	 
	(a)(l)(A)	 	 
	 	 	 	6.05
	(a)(l)(B)	 	 
	 	 	 	6.04
	(a)(2)	 	 
	 	 	 	N.A.
	(b)	 	 
	 	 	 	6.07
	 	 	317(a)(l)
	 	 	 	6.08
	(a)(2)	 	 
	 	 	 	6.09
	(b)	 	 
	 	 	 	2.04
	 	 	318(a)
	 	 	 	11.01

N.A. means Not Applicable.

 

			
	Note:  This Cross-Reference Table shall not, for any purpose, be deemed to be part of the
Indenture.

 

 

i

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE 1

	 	 	 
	 	 	 	 
	Definitions and Incorporation by Reference

	 	 	 
	 	 	 	 
	SECTION 1.01.
	 	Definitions

	 	 	1	 
	SECTION 1.02.
	 	Other Definitions

	 	 	33	 
	SECTION 1.03.
	 	Incorporation by Reference of Trust Indenture Act

	 	 	33	 
	SECTION 1.04.
	 	Rules of Construction

	 	 	34	 
	 	 	 
	 	 	 	 
	ARTICLE 2

	 	 	 
	 	 	 	 
	The Securities

	 	 	 
	 	 	 	 
	SECTION 2.01.
	 	Form and Dating

	 	 	34	 
	SECTION 2.02.
	 	Execution and Authentication

	 	 	35	 
	SECTION 2.03.
	 	Registrar and Paying Agent

	 	 	35	 
	SECTION 2.04.
	 	Paying Agent To Hold Money in Trust

	 	 	36	 
	SECTION 2.05.
	 	Securityholder Lists

	 	 	36	 
	SECTION 2.06.
	 	Transfer and Exchange

	 	 	36	 
	SECTION 2.07.
	 	Replacement Securities

	 	 	37	 
	SECTION 2.08.
	 	Outstanding Securities

	 	 	37	 
	SECTION 2.09.
	 	Temporary Securities

	 	 	37	 
	SECTION 2.10.
	 	Cancellation

	 	 	37	 
	SECTION 2.11.
	 	Defaulted Interest

	 	 	38	 
	SECTION 2.12.
	 	CUSIP
Numbers, ISINs, etc

	 	 	38	 
	 	 	 
	 	 	 	 
	ARTICLE 3

	 	 	 
	 	 	 	 
	Redemption

	 	 	 
	 	 	 	 
	SECTION 3.01.
	 	Redemption

	 	 	39	 
	SECTION 3.02.
	 	Applicability of Article

	 	 	39	 
	SECTION 3.03.
	 	Notices to Trustee

	 	 	39	 
	SECTION 3.04.
	 	Selection of Securities to Be Redeemed

	 	 	39	 
	SECTION 3.05.
	 	Notice of Optional Redemption

	 	 	40	 
	SECTION 3.06.
	 	Effect of Notice of Redemption

	 	 	40	 
	SECTION 3.07.
	 	Deposit of Redemption Price

	 	 	41	 
	SECTION 3.08.
	 	Securities Redeemed in Part

	 	 	41	 
	SECTION 3.09.
	 	Gaming Redemption

	 	 	41	 
	SECTION 3.10.
	 	Escrow
of Proceeds; Special Mandatory Redemption

	 	42

 

 

ii

ARTICLE 4

Covenants

	 	 	 	 	 	 	 
	SECTION 4.01.
	 	Payment of Securities

	 	 	43	 
	SECTION 4.02.
	 	SEC Reports

	 	 	43	 
	SECTION 4.03.
	 	Limitation on Indebtedness

	 	 	44	 
	SECTION 4.04.
	 	Limitation on Restricted Payments

	 	 	47	 
	SECTION 4.05.
	 	Limitation on Restrictions on Distributions from Restricted Subsidiaries

	 	 	51	 
	SECTION 4.06.
	 	Limitation on Sales of Assets and Subsidiary Stock

	 	 	53	 
	SECTION 4.07.
	 	Limitation on Affiliate Transactions

	 	 	57	 
	SECTION 4.08.
	 	Limitation on Line of Business

	 	 	58	 
	SECTION 4.09.
	 	Limitation on Tropicana Finance

	 	 	58	 
	SECTION 4.10.
	 	Change of Control

	 	 	58	 
	SECTION 4.11.
	 	Future Subsidiary Guarantors

	 	 	60	 
	SECTION 4.12.
	 	Compliance Certificate

	 	 	60	 
	SECTION 4.13.
	 	Further Instruments and Acts

	 	 	60	 
	 	 	 
	 	 	 	 
	ARTICLE 5

	 	 	 
	 	 	 	 
	Successor Company

	 	 	 
	 	 	 	 
	SECTION 5.01.
	 	When Issuers and Notes Guarantors May Merge or Transfer Assets

	 	 	60	 
	 	 	 
	 	 	 	 
	ARTICLE 6

	 	 	 
	 	 	 	 
	Defaults and Remedies

	 	 	 
	 	 	 	 
	SECTION 6.01.
	 	Events of Default

	 	 	62	 
	SECTION 6.02.
	 	Acceleration

	 	 	64	 
	SECTION 6.03.
	 	Other Remedies

	 	 	65	 
	SECTION 6.04.
	 	Waiver of Past Defaults

	 	 	65	 
	SECTION 6.05.
	 	Control by Majority

	 	 	65	 
	SECTION 6.06.
	 	Limitation on Suits

	 	 	65	 
	SECTION 6.07
	 	Rights of Holders to Receive Payment

	 	 	66	 
	SECTION 6.08.
	 	Collection Suit by Trustee

	 	 	66	 
	SECTION 6.09.
	 	Trustee May File Proofs of Claim

	 	 	66	 
	SECTION 6.10.
	 	Undertaking for Costs

	 	 	67	 
	SECTION 6.11.
	 	Waiver of Stay or Extension Laws

	 	 	67	 
	 	 	 
	 	 	 	 
	ARTICLE 7

	 	 	 
	 	 	 	 
	Trustee

	 	 	 
	 	 	 	 
	SECTION 7.01.
	 	Duties of Trustee

	 	 	67	 
	SECTION 7.02.
	 	Rights of Trustee

	 	 	69	 

 

 

iii

	 	 	 	 	 	 	 
	SECTION 7.03.
	 	Individual Rights of Trustee

	 	 	70	 
	SECTION 7.04.
	 	Trustee’s Disclaimer

	 	 	70	 
	SECTION 7.05.
	 	Notice of Defaults

	 	 	70	 
	SECTION 7.06.
	 	Reports by Trustee to Holders

	 	 	70	 
	SECTION 7.07.
	 	Compensation and Indemnity

	 	 	71	 
	SECTION 7.08.
	 	Replacement of Trustee

	 	 	71	 
	SECTION 7.09.
	 	Successor Trustee by Merger

	 	 	72	 
	SECTION 7.10.
	 	Eligibility; Disqualification

	 	 	72	 
	SECTION 7.11.
	 	Preferential
Collection of Claims Against Issuers

	 	 	73	 
	 	 	 
	 	 	 	 
	ARTICLE 8

	 	 	 
	 	 	 	 
	Discharge of Indenture; Defeasance

	 	 	 
	 	 	 	 
	SECTION 8.01.
	 	Discharge
of Liability on Securities; Defeasance

	 	 	73	 
	SECTION 8.02.
	 	Conditions to Defeasance

	 	 	74	 
	SECTION 8.03.
	 	Application of Trust Money

	 	 	75	 
	SECTION 8.04.
	 	Repayment to Issuers

	 	 	75	 
	SECTION 8.05.
	 	Indemnity for Government Obligations

	 	 	75	 
	SECTION 8.06.
	 	Reinstatement

	 	 	75	 
	 	 	 
	 	 	 	 
	ARTICLE 9

	 	 	 
	 	 	 	 
	Amendments

	 	 	 
	 	 	 	 
	SECTION 9.01.
	 	Without Consent of Holders

	 	 	76	 
	SECTION 9.02.
	 	With Consent of Holders

	 	 	77	 
	SECTION 9.03.
	 	Compliance with Trust Indenture Act

	 	 	78	 
	SECTION 9.04.
	 	Revocation and Effect of Consents and Waivers

	 	 	78	 
	SECTION 9.05.
	 	Notation on or Exchange of Securities

	 	 	79	 
	SECTION 9.06.
	 	Trustee To Sign Amendments

	 	 	79	 
	SECTION 9.07.
	 	Payment for Consent

	 	 	79	 
	 	 	 
	 	 	 	 
	ARTICLE 10

	 	 	 
	 	 	 	 
	Subordination

	 	 	 
	 	 	 	 
	SECTION 10.01.
	 	Agreement To Subordinate

	 	 	79	 
	SECTION 10.02.
	 	Liquidation, Dissolution, Bankruptcy

	 	 	80	 
	SECTION 10.03.
	 	Default on Senior Indebtedness of the Issuers

	 	 	80	 
	SECTION 10.04.
	 	Acceleration of Payment of Securities

	 	 	81	 
	SECTION 10.05.
	 	When Distribution Must Be Paid Over

	 	 	81	 
	SECTION 10.06.
	 	Subrogation

	 	 	81	 
	SECTION 10.07.
	 	Relative Rights

	 	 	81	 
	SECTION 10.08.
	 	Subordination May Not Be Impaired by Issuers

	 	 	82	 
	SECTION 10.09.
	 	Rights of Trustee and Paying Agent

	 	 	82	 
	SECTION 10.10.
	 	Distribution or Notice to Representative

	 	 	82	 

 

 

iv

	 	 	 	 	 	 	 
	SECTION 10.11.
	 	Article 10 Not To Prevent Events of Default or Limit Right To Accelerate

	 	 	82	 
	SECTION 10.12.
	 	Trust Moneys Not Subordinated

	 	 	82	 
	SECTION 10.13.
	 	Trustee Entitled To Rely

	 	 	83	 
	SECTION 10.14.
	 	Trustee To Effectuate Subordination

	 	 	83	 
	SECTION 10.15.
	 	Trustee Not Fiduciary for Holders of Senior Indebtedness of the Issuers

	 	 	83	 
	SECTION 10.16.
	 	Reliance by Holders of Senior Indebtedness of the Issuers on Subordination Provisions

	 	 	83	 
	 	 	 
	 	 	 	 
	ARTICLE 11

	 	 	 
	 	 	 	 
	Notes Guaranties

	 	 	 
	 	 	 	 
	SECTION 11.01.
	 	Guaranties

	 	 	84	 
	SECTION 11.02.
	 	Limitation on Liability

	 	 	86	 
	SECTION 11.03.
	 	Successors and Assigns

	 	 	86	 
	SECTION 11.04.
	 	No Waiver

	 	 	86	 
	SECTION 11.05.
	 	Modification

	 	 	86	 
	SECTION 11.06.
	 	Release of Notes Guarantors

	 	 	86	 
	SECTION 11.07.
	 	Contribution

	 	 	88	 
	 	 	 
	 	 	 	 
	ARTICLE 12

	 	 	 
	 	 	 	 
	Subordination of Notes Guaranties

	 	 	 
	 	 	 	 
	SECTION 12.01.
	 	Agreement To Subordinate

	 	 	88	 
	SECTION 12.02.
	 	Liquidation, Dissolution, Bankruptcy

	 	 	88	 
	SECTION 12.03.
	 	Default on Senior Indebtedness of Notes Guarantor

	 	 	88	 
	SECTION 12.04.
	 	Demand for Payment

	 	 	89	 
	SECTION 12.05.
	 	When Distribution Must Be Paid Over

	 	 	90	 
	SECTION 12.06.
	 	Subrogation

	 	 	90	 
	SECTION 12.07.
	 	Relative Rights

	 	 	90	 
	SECTION 12.08.
	 	Subordination May Not Be Impaired by Notes Guarantors

	 	 	90	 
	SECTION 12.09.
	 	Rights of Trustee and Paying Agent

	 	 	90	 
	SECTION 12.10.
	 	Distribution or Notice to Representative

	 	 	91	 
	SECTION 12.11.
	 	Article 12 Not To Prevent Events of Default or Limit
Right To Demand Payment

	 	 	91	 
	SECTION 12.12.
	 	Trustee Entitled To Rely

	 	 	91	 
	SECTION 12.13.
	 	Trustee To Effectuate Subordination

	 	 	91	 
	SECTION 12.14.
	 	Trustee Not Fiduciary for Holders of Senior Indebtedness of
Notes
Guarantor

	 	 	92	 
	SECTION 12.15.
	 	Reliance by Holders of Senior Indebtedness of Notes Guarantors
on Subordination Provisions

	 	 	92	 

 

 

v

ARTICLE 13

Miscellaneous

	 	 	 	 	 	 	 
	SECTION 13.01.
	 	Trust Indenture Act Controls

	 	 	92	 
	SECTION 13.02.
	 	Notices

	 	 	92	 
	SECTION 13.03.
	 	Communication by Holders with Other Holders

	 	 	93	 
	SECTION 13.04.
	 	Certificate and Opinion as to Conditions Precedent

	 	 	93	 
	SECTION 13.05.
	 	Statements Required in Certificate or Opinion

	 	 	93	 
	SECTION 13.06.
	 	When Securities Disregarded

	 	 	94	 
	SECTION 13.07.
	 	Rules by Trustee, Paying Agent and Registrar

	 	 	94	 
	SECTION 13.08.
	 	Legal Holidays

	 	 	94	 
	SECTION 13.09.
	 	Governing Law

	 	 	94	 
	SECTION 13.10.
	 	No Recourse Against Others

	 	 	94	 
	SECTION 13.11.
	 	Successors

	 	 	94	 
	SECTION 13.12.
	 	Multiple Originals

	 	 	94	 
	SECTION 13.13.
	 	Table of Contents; Headings

	 	 	95	 

Rule 144A/Regulation S Appendix

Exhibit 1 —            Form of Initial Security

Exhibit A —            Form of Exchange Security or Private Exchange Security

 

 

      INDENTURE dated as of December 28, 2006, among WIMAR OPCO, LLC
(d/b/a TROPICANA ENTERTAINMENT), a Delaware limited liability company (the
“Company”), WIMAR OPCO FINANCE CORP. (d/b/a TROPICANA FINANCE), a Delaware
corporation (“Tropicana Finance” and, collectively with the Company, the
“Issuers”), and U.S. BANK NATIONAL ASSOCIATION (the “Trustee”).

          Each party agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the Holders of the Issuers’ Initial Securities, Exchange Securities and Private
Exchange Securities (collectively, the “Securities”):

ARTICLE 1

Definitions and Incorporation by Reference

          SECTION 1.01. Definitions.

          “Acquisitions” means the Aztar Acquisition and the Casino Queen Acquisition.

          “Additional Assets” means (1) any property, plant or equipment used in a Related Business;
(2) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the
acquisition of such Capital Stock by the Company or another Restricted Party; or (3) Capital Stock
constituting a minority interest in any Person that at such time is a Restricted Subsidiary;
provided, however, that any such Restricted Subsidiary described in clause (2) or (3)
above is primarily engaged in a Related Business.

          “Additional Securities” means Securities issued under this Indenture after the Issue Date and
in compliance with Section 2.13 and 4.03, it being understood that any Securities issued in
exchange for or replacement of any Initial Security issued on the Issue Date shall not be an
Additional Security, including any such Securities issued pursuant to a Registration Rights
Agreement.

          “Adjusted Treasury Rate” means, with respect to any redemption date, (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities”, for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after
December 15, 2010, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on
a straight line basis, rounding to the nearest month)

 

 

2

or (ii) if such release (or any successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per year equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date, in each case
calculated on the third Business Day immediately preceding the redemption date, plus 0.50%.

          “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 the purposes of this definition, “control” when used with respect to any 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. For purposes of Sections 4.04, 4.06 and
4.07 only, “Affiliate” shall also mean any beneficial owner of Capital Stock representing 10% or
more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company or of
rights or warrants to purchase such Capital Stock (whether or not currently exercisable) and any
Person who would be an Affiliate of any such beneficial owner pursuant to the first sentence
hereof.

          “Affiliated
Guarantor” means each Designated Affiliate; provided, however, that
a Designated Affiliate shall cease to be an Affiliated Guarantor upon release of its
Affiliated Guaranty in accordance with the terms of this Indenture.

          “Affiliated Guaranty” means a Guarantee by an Affiliated Guarantor of the Issuers’ obligations
with respect to the Securities.

          “Applicable Premium” means with respect to a Security at any redemption date, the greater
(1) 1.00% of the principal amount of such Security at such time and (2) the excess of (A) the
present value at such time of (i) the redemption price of such
Security on December 15, 2010 (such
redemption price being described in the fourth paragraph of section 5 of the Securities, exclusive
of any accrued interest) plus (ii) all required remaining scheduled interest payments due on such
Security through December 15, 2010 (but excluding accrued and unpaid interest to the redemption
date), computed using a discount rate equal to the Adjusted Treasury Rate, over (B) the principal
amount of such Security on such redemption date.

          “Asset Disposition” means any sale, lease, transfer or other disposition (or series of related
sales, leases, transfers or dispositions) by the Company or any Restricted Party, including any
disposition by means of a merger, consolidation or similar transaction (each referred to for the
purposes of this definition as a “disposition”), of

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

 

 

3

     (2) all or substantially all the assets of any division or line of business of
the Company or any Restricted Party; or

     (3) any other assets of the Company or any Restricted Party outside of the ordinary
course of business of the Company or such Restricted Party;

other
than, in the case of clauses (1), (2) and (3) above, (A) a disposition by a Restricted Party
to the Company or by the Company or a Restricted Party to a Restricted Party, (B) for purposes of
Section 4.06 only, (i) a disposition that constitutes a Permitted Investment or a Restricted
Payment permitted by Section 4.04 and (ii) a disposition of all or substantially all the assets of
the Company in accordance with Section 5.01, (C) a disposition of assets with a Fair Market Value
not in excess of $2,500,000, (D) a disposition of cash or Temporary Cash Investments, (E) the
creation of a Lien (but not the sale or other disposition of the property subject to such Lien) and
(F) any disposition of inventory, surplus, damaged, obsolete, idle or worn out assets, scrap or
defaulted receivables, in each case in the ordinary course of business.

          “Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of
determination, the present value (discounted at the interest rate borne by the Securities,
compounded annually) of the total obligations of the lessee for rental payments during the
remaining term of the lease included in such Sale/Leaseback Transaction (including any period for
which such lease has been extended); provided, however, that if such Sale/Leaseback
Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby
will be determined in accordance with the definition of “Capital Lease Obligation”.

          “Average Life” means, as of the date of determination, with respect to any Indebtedness, the
quotient obtained by dividing (1) the sum of the products of the numbers of years from the date of
determination to the dates of each successive scheduled principal payment of or redemption or
similar payment with respect to such Indebtedness multiplied by the amount of such payment by (2)
the sum of all such payments.

          “Aztar Acquisition” means the acquisition by the Company of Aztar Corporation pursuant
to the terms of the Aztar Merger Agreement.

          “Aztar Acquisition Date” means the date on which the Aztar Acquisition is consummated.

          “Aztar Acquisition Transactions” shall mean (i) the Aztar Acquisition, (ii) the entering into
and initial borrowings under the Credit Agreement, (iii) the entry into and initial borrowings
under the Las Vegas Secured Loan, (iv) the equity contributions to the Company from Affiliates of
William J. Yung, III in the manner described in the Offering Circular, (v) the retirement,
repayment, redemption, satisfaction and/or discharge of existing Indebtedness of Wimar Tahoe
Corporation, Aztar Corporation and the Affiliated Guarantors in the manner described in the
Offering Circular and (vi) the other transactions to be effected in connection with the Aztar

 

 

4

Acquisition, including the Corporate Reorganization, as described in the Offering
Circular.

          “Aztar Merger Agreement” means the Agreement and Plan of Merger dated as of May 19, 2006,
among Columbia Sussex Corp., Wimar Tahoe Corporation, W-T Columbia Development, Inc. and Aztar
Corporation, as such agreement may be amended, supplemented or modified from time to time.

          “Bank Indebtedness” means all Obligations pursuant to the Credit Agreement.

          “Board of Directors” of a Person means the Board of Directors or Board of Managers of such
Person or any similar body exercising the authority generally vested in a board of directors of a
corporation with respect to such Person (or any committee thereof duly authorized to act on behalf
of such Board or body), or, in the case of a Person that is not a corporation, the body exercising
the authority generally vested in a board of directors of a corporation.

          “Business Day” means each day which is not a Legal Holiday.

          “Capital Lease Obligation” means an obligation that is required to be classified and accounted
for as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of
Indebtedness represented by such obligation shall be the capitalized amount of such obligation
determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last
payment of rent or any other amount due under such lease prior to the first date upon which such
lease may be terminated by the lessee without payment of a penalty.

          “Capital Stock” of any Person means any and all shares, interests (including partnership or
limited liability company interests), rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any
Preferred Stock, but excluding any debt securities convertible into such equity.

          “Casino Queen Acquisition” means the acquisition by the Company of Casino Queen Corporation
pursuant to the terms of the Agreement and Plan of Merger dated as of April 20, 2006, among Casino
Queen, Inc., CP St. Louis Casino, LLC and CP St. Louis Acquisition, LLC, as such agreement may be
amended, supplemented or otherwise modified from time to time.

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

     (1) prior to the first public offering of common stock of the Company or any
Company Parent, or of any Affiliated Guarantor, as the case may be, the Permitted Holders
cease to be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of a majority of the aggregate of the total voting power of
the Voting Stock of the Company, or such Affiliated Guarantor, as the case may be, whether
as a result of issuance of

 

 

5

securities of the Company or a Company Parent, or of such
Affiliated Guarantor, as the case may be,
any merger, consolidation, liquidation or dissolution of the Company or a Company Parent, or of
such Affiliated Guarantor, as the case may be, or any direct or indirect transfer of securities by
the Company or a Company Parent, or by such Affiliated Guarantor, as the case may be, or otherwise
(for purposes of this clause (1) and clause (2) below, the Permitted Holders shall be deemed to
beneficially own any Voting Stock of a Person (the “specified person”) held by any other Person
(the “parent entity”) so long as the Permitted Holders beneficially own (as so defined), directly
or indirectly, in the aggregate a majority of the voting power of the Voting Stock of the parent
entity);

     (2) after the first public offering of common stock of the Company or any Company Parent, or
of any Affiliated Guarantor, as the case may be, any “person” (as such term is used in Sections
13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the
beneficial owner (as defined in clause (1) above, except that for purposes of this clause (2) such
person shall be deemed to have “beneficial ownership” of all shares that any such person has the
right to acquire, whether such right is exercisable immediately or only after the passage of time),
directly or indirectly, of more than 35% of the total voting power of the Voting Stock of the
Company or a Company Parent, or of such Affiliated Guarantor, as the
case may be; provided, however, that the Permitted Holders beneficially own (as defined in clause (1) above), directly
or indirectly, in the aggregate a lesser percentage of the total voting power of the Voting Stock
of the Company or such Affiliated Guarantor, as the case may be, than such other person and do not
have the right or ability by voting power, contract or otherwise to elect or designate for election
a majority of the Board of Directors (for the purposes of this clause (2), such other person shall
be deemed to beneficially own any Voting Stock of a specified person held by a parent entity, if
such other person is the beneficial owner (as defined in this clause
(2)), directly or indirectly,
of more than 35% of the voting power of the Voting Stock of such parent entity and the Permitted
Holders beneficially own (as defined in clause (1) above), directly or indirectly, in the aggregate
a lesser percentage of the voting power of the Voting Stock of such parent entity and do not have
the right or ability by voting power, contract or otherwise to elect or designate for election a
majority of the Board of Directors of such parent entity);

     (3) after the first public offering of common stock of the Company or any Company Parent, or
of any Affiliated Guarantor, as the case may be, individuals who on the Issue Date constituted the
Board of Directors of the Company, any Company Parent or any Affiliated Guarantor, as the case may
be (together with any new directors whose election by such Board of Directors or whose nomination
for election by the shareholders or other equity holders of the Company, such Company Parent or
such Affiliated Guarantor, as the case may be, was approved by a vote of a majority of the
directors of the Company, such Company Parent or such Affiliated Guarantor, as the case may be,
then still in office who were either directors on the Issue Date or whose election or nomination
for election was previously so approved), cease for any reason to

 

 

6

constitute a majority of the Board of Directors of the Company, such Company Parent or such
Affiliated Guarantor, as the case may be, then in office;

     (4) the adoption of a plan relating to the liquidation or dissolution of the Company,
any Company Parent or any Affiliated Guarantor; or

     (5)
the merger or consolidation of the Company or any Company Parent with or into
another Person or the merger of another Person with or into the Company or any Company
Parent, or the sale of all or substantially all the assets of the Company or any Company
Parent (determined on a consolidated basis) to another Person other than (A) a transaction
in which the survivor or transferee is a Person that is controlled by the Permitted Holders
or (B) a transaction following which (i) in the case of a merger or consolidation
transaction, holders of securities that represented 100% of the Voting Stock of the Company
or such Company Parent, as the case may be, immediately prior to such transaction (or other
securities into which such securities are converted as part of such merger or consolidation
transaction) own directly or indirectly at least a majority of the voting power of the
Voting Stock of the surviving Person in such merger or consolidation transaction
immediately after such transaction and in substantially the same proportion as before the
transaction and (ii) in the case of a sale of assets transaction, each transferee becomes
an obligor in respect of the Securities and a Subsidiary of the transferor of such assets.

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

          “Combined Financial Period” means any fiscal period at the end of which any Affiliated
Guarantor has provided a Notes Guaranty and is a Restricted Party.

          “Company Parent” means any direct or indirect parent company of the Company. On the Issue
Date, Wimar Tahoe Corporation, Wimar Holdings LLC and Wimar Intermediate Holdings LLC shall each be
a Company Parent.

          “Company” means the party named as such in this Indenture until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained herein and required by
the TIA, each other obligor on the indenture securities.

          “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Securities from the
redemption date to December 15, 2010, that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
a maturity most nearly equal to December 15, 2010.

          “Comparable Treasury Price” means, with respect to any redemption date, if clause (ii) of the
Adjusted Treasury Rate is applicable, the average of three, or such lesser number as is obtained by
the Trustee, Reference Treasury Dealer Quotations for such redemption date.

 

 

7

          “Consolidated Coverage Ratio” as of any date of determination means the ratio of

     (1) the aggregate amount of EBITDA for the period of the most recent four consecutive
fiscal quarters ending at least 45 days prior to the date of such determination to

          (2) Consolidated
Interest Expense for such four fiscal quarters; provided,
however, that

     (A) if the Company or any Restricted Party has Incurred any Indebtedness since the
beginning of such period that remains outstanding or if the transaction giving rise to the
need to calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness, or
both, EBITDA and Consolidated Interest Expense for such period shall be calculated after
giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been
Incurred on the first day of such period,

     (B) if the Company or any Restricted Party has repaid, repurchased, defeased or
otherwise discharged any Indebtedness since the beginning of such period or if any
Indebtedness is to be repaid, repurchased, defeased or otherwise discharged (in each case
other than Indebtedness Incurred under any revolving credit facility unless such
Indebtedness has been permanently repaid and has not been replaced) on the date of the
transaction giving rise to the need to calculate the Consolidated Coverage Ratio, EBITDA
and Consolidated Interest Expense for such period shall be calculated
on a pro forma basis as if such discharge had occurred on the first day of such period and as if
the Company or such Restricted Party had not earned the interest income actually earned
during such period in respect of cash or Temporary Cash Investments used to repay,
repurchase, defease or otherwise discharge such Indebtedness,

     (C) if since the beginning of such period the Company or any Restricted Party shall
have made any Asset Disposition, EBITDA for such period shall be reduced by an amount equal
to EBITDA (if positive) directly attributable to the assets which are the subject of such
Asset Disposition for such period, or increased by an amount equal to EBITDA (if negative),
directly attributable thereto for such period and Consolidated Interest Expense for such
period shall be reduced by an amount equal to the Consolidated Interest Expense directly
attributable to any Indebtedness of the Company or any Restricted Party repaid,
repurchased, defeased or otherwise discharged with respect to the Company and the
continuing Restricted Parties in connection with such Asset Disposition for such period
(or, if the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest
Expense for such period directly attributable to the Indebtedness of such Restricted
Subsidiary to the extent the Company and the

 

 

8

continuing Restricted Parties are no longer liable for such Indebtedness after such
sale),

     (D) if since the beginning of such period the Company or any Restricted Party (by
merger, consolidation or otherwise) shall have made an Investment in any Restricted Party
(or any Person which becomes a Restricted Party) or an acquisition of assets, including any
acquisition of assets occurring in connection with a transaction requiring a calculation to
be made hereunder, EBITDA and Consolidated Interest Expense for such period shall be
calculated after giving pro forma effect thereto (including the Incurrence of any
Indebtedness) as if such Investment or acquisition had occurred on the first day of such
period and

     (E) if since the beginning of such period any Person (that subsequently became a
Restricted Party or was merged with or into the Company or any Restricted Party since the
beginning of such period) shall have made any Asset Disposition, any Investment or
acquisition of assets that would have required an adjustment pursuant to clause (C) or (D)
above if made by the Company or a Restricted Party during such period. EBITDA and
Consolidated Interest Expense for such period shall be calculated
after giving pro forma effect thereto as if such Asset Disposition, Investment or acquisition had
occurred on the first day of such period.

For purposes of this definition, whenever pro forma effect is to be given to an acquisition
of assets, the amount of income or earnings relating thereto and the amount of Consolidated
Interest Expense associated with any Indebtedness Incurred in connection therewith, the pro forma calculations shall be determined in good faith by a responsible financial or accounting
Officer of the Company.

          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 date
of determination had been the applicable rate for the entire period (taking into account any
Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a
remaining term in excess of 12 months). If any Indebtedness is incurred under a revolving credit
facility and is being given pro forma effect, the interest on such Indebtedness shall be
calculated based on the average daily balance of such Indebtedness for the four fiscal quarters
subject to the pro forma calculation to the extent that such Indebtedness was incurred
solely for working capital purposes.

          Any pro forma calculations may include the reduction in costs attributable to, or in
connection with, the acquisition of assets, an Asset Disposition or other transaction or event
which is being given pro forma effect that (a) would be permitted to be reflected in
pro forma financial statements pursuant to Article 11 of Regulation S-X of the Securities
Act or (b) have been realized at the time such pro forma calculation is made or is
reasonably expected to be realized within 12 months following the consummation of the applicable
transaction or event which is being given pro forma

 

 

9

effect;
provided, however, that adjustments made pursuant to this paragraph must be
based on the reasonable good faith belief of the chief financial officer of the Company and must be
factually supportable and quantifiable based on the underlying accounting records of the Company
or, if applicable, the accounting records relating to the acquired assets or business.

          “Consolidated Interest Expense” means, for any period, the total combined interest expense of
(x) the Company and its consolidated Restricted Subsidiaries and (y) each Contributing Affiliated
Guarantor with respect to such period and its consolidated Restricted Subsidiaries, plus, to the
extent not included in such total interest expense, and to the extent incurred by (x) the Company
or any of its Restricted Subsidiaries or (y) any Contributing Affiliated Guarantor with respect to
such period or any of its Restricted Subsidiaries, without duplication,

     (1) interest expense attributable to Capital Lease Obligations;

     (2) amortization of debt discount and debt issuance cost;

     (3) capitalized interest;

     (4) non-cash interest expense;

     (5) commissions, discounts and other fees and charges owed with respect to
letters of credit and bankers’ acceptance financing;

     (6) net payments pursuant to Hedging Obligations;

     (7) dividends accrued in respect of all Preferred Stock of any Restricted Party, in
each case, held by Persons other than the Company or a Restricted Subsidiary (other than
dividends payable solely in Capital Stock (other than Disqualified Stock) of the Company);
provided, however, that such dividends will be multiplied by a fraction of the
numerator of which is one and the denominator of which is one minus the effective combined
tax rate of the issuer of such Preferred Stock (expressed as a decimal) for such period (as
estimated by the chief financial officer of the Company in good faith);

     (8) interest incurred in connection with Investments in discontinued operations;

     (9) interest accrued on any Indebtedness of any other Person to the extent such
Indebtedness is Guaranteed by (or secured by the assets of) the Company or any Restricted
Party; and

     (10) the cash contributions to any employee stock ownership plan or similar trust to
the extent such contributions are used by such plan or trust to pay interest or fees to any
Person (other than the Company) in connection with Indebtedness Incurred by such plan or
trust.

 

 

10

          For any Combined Financial Period, the combined Consolidated Interest Expense of the Company
and each Contributing Affiliated Guarantor, and their consolidated Subsidiaries, shall be based on
the combined financial statements of the Company and such Contributing Affiliated Guarantor (or
Contributing Affiliated Guarantors, as the case may be), and their consolidated subsidiaries, for
the Combined Financial Period prepared in accordance with GAAP (reflecting all appropriate
intercompany eliminations in accordance with GAAP).

          “Consolidated Net Income” means, for any period, the combined net income of (x) the Company
and its consolidated Subsidiaries and (y) each Contributing Affiliated Guarantor with respect to
such period and its consolidated Subsidiaries; provided,
however, that there shall not be
included in such Consolidated Net Income:

     (1) any net income of any Person (other than the Company) if such Person is not a
Restricted Party, except that, subject to the exclusion contained in clause (4) below, the
net income of any such Person for such period shall be included in such Consolidated Net
Income up to the aggregate amount of such net income actually distributed by such Person
during such period in cash to the Company or a Restricted Party as a dividend or other
distribution (subject, in the case of a dividend or other distribution paid to a Restricted
Party, to the limitations contained in clause (3) below);

     (2) any net income (or loss) of any Person acquired in a pooling of interests
transaction (or any transaction accounted for in a manner similar to a pooling of
interests) for any period prior to the date of such acquisition;

     (3) any net income of any Restricted Party (including any Contributing Affiliated
Guarantor) if such Restricted Party is subject to restrictions, directly or indirectly, on
the payment of dividends or the making of distributions or any other transfer of funds by
such Restricted Party, directly or indirectly, to the Company, except that:

     (A) subject to the exclusion contained in clause (4) below, the net income of
any such Restricted Party, for such period shall be included in such Consolidated
Net Income up to the aggregate amount of cash actually distributed by such
Restricted Party during such period to the Company or another Restricted Party as a
dividend or other distribution (subject, in the case of a dividend or other
distribution paid to another Restricted Party, to the limitation contained in this
clause); and

     (B) the Company’s or the applicable Restricted Party’s equity in a net loss of
any such Restricted Party for such period shall be included in determining such
Consolidated Net Income;

     (4) any gain (or loss) realized upon the sale or other disposition of any assets
(including pursuant to any sale-and-leaseback arrangement) which are not sold or otherwise
disposed of in the ordinary course of business and any gain (or

 

 

11

loss) realized upon the sale or other disposition of any Capital Stock of any
Person;

          (5) extraordinary gains or losses; and

          (6) the cumulative effect of a change in accounting principles,

in each case, for such period. Notwithstanding the foregoing, for the purpose of Section 4.04 only,
(x) there shall be excluded from Consolidated Net Income any repurchases, repayments or redemptions
of Investments, proceeds realized on the sale of Investments or return of capital to the Company or
a Restricted Party to the extent such repurchases, repayments, redemptions, proceeds or returns
increase the amount of Restricted Payments permitted under such Section pursuant to Section
4.04(a)(3)(D) and (y) Consolidated Net Income with respect to any period shall be reduced by the
aggregate amount of Permitted Tax Distributions made in such period under Section 4.04(b)(l1).

          For any Combined Financial Period, the combined Consolidated Net Income of the Company and
each Contributing Affiliated Guarantor, and their consolidated Subsidiaries, shall be based on the
combined financial statements of the Company and such Contributing Affiliated Guarantor (or
Contributing Affiliated Guarantors, as the case may be), and their consolidated subsidiaries, for
the Combined Financial Period prepared in accordance with GAAP (reflecting all appropriate
intercompany eliminations in accordance with GAAP).

          “Contributing Affiliated Guarantor” means, with respect to any Combined Financial Period, each
Affiliated Guarantor that has provided a Notes Guaranty and is a Restricted Party at the end of
such Combined Financial Period.

          “Corporate Reorganization” means the contribution to Wimar OpCo Holdings, LLC by Wimar Tahoe
Corporation of all of the assets and equity interests constituting Wimar Tahoe Corporation’s
existing gaming business as described in the Offering Circular (other than the assets and
operations relating to (x) Wimar Tahoe Corporation’s riverboat casino formerly located in New
Orleans, Louisiana and then named the Belle of Orleans and (y) the gaming assets and operations at
the Casuarina Las Vegas Casino, which, in the case of clause (x), will be contributed to Columbia
Properties New Orleans, LLC and, in the case of clause (y), will be contributed to LV Casino LLC),
which assets and equity interests will then be contributed by Wimar
OpCo Holdings, LLC to Wimar
OpCo Intermediate Holdings, LLC and, in turn, by Wimar OpCo Intermediate Holdings, LLC to the
Company. All of the equity interests in Columbia Properties New Orleans LLC and LV Casino LLC will
be retained by Wimar Tahoe Corporation, and such entities are expected to be direct subsidiaries of
Wimar Tahoe Corporation.

          “Credit Agreement” means the Credit Agreement to be entered into by and among the Company,
certain of its Subsidiaries, the lenders referred to therein, Credit Suisse, as Administrative
Agent, Barclays Bank PLC and Societe Generale, as Co-Syndication Agents, and The Royal Bank of
Scotland, PLC and ING Capital LLC, as Co-

 

 

12

Documentation Agents, together with the related documents thereto (including the term loans and
revolving loans thereunder, any guarantees and security documents), as amended, extended, renewed,
restated, supplemented or otherwise modified (in whole or in part, and without limitation as to
amount, terms, conditions, covenants and other provisions) from time to time, and any agreement
(and related document) governing Indebtedness incurred to Refinance, in whole or in part, the
borrowings and commitments then outstanding or permitted to be outstanding under such Credit
Agreement or a successor Credit Agreement, whether by the same or any other lender or group of
lenders.

          “Currency Agreement” means any foreign exchange contract, currency swap agreement or other
similar agreement with respect to currency values.

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

          “Designated Affiliate” means CP Laughlin Realty, LLC, a Delaware limited liability company,
Columbia Properties Vicksburg, LLC, a Mississippi limited liability company, and JMBS Casino LLC, a
Mississippi limited liability company, and each of their respective successors and assigns.

          “Designated Senior Indebtedness” with respect to a Person, means (1) the Bank Indebtedness and
(2) any other Senior Indebtedness of such Person which, at the date of determination, has an
aggregate principal amount outstanding of, or under which, at the date of determination, the
holders thereof are committed to lend up to, at least $100.0 million and is specifically designated
by such Person in the instrument evidencing or governing such Senior Indebtedness as “Designated
Senior Indebtedness” for purposes of this Indenture.

          “Disqualified Stock” means, with respect to any Person, any Capital Stock which by its terms
(or by the terms of any security into which it is convertible or for which it is exchangeable at
the option of the holder) or upon the happening of any event:

     (1) matures or is mandatorily redeemable (other than redeemable only for Capital Stock
of such Person which is not itself Disqualified Stock) pursuant to a sinking fund
obligation or otherwise;

     (2) is convertible or exchangeable at the option of the holder for Indebtedness
or Disqualified Stock; or

     (3) is mandatorily redeemable or must be purchased upon the occurrence of
certain events or otherwise, in whole or in part,

in each case on or prior to the date that is 91 days after the Stated Maturity of the Securities;
provided, however, that any Capital Stock that would not constitute Disqualified Stock but
for provisions thereof giving holders there of the right to require such Person to purchase or
redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring
prior to the date that is 91 days after the Stated Maturity of the Securities shall not constitute
Disqualified Stock if (A) the “asset sale” or

 

 

13

“change of control” provisions applicable to such Capital Stock are not more favorable to the
holders of such Capital Stock than the terms applicable to the Securities in Sections 4.06 and
4.10 of this Indenture and (B) any such requirement only becomes operative after compliance with
such terms applicable to the Securities, including the purchase of any Securities tendered pursuant
thereto.

          The amount of any Disqualified Stock that does not have a fixed redemption, repayment or
repurchase price will be calculated in accordance with the terms of such Disqualified Stock as if
such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of
such Disqualified Stock is to be determined pursuant to this
Indenture; provided, however, that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the
time of such determination, the redemption, repayment or repurchase price will be the book value of
such Disqualified Stock as reflected in the most recent financial statements of such Person.

          “EBITDA” for any period means the sum of Consolidated Net Income, plus the following to the
extent deducted in calculating such Consolidated Net Income:

     (1) all income tax expense of the Company and its consolidated Restricted Subsidiaries
(and for any Combined Financial Period, each Contributing Affiliated Guarantor and its
consolidated Restricted Subsidiaries); plus

     (2) Consolidated Interest Expense; plus

     (3) depreciation and amortization expense of the Company and its consolidated
Restricted Subsidiaries (and for any Combined Financial Period, each Contributing
Affiliated Guarantor and its consolidated Restricted Subsidiaries) (in each case
excluding amortization expense attributable to a prepaid item that was paid in cash
in a prior period); plus

     (4) all other non-cash charges and expenses of the Company and its consolidated
Restricted Subsidiaries (and for any Combined Financial Period, each Contributing
Affiliated Guarantor and its consolidated Restricted Subsidiaries) (in each case excluding
any such non-cash charge to the extent that it represents an accrual of or reserve for cash
expenditures in any future period); less all non-cash items of income of the
Company and its consolidated Restricted Subsidiaries (and for any Combined Financial
Period, each Contributing Affiliated Guarantor and its consolidated Restricted
Subsidiaries) (in each case other than accruals of revenue in the ordinary course of
business); plus

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

     (6) all closure costs, including costs associated with head-count reduction and
severance and pension payments, in connection with the closing of certain facilities and
other costs associated with operational changes in connection

 

 

14

with the Acquisitions that are identified in reasonable detail in a certificate of the
chief financial officer of the Company to the Trustee and are incurred within 18 months
from the Aztar Acquisition Date and in an aggregate amount not to exceed $50.0 million;

in each case for such period. Notwithstanding the foregoing, the provision for taxes based on the
income or profits of, and the depreciation and amortization and non-cash charges of, a Restricted
Party (including any Contributing Affiliated Guarantor) shall be added to Consolidated Net Income
to compute EBITDA only to the extent (and in the same proportion, including by reason of minority
interests) that the net income or loss of such Restricted Party was included in calculating
Consolidated Net Income and only if a corresponding amount would be permitted at the date of
determination to be dividended, distributed or otherwise transferred to the Company by such
Restricted Party without any direct or indirect restriction.

          For any Combined Financial Period, the adjustments utilized in calculating EBITDA for such
period shall be based on the combined financial statements of the Company and the relevant
Contributing Affiliated Guarantor (or Contributing Affiliated Guarantors, as the case may be) that
were the basis of the combined Consolidated Net Income for such Combined Financial Period (with all
such EBITDA adjustments reflecting all appropriate intercompany eliminations in accordance with
GAAP).

          “Escrow Agent” means U.S. Bank National Association, as escrow agent, until a successor
replaces it in accordance with the applicable provisions of the Escrow Agreement and thereafter
means the successor serving thereunder.

          “Escrow Agreement” means the Escrow Agreement, dated as of December 28, 2006, among the
Company, Tropicana Finance and U.S. Bank National Association, as Escrow Agent.

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

          “Fair Market Value” means, with respect to any asset or property, the price which could be
negotiated in an arm’s length, free market 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. Fair Market Value will be determined as follows:

     (1) if such asset or property has a Fair Market Value of less than $5.0 million,
by any Officer of the Company; and

     (2) if such asset or property has a Fair Market Value in excess of $5.0 million, by a
majority of the Board of Directors, whose determination will be conclusive and evidenced by
a resolution of such Board of Directors; provided, however, that for purposes of
Section 4.04(a)(3)(B), if the Fair Market Value of the property or assets in question is
determined pursuant to this clause (2) to be in

 

 

15

excess of $50.0 million, such determination must be confirmed by an Independent Qualified
Party.

          “GAAP” means generally accepted accounting principles in the United States of America as in
effect as of the Issue Date, including those set forth in

     (1) the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants;

     (2) statements and pronouncements of the Financial Accounting Standards Board;

     (3) such other statements by such other entity as approved by a significant
segment of the accounting profession; and

     (4) the rules and regulations of the SEC governing the inclusion of financial
statements (including pro forma financial statements) in periodic reports required
to be filed pursuant to Section 13 of the Exchange Act, including opinions and
pronouncements in staff accounting bulletins and similar written statements from the
accounting staff of the SEC. All ratios and computations based on GAAP contained in this
Indenture shall be computed in conformity with GAAP.

          “Gaming Approval” means any license, permit, approval, authorization, registration, finding of
suitability, franchise, entitlement, waiver, and exemption issued by any Gaming Authority necessary
for or relating to the conduct of activities by the Company or any Affiliated Guarantor or any of
their respective Subsidiaries.

          “Gaming Authority” means such federal, state, local and other
governmental, regulatory and administrative authority, agency, board, commission and officials
responsible for, or involved in, the regulation of gaming or gaming activities or the sale of
liquor that now or hereafter has jurisdiction over all or any portion of the gaming activities of
the Company or any Affiliated Guarantor or any of their respective Subsidiaries, including, without
limitation and to the extent applicable, the New Jersey Casino Control Commission, the New Jersey
Division of Gaming Enforcement, the Nevada Gaming Commission, the Nevada State Gaming Control
Board, the Clark County (Nevada) Liquor and Gaming Licensing Board, the Indiana Gaming Commission,
the Louisiana Gaming Control Board, the Mississippi Gaming Commission and the Missouri Gaming
Commission.

          “Gaming Laws” means all applicable provisions of all constitutions, treaties, statutes, laws,
pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over
gaming within the jurisdiction of such Gaming Authorities, and all rules, regulations, ordinances,
approvals, orders, decisions, judgments, awards and decrees of any Gaming Authority.

 

 

16

          “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any Person and any obligation, direct or indirect,
contingent or otherwise, of such Person

     (1) to purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness of such Person (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services, to
take-or-pay or to maintain financial statement conditions or otherwise); or

     (2) entered into for the purpose of assuring in any other manner the obligee of such
Indebtedness of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part);

provided, however, that the term “Guarantee” shall not include endorsements for collection
or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a
corresponding meaning. The term “Guarantor” shall mean any Person Guaranteeing any obligation.

          “Guaranty Agreement” means a supplemental indenture, in a form reasonably satisfactory to the
Trustee, pursuant to which a Notes Guarantor guarantees the Issuers’ obligations under this
Indenture and with respect to the Securities on the terms provided for in Article 11 of this
Indenture.

          “Hedging Obligations” of any Person means the obligations of such Person pursuant to any
Interest Rate Agreement or Currency Agreement.

          “Holder” or “Securityholder” means the Person in whose name a Security is registered on the
Registrar’s books.

          “Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided,
 however, that any Indebtedness of a Person existing at the time such Person becomes a
Restricted Party (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be
Incurred by such Person at the time it becomes a Restricted Party. The term “Incurrence” when used
as a noun shall have a correlative meaning. Solely for purposes of determining compliance with
Section 4.03:

     (1) amortization of debt discount or the accretion of principal with respect to a
non-interest bearing or other discount security;

     (2) the payment of regularly scheduled interest in the form of additional Indebtedness
of the same instrument or the payment of regularly scheduled dividends on Capital Stock in
the form of additional Capital Stock of the same class and with the same terms; and

     (3) the obligation to pay a premium in respect of Indebtedness arising in connection
with the issuance of a notice of redemption or the making of a mandatory offer to purchase
such Indebtedness,

 

 

17

will not be deemed to be the Incurrence of Indebtedness.

          “Indebtedness” means, with respect to any Person on any date of determination
(without duplication):

     (1) the principal in respect of (A) indebtedness of such Person for money borrowed and
(B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the
payment of which such Person is responsible or liable, including, in each case, any premium
on such indebtedness to the extent such premium has become due and payable;

     (2) all Capital Lease Obligations of such Person and all Attributable Debt in respect
of Sale/Leaseback Transactions entered into by such Person;

     (3) all obligations of such Person issued or assumed as the deferred purchase price of
property, all conditional sale obligations of such Person and all obligations of such
Person under any title retention agreement (but excluding any accounts payable or other
liability to trade creditors arising in the ordinary course of business);

     (4) all obligations of such Person for the reimbursement of any obligor on any letter
of credit, bankers’ acceptance or similar credit transaction (other than obligations with
respect to letters of credit securing obligations (other than obligations described in
clauses (1) through (3) above) entered into in the ordinary course of business of such
Person to the extent such letters of credit are not drawn upon or, if and to the extent
drawn upon, such drawing is reimbursed no later than the tenth Business Day following
payment on the letter of credit);

     (5) the amount of all obligations of such Person with respect to the redemption,
repayment or other repurchase of any Disqualified Stock of such Person or, with respect to
any Preferred Stock of any Subsidiary of such Person, the principal amount of such
Preferred Stock to be determined in accordance with this Indenture (but excluding, in each
case, any accrued dividends);

     (6) all obligations of the type referred to in clauses (1) through (5) of other
Persons and all dividends of other Persons for the payment of which, in either case, such
Person is responsible or liable, directly or indirectly, as obligor, guarantor or
otherwise, including by means of any Guarantee;

     (7) all obligations of the type referred to in clauses (1) through (6) of other
Persons secured by any Lien on any property or asset of such Person (whether or not such
obligation is assumed by such Person), the amount of such obligation being deemed to be the
lesser of the fair market value of such property or assets and the amount of the obligation
so secured; and

     (8) to the extent not otherwise included in this definition, Hedging Obligations
of such Person.

 

 

18

Notwithstanding the foregoing, in connection with the acquisition or disposition by the Company or
any Restricted Party of any business or any controlling interest in any business, the term
“Indebtedness” will exclude indemnification obligations and post-closing earn-outs and other
payment adjustments to which the seller may become entitled to the extent such payment is
determined by a final closing balance sheet or such payment depends on the performance of such
business after the closing; provided, however, that, at the time of closing, the amount of
any such payment is not determinable and, to the extent such payment thereafter becomes fixed and
determined, the amount is paid within 60 days thereafter.

          The amount of Indebtedness of any Person at any date shall be the outstanding balance at such
date of all unconditional obligations as described above; provided, however, that in the
case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the
accreted value thereof at such time.

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

          “Independent Qualified Party” means an investment banking firm, accounting firm or appraisal
firm of national standing; provided, however, that such firm is not an Affiliate of the
Company.

          “Initial Purchasers” means Credit Suisse Securities (USA) LLC, SG Americas Securities,
LLC, CIBC World Markets Corp., Barclays Capital Inc., ING Financial Markets LLC and
Greenwich Capital Markets, Inc.

          “Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement
or other financial agreement or arrangement with respect to exposure to interest rates.

          “Investment” in any Person means any direct or indirect advance, loan (other than advances to
customers in the ordinary course of business that are recorded as accounts receivable on the
balance sheet of the lender) or other extensions of credit (including by way of Guarantee or
similar arrangement) or capital contribution to (by means of any transfer of cash or other property
to others or any payment for property or services for the account or use of others), or any
purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by such
Person. If the Company or any Restricted Party issues, sells or otherwise disposes of any Capital
Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such
Person is no longer a Restricted Subsidiary, any Investment by the Company or any Restricted
Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new
Investment at such time. The acquisition by the Company or any Restricted Party of a Person that
holds an Investment in a third Person will be deemed to be an Investment by the Company or such
Restricted Party in such third Person at such time. Except as otherwise provided for herein, the
amount of an Investment shall be its fair market value at the time the Investment is made and
without giving effect to subsequent changes in value.

 

 

19

          For purposes of the definition of “Unrestricted Party”, the definition of “Restricted Payment”
and Section 4.04

     (1) in connection with any designation of any Subsidiary as an Unrestricted Party,
“Investment” shall include the portion (proportionate to the Company’s or the applicable
Affiliated Guarantor’s, as applicable, equity interest in such Subsidiary) of the Fair
Market Value of the net assets of such Subsidiary at the time that such Subsidiary is
designated an Unrestricted Party provided, however, that upon a redesignation of
such Subsidiary as a Restricted Party, the Company or such Affiliated Guarantor, as the
case may be, shall be deemed to continue to have a permanent “Investment” in an
Unrestricted Party equal to an amount (if positive) equal to (A) the Company’s or such
Affiliated Guarantor’s “Investment” in such Subsidiary at the time of such redesignation
less (B) the portion (proportionate to the Company’s or such Affiliated Guarantor’s, as the
case may be, equity interest in such Subsidiary) of the Fair Market Value of the net assets
of such Subsidiary at the time of such redesignation;

     (2) in connection with any designation of any Designated Affiliate as an Unrestricted
Party, 100% of the Fair Market Value of the net assets of such Designated Affiliate at the
time such Designated Affiliated is designated an Unrestricted Party; provided,
 however, that upon a redesignation of such Designated Affiliate as a Restricted Party,
the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted
Party equal to an amount (if positive) equal to (A) the Company’s “Investment” in such
Designated Affiliate at the time of such redesignation less (B) 100% of the Fair Market
Value of the net assets of such Designated Affiliate at the time of such redesignation; and

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

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

          “Las Vegas Secured Loan” means the credit agreement to be entered into by and among Wimar
LandCo, LLC, Wimar LandCo Intermediate Holdings, LLC, the lenders referred to therein, Credit
Suisse, as Administrative Agent, Barclays Bank PLC and Societe Generale, as Co-Syndication Agents,
and The Royal Bank of Scotland, PLC and ING Capital LLC, as Co-Documentation Agents, together with
the related documents thereto (including the term loans thereunder, any guarantees and security
documents), as amended, extended, renewed, restated, supplemented or otherwise modified (in whole
or in part, and without limitation as to amount, terms, conditions, covenants and other provisions)
from time to time, and any agreement (and related document) governing Indebtedness incurred to
Refinance, in whole or in part, the borrowings and commitments then outstanding or permitted to be
outstanding under such credit agreement or a successor credit agreement, whether by the same or any
other lender or group of lenders.

 

 

20

          “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions are
not required to be open in the State of New York.

          “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including any conditional sale or other title retention agreement or lease in the nature thereof).

          “Net Available Cash” from an Asset Disposition means cash payments received therefrom
(including any cash payments received by way of deferred payment of principal pursuant to a note or
installment receivable or otherwise and proceeds from the sale or other disposition of any
securities received as consideration, but only as and when received, but excluding any other
consideration received in the form of assumption by the acquiring Person of Indebtedness or other
obligations relating to such properties or assets or received in any other non-cash form), in each
case, without duplication, net of

     (1) all legal, title and recording tax expenses, commissions and other fees and
expenses incurred, and all Federal, state, provincial, foreign and local taxes required to
be accrued as a liability under GAAP, as a consequence of such Asset Disposition;

     (2) all payments made on any Indebtedness which is secured by any assets subject to
such Asset Disposition, in accordance with the terms of any Lien upon or other security
agreement of any kind with respect to such assets, or which must by its terms, or in order
to obtain a necessary consent to such Asset Disposition, or by applicable law, be repaid
out of the proceeds from such Asset Disposition;

     (3) all distributions and other payments required to be made to minority
interest holders in Restricted Subsidiaries as a result of such Asset Disposition;

     (4) the deduction of appropriate amounts provided by the seller as a reserve, in
accordance with GAAP, against any liabilities associated with the property or other assets
disposed in such Asset Disposition and retained by the Company or any Restricted Party
after such Asset Disposition; and

     (5) any portion of the purchase price from an Asset Disposition placed in escrow,
whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities
in respect of such Asset Disposition or otherwise in connection with that Asset
Disposition; provided, however, that upon the termination of that escrow, Net
Available Cash will be increased by any portion of funds in the escrow that are released to
the Company or any Restricted Party (or, in the case of any Affiliated Guarantor Stock
Sale, released to the holders (or former holders) of Capital Stock of the applicable
Affiliated Guarantor).

          “Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock or Indebtedness,
means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees,
underwriters’ or placement agents’ fees, discounts or commissions and

 

 

21

brokerage, consultant and other fees actually incurred in connection with such issuance or sale and
net of taxes paid or payable as a result thereof.

          “Notes Guarantors” means the Subsidiary Guarantors and the Affiliated Guarantors.

          “Notes Guaranty” means a Subsidiary Guaranty or an Affiliated Guaranty, as applicable.

          “Obligations” means with respect to any Indebtedness, all obligations for principal, premium,
interest, penalties, fees, indemnifications, reimbursements, and other amounts payable pursuant to
the documentation governing such Indebtedness.

          “Offering Circular” means the Offering Circular dated December 14, 2006 relating to the
Securities.

          “Officer” means the Chairman of the Board, the President, any Vice President, the Treasurer or
the Secretary of the Company, or any individual who performs executive management duties on behalf
of the Company.

          “Officers’ Certificate” means a certificate signed by two Officers.

          “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable
to the Trustee. The counsel may be an employee of or counsel to the Company, any Affiliated
Guarantor or the Trustee.

          “Permitted Asset Swap” means the substantially contemporaneous purchase and sale or exchange
of Related Business Assets or a combination of Related Business Assets and cash, cash equivalents
and Temporary Cash Investments between the Company or any Affiliated Guarantor or any of their
Restricted Subsidiaries and another Person that is not the Company or any Affiliated Guarantor or
any of their Restricted Subsidiaries; provided, however, that any cash, cash equivalents or
Temporary Cash Investments received by the Company or any of the Restricted Subsidiaries must be
applied in accordance with Section 4.06.

          “Permitted C-Corp Conversion” means a transaction resulting in the Company becoming subject to
tax under the Code as a corporation; provided, however, that prior to the consummation of
such transaction, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee to the effect that the Holders will not recognize income gain or loss for
United States federal income tax purposes as a result of such Permitted C-Corp Conversion and will
be subject to United States federal income tax on the same amounts, in the same manner, and at the
same times as would have been the case if such Permitted C-Corp Conversion had not occurred.

          “Permitted Holders” means (i) William J. Yung, III, (ii) his spouse and members of his
immediate family (including siblings, children, grandchildren and children and grandchildren by
adoption), (iii) any Affiliate controlled by any of the

 

 

22

foregoing, (iv) in the event of incompetence or death of any of the persons described in paragraphs
(i) and (ii) hereof, such person’s estate, executor, administrator, committee or other personal
representative, in each case, who at the particular date will beneficially own or have the right to
acquire, directly or indirectly equity interests of Wimar OpCo Intermediate Holdings, LLC or the
Company or (v) any trusts for their respective benefit, or any trust for the benefit of any such
trust; provided, however, that Permitted Holders shall not include any operating company
Affiliated with any of the foregoing (including Columbia Sussex Corp.) that is not engaged
exclusively in a Related Business.

          “Permitted Investment” means an Investment by the Company or any Restricted Party in

     (1) the Company, a Restricted Party or a Person that will, upon the making of such
Investment, become a Restricted Party; provided, however, that the primary business
of such Restricted Party is a Related Business;

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

     (3) cash and Temporary Cash Investments;

     (4) receivables owing to the Company or any Restricted Party if created or acquired in
the ordinary course of business and payable or dischargeable in accordance with customary
trade terms; provided, however, that such trade terms may include such
concessionary trade terms as the Company or any such Restricted Party deems reasonable
under the circumstances;

     (5) payroll, travel and similar advances to cover matters that are expected at the
time of such advances ultimately to be treated as expenses for accounting purposes and that
are made in the ordinary course of business;

     (6) loans or advances to employees (other than any Permitted Holder) made in the
ordinary course of business consistent with past practices of the Company or such
Restricted Party;

     (7) stock, obligations or securities received in settlement of debts created in
the ordinary course of business and owing to the Company or any Restricted Party or
in satisfaction of judgments;

     (8) any Person to the extent such Investment represents the non-cash portion of the
consideration received for (i) an Asset Disposition as permitted pursuant to Section 4.06
or (ii) a disposition of assets not constituting an Asset Disposition;

     (9) any Person where such Investment was acquired by the Company or any Restricted
Party (a) in exchange for any other Investment or accounts

 

 

23

receivable held by the Company or any such Restricted Party 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 Party with
respect to any secured Investment or other transfer of title with respect to any secured Investment
in default;

     (10) any Person to the extent such Investments consist of prepaid expenses, negotiable
instruments held for collection and lease, utility and workers’ compensation, performance and
other similar deposits made in the ordinary course of business by the Company or any
Restricted Party;

     (11) any Person to the extent such Investments consist of Hedging Obligations or
Guarantees of Indebtedness otherwise permitted under Section 4.03;

     (12) any Person to the extent such Investment exists on the Issue Date, and any extension,
modification or renewal of any such Investments existing on the Issue Date, but only to the extent
not involving additional advances, contributions or other Investments of cash or other assets or
other increases thereof (other than as a result of the accrual or accretion of interest or original
issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of
such Investment as in effect on the Issue Date); and

     (13) any Person to the extent such Investments, when taken together with all other Investments
made pursuant to this clause (13) and outstanding on the date such Investment is made, do not
exceed $20.0 million.

     “Permitted Tax Distributions” means

     (1) with respect to the Company, cash distributions to the direct or indirect holders of
Capital Stock of the Company made not more frequently than once each fiscal quarter which shall be
in an amount required to satisfy actual cash tax liabilities of such holders relating to the
Company and its Restricted Subsidiaries for the immediately preceding fiscal quarter and in any
event in an amount not in excess of 40% of the combined taxable income of the Company and its
Restricted Subsidiaries (including the taxable income of Greenville Riverboat, other than any
taxable income attributable to any minority interest, but excluding the taxable income of the
Affiliated Guarantors) for the immediately preceding fiscal quarter; and

     (2) with respect to any Affiliated Guarantor, cash distributions to the direct or indirect
holders of Capital Stock of such Affiliated Guarantor made not more frequently than once each
fiscal quarter which shall be in an amount required to satisfy actual cash tax liabilities of such
holders relating to such Affiliated Guarantor and its Restricted Subsidiaries for the immediately
preceding fiscal quarter, and in any event in an amount not to exceed 40% of the combined

 

 

24

taxable income of such Affiliated Guarantor and its Restricted Subsidiaries for the
immediately preceding fiscal quarter.

Notwithstanding anything to the contrary herein, no Permitted Tax Distribution may be made by the
Company or any Affiliated Guarantor in respect of any fiscal period during which the Company or
such Affiliated Guarantor, as applicable, was not a pass-through tax entity for United States
federal income tax purposes.

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

          “Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any
class or classes (however designated) which is preferred as to the payment of dividends or
distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or
dissolution of such Person, over shares of Capital Stock of any other class of such Person.

          “principal” of a Security means the principal of the Security plus the premium, if any,
payable on the Security which is due or overdue or is to become due at the relevant time.

          “Purchase Money Indebtedness” means Indebtedness (including Capital Lease Obligations) (1)
consisting of the deferred purchase price of property, conditional sale obligations, obligations
under any title retention agreement, other purchase money obligations and obligations in respect of
industrial revenue bonds or similar Indebtedness, in each case where the maturity of such
Indebtedness does not exceed the anticipated useful life of the asset being financed, and (2)
Incurred to finance the acquisition by the Company or a Restricted Party of such asset, including
additions and improvements, in the ordinary course of business;
provided, however, that any
Lien arising in connection with any such Indebtedness shall be limited to the specific asset being
financed or, in the case of real property or fixtures, including additions and improvements, the
real property on which such asset is attached; provided further, however, that such Indebtedness is
Incurred within 180 days after such acquisition of such assets.

          “Qualified Capital Stock” of a Person means Capital Stock of such Person other than
Disqualified Stock; provided, however, that such Capital Stock shall not be deemed
Qualified Capital Stock to the extent (1) sold to a Subsidiary of such Person or financed, directly
or indirectly, using funds (A) borrowed from such Person or any Subsidiary of such Person or (B)
contributed, extended, guaranteed or advanced by such Person or any Subsidiary of such Person
(including, in respect of any employee stock ownership or benefit plan) or (2) issued in respect of
any Affiliated Guarantor Sale Contribution. Unless otherwise specified, Qualified Capital Stock
refers to Qualified Capital Stock of the Company.

 

 

25

          “Qualified Equity Offering” means any private or public issuance and sale of common
stock by the Company or any Company Parent; provided, however, that, in the case of the
sale of common stock of a Company Parent, cash proceeds therefrom equal to not less than 100% of
the aggregate principal amount of any Securities to be redeemed are received by the Company as a
contribution to its common equity capital. Notwithstanding the foregoing, the term “Qualified
Equity Offering” shall not include:

     (1) any issuance and sale with respect to common stock registered on Form S-4 or Form
S-8 under the Securities Act;

     (2) any issuance and sale to any Affiliate of the Company; or

     (3) any issuance and sale in respect of any Affiliated Guarantor Sale Contribution.

          “Quotation Agent” means the Reference Treasury Dealer selected by the Trustee after
consultation with the Company.

          “Reference Treasury Dealer” means Credit Suisse Securities (USA) LLC and its successors and
assigns and two other nationally recognized investment banking firms selected by the Company that
are primary U.S. Government securities dealers.

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

          “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay,
prepay, redeem, purchase, defease or retire, or to issue other Indebtedness in exchange or
replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings.

          “Refinancing Indebtedness” means Indebtedness that Refinances any Indebtedness of the
Company or any Restricted Party existing on the Issue Date or Incurred in compliance with
this Indenture, including Indebtedness that Refinances Refinancing Indebtedness;
provided, however, that:

     (1) such Refinancing Indebtedness has a Stated Maturity no earlier than the Stated
Maturity of the Indebtedness being Refinanced;

     (2) such Refinancing Indebtedness has an Average Life at the time such Refinancing
Indebtedness is Incurred that is equal to or greater than the Average Life of the
Indebtedness being Refinanced;

     (3) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred
with original issue discount, an aggregate issue price) that is equal

 

 

26

to or less than the aggregate principal amount (or if Incurred with original issue
discount, the aggregate accreted value) then outstanding (plus fees and expenses, including
any premium and defeasance costs) under the Indebtedness being Refinanced; and

     (4) if the Indebtedness being Refinanced is subordinated in right of payment to
the Securities, such Refinancing Indebtedness is subordinated in right of payment to the
Securities at least to the same extent as the Indebtedness being Refinanced;

provided
further, however, that Refinancing Indebtedness shall not include (A) Indebtedness
of a Subsidiary or any Affiliated Guarantor that Refinances Indebtedness of the Company or (B)
Indebtedness of the Company or a Restricted Party that Refinances Indebtedness of an Unrestricted
Party.

          “Related Business” means any business in which the Company or any of the Restricted
Subsidiaries was engaged on the Issue Date and any business related, ancillary or complementary to
such business, including the operation of retail operations at a casino or hotel or associated
complex owned or operated by the Company or any Restricted Party.

          “Related Business Assets” means assets (other than cash or cash equivalents) used or useful in
a Related Business; provided, however, that any assets received by the Company or a
Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary
shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless
upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

          “Representative” means any trustee, agent or representative (if any) for an issue of Senior
Indebtedness of the Company.

          “Restricted Party” means each Affiliated Guarantor and each Restricted Subsidiary.

          “Restricted Payment” with respect to any Person means

     (1) the declaration or payment of any dividends or any other distributions of
any sort in respect of its Capital Stock (including any payment in connection with any
merger or consolidation involving such Person) or similar payment to the direct or indirect
holders of its Capital Stock (other than (A) dividends or distributions payable solely in
its Capital Stock (other than Disqualified Stock), (B) dividends or distributions payable
solely to the Company or a Restricted Party and (C) pro rata dividends or other
distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to minority
stockholders (or owners of an equivalent interest in the case of a Subsidiary of such
Person that is an entity other than a corporation));

 

 

27

     (2) the purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value of any Capital Stock of the Company or any Affiliated Guarantor held
by any Person (other than by a Restricted Party) or of any Capital Stock of a Restricted
Party held by any Affiliate of the Company (other than by a Restricted Party), including in
connection with any merger or consolidation and including the exercise of any option to
exchange any Capital Stock (other than into Capital Stock of the Company that is not
Disqualified Stock);

     (3) the purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value, prior to scheduled maturity, scheduled repayment or scheduled sinking
fund payment of any Subordinated Obligations of the Company or any Notes Guarantor (other
than (A) from the Company or a Restricted Party or (B) the purchase, repurchase,
redemption, defeasance or other acquisition or retirement of Subordinated Obligations
purchased 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 purchase, repurchase,
redemption, defeasance or other acquisition or retirement); or

     (4) the making of any Investment (other than a Permitted Investment) in any Person.

          “Restricted Subsidiary” means (i) any Subsidiary of the Company that is not an Unrestricted
Party and (ii) any Subsidiary of an Affiliated Guarantor that is not an Unrestricted Party.
Tropicana Finance is a Restricted Subsidiary.

          “Sale/Leaseback Transaction” means an arrangement relating to property owned by the Company or
a Restricted Party on the Issue Date or thereafter acquired by the Company or a Restricted Party
whereby the Company or a Restricted Party transfers such property to a Person and the Company or a
Restricted Party leases it from such Person.

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

          “Secured Indebtedness” means any Indebtedness of the Company secured by a Lien.

          “Securities” means the Securities issued under this Indenture.

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

          “Senior Indebtedness” means with respect to any Person:

     (1) Indebtedness of such Person, whether outstanding on the Issue Date or the Aztar
Acquisition Date or thereafter Incurred; and

     (2) all other Obligations of such Person (including interest accruing on or after the
filing of any petition in bankruptcy or for reorganization relating to

 

 

28

such Person whether or not post-filing interest is allowed in such proceeding) in respect
of Indebtedness described in clause (1) above,

unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same or
pursuant to which the same is outstanding it is provided that such Indebtedness or other
Obligations are subordinate or pari passu in right of payment to the Securities or the
Subsidiary Guaranty of such Person, as the case may be;
provided, however, that Senior
Indebtedness of such Person shall not include:

     (A) any obligation of such Person to the Company or any Subsidiary of the Company, or
to any Affiliated Guarantor or any Subsidiary of an Affiliated Guarantor;

     (B) any liability for Federal, state, local or other taxes owed or owing by such
Person;

     (C) any accounts payable or other liability to trade creditors arising in the ordinary
course of business;

     (D) any Capital Stock;

     (E) any Indebtedness or other Obligation of such Person which is subordinate or junior
in any respect to any other Indebtedness or other Obligation of such Person; or

     (F)
that portion of any Indebtedness which at the time of Incurrence is Incurred in
violation of this Indenture.

          “Senior Subordinated Indebtedness” means, with respect to a Person, the Securities (in the
case of the Issuers, a Notes Guaranty (in the case of a Notes Guarantor) and any other Indebtedness
of such Person that specifically provides that such Indebtedness is
to rank pari passu with
the Securities or such Notes Guaranty, as the case may be in right of payment and is not
subordinated by its terms in right of payment to any Indebtedness of such Person which is not
Senior Indebtedness of such Person.

          “Service Agreements” means (i) the Service Agreement dated as of the Aztar Acquisition Date,
to be entered into between Columbia Sussex Corp. and the Company upon the consummation of the Aztar
Acquisition containing terms substantially similar to (and, with respect to economic terms, no less
favorable to the Company and its Restricted Subsidiaries than) those described under the caption
“Certain Relationships and Related Party Transactions—Tropicana Entertainment” in the Offering
Circular, (ii) the Management Agreement dated as of the Aztar Acquisition Date, to be entered into
between Wimar Tahoe Corporation and the Company upon the consummation of the Aztar Acquisition
containing terms substantially similar to (and, with respect to economic terms, no less favorable
to the Company and its Restricted Subsidiaries than) those described under the caption “Certain
Relationships and Related Party Transactions— Tropicana Entertainment” in the Offering Circular,
(iii) the Service Agreement dated as of the Aztar Acquisition Date, to be entered into between
Columbia Sussex Corp. and

 

 

29

Aztar Corporation upon the consummation of the Aztar Acquisition containing terms substantially
similar to (and, with respect to economic terms, no less favorable to the Company and its
Restricted Subsidiaries than) those described under the caption “Certain Relationships and Related
Party Transactions—Aztar Corporation” in the Offering Circular, (iv) the Management Agreement dated
as of the Aztar Acquisition Date, to be entered into between Wimar Tahoe Corporation and Aztar
Corporation upon the consummation of the Aztar Acquisition containing terms substantially similar
to (and, with respect to economic terms, no less favorable to the Company and its Restricted
Subsidiaries than) those described under the caption “Certain Relationships and Related Party
Transactions—Aztar Corporation” in the Offering Circular,
(v) the Service Agreement dated as of
January 1, 2002, between Columbia Sussex Corp. and Greenville Riverboat, LLC, (vi) the Service
Agreement dated as of October 27, 2003 (as amended as of August 7, 2006 and November 6, 2006),
between Columbia Sussex Corp. and Columbia Properties Vicksburg, LLC, (vii) the Service Agreement
dated as of August 26, 2004 (as amended as of November 6, 2006), between Columbia Sussex Corp. and
JMBS Casino LLC, (viii) the Service Agreement to be entered into between Columbia Sussex Corp. and
Casino Queen, Inc. upon the consummation of the Casino Queen Acquisition containing terms
substantially similar to (and, with respect to economic terms, no less favorable to the Company and
its Restricted Subsidiaries than) those described under the caption “Certain Relationships and
Related Party Transactions—Casino Queen” in the Offering Circular and (ix) the Management Agreement
to be entered into between Wimar Tahoe Corporation and Casino Queen, Inc. upon the consummation of
the Casino Queen Acquisition containing terms substantially similar to (and, with respect to
economic terms, no less favorable to the Company and its Restricted Subsidiaries than) those
described under the caption “Certain Relationships and Related Party Transactions— Casino Queen” in
the Offering Circular, in each case as in effect on the Issue Date (or, as contemplated above, as
in effect on the date of consummation of the Aztar Acquisition or the Casino Queen Acquisition, as
applicable) and any amendment thereto so long as such amendment is not, as a whole, less favorable
to the Holders in any respect than the agreement as originally in effect or as amended pursuant to
the terms hereto.

          “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant
Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the
SEC.

          “Specified Percentage” means, for the purposes of Section 4.04(a)(3)(E)

     (1) to the extent the Unrestricted Party that is being redesignated as a Restricted
Party is a Subsidiary of the Company or an Affiliated Guarantor, the percentage of the
Company’s or such Affiliated Guarantor’s equity interest in such Subsidiary; and

     (2) to the extent the Unrestricted Party that is being redesignated as a Restricted
Party is an Affiliated Guarantor, 100%; provided, however, that
(x) such Affiliated Guarantor has executed and delivered its Affiliated Guaranty on the
same terms as in effect on the Issue Date and (y) the Permitted Holders continue to hold
100% of the equity interests in such Affiliated Guarantor.

 

 

30

          “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 unless such contingency has occurred).

          “Subordinated Obligation” means, with respect to a Person, any Indebtedness of such Person
(whether outstanding on the Issue Date or the Aztar Acquisition Date or thereafter Incurred) which
is subordinate or junior in right of payment to the Securities or a Subsidiary Guaranty of such
Person, as the case may be, pursuant to a written agreement to that effect.

          “Subsidiary” means, with respect to any Person, any corporation, association, partnership or
other business entity of which more than 50% of the total voting power of shares of Voting Stock is
at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and
one or more Subsidiaries of such Person or (3) one or more Subsidiaries of such Person.

          “Subsidiary Guarantor” means each Subsidiary of the Company or any Affiliated Guarantor that
executes this Indenture as a guarantor and each other Subsidiary of the Company or an Affiliated
Guarantor that thereafter guarantees the Securities pursuant to the terms of this Indenture.

          “Subsidiary Guaranty” means a Guarantee by a Subsidiary Guarantor of the Issuers’ obligations
under this Indenture and with respect to the Securities pursuant to Article 11 of this Indenture or
contained in a Guaranty Agreement.

          “Temporary Cash Investments” means any of the following:

     (1) any investment in direct obligations of the United States of America or any agency
thereof or obligations guaranteed by the United States of America or any agency thereof;

     (2) investments in demand and time deposit accounts, certificates of deposit and money
market deposits maturing within 12 months of the date of acquisition thereof issued by a
bank or trust company which is organized under the laws of the United States of America,
any state thereof or any foreign country recognized by the United States of America, and
which bank or trust company has capital, surplus and undivided profits aggregating in
excess of $50,000,000 (or the foreign currency equivalent thereof) and has outstanding debt
which is rated “A” (or such similar equivalent rating) or higher by at least one nationally
recognized statistical rating organization (as defined in Rule 436 under the Securities
Act) or any money-market fund sponsored by a registered broker dealer or mutual fund
distributor;

 

 

31

     (3) repurchase obligations with a term of not more than 30 days for underlying
securities of the types described in clause (1) above entered into with a bank meeting the
qualifications described in clause (2) above;

     (4) investments in commercial paper, maturing not more than 90 days after the date of
acquisition, issued by a corporation (other than an Affiliate of the Company) organized and
in existence under the laws of the United States of America or any foreign country
recognized by the United States of America with a rating at the time as of which any
investment therein is made of “P-l” (or higher) according to Moody’s Investors Service,
Inc. or “A-l” (or higher) according to Standard and Poor’s Ratings Group;

     (5) investments in securities with maturities of 12 months or less from the date of
acquisition issued or fully guaranteed by any state, commonwealth or territory of the
United States of America, or by any political subdivision or taxing authority thereof, and
rated at least “A” by Standard & Poor’s Ratings Group or “A” by Moody’s Investors Service,
Inc.; and

     (6) investments in money market funds that invest substantially all their assets in
securities of the types described in clauses (1) through (5) above.

          “TIA”
means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on
the date of this Indenture.

          “Tropicana Pennsylvania Entities” means Tropicana Pennsylvania, LLC, LV Rec, Inc. and LV Red,
LLC.

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

          “Trust Officer” means the Chairman of the Board, the President or any other officer or
assistant officer of the Trustee assigned by the Trustee to administer its corporate trust matters.

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

          “Unrestricted Party” means:

     (1) any Designated Affiliate, or any Subsidiary of the Company or any Designated
Affiliate, in either case that at the time of determination shall be designated an
Unrestricted Party by the Board of Directors in the manner provided below; and

     (2) any Subsidiary of an Unrestricted Party.

          The Board of Directors of the Company may designate any Designated Affiliate, or any
Subsidiary of the Company or any Designated Affiliate (including any

 

 

32

newly acquired or newly formed Subsidiary, but excluding Tropicana Finance), to be
an Unrestricted Party unless such Designated Affiliate or any of their respective
Subsidiaries owns any Capital Stock or Indebtedness of, or holds any Lien on any property
of, (x) the Company, (y) any Affiliated Guarantor or (z) any Subsidiary of the Company or
any Affiliated Guarantor (other than a Subsidiary of the Designated Affiliate or
Subsidiary, as the case may be, that is being designated as an Unrestricted Party);
provided, however, that either (A) such Designated Affiliate or Subsidiary to be
so designated has total assets of $1,000 or less or (B) if such Designated Affiliate or
Subsidiary has assets greater than $1,000, such designation would be permitted under
Section 4.04. The Board of Directors of the Company may designate any Unrestricted Party
to be a Restricted Subsidiary; provided, however, that immediately after giving
effect to such designation (A) the Company could Incur $1.00 of additional Indebtedness
under Section 4.03(a) and (B) no Default shall have occurred and be continuing. Upon any
redesignation of any Designated Affiliate as a Restricted Party (following a prior
designation as an Unrestricted Party), such Designated Affiliate shall execute an
Affiliated Guaranty and be reestablished as an Affiliated Guarantor. Any such designation
by the Board of Directors of the Company shall be evidenced to the Trustee by promptly
filing with the Trustee a copy of the resolution of the Board of Directors of the Company
giving effect to such designation and an Officers’ Certificate certifying that such
designation complied with the foregoing provisions.

          “U.S. Government Obligations” means direct obligations (or certificates representing
an ownership interest in such obligations) of the United States of America (including any
agency or instrumentality thereof) for the payment of which the full faith and credit of
the United States of America is pledged and which are not callable at the issuer’s
option.

          “Voting Stock” of a Person means all classes of Capital Stock of such Person then
outstanding and normally entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof.

          “Wholly Owned Subsidiary” means a Restricted Subsidiary of the Company all the
Capital Stock of which (other than directors’ qualifying shares) is owned by the
Company or one or more other Wholly Owned Subsidiaries.

 

33

          SECTION 1.02. Other Definitions.

	 	 	 	 	 
	 	 	Defined
	 	 	in
	Term	 	Section
	“Affiliated Guarantor Sale Contribution”
	 	 	4.06	(a)
	“Affiliated Guarantor Stock Sale”
	 	 	4.06	(a)
	“Affiliate Transaction”
	 	 	4.07	(a)
	“Bankruptcy Law”
	 	 	6.01	 
	“Blockage Notice”
	 	 	10.03	 
	“Change of Control Offer”
	 	 	4.10	(b)
	“covenant defeasance option”
	 	 	8.01	(b)
	“Custodian”
	 	 	6.01	 
	“Escrow Funds”
	 	 	3.10	(a)
	“Event of Default”
	 	 	6.01	 
	“Guaranteed Obligations”
	 	 	11.01	 
	“legal defeasance option”
	 	 	8.01	(b)
	“Offer”
	 	 	4.06	(b)
	“Offer Amount”
	 	 	4.06	(c)(2)
	“Offer Period”
	 	 	4.06	(c)(2)
	“Paying Agent”
	 	 	2.03	 
	“Payment Blockage Period”
	 	 	10.03	 
	“Payment Default”
	 	 	10.03	 
	“Purchase Date”
	 	 	4.06	(c)(1)
	“Registrar”
	 	 	2.03	 
	“Successor Company”
	 	 	5.01	(a)(1)
	“Successor Finance Issuer”
	 	 	5 01	(b)(1)

          SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This
Indenture is subject to the mandatory provisions of the TIA which are incorporated by reference in
and made a part of this Indenture. The following TIA terms have the following meanings:

          “Commission” means the SEC;

          “indenture securities” means the Securities and the Notes Guaranties;

          “indenture security holder” means a Securityholder;

          “indenture to be qualified” means this Indenture;

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

          “obligor” on the indenture securities means the Issuers, each Notes Guarantor and any other obligor
on the indenture securities.

 

34

          All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule have the meanings
assigned to them by such definitions.

          SECTION 1.04. Rules of Construction. Unless the context
otherwise requires:

     (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) “including” means including without limitation;

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

     (6) unsecured Indebtedness shall not be deemed to be subordinate or
junior to secured Indebtedness merely by virtue of its nature as unsecured
Indebtedness;

     (7) secured Indebtedness shall not be deemed to be subordinate or
junior to any other secured Indebtedness merely because it has a junior
priority
with respect to the same collateral;

     (8) the principal amount of any noninterest 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;

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

     (10) all references to the date the Securities were originally issued shall
refer to the Issue Date.

ARTICLE 2

The Securities

          SECTION 2.01. Form and Dating. Provisions relating to the Initial
Securities, the Private Exchange Securities and the Exchange Securities are set forth in
the Rule 144A/Regulation S/IAI Appendix attached hereto (the “Appendix”) which is hereby
incorporated in, and expressly made part of, this Indenture. The Initial Securities and
the Trustee’s certificate of authentication shall be substantially in the form of

 

35

Exhibit 1 to the Appendix which is hereby incorporated in, and expressly made a
part of, this Indenture. The Exchange Securities, the Private Exchange Securities and
the Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture.
The Securities may have notations, legends or endorsements required by law, stock
exchange rule, agreements to which the Issuers are subject, if any, or depositary
procedure or usage (provided that any such notation, legend or endorsement is in a form
acceptable to the Issuers). Each Security shall be dated the date of its authentication.
The terms of the Securities set forth in the Appendix and Exhibit A are part of the
terms of this Indenture.

          SECTION 2.02. Execution and Authentication. Two Officers of each
Issuer, or an Officer of such Issuer and an Assistant Secretary of such Issuer, shall
sign the Securities for such Issuer by manual or facsimile signature. Each Issuer’s seal
shall be impressed, affixed, imprinted or reproduced on the Securities and may be in
facsimile form.

          If an Officer or an Assistant Secretary of an Issuer whose signature is on a
Security no longer holds that office at the time the Trustee authenticates the
Security, the Security shall be valid nevertheless.

          A Security shall not be valid until an authorized signatory of the Trustee manually
signs the certificate of authentication on the Security. The signature shall be
conclusive evidence that the Security has been authenticated under this Indenture.

          On the Issue Date, the Trustee shall authenticate and deliver
$960.0 million of 95/8% Senior Subordinated Notes due 2014
and, at any time and from time to time thereafter, the Trustee shall authenticate and
deliver Securities for original issue in an aggregate principal amount specified in such
order, in each case, upon a written order of the Issuers signed by two Officers of each
Issuer or by an Officer of each Issuer and either an Assistant Treasurer or an Assistant
Secretary of such Issuer. Such order shall specify the amount of the Securities to be
authenticated and the date on which the original issue of Securities is to be
authenticated and, in the case of an issuance of Additional Securities pursuant to
Section 2.13 after the Issue Date, shall certify that such issuance is in compliance with
Section 4.03.

          The Trustee may appoint an authenticating agent reasonably acceptable to the Company
to authenticate the Securities. Unless limited by the terms of such appointment, an
authenticating agent may authenticate Securities 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
2.03. Registrar and Paying Agent. The Issuers shall maintain an
office or agency where Securities may be presented for registration of transfer or for
exchange (the “Registrar”) and an office or agency where Securities may be presented for
payment (the “Paying Agent”). The Registrar shall keep a register of

 

36

the Securities and of their transfer and exchange. The Issuers may have one or more
co-registrars and one or more additional paying agents. The term “Paying Agent”
includes any additional paying agent.

          The Issuers shall enter into an appropriate agency agreement with any Registrar,
Paying Agent or co-registrar not a party to this Indenture, which shall incorporate the
terms of the TIA. The agreement shall implement the provisions of this Indenture that
relate to such agent. The Issuers shall notify the Trustee 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. Either Issuer or any Wholly Owned Subsidiary of the Company incorporated or
organized within The United States of America may act as Paying Agent, Registrar,
co-registrar or transfer agent.

          The Issuers initially appoint the Trustee as Registrar and Paying Agent in
connection with the Securities.

          SECTION
2.04. Paying Agent To Hold Money in Trust. Prior to each due
date of the principal and interest on any Security, the Issuers shall deposit with the
Paying Agent 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 the Paying Agent shall hold in trust for the benefit of Securityholders or the
Trustee all money held by the Paying Agent for the payment of principal of or interest
on the Securities and shall notify the Trustee of any default by the Issuers in making
any such payment. If an Issuer or a Subsidiary acts as Paying Agent, it shall segregate
the money held by it as Paying Agent and hold it as a separate trust fund. 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 the Paying Agent. Upon complying with this Section,
the Paying Agent shall have no further liability for the money delivered to the Trustee.

          SECTION 2.05. Securityholder Lists. The Trustee shall preserve in as
current a form as is reasonably practicable the most recent list available to it of the
names and addresses of Securityholders. If the Trustee is not the Registrar, the Issuers
shall 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 Securityholders.

          SECTION 2.06. Transfer and Exchange. The Securities shall be issued
in registered form and shall be transferable only upon the surrender of a Security for
registration of transfer. When a Security is presented to the Registrar or a
co-registrar with a request to register a transfer, the Registrar shall register the
transfer as requested if the requirements of this Indenture and Section 8-401(1) of the
Uniform Commercial Code are met. When Securities are presented to the Registrar or a
co-registrar with a request to exchange them for an equal principal amount of Securities
of

 

37

other denominations, the Registrar shall make the exchange as requested if the same
requirements are met.

          SECTION 2.07. Replacement Securities. If a mutilated Security is
surrendered to the Registrar or if the Holder of a Security claims that the Security has
been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall
authenticate a replacement Security if the requirements of Section 8-405 of the Uniform
Commercial Code are met and the Holder satisfies any other reasonable requirements of
the Trustee. If required by the Trustee or the Issuers, such Holder shall furnish an
indemnity bond sufficient in the judgment of the Issuers and the Trustee to protect the
Issuers, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss
which any of them may suffer if a Security is replaced. The Issuers and the Trustee may
charge the Holder for their expenses in replacing a Security.

          Every replacement Security is an additional Obligation of the Issuers.

          SECTION 2.08. Outstanding Securities. Securities outstanding at any
time are all Securities authenticated by the Trustee except for those canceled by it,
those delivered to it for cancellation and those described in this Section as not
outstanding. A Security does not cease to be outstanding because an Issuer or an
Affiliate of an Issuer holds the Security.

          If a Security is replaced pursuant to Section 2.07, it ceases to be
outstanding unless the Trustee and the Issuers receive proof satisfactory to them that
the replaced Security is held by a protected purchaser (as defined in Section 8-303 of
the Uniform Commercial Code).

          If the Paying Agent segregates and holds in trust, in accordance with this
Indenture, on a redemption date or maturity date money sufficient to pay all principal
and interest payable on that date with respect to the Securities (or portions thereof) to
be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from
paying such money to the Securityholders on that date pursuant to the terms of this
Indenture, then on and after that date such Securities (or portions thereof) cease to be
outstanding and interest on them ceases to accrue.

          SECTION 2.09. Temporary Securities. Until definitive Securities are
ready for delivery, the Issuers may prepare and the Trustee shall authenticate temporary
Securities. Temporary Securities shall be substantially in the form of definitive
Securities but may have variations that the Issuers consider appropriate for temporary
Securities. Without unreasonable delay, the Issuers shall prepare and the Trustee shall
authenticate definitive Securities and deliver them in exchange for temporary
Securities.

          SECTION 2.10. Cancellation. The Issuers at any time may deliver
Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall
forward to the Trustee any Securities surrendered to them for registration of transfer,
exchange or payment. The Trustee and no one else shall cancel and destroy (subject to

 

38

the record retention requirements of the Exchange Act) all Securities surrendered for
registration of transfer, exchange, payment or cancellation and deliver a certificate of
such destruction to the Issuers unless the Issuers direct the Trustee to deliver
canceled Securities to the Issuers. The Issuers may not issue new Securities to replace
Securities it has redeemed, paid or delivered to the Trustee for cancellation.

          SECTION
2.11. Defaulted Interest. If the Issuers default in a payment
of interest on the Securities, the Issuers shall pay defaulted interest (plus interest
on such defaulted interest to the extent lawful) in any lawful manner, in each case, at
the rate provided in the Securities. The Issuers may pay the defaulted interest to the
persons who are Securityholders 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 to each Securityholder a notice that
states the special record date, the payment date and the amount of defaulted interest to
be paid.

          SECTION
2.12. CUSIP Numbers, ISINs, etc. The Issuers in issuing the
Securities may use “CUSIP” numbers, ISINs and “Common Code” numbers (in each case 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 Securities or as
contained in any notice of a redemption and that reliance may be placed only on the
other identification numbers printed on the Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Issuers shall advise
the Trustee in writing of any change in any “CUSIP” numbers, ISINs or “Common Code”
numbers applicable to the Securities.

          SECTION
2.13 Issuance of Additional Securities. After the Issue
Date, the Issuers shall be entitled, subject to their compliance with Section 4.03, to
issue Additional Securities under this Indenture, which Securities shall have identical
terms as the Initial Securities issued on the Issue Date, other than with respect to the
date of issuance and issue price. All the Securities issued under this Indenture shall be
treated as a single class for all purposes of this Indenture including waivers,
amendments, redemptions and offers to purchase.

          With respect to any Additional Securities, the Issuers shall set forth in a
resolution of the Board of Directors of each Issuer and an Officers’ Certificate of
such Issuer, a copy of each which shall be delivered to the Trustee, the following
information:

     (1) the aggregate principal amount of such Additional Securities to be
authenticated and delivered pursuant to this Indenture and the provision of
Section 4.03 that such Issuer is relying on to issue such Additional
Securities;

     (2) the issue price, the issue date and the CUSIP number of such
Additional Securities; provided, however, that no Additional
Securities may be

 

39

issued at a price that would cause such Additional Securities to have “original
issue discount” within the meaning of Section 1273 of the Code; and

     (3) whether such Additional Securities shall be Initial Securities or
shall be issued in the form of Exchange Securities as set forth in Exhibit A.

ARTICLE 3

Redemption

          SECTION 3.01. Redemption. The Securities 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 Securities, which are hereby incorporated by reference and
made a part of this Indenture, together with accrued and unpaid interest and additional
interest, if any, to the redemption date. The Securities may also be redeemed as
provided for in Section 3.09 and paragraph 6 of the Securities. In addition, the
Securities are subject to mandatory redemption as provided in Section 3.10 hereof and
paragraph 7 of the Securities.

          SECTION 3.02. Applicability of Article. Redemption of Securities at
the election of the Issuers or otherwise, as permitted or required by the Securities or
any provision of this Indenture, shall be made in accordance with the Securities, such
provision and this Article.

          SECTION 3.03. Notices to Trustee. If the Issuers elect to redeem
Securities pursuant to the optional redemption provisions of paragraph 5 of the
Securities, 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 Securities to be redeemed and (iv) the redemption price. The
Issuers shall give notice to the Trustee as provided in this paragraph at least 45 days
before a redemption date if the redemption is pursuant to paragraph 5 of the Securities,
unless a shorter period is acceptable to the Trustee. Such notice shall be accompanied
by an Officers’ Certificate and Opinion of Counsel from the Issuers to the effect that
such redemption will comply with the conditions herein.

          SECTION 3.04. Selection of Securities to Be Redeemed. If fewer than
all the Securities are to be redeemed (other than pursuant to Section 3.09), the Trustee
shall select the Securities to be redeemed pro rata to the extent practicable. The
Trustee shall make the selection from outstanding Securities not previously called for
redemption. The Trustee may select for redemption portions of the principal of
Securities that have denominations larger than $2,000. Securities and portions of them
the Trustee selects shall be in principal amounts of $2,000 or a whole multiple of
$1,000 in excess of $2,000. Provisions of this Indenture that apply to Securities called
for redemption also apply to portions of Securities called for redemption. The Trustee
shall notify the Issuers promptly of the Securities or portions of Securities to be
redeemed.

 

40

          SECTION 3.05. Notice of Optional Redemption. At least 30 days
but not more than 60 days before a date for redemption of Securities pursuant to
paragraph 5 of the Securities, the Issuers shall mail a notice of redemption by
first-class mail to each Holder of Securities to be redeemed at such Holder’s registered
address.

          The notice shall identify the Securities to be redeemed and shall state:

     (1) the redemption date;

     (2) the redemption price;

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

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

     (5) if fewer than all the outstanding Securities are to be redeemed, the
principal amount of Securities to be redeemed;

     (6) that, unless the Issuers defaults in making such redemption
payment or the Paying Agent is prohibited from making such payment pursuant
to
the terms of this Indenture, interest on the Securities (or portion thereof)
called for
redemption will cease to accrue on and after the redemption date;

     (7) the paragraph of the Securities pursuant to which the Securities
called for redemption are being redeemed;

     (8) the “CUSIP” number, ISIN or “Common Code” number, if any,
printed on the Securities being redeemed; and

     (9) that no representation is made as to the correctness or accuracy of
the “CUSIP” number, ISIN, or “Common Code” number, if any, listed in such
notice or printed on the Securities.

          At the Issuers’ request, the Trustee shall give 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.

          SECTION 3.06. Effect of Notice of Redemption. Once notice of
redemption is mailed, Securities called for redemption become due and payable on the
redemption date and at the redemption price stated in the notice. Upon surrender to the
Paying Agent, such Securities shall be paid at the redemption price stated in the
notice, plus (subject to Section 3.09) accrued interest to the redemption date (subject
to the right of Holders of record on the relevant record date to receive interest due on
the related interest payment date), and such Securities shall be canceled by the
Trustee. 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.

 

41

          SECTION
3.07. Deposit of Redemption Price. Prior to the redemption date, the Issuers
shall deposit with the Paying Agent (or, if an Issuer or a Subsidiary of the Company is the Paying
Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and
accrued interest on all Securities to be redeemed on that date other than Securities or portions
of Securities called for redemption which have been delivered by the Issuers to the Trustee for
cancellation.

          SECTION
3.08. Securities Redeemed in Part. Upon surrender of a Security that is
redeemed in part, the Issuers shall execute and the Trustee shall authenticate for the Holder (at
the Issuers’ expense) a new Security equal in principal amount to the unredeemed portion of the
Security surrendered.

          SECTION 3.09. Gaming Redemption.

          (a) Notwithstanding the other provisions of this Article 3, if, at any time, any Gaming
Authority requires that a Holder or beneficial owner of Securities must be licensed or obtain
interim casino authorization or be found qualified or suitable under any Gaming Laws applicable to
the Company or any Affiliated Guarantor and such Holder or beneficial owner:

     (i) fails to apply for a license, authorization, qualification or finding of
suitability within 30 days (or such shorter period as may be required by the applicable
Gaming Authority) after being requested to do so by the Gaming Authority, or

     (ii) is denied such license, authorization or qualification or is not found suitable,

subject to applicable Gaming Laws the Issuers shall have the right, at their option:

     (1) to require such Holder or beneficial owner to dispose of its Securities
within 30 days (or such earlier date as may be required by the applicable Gaming
Authority) of receipt of such notice or finding by such Gaming Authority, or

     (2) to call for the redemption of the Securities held by such Holder or
beneficial owner at a redemption price equal to the least of:

     (A) the principal amount thereof, together with accrued interest to
the earlier of the date of redemption or the date of the denial of license,
authorization or qualification or of the finding of unsuitability by such
Gaming Authority;

     (B) the price at which such Holder or beneficial owner acquired
the Securities, together with accrued interest to the earlier of the date of
redemption or the date of the denial of license, authorization or
qualification or of the finding of unsuitability by such Gaming Authority
and

 

42

     (C) such other lesser amount as may be required by any Gaming Authority.

          (b) Immediately upon a determination by a Gaming Authority that a
Holder or beneficial owner of Securities will not be licensed, authorized, qualified or
found suitable or is denied a license, qualification or finding of suitability, the Holder or
beneficial owner thereof will not have any further rights with respect to the Securities to
(x) exercise, directly or indirectly, through any Person, any right conferred by the
Securities or (y) receive any interest or any other distribution or payment with respect to
the Securities, except the redemption price with respect to the Securities as described
above.

          (c) The Issuers shall notify the Trustee in writing of any such
redemption as soon as practicable. The Holder or beneficial owner applying for any such
license, authorization, qualification or finding of suitability shall pay all costs and fees,
including filing fees, investigatory fees, administrative fees and attorney fees, of the
application for such license, authorization, qualification or finding of suitability.

          (d) Any redemption notice given by the Issuers under this Section 3.09
shall be provided to the applicable Holder within the time periods specified in
Section 3.05 (and shall be provided to the Trustee at the same time provided to the applicable
Holder) and shall state (1) that the applicable Securities are being called for redemption pursuant
to this Section 3.09, (2) whether accrued interest is payable to the Holder thereof as provided by
the applicable Gaming Authority and, if so, the information required by clause (6) of Section 3.05
and (3) the information required by clauses (1), (2), (3), (4), (7), (8) and (9) of Section 3.05.

          SECTION 3.10. Escrow of Proceeds; Special Mandatory Redemption.

          (a) The Issuers shall deposit with the Escrow Agent the gross proceeds
from the sale of the Initial Securities plus an amount in cash such that the escrowed funds
are in an amount sufficient to redeem, on the latest possible redemption date pursuant to
the procedures set forth in the Escrow Agreement, in cash the Securities at a redemption
price equal to 100.00% of the aggregate principal amount of the Securities, plus accrued
and unpaid interest on the Securities to such redemption date (the “Escrow Funds”).

          (b) The Securities shall be subject to a special mandatory redemption
in the event the conditions to the release of the Escrow Funds, in accordance with the
Escrow Agreement, are not met on or prior to February 26, 2007 or the Aztar Merger
Agreement is terminated at any time prior thereto. If such an event, the Issuers shall
cause the notice of special mandatory redemption to be mailed to each Holder no later
than the third Business Day following February 26, 2007 or following the date the Aztar
Merger Agreement is terminated, as applicable, and the Securities shall be redeemed with
the Escrow Funds five Business Days following the date of such notice of redemption.

 

43

          (c) Failure to redeem the Securities when required pursuant to the
Section 3.09(b) will constitute an Event of Default with respect to the Securities.

ARTICLE 4

Covenants

          SECTION 4.01. Payment of Securities. The Issuers shall promptly pay
the principal of and interest on the Securities on the dates and in the manner provided
in the Securities and in this Indenture. Principal and interest shall be considered paid
on the date due if on such date the Trustee or the Paying Agent holds in accordance with
this Indenture 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 Securityholders 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 Securities, and it shall pay interest on overdue installments of interest at the
same rate to the extent lawful.

          SECTION 4.02. SEC Reports. Whether or not the Company is subject to
the reporting requirements of Section 13 or I5(d) of the Exchange Act, so long as any
Securities are outstanding, the Company will file with the SEC, subject to the next
sentence and the final sentence of this paragraph, and provide the Trustee and
Securityholders with such annual and other reports as are specified in Sections 13 and
15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections,
such reports to be so filed at the times specified for the filings of such reports under
such Sections (and made available to the Trustee within 15 days of such times) and
containing all the information, audit reports and exhibits required for such reports.
If, at any time, the Company is not subject to the periodic reporting requirements of
the Exchange Act for any reason, the Company will nevertheless continue to file the
reports specified in the preceding sentence with the SEC within the time periods
required unless the SEC will not accept such filings. The Company agrees that it will
not take any action for the purpose of causing the SEC not to accept such filings. If,
notwithstanding the foregoing, the SEC will not accept such filings for any reason, the
Company will post the reports specified in the preceding sentence on its website within
the time periods that would apply if the Company were required to file those reports
with the SEC. Notwithstanding the foregoing, the Company may satisfy such requirements
prior to the effectiveness of the Exchange Offer Registration Statement or the Shelf
Registration Statement (each as defined in the Registration Rights Agreement with
respect to the Initial Securities) by filing with the SEC the Exchange Offer
Registration Statement or Shelf Registration Statement, including amendments thereto, to
the extent that any such registration statement complies with the applicable form
requirements of such registration statement and includes all financial information that
satisfies the requirements of Regulation S-X of the Securities
Act, and by making
available to the Trustee and Securityholders such registration statement (and any
amendments thereto) promptly following the filing thereof.

 

44

          The reports described in the immediately preceding paragraph shall include,
for any period during which any Affiliated Guarantor has provided a Notes Guaranty, the
financial statements (or, if permitted, consolidating footnote disclosure) of each such
Affiliated Guarantor as required pursuant to Section 3-10 of Regulation S-X under the
Securities Act, and include a discussion of such financial statements in a separate
“Management’s Discussion and Analysis of Financial Condition and Results of Operations”
for each such Affiliated Guarantor. If, for any reason, the SEC will not permit such
information of any Affiliated Guarantor to be included in the reports filed by the
Company, then the Company will cause each Affiliated Guarantor to file separate reports
in accordance with the requirements of this Section 4.02, and will post the reports of
the Company and the Affiliated Guarantors in one location on its website.

          With respect to any fiscal period for which any Affiliated Guarantor has provided a
Notes Guaranty and is a Restricted Party, or for which any of the Company’s or any
Affiliated Guarantor’s Subsidiaries are Unrestricted Parties, the Company will make
public disclosure by press release or pursuant to a filing with the SEC that contains a
reasonably detailed presentation of the combined financial condition and results of
operations of the Company, the Affiliated Guarantors and their respective Restricted
Subsidiaries (and that excludes the financial condition and results of operations of any
Unrestricted Parties of the Company and the Affiliated Guarantors). The public disclosure
required by the terms of this paragraph shall be made by the Company no later than the
date by which the Company is required to file reports with the SEC pursuant to the first
paragraph of this Section 4.02.

          In addition, the Company shall furnish to the Holders of the Securities and to
prospective investors, upon the request of any of them, any information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Securities
are not freely transferable under the Securities Act. The Company also shall comply with
the other provisions of TIA § 314(a).

          SECTION
4.03. Limitation on Indebtedness. (a) Neither the Company
nor any Affiliated Guarantor shall, or shall permit any of their respective Restricted
Subsidiaries to, Incur, directly or indirectly, any Indebtedness;
provided,
however, that the Company and the Restricted Parties shall be entitled to Incur
Indebtedness if, on the date of such Incurrence and after giving effect thereto on a
pro forma basis, the Consolidated Coverage Ratio exceeds 2.0 to 1.0.

          (b) Notwithstanding the foregoing paragraph (a), the Company and the Restricted
Parties shall be entitled to Incur any or all of the following Indebtedness:

     (1) Indebtedness Incurred by the Company and the Notes Guarantors
pursuant to the Credit Agreement in an aggregate principal amount at any one time
outstanding not to exceed the greater of (A) $1,710.0 million less the sum of all
principal payments with respect to such Indebtedness pursuant to Section
4.06(a)(3)(A) and (B) 2.0 times the aggregate amount of EBITDA for the period of
the most recent four consecutive fiscal quarters ending at least 45 days prior to
the date on which such Indebtedness is Incurred;

 

45

     (2) Indebtedness owed to and held by the Company, an Affiliated
Guarantor or a Restricted Subsidiary; provided, however, that (A) any subsequent
issuance or transfer of any Capital Stock which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of
such Indebtedness (other than to the Company, an Affiliated Guarantor or a
Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence
of such Indebtedness by the obligor thereon, (B) if the Company is the obligor on
such Indebtedness, such Indebtedness is expressly subordinated to the prior
payment in full in cash of all obligations with respect to the Securities and (C) if a
Notes Guarantor is the obligor on such Indebtedness, such Indebtedness is
expressly subordinated to the prior payment in full in cash of all obligations of
such Notes Guarantor with respect to its Notes Guaranty;

     (3) the Securities (other than any Additional Securities) and the
Exchange Securities;

     (4) Indebtedness of the Restricted Parties (other than the Issuers)
outstanding on the Aztar Acquisition Date (other than Indebtedness described in
clause (2) or (3) of this Section 4.03(b));

     (5) Indebtedness of a Restricted Subsidiary Incurred and outstanding
on or prior to the date on which such Subsidiary was acquired by the Company
(excluding the acquisition by the Company of Restricted Parties in connection
with the Aztar Acquisition or the Corporate Reorganization, in each case as
described in the Offering Circular) or an Affiliated Guarantor (other than
Indebtedness Incurred in connection with, or to provide all or any portion of the
funds or credit support utilized to consummate, the transaction or series of related
transactions pursuant to which such Subsidiary became a Subsidiary or was
acquired by the Company); provided, however, that on the date of such
acquisition and after giving pro forma effect thereto, the Company would have
been entitled to Incur at least $1.00 of additional Indebtedness pursuant to
Section 4.03(a);

     (6) Refinancing Indebtedness in respect of Indebtedness Incurred
pursuant to Section 4.03(a) or pursuant to clause (3), (4) or (5) of this
Section 4.03(b) or this clause (6);

     (7) Hedging Obligations incurred in the ordinary course of business
designed to manage interest rates or interest rate risk or to protect against
fluctuations in currency exchange rates, and not for the purpose of speculation;
provided, however, that in the case of Hedging Obligations relating to interest
rates, (A) such Hedging Obligations relate to payment obligations in respect of
Indebtedness otherwise permitted to be Incurred pursuant to this Indenture and
(B) the notional principal amount of such Hedging Obligations at the time
Incurred does not exceed the principal amount of the Indebtedness to which such
Hedging Obligations relate;

 

46

     (8) Obligations in respect of workers’ compensation claims, self-insurance obligations, property, casualty or liability insurance obligations,
take-or-pay obligations in supply arrangements, bankers’ acceptances, performance,
completion, bid and surety bonds or guarantees and similar types of
obligations,
in each case Incurred in the ordinary course of business;

     (9) 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 arising from netting services,
overdraft
protection or other cash management services obtained in the ordinary course
of
business; provided, however, that such Indebtedness is extinguished
within five
Business Days of its Incurrence;

     (10) the Guarantee by the Company or any Restricted Party of
Indebtedness of the Company or a Restricted Party that was permitted to be
Incurred pursuant to another clause of this Section 4.03(b);
provided,
however,
that if the Indebtedness being Guaranteed is contractually subordinated to
the
Securities or a Notes Guaranty, then the Guarantee Incurred pursuant to this
clause (10) shall be contractually subordinated to the same extent as the
Indebtedness being Guaranteed;

     (11) Purchase Money Indebtedness, and Refinancing Indebtedness
Incurred to Refinance such Indebtedness, in an aggregate principal amount
which,
when added together with the amount of Indebtedness Incurred pursuant to this
clause (11) and then outstanding, does not exceed $30.0 million; and

     (12) Indebtedness in an aggregate principal amount which, when taken
together with all other Indebtedness outstanding on the date of such
Incurrence
(other than Indebtedness permitted by clauses (1) through (11) above or
paragraph (a)) does not exceed $50.0 million.

          (c) Notwithstanding the foregoing, neither the Company nor any
Notes Guarantor will Incur any Indebtedness pursuant to the foregoing paragraph (b)
if
the proceeds thereof are used, directly or indirectly, to Refinance any Subordinated
Obligations of the Company or any Notes Guarantor unless such Indebtedness shall be
subordinated to the Securities or the applicable Notes Guaranty to at least the same
extent
as such Subordinated Obligations.

          (d) For purposes of determining compliance with this Section 4.03,
(1) any Indebtedness outstanding under the Credit Agreement on the Aztar Acquisition
Date will be treated as Incurred under clause (1) of paragraph (b) above, (2) in the
event
that an item of Indebtedness (or any portion thereof) meets the criteria of more
than one
of the types of Indebtedness described above, the Company, in its sole discretion,
will
classify such item of Indebtedness (or any portion thereof) at the time of
Incurrence and
will only be required to include the amount and type of such Indebtedness in one of
the
above clauses, (3) the Company will be entitled to divide and classify an item of
Indebtedness in more than one of the types of Indebtedness described above and

 

47

(4) following the date of its Incurrence, any Indebtedness originally classified
as Incurred pursuant to one of the clauses in paragraph (b) above (other than pursuant to
clause (1) of paragraph (b) above) may later be reclassified by the Company such that it
will be deemed as having been Incurred pursuant to paragraph (a) above or another clause
in paragraph (b) above, as applicable, to the extent that such reclassified Indebtedness
could be Incurred pursuant to such paragraph or clause at the time of such
reclassification.

          (e) Notwithstanding paragraphs (a) and (b) above, neither the Company nor any
Notes Guarantor will Incur (1) any Indebtedness if such Indebtedness is subordinate or
junior in ranking in any respect to any Senior Indebtedness of such Person, unless such
Indebtedness is Senior Subordinated Indebtedness or is expressly subordinated in right of
payment to Senior Subordinated Indebtedness of such Person or (2) any Secured
Indebtedness that is not Senior Indebtedness of such Person unless contemporaneously
therewith the Company such Person makes effective provision to secure the Securities or
applicable Notes Guaranty equally and ratably with such Secured Indebtedness for so long
as such Secured Indebtedness is secured by a Lien.

          SECTION
4.04. Limitation on Restricted Payments. (a) Neither the
Company nor any Affiliated Guarantor will, or will permit any of their respective
Restricted Subsidiaries, directly or indirectly, to make a Restricted Payment if at the
time the Company, such Affiliated Guarantor or such Restricted Subsidiary makes such
Restricted Payment:

     (1) a Default shall have occurred and be continuing (or would result
therefrom);

     (2) the Company is not able to Incur an additional $1.00 of
Indebtedness under Section 4.03(a); or

     (3) the aggregate amount of such proposed Restricted Payment and all
other Restricted Payments since the Issue Date would exceed the sum of
(without
duplication):

     (A) 50% of the Consolidated Net Income accrued during the
period (treated as one accounting period) from the beginning of the
fiscal
quarter immediately following the fiscal quarter during which the
Aztar
Acquisition Date occurs to the end of the most recent fiscal quarter
ending
at least 45 days prior to the date of such Restricted Payment
(or, in
case
such Consolidated Net Income shall be a deficit, minus 100% of such
deficit); plus

     (B) 100% of the aggregate Net Cash Proceeds or Fair Market
Value of any assets to be used in the business of the Company and the
Restricted Parties (other than cash and securities) received by the
Company either (x) from the issuance or sale of its Qualified Capital
Stock
subsequent to the Aztar Acquisition Date or (y) as a contribution in
respect
of the Qualified Capital Stock of the Company by its shareholders

 

48

subsequent to the Aztar Acquisition Date (other than in respect of any Affiliated
Guarantor Sale Contribution); provided, however, that, for the avoidance of doubt,
the amount calculated pursuant to this clause (B) shall not include any amounts received or
deemed to have been received in respect of the issuance of Qualified Capital Stock or any
contribution in respect of Qualified Capital Stock in connection with the Acquisitions or
the Corporate Reorganization; plus

     (C) the amount by which Indebtedness of the Company is
reduced on the Company’s balance sheet upon the conversion or exchange
subsequent to the Aztar Acquisition Date of any Indebtedness of the
Company convertible or exchangeable for Qualified Capital Stock of the
Company (less the amount of any cash, or the Fair Market Value of any
other property, distributed by the Company upon such conversion or
exchange); provided, however, that the foregoing amount shall not exceed
the Net Cash Proceeds received by the Company or any of its Restricted
Subsidiaries from the sale of such Indebtedness (excluding Net Cash
Proceeds from sales to a Subsidiary of the Company or to any Affiliated
Guarantor or any of its Subsidiaries or to an employee stock ownership
plan or a trust established by the Company or any of its Subsidiaries or
any Affiliated Guarantor or any of its Subsidiaries for the benefit of their
employees); plus

     (D) to the extent not already included in Consolidated Net
Income, an amount equal to the sum of (x) the aggregate amount returned
in cash and the Fair Market Value of any asset (other than cash and
securities) received with respect to Investments (other than Permitted
Investments) made by the Company or any Restricted Party in any Person
resulting from repurchases, repayments or redemptions of such
Investments by such Person, proceeds realized on the sale of such
Investment and proceeds representing the return of capital in respect of
such Investments, whether through interest payments, principal payments,
dividends and other distributions, in each case received by the Company
or any Restricted Party, and (y) in the case of the redesignation of an
Unrestricted Party as a Restricted Party, the Specified Percentage of the
Fair Market Value of the net assets of such Unrestricted Party at the time
such Unrestricted Party is designated a Restricted Party.

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

     (1) any Restricted Payment made out of the Net Cash Proceeds of the substantially
concurrent sale of, or made by exchange for, Qualified Capital Stock of the Company (other than
Qualified Capital Stock that would be excluded pursuant to Section 4.04(a)(3)(B)) or made out of a
substantially concurrent cash contribution received by the Company from its shareholders in respect
of Qualified Capital Stock (other than in respect of any Affiliated Guarantor Sale Contribution);
provided, however, that (A) such Restricted Payment shall be

 

49

excluded in the calculation of the amount of Restricted Payments and (B) the Net Cash
Proceeds from such sale or such cash capital contribution (to the extent so used for
such Restricted Payment) shall be excluded from the calculation of
amounts under 

Section 4.04(a)(3)(B);

     (2) any purchase, repurchase, redemption, defeasance or other
acquisition or retirement for value of Subordinated Obligations of the Company
or a Notes Guarantor made by exchange for, or out of the proceeds of the
substantially concurrent Incurrence of, Indebtedness of such Person which is
permitted to be Incurred pursuant to Section 4.03;
provided, however, that
such
purchase, repurchase, redemption, defeasance or other acquisition or retirement
for value shall be excluded in the calculation of the amount of Restricted
Payments;

     (3) any purchase, repurchase, redemption, defeasance or other
acquisition or retirement for value of Capital Stock or Subordinated Obligations
of the Company or any Restricted Party (other than from the Company or any of
its Affiliates, including any Permitted Holder) to the extent required by any
Gaming Authority having jurisdiction over the Company or any Restricted Party
in order to avoid the suspension, revocation or denial of a gaming license by any
Gaming Authority, or as required pursuant to Section 3.09; provided,
however,
that such purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value shall be included in the calculation of the amount of
Restricted Payments;

     (4) dividends paid within 60 days after the date of declaration thereof
if at such date of declaration such dividend would have complied with
this Section 4.04; provided, however, that at the time of payment of such
dividend, no
other Default shall have occurred and be continuing (or result therefrom);
provided further, however, that such dividend shall be included in the
calculation
of the amount of Restricted Payments;

     (5) so long as no Default has occurred and is continuing, the purchase,
redemption or other acquisition of shares of Capital Stock of the Company or any
Affiliated Guarantor or any of their respective Subsidiaries from employees,
former employees, directors or former directors of the Company or any Affiliated
Guarantor or any of their respective Subsidiaries (or permitted transferees of such
employees, former employees, directors or former directors), pursuant to the
terms of the agreements (including employment agreements) or plans (or
amendments thereto) approved by the Board of Directors of the Company or the
applicable Affiliated Guarantor under which such individuals purchase or sell or
are granted the option to purchase or sell, shares of such Capital Stock;
provided, however, that the aggregate amount of such Restricted Payments (excluding
amounts representing cancellation of Indebtedness) shall not exceed $2.0 million
in any calendar year; provided further, however, that such purchases,
redemptions
and acquisitions shall be excluded in the calculation of the amount of Restricted
Payments;

 

50

     (6) the declaration and payments of dividends on Disqualified Stock
issued pursuant to Section 4.03; provided, however, that, at the time of
payment
of such dividend, no Default shall have occurred and be continuing (or result
therefrom); provided further, however, that such dividends shall be
excluded in
the calculation of the amount of Restricted Payments;

     (7) repurchases of Capital Stock deemed to occur upon exercise of
stock options or warrants if such Capital Stock represents a portion of the
exercise
price of such options or warrants; provided, however, that such Restricted
Payments shall be excluded in the calculation of the amount of Restricted
Payments;

     (8) cash payments in lieu of the issuance of fractional shares in
connection with the exercise of warrants, options or other securities convertible
into or exchangeable for Capital Stock of the Company;
provided, however, that
any such cash payment shall not be for the purpose of evading the limitation of
the covenant described under this subheading (as determined in good faith by the
Board of Directors of the Company); provided further,
however, that such
payments shall be excluded in the calculation of the amount of Restricted
Payments;

     (9) in the event of a Change of Control, and if no Default shall have
occurred and be continuing, the payment, purchase, redemption, defeasance or
other acquisition or retirement of Subordinated Obligations of the Company or
any Subsidiary Guarantor, in each case, at a purchase price not
greater than 101 %
of the principal amount of such Subordinated Obligations, plus any accrued and
unpaid interest thereon; provided, however, that prior to such payment,
purchase,
redemption, defeasance or other acquisition or retirement, the Company (or a
third party to the extent permitted by this Indenture) has made a Change of
Control Offer with respect to the Securities as a result of such Change of Control
and has repurchased all Securities validly tendered and not withdrawn in
connection with such Change of Control Offer; provided further, however, that
such payment, purchase, redemption, defeasance or other acquisition shall be
excluded in the calculation of the amount of Restricted Payments;

     (10) payments of intercompany subordinated Indebtedness, the
Incurrence of which was permitted under Section 4.03(b)(3);
provided, however, that no Default has occurred and is continuing or would otherwise result
therefrom; provided further, however, that such payments shall be excluded
in the
calculation of the amount of Restricted Payments;

     (11) the declaration and payment of dividends and distributions by the
Company or any Affiliated Guarantor in an amount necessary to make Permitted
Tax Distributions; provided, however, that such dividends and distributions
shall
be excluded in the calculation of the amount of Restricted Payments;

 

51

     (12) the declaration and payment of dividends and distributions, or the
making of loans, to any Company Parent in an amount necessary to pay
(x) franchise taxes and other fees, taxes and expenses required to maintain its
corporate existence and (y) out-of-pocket legal, accounting and other general
corporate overhead costs actually incurred by such Company Parent (including in the
form of required payments to Columbia Sussex Corporation under the Service
Agreements) to the extent such costs are determined in good faith by the Board of
Directors of the Company or the applicable Affiliated Guarantor to be attributable
or allocable to the ownership of the Company and the Affiliated Guarantors;
provided, however, that the aggregate amount of Restricted Payments
permitted to be made pursuant to this clause (12) shall not exceed $250,000 in any
one fiscal year; provided further, however, that such payments shall be
excluded in the calculation of the amount of Restricted Payments;

     (13) any transactions or payments executed, or activities undertaken,
under the terms of the Service Agreements, provided,
however, that
such
payments shall be excluded in the calculation of the amount of Restricted
Payments;

     (14) the payment of distributions by Greenville Riverboat to the
minority holders of its Capital Stock to the extent required by the terms of
its
operating agreement as in effect on the Issue Date; provided,
however,
that such
distributions shall not be made to any Affiliate of the Company;
provided further, however, that such distributions shall be excluded in the calculation
of the amount
of Restricted Payments;

     (15) the making of Restricted Payments to the holders of Capital Stock
of Aztar Corporation pursuant to the terms of the Aztar Merger Agreement;
provided, however, that such Restricted Payments shall be excluded in
the
calculation of the amount of Restricted Payments;

     (16) the distribution of the Capital Stock of the Tropicana Pennsylvania
Entities and Aztar Missouri Riverboat Gaming Company, L.L.C. to Wimar Tahoe
Corporation immediately following the consummation of the Aztar Acquisition as
described in the Offering Circular; provided, however, that such
distributions
shall be excluded in the calculation of the amount of Restricted Payments; and

     (17) any other Restricted Payments in an amount which, when taken
together with all Restricted Payments made pursuant to this clause (17), does
not
exceed $40.0 million; provided, however, that (A) at the time of each
such
Restricted Payment, no Default shall have occurred and be continuing (or
result
therefrom) and (B) such Restricted Payment shall be excluded in the
calculation
of the amount of Restricted Payments.

          SECTION 4.05. Limitation on Restrictions on Distributions from Restricted
Subsidiaries. Neither the Company nor any Affiliated Guarantor will, or will permit
any of their respective Restricted Subsidiaries to, create or otherwise cause or

 

52

permit to exist or become effective any consensual encumbrance or restriction on
the ability of any Restricted Party to (a) pay dividends or make any other distributions
on its Capital Stock to the Company or a Restricted Party or pay any Indebtedness owed to
the Company, (b) make any loans or advances to the Company or (c) transfer any of its
property or assets to the Company, except:

     (1) with respect to clauses (a), (b) and (c),

     (A) any encumbrance or restriction pursuant to (x) an
agreement in effect at or entered into on the Issue Date and (y) the
Credit
Agreement as in effect or entered into on the Aztar Acquisition Date;

     (B) any encumbrance or restriction with respect to a Restricted
Party pursuant to an agreement relating to any Indebtedness Incurred
by
such Restricted Party on or prior to the date on which such Restricted
Party was acquired by the Company or an Affiliated Guarantor (as
applicable) (other than Indebtedness Incurred as consideration in, or
to
provide all or any portion of the funds or credit support utilized to
consummate, the transaction or series of related transactions pursuant
to
which such Restricted Party became a Restricted Party or was acquired
by
the Company or an Affiliated Guarantor (as applicable)) and
outstanding
on such date;

     (C) any encumbrance or restriction pursuant to an agreement
effecting a Refinancing of Indebtedness Incurred pursuant to an
agreement
referred to in Section 4.05(1)(A) or (B) or this clause (C) or
contained in
any amendment to, or replacement of, an agreement referred to in Section 4.05(1)(A) or (B) or this clause (C); provided,
however, that the
encumbrances and restrictions with respect to such Restricted Party
contained in any such refinancing agreement or amendment or
replacement agreement are no less favorable to the Securityholders
than
encumbrances and restrictions with respect to such Restricted Party
contained in such predecessor agreements;

     (D) any encumbrance or restriction (x) with respect to a
Restricted Subsidiary, imposed pursuant to an agreement entered into
for
the sale or disposition of all or substantially all the Capital Stock
of such
Restricted Subsidiary or (y) with respect to a Restricted Party,
imposed
pursuant to an agreement entered into for the sale or disposition of
all or
substantially all the assets of such Restricted Party, in any such
case
pending the closing of such sale or disposition;

     (E) any encumbrance or restriction imposed pursuant to
applicable law, rule, regulation or order, including by any
Gaming
Authority; and

 

53

     (F) restrictions on cash or other deposits or net worth
imposed under contracts entered into in the ordinary course of
business; and

(2) with respect to clause (c) only,

     (A) customary non-assignment provisions in contracts, licenses
(including software or other intellectual property licenses) and other
agreements (including leases) entered into in the ordinary course of
business;

     (B) any encumbrance or restriction contained in security
agreements or mortgages securing Indebtedness (including Purchase
Money Indebtedness) of a Restricted Party to the extent such
encumbrance
or restriction restricts the transfer of the property subject to such
security
agreements or mortgages; and

     (C) provisions limiting the disposition or distribution of assets
or property in joint venture agreements, partnership agreements,
limited
liability company operating agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar
agreements
entered into with the approval of the Board of Directors, which
limitation
is applicable only to the assets that are the subject of such
agreements.

          SECTION
4.06. Limitation on Sales of Assets and Subsidiary Stock. (a)
Neither the Company nor any Affiliated Guarantor will, or will permit any of their
respective Restricted Subsidiaries to, directly or indirectly, consummate any Asset
Disposition unless (1) the Company or the applicable Restricted Party receives
consideration at the time of such Asset Disposition at least equal to the Fair Market
Value (including as to the value of all non-cash consideration) of the shares and assets
subject to such Asset Disposition; (2) except for any Permitted Asset Swap, at least 75%
of the consideration thereof received by the Company or such Restricted Party (which
consideration will not include any contingent payment obligations related to such Asset
Disposition, including earnout payments, purchase price adjustments, deferred purchase
price payments and bonuses and other forms of compensation to employees, officers or
consultants) is in the form of cash or cash equivalents; and (3) an amount equal to 100%
of the Net Available Cash from such Asset Disposition is applied by the Company (or such
Restricted Party, as the case may be) to any of the foregoing (A) to prepay, repay,
redeem or purchase Senior Indebtedness of the Company or Indebtedness (other than any
Preferred Stock) of a Restricted Party (in each case other than Indebtedness owed to the
Company or an Affiliate of the Company) within one year from the later of the date of
such Asset Disposition or the receipt of such Net Available Cash; (B) to acquire
Additional Assets within one year from the later of the date of such Asset Disposition or
the receipt of such Net Available Cash, provided,
however, that the requirements
of this clause (B) may be satisfied by the acquisition of gaming equipment or fixtures
not more than 180 days prior to the applicable Asset Disposition to the extent such
acquisition was made in anticipation of the receipt of the Net Cash Proceeds from the
applicable Asset Disposition; and (C) to make an offer to the Securityholders (and to
holders of

 

54

other Senior Subordinated Indebtedness of the Company designated by
the Company) to purchase Securities (and such other Senior Subordinated
Indebtedness of the Company) pursuant to and subject to the conditions
contained in this Indenture; provided, however, that in connection
with any prepayment, repayment or purchase of Indebtedness pursuant to
clause (A) or (C) above, the Company or such Restricted Party shall
permanently retire such Indebtedness and shall cause the related loan
commitment (if any) to be permanently reduced in an amount equal to the
principal amount so prepaid, repaid or purchased.

          In the event that any shares of Capital Stock of any Affiliated
Guarantor are sold, leased, transferred or otherwise disposed of by any of
the holders thereof (an “Affiliated Guarantor Stock Sale”), (1) such holder
or holders shall have received consideration at the time of such Affiliated
Guarantor Stock Sale at least equal to the Fair Market Value (including as
to the value of all non-cash consideration) of such shares of Capital
Stock, (2) 100% of the consideration thereof received by such holder or
holders shall be in the form of cash or cash equivalents and (3) an amount
equal to 100% of the Net Available Cash from such Affiliated Guarantor
Stock Sale shall be contributed by such holder or holders to the Company or
a Restricted Subsidiary of the Company as common equity (an “Affiliated
Guarantor Sale Contribution”), and applied by the Company or such
Restricted Subsidiary in accordance with clause (3) of the immediately
preceding paragraph. Any Affiliated Guarantor Stock Sale shall be deemed to
constitute an “Asset Disposition” for all purposes under this Section 4.06.

          Notwithstanding the foregoing provisions of this Section 4.06, the
Company and the Restricted Parties will not be required to apply any Net
Available Cash in accordance with this Section 4.06 (including any Net
Available Cash received from an Affiliated Guarantor Sale Contribution)
except to the extent that the aggregate Net Available Cash from all Asset
Dispositions (and Affiliated Guarantor Sale Contributions) which is not
applied in accordance with this Section 4.06(a) exceeds $20.0 million.
Pending application of Net Available Cash pursuant to this Section 4.06(a),
such Net Available Cash shall be invested in Temporary Cash Investments or
applied to temporarily reduce revolving credit indebtedness.

          For the purposes of this Section 4.06(a), the following are deemed to
be cash or cash equivalents: (i) the assumption or discharge of
Indebtedness of the Company (other than Subordinated Obligations and
obligations in respect of Disqualified Stock of the Company) or any
Restricted Party (other than obligations in respect of Preferred Stock of a
Subsidiary Guarantor) and the release of the Company or such Restricted
Party from all liability on such Indebtedness in connection with such
Asset Disposition and (ii) securities or obligations received by the
Company or any Restricted Party (or, in the case of any Affiliated
Guarantor Stock Sale, by the applicable holders of Capital Stock of the
applicable Affiliated Guarantor) from the transferee that are converted
into cash or cash equivalents or sold or otherwise disposed of in exchange
for cash or cash equivalents by the Company or such Restricted Party (or,
in the case of any Affiliated Guarantor Stock Sale, by the applicable
holders of Capital Stock of the applicable Affiliated Guarantor) within 60
days, to the extent of the cash received in such conversion, sale or
disposition; provided, however, that in the case of any Affiliated

 

55

Guarantor Stock Sale, such cash or cash equivalents are contributed as an
additional Affiliated Guarantor Sale Contribution.

          (b) In the event of an Asset Disposition that requires the purchase of
Securities (and other Senior Subordinated Indebtedness of the Company) pursuant to
Section 4.06(a)(3)(C) (including as a result of any Affiliated Guarantor Stock
Sale), the
Company will purchase Securities tendered pursuant to an offer by the Company for
the
Securities (and such other Senior Subordinated Indebtedness of the Company) at a
purchase price of 100% of their principal amount (or, in the event such other
Senior
Subordinated Indebtedness of the Company was issued with significant original issue
discount, 100% of the accreted value thereof) without premium, plus accrued but
unpaid
interest (or, in respect of such other Senior Subordinated Indebtedness of the
Company,
such lesser price, if any, as may be provided for by the terms of such Senior
Subordinated
Indebtedness of the Company) in accordance with the procedures (including prorating
in
the event of oversubscription) set forth in this Section 4.06 (an “Offer”). If the
aggregate
purchase price of the securities tendered exceeds the Net Available Cash allotted
to their
purchase, the Company will select the securities to be purchased on a pro rata
basis but in
round denominations, which in the case of the Securities will be denominations of
$1,000
principal amount or multiples thereof. If the aggregate purchase price of the
securities
tendered is less than the Net Available Cash allotted to their purchase, the
Company shall
be entitled to use such excess Net Available Cash, or a portion thereof, for any
purpose
not otherwise prohibited by the terms of this Indenture and shall no longer be
required to
apply such excess Net Available Cash pursuant to the terms of this Section 4.06.
The
Company shall not be required to make such an offer to purchase Securities (and
other
Senior Subordinated Indebtedness of the Company) pursuant to this Section 4.06 if
the
Net Available Cash available therefor is less than $15.0 million. Upon completion
of
such an offer to purchase, Net Available Cash will be deemed to be reduced by the
aggregate amount of such offer.

          (c) (1) Promptly, and in any event within 10 days after the Company
becomes obligated to make an Offer, the Company shall deliver to the Trustee and
send,
by first-class mail to each Holder, a written notice stating that the Holder may
elect to
have his Securities purchased by the Company either in whole or in part (subject to
prorating as described in Section 4.06(b) in the event the Offer is oversubscribed)
in a
minimum amount of $2,000 or larger integral multiples of $1,000 of principal
amount, at
the applicable purchase price. The notice shall specify a purchase date not less
than 30
days nor more than 60 days after the date of such notice (the “Purchase Date”) and
all
instructions and materials necessary to tender Securities pursuant to the Offer,
together
with the information contained in clause (3).

     (2) Not later than the date upon which written notice of an Offer is
delivered to the Trustee as provided above, the Company shall deliver to the
Trustee an Officers’ Certificate as to (A) the amount of the Offer (the “Offer
Amount”), including information as to any other Senior Subordinated Indebtedness
included in the Offer, (B) the allocation of the Net Available Cash from the
Asset Dispositions pursuant to which such Offer is being made and (C) the
compliance of such allocation with the provisions of Section 4.06(a) and

 

56

(b). On such date, the Company shall also irrevocably deposit with the Trustee or
with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust) in Temporary Cash Investments, maturing on the last
day prior to the Purchase Date or on the Purchase Date if funds are immediately
available by open of business, an amount equal to the Offer Amount to be held for
payment in accordance with the provisions of this Section. If the Offer includes
other Senior Subordinated Indebtedness, the deposit described in the preceding
sentence may be made with any other paying agent pursuant to arrangements
satisfactory to the Trustee. Upon the expiration of the period for which the
Offer remains open (the “Offer Period”), the Company shall deliver to the Trustee
for cancellation the Securities or portions thereof which have been properly
tendered to and are to be accepted by the Company. The Trustee shall, on the
Purchase Date, mail or deliver payment (or cause the delivery of payment) to each
tendering Holder in the amount of the purchase price. In the event that the
aggregate purchase price of the Securities delivered by the Company to the Trustee
is less than the Offer Amount applicable to the Securities, the Trustee shall
deliver the excess to the Company immediately after the expiration of the Offer
Period, which excess shall thereafter not be required to be applied in accordance
with this Section 4.06.

     (3) Holders electing to have a Security purchased shall be required to
surrender the Security, with an appropriate form duly completed, to the
Company
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 Company receives not later than one Business Day prior to the Purchase
Date, a telex, facsimile transmission or letter setting forth the name of the
Holder,
the principal amount of the Security which was delivered for purchase by the
Holder and a statement that such Holder is withdrawing his election to have
such
Security purchased. Holders whose Securities are purchased only in part shall
be
issued new Securities equal in principal amount to the unpurchased portion of
the
Securities surrendered.

     (4) At the time the Company delivers Securities to the Trustee which
are to be accepted for purchase, the Company shall also deliver an Officers’
Certificate stating that such Securities are to be accepted by the Company
pursuant to and in accordance with the terms of this Section. A Security
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.
Upon completion of each Offer pursuant to this Section 4.06, the amount of
Net
Available Cash shall be reduced by the aggregate amount of the Offer.

          (d) The Company 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 Securities pursuant to this Section 4.06. To the extent
that the provisions of any securities laws or regulations conflict with provisions of
this Section 4.06, the Company shall comply with the applicable securities

 

57

laws and regulations and shall not be deemed to have breached its obligations under this
Section 4.06 by virtue of its compliance with such securities laws or regulations.

          SECTION
4.07. Limitation on Affiliate Transactions. (a) Neither the
Company nor any Affiliated Guarantor will, or will permit any of their respective
Restricted Subsidiaries to, enter into or permit to exist any transaction (including the
purchase, sale, lease or exchange of any property, employee compensation arrangements or
the rendering of any service) with, or for the benefit of, any Affiliate of the Company
(an “Affiliate Transaction”) unless (1) the terms of the Affiliate Transaction are no
less favorable to the Company or such Restricted Party than those that could be obtained
at the time of the Affiliate Transaction in arm’s-length dealings with a Person who is
not an Affiliate; (2) if such Affiliate Transaction involves an amount in excess of
$10.0 million, the terms of the Affiliate Transaction are set forth in writing and a
majority of the non-employee directors of (x) in the case of a transaction involving the
Company and its Restricted Subsidiaries, the Company and (y) in the case of a
transaction involving an Affiliated Guarantor or any of its Restricted Subsidiaries,
such Affiliated Guarantor, in each case that are disinterested with respect to such
Affiliate Transaction have determined in good faith that the criteria set forth in
clause (1) are satisfied and have approved the relevant Affiliate Transaction as
evidenced by a resolution of the applicable Board of Directors; and (3) if such
Affiliate Transaction involves an amount in excess of $20.0 million, the Board of
Directors of (x) in the case of a transaction involving the Company and its Restricted
Subsidiaries, the Company and (y) in the case of a transaction involving an Affiliated
Guarantor or any of its Restricted Subsidiaries, such Affiliated Guarantor, in each case
shall also have received a written opinion from an Independent Qualified Party to the
effect that such Affiliate Transaction is fair, from a financial standpoint, to the
Company and its Restricted Subsidiaries (in the case of clause (x)) or the Affiliated
Guarantor and its Restricted Subsidiaries (in the case of clause (y)) or is not less
favorable to the Company and the Restricted Parties (in the case of clause (x)) or the
Affiliated Guarantor and its Restricted Subsidiary (in the case of clause (y)) than
could reasonably be expected to be obtained at the time in an arm’s-length transaction
with a Person who was not an Affiliate.

          (b) The provisions of Section 4.07(a) shall not prohibit (1) any Investment
(other than a Permitted Investment) or other Restricted Payment, in each case permitted
to be made pursuant to (but only to the extent included in the calculation of the amount
of Restricted Payments made pursuant to paragraph (a)(3) of) Section 4.04; (2) any
issuance of securities, or other payments, awards or grants in cash, securities or
otherwise pursuant to, or the funding of, employment arrangements, stock options and
stock ownership plans of the Company or any of its Restricted Subsidiaries to the extent
approved by the Board of Directors of the Company; (3) loans or advances to employees of
the Company or any Restricted Party in the ordinary course of business in accordance with
the past practices of the Company or such Restricted Party, but in any event not to
exceed $5.0 million in the aggregate outstanding at any one time; (4) the payment of
reasonable fees to directors of the Company or any Restricted Party who are not employees
of the Company or any Restricted Party; (5) the provision of reasonable indemnification
rights and directors and officers liability insurance coverage to directors

 

58

and officers of the Company or any Restricted Party; (6) transactions exclusively between
or among the Company and any of the Restricted Parties or exclusively among the
Restricted Parties; (7) any transaction with the Company, a Restricted Party or joint
venture or similar entity which would constitute an Affiliate Transaction solely because
the Company or a Restricted Party owns an equity interest in or otherwise controls such
Restricted Party, joint venture or similar entity; (8) the issuance or sale of any
Capital Stock (other than Disqualified Stock) of the Company; or (9) any transactions or
payments executed, or activities undertaken, pursuant to the terms of the Service
Agreements.

          SECTION 4.08. Limitation on Line of Business. Neither the
Company nor any Affiliated Guarantor will, or will permit any of their respective
Restricted Subsidiaries to, engage in any business other than a Related Business.

          SECTION 4.09. Limitation on Tropicana Finance. Notwithstanding
anything to the contrary herein, Tropicana Finance may not hold any material assets
(other than Indebtedness owing to Tropicana Finance by the Company, any Affiliated
Guarantor or any Restricted Party and non-material Temporary Cash Investments), become
liable for any material obligations or engage in any significant business activities
(other than treasury, cash management, hedging and cash pooling activities and
activities incidental thereto); provided, however, that
Tropicana Finance may be
a co-obligor or guarantor with respect to Indebtedness if the Company is an obligor of
such Indebtedness and the net proceeds of such Indebtedness are received by the Company
or one or more of the Notes Guarantors.

          The Company will not sell or otherwise dispose of any shares of Capital Stock of
Tropicana Finance and will not permit Tropicana Finance, directly or indirectly, to sell
or otherwise dispose of any shares of its Capital Stock.

          SECTION
4.10. Change of Control. (a) Upon the occurrence of a Change
of Control, each Holder shall have the right to require that the Issuers purchase such
Holder’s Securities 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 purchase (subject to
the right of holders of record on the relevant record date to receive interest on the
relevant interest payment date).

          (b) Within 30 days following any Change of Control, unless the Issuers have
mailed a redemption notice with respect to all outstanding Securities pursuant to Section
3.05, the Issuers shall mail a notice by first class mail to each Holder with a copy to
the Trustee (the “Change of Control Offer”), to the address of such Holder appearing on
the security register, stating:

     (1) that a Change of Control has occurred and that such Holder has the
right to require the Issuers to purchase all or a portion of such Holder’s
Securities at a purchase price in cash equal to 101% of the principal amount
thereof on the date of purchase, plus accrued and unpaid interest, if any, to the
date of purchase

 

59

(subject to the right of Holders of record on the relevant record date to receive
interest on the relevant interest payment date);

     (2) the circumstances and relevant facts regarding such Change of
Control;

     (3) the purchase date (which shall be no earlier than 30 days nor later
than 60 days from the date such notice is mailed); and

     (4) the instructions, as determined by the Issuers, consistent with this
Section, that a Holder must follow in order to have its Securities purchased.

A Change of Control Offer may be made in advance of a Change of Control, the
completion of which may be conditioned upon the consummation of such Change of
Control, if a definitive agreement with respect to the Change of Control has been
executed prior to the making of the Change of Control Offer.

          (c) Holders electing to have a Security purchased will be required to
surrender the Security, 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 will be entitled to withdraw their election if the Trustee or the Issuers
receive not
later than one Business Day prior to the purchase date, a telegram, telex, facsimile
transmission or letter setting forth the name of the Holder, the principal amount of
the
Security which was delivered for purchase by the Holder and a statement that such
Holder is withdrawing his election to have such Security purchased.

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

          (e) Notwithstanding the foregoing provisions of this Section, the
Issuers shall not be required to make a Change of Control Offer following 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 applicable
to a
Change of Control Offer made by the Issuers and purchases all Securities validly
tendered and not withdrawn under such Change of Control Offer.

          (f) The Issuers shall comply, to the extent applicable, with the
requirements of Section 14(e) of the Exchange Act and the regulations of the SEC
promulgated thereunder and any other securities laws or regulations in connection
with
the repurchase of Securities pursuant to this Section. To the extent that the
provisions of
any securities laws or regulations conflict with provisions of this Section, the
Issuers shall
comply with the applicable securities laws and regulations and shall not be deemed
to
have breached their obligations under this Section by virtue of their compliance
with such
securities laws or regulations.

          

 

60

          SECTION 4.11. Future Subsidiary Guarantors. The Company and each
Affiliated Guarantor shall cause each domestic Restricted Subsidiary (other than a
Restricted Subsidiary that is already a Notes Guarantor and other than Tropicana Finance)
that Incurs any Indebtedness (other than Indebtedness permitted to be Incurred pursuant
to Section 4.03(b)(2), (7), (8) or (9)) to, in each case, at the same time, execute and
deliver to the Trustee a Guaranty Agreement pursuant to which such Restricted Subsidiary
will Guarantee payment of the Securities on the same terms and conditions as those set
forth in Article 11 of this Indenture.

          SECTION 4.12. Compliance Certificate. The Company shall deliver to
the Trustee within 120 days after the end of each fiscal year of the Company an Officers’
Certificate of the Company stating that in the course of the performance by the signers
of their duties as Officers of the Company they would normally have knowledge of any
Default and whether or not the signers know of any Default that occurred during such
period. If they do, the certificate shall describe the Default, its status and what
action the Issuers are taking or propose to take with respect thereto. The Issuers also
shall comply with TIA § 314(a)(4).

          SECTION
4.13. Further Instruments and Acts. Upon request of the Trustee, the
Issuers and the Notes Guarantors will 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.

ARTICLE 5

Successor Company

          SECTION 5.01. When Issuers and Notes Guarantors May Merge or Transfer
Assets. (a) The Company shall not consolidate with or merge with or into, or convey,
transfer or lease, in one transaction or a series of transactions, directly or
indirectly, all or substantially all its assets to, any Person, unless:

     (1) the resulting, surviving or transferee Person (the “Successor
Company”) shall be a corporation organized and existing under the laws of the
United States of America, any state thereof or the District of Columbia and
the
Successor Company (if not the Company) shall expressly assume, by an indenture
supplemental thereto, executed and delivered to the Trustee, in form
reasonably
satisfactory to the Trustee, all the obligations of the Company under the
Securities
and this Indenture;

     (2) immediately after giving pro forma effect to such transaction (and
treating any Indebtedness which becomes an obligation of the Successor
Company or any Subsidiary as a result of such transaction as having been
Incurred by the Successor Company or such Subsidiary at the time of such
transaction), no Default shall have occurred and be continuing;

 

61

     (3)
immediately after giving pro forma effect to such transaction,
the
Successor Company would be able to Incur an additional $1.00 of Indebtedness
pursuant to Section 4.03(a);

     (4) such transaction will not result in the loss of any Gaming Approval
necessary for the continued operation of the Company or any Restricted Party
following such transaction; and

     (5) the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such
consolidation,
merger or transfer and such supplemental indenture (if any) comply with
this
Indenture;

provided,
however, that clause (3) will not be applicable to (A) a Restricted
Party consolidating with, merging into or transferring all or part of its properties and
assets to the Company (so long as no Capital Stock of the Company is distributed to any
Person), (B) the Company merging with an Affiliate of the Company solely for the purpose
and with the sole effect of reincorporating the Company in another jurisdiction or (C)
the Company merging with an Affiliate solely for the purpose and with the sole effect of
consummating a Permitted C-Coip Conversion.

          For purposes of this Section 5.01(a), the sale, lease, conveyance, assignment,
transfer or other disposition of all or substantially all of the properties and assets of
one or more Subsidiaries of the Company, which properties and assets, if held by the
Company instead of such Subsidiaries, would constitute all or substantially all of the
properties and assets of the Company on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the Company.

          The Successor Company shall be the successor to the Company and shall succeed to,
and be substituted for, and may exercise every right and power of, the Company under this
Indenture, and the predecessor Company in the case of a lease, shall be released from the
obligation to pay the principal of and interest on the Securities.

          (b) Tropicana Finance will not consolidate with or merge with or into, or
convey, transfer or lease, in one transaction or a series of transactions, directly or
indirectly, all or substantially all its assets to, any Person, unless (1) the resulting,
surviving or transferee Person (the “Successor Finance Issuer”) shall be a corporation
organized and existing under the laws of the United States of America, any state thereof
or the District of Columbia and the Successor Finance Issuer (if not Tropicana Finance)
shall expressly assume, by an indenture supplemental thereto, executed and delivered to
the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of
Tropicana Finance under the Securities and this Indenture, (2) immediately after giving
pro forma effect to such transaction (and treating any Indebtedness which becomes an
obligation of the Successor Finance Issuer as a result of such transaction as having been
Incurred by such Successor Finance Issuer at the time of such transaction), no Default
shall have occurred and be continuing and no Change of Control shall have occurred with
respect to Tropicana Finance, and (3) the Company shall have delivered to the Trustee an

 

62

Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indenture (if any) comply with this Indenture.
The Successor Finance Issuer (if not Tropicana Finance) will be the successor to
Tropicana Finance and shall succeed to, and be substituted for, and may exercise every
right and power of, Tropicana Finance under this Indenture, and Tropicana Finance, except
in the case of a lease, shall be released from the obligation to pay the principal of and
interest on the Securities.

          (c) The Company shall not permit any Notes Guarantor to consolidate with or
merge with or into, or convey, transfer or lease, in one transaction or series of
transactions, all or substantially all of its assets to any Person unless: (1) except in
the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety to
another Person, whether through a merger, consolidation or sale of Capital Stock or
assets or (y) that, as a result of the disposition of all or a portion of its Capital
Stock, ceases to be a Subsidiary, in both cases, if in connection therewith the Company
provides an Officers’ Certificate to the Trustee to the effect that the Company (or, if
applicable, the relevant Affiliated Guarantor) will comply with its obligations under
Section 4.06 in respect of such disposition, the resulting, surviving or transferee
Person (if not such Subsidiary) shall be a Person organized and existing under the laws
of the jurisdiction under which such Notes Guarantor was organized or under the laws of
the United States of America, or any state thereof or the District of Columbia, and such
Person shall expressly assume, by a Guaranty Agreement, in a form reasonably satisfactory
to the Trustee, all the obligations of such Notes Guarantor, if any, under its Notes
Guaranty, (2) such transaction will not result in the loss of any Gaming Approval
necessary for the continued operation of the Company or any Restricted Party following
such transaction and (3) the Company delivers to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that such consolidation, merger or transfer and such
Guaranty Agreement, if any, complies with this Indenture.

ARTICLE 6

Defaults and Remedies 

          SECTION 6.01.
Events of Default. An “Event of Default” occurs if:

     (1) the Issuers default in any payment of interest on any Security when
the same becomes due and payable, whether or not such payment shall be
prohibited by Article 10, and such default continues for a period of 30 days;

     (2) the Issuers (A) default in the payment of the principal of any
Security when the same becomes due and payable at its Stated Maturity, upon
optional redemption, upon declaration of acceleration or otherwise, whether
or not
such payment shall be prohibited by Article 10 or (B) fail to redeem or
purchase
Securities when required pursuant to this Indenture or the Securities,
whether or
not such redemption or purchase shall be prohibited by Article 10;

 

63

     (3) the Issuers or any Affiliated Guarantor fails to comply with
Section 5.01, or the Issuers fail to comply with their obligations under the Escrow
Agreement;

     (4) the Issuers or any Notes Guarantor fails to comply with any of its
other obligations under this Indenture (including the failure by any holders of
Capital Stock of any Affiliated Guarantor to comply with the terms of Section
4.06) and such failure continues for 60 days after its receipt of the written
notice
specified below;

     (5) Indebtedness of the Issuers, any Notes Guarantor or any
Significant Subsidiary is not paid within any applicable grace period after final
maturity or is accelerated by the holders thereof because of a default and the
total
amount of such Indebtedness unpaid or accelerated exceeds $25.0 million, or its
foreign currency equivalent at the time;

     (6) either Issuer, any Notes Guarantor or any Significant Subsidiary
pursuant to or within the meaning of any Bankruptcy Law:

     (A) commences a voluntary case;

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

     (B) consents to the appointment of a Custodian of it or for any
substantial part of its property; or

     (C) makes a general assignment for the benefit of its creditors;
or takes any comparable action under any foreign laws relating to insolvency;

     (7) a court of competent jurisdiction enters an order or decree under
any Bankruptcy Law that:

     (A) is for relief against either Issuer, any Notes Guarantor or
any Significant Subsidiary in an involuntary case;

     (A) appoints a Custodian of either Issuer, any Notes Guarantor
or any Significant Subsidiary or for any substantial part of its property;
or

     (B) orders the winding up or liquidation of either Issuer, any
Notes Guarantor 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;

     (8) any judgment or decree for the payment of money in an aggregate
amount in excess of $25.0 million (net of any amounts which are covered by

 

64

enforceable insurance policies issued by solvent carriers) is entered against
either Issuer, any Notes Guarantor or any Significant Subsidiary, remains
outstanding for a period of 60 consecutive days following such judgment and is not
discharged, waived or stayed; or

     (9) any Notes Guaranty ceases to be in full force and effect (other
than in accordance with the terms of such Notes Guaranty) or any Notes Guarantor
denies or disaffirms its obligations under its Notes Guaranty.

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

          The term “Bankruptcy Law” means Title 11, United States Code, or any similar
Federal or state law for the relief of debtors. The term “Custodian” means any receiver,
trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

          A Default under clause (4) is not an Event of Default until the Trustee or the
holders of at least 25% in principal amount of the outstanding Securities notify the
Company of the Default and the applicable Issuer or the applicable Affiliated Guarantor
does not cure such Default within the time specified 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 Company shall deliver to the Trustee, within 30 days after the occurrence
thereof, written notice in the form of an Officers’ Certificate of any Event of Default
under clause (5) or (9) and any event which with the giving of notice or the lapse of
time would become an Event of Default under clause (4) or (8), its status and what action
the Company is 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 (6) or (7) with respect to either Issuer)
occurs and is continuing, the Trustee by notice to the Company, or the Holders of at
least 25% in principal amount of the Securities by notice to the Company and the
Trustee, may declare the principal of and accrued but unpaid interest on all the
Securities to be due and payable. Upon such a declaration, such principal and interest
shall be due and payable immediately. If an Event of Default specified in Section
6.01(6) or (7) with respect to either Issuer occurs, the principal of and interest on
all the Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Securityholders.
The Holders of a majority in principal amount of the Securities by notice to the Trustee
may rescind an acceleration and its consequences if the rescission would not conflict
with any judgment or decree and if all existing Events of Default have been cured or
waived except nonpayment of

          

 

65

principal or interest that has become due solely because of acceleration. No such
rescission shall affect any subsequent Default or impair any right consequent thereto.

          SECTION 6.03. Other Remedies. If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of
principal of or interest on the Securities or to enforce the performance of any
provision of the Securities or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the
Securities or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Securityholder 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. All
available remedies are cumulative.

          SECTION 6.04. Waiver of Past Defaults. The Holders of a majority in
principal amount of the Securities by 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 Security (b) a Default arising from the failure to redeem or purchase any
Security when required pursuant to this Indenture or (c) a Default in respect of a
provision that under Section 9.02 cannot be amended without the consent of each
Securityholder affected. When a Default is waived, it is deemed cured, 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 the Securities 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, subject to Section 7.01, that the Trustee
determines is unduly prejudicial to the rights of other Securityholders or would
involve the Trustee in personal liability; provided, however, that the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with
such direction. Prior to taking any action hereunder, the Trustee shall be entitled to
indemnification 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. Except to enforce the right to receive
payment of principal, premium (if any) or interest when due, no Securityholder may
pursue any remedy with respect to this Indenture or the Securities unless:

     (1) the Holder gives to the Trustee written notice stating that an Event
of Default is continuing;

     (2) the Holders of at least 25% in principal amount of the Securities
make a written request to the Trustee to pursue the remedy;

     (3) such Holder or Holders offer to the Trustee reasonable security or
indemnity against any loss, liability or expense;

 

66

     (4) the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of security or indemnity; and

     (5) the Holders of a majority in principal amount of the Securities do
not give the Trustee a direction inconsistent with the request during such
60-day
period.

          A Securityholder may not use this Indenture to prejudice the rights of another
Securityholder or to obtain a preference or priority over another Securityholder. In the
event that the Definitive Securities are not issued to any beneficial owner promptly
after the Registrar has received a request from the Holder of a Global Security to issue
such Definitive Securities to such beneficial owner or its nominee, the Issuers expressly
agree and acknowledge, with respect to the right of any Holder to pursue a remedy
pursuant to this Indenture, the right of such beneficial holder of Securities to pursue
such remedy with respect to the portion of the Global Security that represents such
beneficial holder’s Securities as if such Definitive Securities had been issued.

          SECTION 6.07. Rights of Holders to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder to
receive payment of principal of and interest on the Securities held by such Holder, on
or after the respective due dates expressed in the Securities, or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder.

          SECTION 6.08. Collection Suit by Trustee. If an Event of Default
specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Issuers for the
whole amount then due and owing (together with interest on any unpaid interest to the
extent lawful) 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 and other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee and the Securityholders allowed in any judicial
proceedings relative to the Issuers, their creditors or their property and, unless
prohibited by law or applicable regulations, may vote on behalf of the Holders in any
election of a trustee in bankruptcy or other Person performing similar functions, and
any Custodian in any such judicial proceeding is hereby authorized by each Holder to
make payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and its counsel, and any other amounts due the Trustee under Section 7.07.

          Priorities. If the Trustee collects any money or property pursuant
to this Article 6, it shall pay out the money or property in the following
order:

     FIRST: to the Trustee for amounts due under Section 7.07;

 

67

     SECOND: to holders of Senior Indebtedness of the Issuers and, if such
money or property has been collected from a Notes Guarantor, to holders of Senior
Indebtedness of such Notes Guarantor, in each case to the extent required by
Article 10 and 12;

     THIRD: to Securityholders for amounts due and unpaid on the
Securities for principal and interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Securities for principal
and interest, respectively; and

     FOURTH: to the Issuers.

          The Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section. At least 15 days before such record date,
the Issuers shall mail to each Securityholder and the Trustee a notice that states
the record date, the payment date and amount to be paid.

          SECTION 6.10. 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, against any party litigant in the suit, having due regard to the merits
and good faith of the claims or defenses made by the party litigant. This Section does
not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a
suit by Holders of more than 10% in aggregate principal amount of the Securities.

          SECTION 6.11. Waiver of Stay or Extension Laws. The Issuers (to the
extent they may lawfully do so) shall not 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 (to the extent that it may
lawfully do so) hereby expressly waive all benefit or advantage of any such law, and
shall not hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such
law had been enacted.

ARTICLE 7

Trustee

          SECTION
7.01. Duties of Trustee. (a) If an Event of Default of which
the Trustee has been notified or is deemed to have notice pursuant to Section 7.02(f)
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.

 

68

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

     (1) the Trustee undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

     (2) in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of
the
opinions expressed therein, upon certificates or opinions furnished to the
Trustee
and conforming to the requirements of this Indenture. However, the Trustee
shall
examine the certificates and opinions to determine whether or not they comply
as
to form with the requirements of this Indenture.

          (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:

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

     (2) 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; and

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

          (d) Every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b) and (c) of this Section.

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

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

          (g) 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, if it shall have
reasonable grounds to believe that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.

          (h) Whether or not expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section and to the
provisions of the TIA.

 

69

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

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

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

          (d) The Trustee shall not be 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 Securities shall be full and complete authorization and protection from
liability in
respect to any action taken, omitted or suffered by it hereunder in good faith and
in
accordance with the advice or opinion of such counsel.

          (f) Except with respect to Section 4.01, the Trustee shall have no duty
to inquire as to the performance of the Issuers with respect to the covenants
contained in Article 7. In addition, the Trustee shall not be deemed to have knowledge of any
Default
or Event of Default except (i) any Default or Event of Default occurring pursuant to
Sections 4.01, 6.01(1) or 6.01(2) or (ii) any Default or Event of Default of which
the
Trustee shall have received written notification or obtained actual knowledge.

          (g) Delivery of reports, information and documents to the Trustee
under Section 4.02 is for informational purposes only and the Trustee’s receipt of
the
foregoing shall not constitute constructive notice of any information contained
therein or
determinable from information contained therein, including the Issuers’ compliance
with
any of their covenants hereunder (as to which the Trustee is entitled to rely
exclusively
on Officers’ Certificates).

          (h) 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 Securities 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

 

70

Issuers, personally or by agent or attorney, at the expense of the Issuers and
shall incur no liability of any kind by reason of making or not making such inquiry or
investigation.

          (i) 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.

          (j) 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.

          SECTION 7.03. Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company or its Affiliates with the same rights it would have if
it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may
do the same with like rights. However, the Trustee must comply with Sections 7.10 and
7.11.

          SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this
Indenture or the Securities, it shall not be accountable for the Issuers’ use of the
proceeds from the Securities, and it shall not be responsible for any statement of the
Issuers in this Indenture or in any document issued in connection with the sale of the
Securities or in the Securities other than the Trustee’s certificate of authentication.

          SECTION 7.05. Notice of Defaults. If a Default occurs, is
continuing and is known to the Trustee, the Trustee shall mail to each Securityholder
notice of the Default within 90 days after it occurs. Except in the case of a Default
in the payment of principal of or interest on any Security (including payments pursuant
to the mandatory redemption provisions of such Security, if any), 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 not opposed to the interests of the
Securityholders.

          SECTION 7.06. Reports by Trustee to Holders. As promptly as
practicable after each May 15 beginning with the May 15 following the date of this
Indenture, and in any event prior to July 15 in each year, the Trustee shall mail to
each Securityholder a brief report dated as of May 15 that complies with TIA § 313(a).
The Trustee also shall comply with TIA § 313(b).

          A copy of each report at the time of its mailing to Securityholders shall be filed
with the SEC and each stock exchange (if any) on which the Securities are listed. The
Issuers agree to notify promptly the Trustee whenever the Securities become listed on
any stock exchange and of any delisting thereof.

 

71

          SECTION 7.07. Compensation and Indemnity. The Issuers shall pay to
the Trustee from time to time reasonable compensation for its services. 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 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 shall indemnify the Trustee
against any and all loss, liability or expense (including attorneys’ fees and expenses)
incurred by it in connection with the administration of this trust and the performance
of its duties hereunder. The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Issuers shall not
relieve the Issuers of their obligations hereunder. The Issuers shall defend the claim
and the Trustee may have separate counsel and the Issuers shall pay the fees and
expenses of such counsel. The Issuers need not reimburse any expense or indemnify
against any loss, liability or expense incurred by the Trustee through the Trustee’s own
willful misconduct, negligence or bad faith.

          To secure the Issuers’ payment obligations in this Section, the Trustee shall have a
lien prior to the Securities 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
Securities.

          The Issuers’ payment obligations pursuant to this Section shall survive the
satisfaction or discharge of this Indenture or any rejection or termination of this
Indenture under any bankruptcy law or the resignation or removal or 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(6) or
(7) with respect to either Issuer, the expenses are intended to constitute expenses of
administration under the Bankruptcy Law.

          SECTION 7.08. Replacement of Trustee. The Trustee may resign at any
time by so notifying the Issuers. The Holders of a majority in principal amount of the
Securities may remove the Trustee by so notifying the Trustee and may appoint a
successor Trustee. The Issuers shall remove the Trustee if:

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

     (2) the Trustee is adjudged bankrupt or insolvent;

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

     (4) the Trustee otherwise becomes incapable of acting.

          If the Trustee resigns, is removed by the Issuers or by the Holders of a majority in
principal amount of the Securities and such Holders do not reasonably promptly appoint a
successor Trustee, or if a vacancy exists in the office of Trustee for

 

72

any reason (the Trustee in such event being referred to herein as the retiring Trustee),
the Issuers shall promptly appoint a successor Trustee.

          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 Securityholders. 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.

          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 Securities may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

          If the Trustee fails to comply with Section 7.10, any Securityholder may petition
any court of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee.

          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 or
consolidation to the Trustee shall succeed to the trusts created by this Indenture any of
the Securities 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 Securities so authenticated; and in case at that time any of the Securities
shall not have been authenticated, any successor to the Trustee may authenticate such
Securities 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 Securities or in this Indenture provided that the
certificate of the Trustee shall have.

          SECTION 7.10. Eligibility; Disqualification. The Trustee shall at
all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined
capital and surplus of at least $50,000,000 as set forth in its most recent published
annual report of condition. The Trustee shall comply with TIA §
310(b); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(l) any
indenture or indentures under which other securities or certificates of interest or

 

73

participation in other securities of the Issuers are outstanding if the
requirements for such exclusion set forth in TIA § 310(b)(l) are met.

          SECTION 7.11. Preferential Collection of Claims Against Issuers. The
Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in
TIA § 31l(b). A Trustee who has resigned or been removed shall be subject to TIA § 31l(a) to the extent indicated.

ARTICLE 8

Discharge of Indenture; Defeasance

          SECTION
8.01. Discharge of Liability on Securities; Defeasance. (a)
When (1) the Issuers deliver to the Trustee all outstanding Securities (other than
Securities replaced pursuant to Section 2.07) for cancellation or (2) all outstanding
Securities have become due and payable, whether at maturity or as a result of the
mailing of a notice of redemption pursuant to Article 3 hereof and the Issuers
irrevocably deposit with the Trustee money or U.S. Government Obligations sufficient to
pay at maturity or upon redemption all outstanding Securities, including interest
thereon to maturity or such redemption date (other than Securities replaced pursuant to
Section 2.07), and if in either case the Issuers pay all other sums payable hereunder by
the Issuers, then this Indenture shall, subject to Section 8.01 (c), cease to be of
further effect. The Trustee shall acknowledge satisfaction and discharge of this
Indenture on demand of the Issuers accompanied by an Officers’ Certificate and an
Opinion of Counsel and at the cost and expense of the Issuers.

          (b) Subject to Sections 8.01(c) and 8.02, the Issuers at any time may
terminate (1) all their obligations under the Securities and this Indenture (“legal
defeasance option”) or (2) their obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06,
4.07, 4.08, 4.09, 4.10 and 4.11 and the operation of Sections 6.01(4), 6.01(5), 6.01(6),
6.01(7) and 6.01(8) (but, in the case of Sections 6.01(6) and (7), with respect only to
Significant Subsidiaries and Notes Guarantors) and the limitations contained in Section
5.01(a)(3) (“covenant defeasance option”). The Issuers may exercise their legal
defeasance option notwithstanding their prior exercise of their covenant defeasance
option.

          If the Issuers exercise their legal defeasance option, payment of the Securities may
not be accelerated because of an Event of Default with respect thereto. If the Issuers
exercise their covenant defeasance option, payment of the Securities may not be
accelerated because of an Event of Default specified in Sections 6.01(4), 6.01(5),
6.01(6), 6.01(7) and 6.01(8) (but, in the case of Sections 6.01(6) and (7), with respect
only to Significant Subsidiaries and Notes Guarantors) or because of the failure of the
Company to comply with Section 5.01(a)(3). If the Issuers exercise their legal defeasance
option or their covenant defeasance option, each Notes Guarantor, if any, shall be
released from all its obligations with respect to its Notes Guaranty.

 

74

          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 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this Article 8 shall
survive until the Securities have been paid in full. Thereafter, the Issuers’ obligations
in Sections 7.07, 8.04 and 8.05 shall survive.

          SECTION 8.02. Conditions to Defeasance. The Issuers may
exercise their legal defeasance option or their covenant defeasance option only if:

     (1) the Issuers irrevocably deposit in trust with the Trustee money
or U.S. Government Obligations for the payment of principal of and interest
on
the Securities to maturity or redemption, as the case may be;

     (2) a nationally recognized firm of independent accountants,
investment bank or appraisal firm expresses its opinion (which opinion shall
be
delivered to the Trustee) 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 and interest when due on all
the
Securities to maturity or redemption, as the case may be;

     (3) 123 days pass after the deposit is made and during the 123-day
period no Default specified in Sections 6.01(6) or (7) with respect to either
Issuer
occurs which is continuing at the end of the period;

     (4) the deposit does not constitute a default under any other agreement
binding on the Issuers and is not prohibited by Article 10;

     (5) the Issuers deliver to the Trustee an Opinion of Counsel to the
effect that the trust resulting from the deposit does not constitute, or is
qualified
as, a regulated investment company under the Investment Company Act of 1940;

     (6) in the case of the legal defeasance option, the Issuers shall have
delivered to the Trustee an Opinion of Counsel stating that (A) the Issuers
have
received from, or there has been published by, the Internal Revenue Service a
ruling, or (B) since the date of this Indenture there has been a change in
the
applicable Federal income tax law, in either case to the effect that, and
based
thereon such Opinion of Counsel shall confirm that, the Securityholders will
not
recognize income, gain or loss for Federal income tax purposes as a result of
such
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
defeasance had not occurred;

     (7) 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

 

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Securityholders 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; and

     (8) the Issuers deliver to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the defeasance
and discharge of the Securities as contemplated by this Article 8 have been
complied with.

          Before or after a deposit, the Issuers may make arrangements satisfactory to the
Trustee for the redemption of Securities at a future date in accordance with Article 3.

          SECTION 8.03. Application of Trust Money. The Trustee shall hold in
trust money or U.S. Government Obligations deposited with it pursuant to this Article 8.
It shall apply the deposited money and the money from U. S. Government Obligations
through the Paying Agent and in accordance with this Indenture to the payment of
principal of and interest on the Securities. Money and securities so held in trust are
not subject to Article 10.

          SECTION 8.04. Repayment to Issuers. The Trustee and the Paying Agent
shall promptly turn over to the Issuers upon request any excess money or securities held
by them at any time.

          Subject to any applicable abandoned property law, the Trustee and the Paying Agent
shall pay to the Issuers upon request any money held by them for the payment of principal
or interest that remains unclaimed for two years, and, thereafter, Securityholders
entitled to the money must look to the Issuers for payment as general creditors.

          SECTION 8.05. Indemnity for 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 Paying Agent is
unable to apply any money or U.S. Government Obligations in accordance with this Article
8 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’ and each Notes Guarantor’s obligations under this Indenture,
each Notes Guaranty and the Securities shall be revived and reinstated as though no
deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying
Agent is permitted to apply all such money or U.S. Government Obligations in accordance
with this Article 8; provided, however, that, if the Issuers have made any
payment of interest on or principal of any Securities because of the reinstatement of
their obligations, the Issuers shall be subrogated to the rights of the Holders of such

 

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Securities to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent.

ARTICLE 9

Amendments

          SECTION 9.01. Without Consent of Holders. The Issuers, the Notes Guarantors
and the Trustee may amend this Indenture or the Securities without notice to or consent
of any Securityholder:

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

     (2) to comply with Article 5;

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

     (4) to add Guarantees with respect to the Securities, including any
Notes Guaranties, or to secure the Securities;

     (5) to add to the covenants of either Issuer or any Notes Guarantor for
the benefit of the Holders or to surrender any right or power herein conferred
upon either Issuer or any Notes Guarantor;

     (6) to comply with any requirements of the SEC in connection with
qualifying, or maintaining the qualification of, this Indenture under the TIA;

     (7) to make any change that does not adversely affect the rights of any
Securityholder;

     (8) to conform the text of this Indenture, the Securities and the Notes
Guaranties to any provision of the section of the Offering Circular captioned
“Description of the Notes” to the extent that such provision in such
“Description
of the Notes” was intended to be a verbatim recitation of a provision of this
Indenture, the Securities and the Notes Guaranties;

     (9) to make any amendment to the provisions of this Indenture relating
to the transfer and legending of Securities; provided, however, that
(a) compliance
with this Indenture as so amended would not result in Securities being
transferred
in violation of the Securities Act or any other applicable securities law and
(b) such amendment does not materially and adversely affect the rights of Holders
to transfer Securities; or

 

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     (10) to evidence and provide for the acceptance and appointment
under this Indenture of a successor Trustee pursuant to the requirements hereof.

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

          SECTION 9.02. With Consent of Holders. The Issuers, the Notes
Guarantors and the Trustee may amend this Indenture or the Securities with the written
consent of the Holders of at least a majority in principal amount of the Securities then
outstanding (including consents obtained in connection with a tender offer or exchange
for the Securities) and any past default or compliance with any provisions may also be
waived with the consent of the Holders of at least a majority in principal amount of the
Securities then outstanding. However, without the consent of each Securityholder
affected thereby, an amendment or waiver may not:

     (1) reduce the amount of Securities whose Holders must consent to an
amendment;

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

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

     (4) change the provisions applicable to the redemption of any Security
contained in Article 3 hereto (other than Section 3.10) or paragraphs 5 or 6
of the
Securities;

     (5) make any Security payable in money other than that stated in the
Security;

     (6) impair the right of any Securityholder to receive payment of
principal of and interest on such Holder’s Securities on or after the due
dates
therefor or to institute suit for the enforcement of any payment on or with
respect
to such Holder’s Securities;

     (7) make any change in Section 6.04 or 6.07 or the second sentence of
this Section;

     (8) make any changes in the ranking or priority of any Security that
would adversely affect the Securityholders; or

     (9) make any change in, or release other than in accordance with this
Indenture, any Notes Guaranty that would adversely affect the
Securityholders.

 

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          Without the consent of the Holders of 90% in principal amount of the
Securities then outstanding (including consents obtained in connection with a tender
offer or exchange for the Securities), an amendment or waiver may not:

     (1) change the provisions applicable to the redemption of any Security
as described under Section 3.10 or paragraph 7 of the Securities; or

     (2) make any change in the Escrow Agreement that would adversely
affect the Securityholders (it being understood that the Issuers and the
Trustee
may, without notice to or consent of any Securityholder, make any change in
the
Escrow Agreement that would not adversely affect the Securityholders).

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

          An amendment under this Section may not make any change that adversely affects the
rights under Article 10 or 12 of any holder of Senior Indebtedness of either Issuer or of
a Notes Guarantor then outstanding unless the holders of such Senior Indebtedness (or any
group or representative thereof authorized to give a consent) consent to such change.

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

          SECTION 9.03. Compliance with Trust Indenture Act. Every
amendment to this Indenture or the Securities shall comply with the TIA as then in
effect.

          SECTION 9.04. Revocation and Effect of Consents and Waivers. A
consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and
every subsequent Holder of that Security or portion of the Security that evidences the
same debt as the consenting Holder’s Security, even if notation of the consent or waiver
is not made on the Security. However, any such Holder or subsequent Holder may revoke
the consent or waiver as to such Holder’s Security or portion of the Security if the
Trustee receives the notice of revocation before the date the amendment or waiver
becomes effective. After an amendment or waiver becomes effective, it shall bind every
Securityholder. An amendment or waiver becomes effective upon the execution of such
amendment or waiver by the Trustee.

          The Issuers may, but shall not be obligated to, fix a record date for the purpose of
determining the Securityholders 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 Securityholders 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

 

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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 Securities. If an
amendment changes the terms of a Security, the Trustee may require the Holder of the
Security to deliver it to the Trustee. The Trustee may place an appropriate notation on
the Security 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 Security shall
issue and the Trustee shall authenticate a new Security that reflects the changed
terms. Failure to make the appropriate notation or to issue a new Security shall not
affect the validity of such amendment.

          SECTION 9.06. Trustee To Sign Amendments. The Trustee shall sign
any amendment authorized pursuant to this Article 9 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 to receive, and
(subject to Section 7.01) shall be fully protected in relying upon, an Officers’
Certificate and an Opinion of Counsel stating that such amendment is authorized or
permitted by this Indenture.

          SECTION 9.07. Payment for Consent. Neither the Company nor any
Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Holder for or as an
inducement to any consent, waiver or amendment of any of the terms or provisions of
this Indenture or the Securities unless such consideration is offered to all Holders
and is paid to all Holders that so consent, waive or agree to amend in the time frame
set forth in solicitation documents relating to such consent, waiver or agreement.

ARTICLE 10

Subordination

          SECTION 10.01. Agreement To Subordinate. The Issuers agree, and each
Securityholder by accepting a Security agrees, that the Indebtedness evidenced by the
Securities is subordinated in right of payment, to the extent and in the manner
provided in this Article 10, to the prior payment of all Senior Indebtedness of the
Issuers and that the subordination is for the benefit of and enforceable by the holders
of such Senior Indebtedness. The Securities shall in all respects rank pari
passu with all other Senior Subordinated Indebtedness of the Issuers and only
Indebtedness of the Issuers which is Senior Indebtedness of the Issuers shall rank
senior to the Securities in accordance with the provisions set forth herein. All
provisions of this Article 10 shall be subject to Section 10.12. Nothing in this
Article 10 will prevent the Issuers from repurchasing, redeeming, repaying or prepaying
any Securities pursuant to Section 3.09 and paragraph 6 of the Securities, to the
extent required to do so by any Gaming Authority.

 

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          SECTION 10.02. Liquidation, Dissolution, Bankruptcy. Upon any payment
or distribution of the assets of an Issuer to creditors upon a total or partial
liquidation or a total or partial dissolution of such Issuer or in a bankruptcy,
reorganization, insolvency, receivership or similar proceeding relating to such Issuer or
its property:

     (1) holders of Senior Indebtedness of the applicable Issuer shall be
entitled to receive payment in full in cash of such Senior Indebtedness before
Securityholders shall be entitled to receive any payment of principal of or
interest
on the Securities; and

     (2) until such Senior Indebtedness is paid in full in cash, any payment
or distribution to which Securityholders would be entitled but for this
Article 10
shall be made to holders of such Senior Indebtedness as their interests may
appear, except that Securityholders may receive shares of stock and any debt
securities that are subordinated to such Senior Indebtedness to at least the
same
extent as the Securities.

          SECTION 10.03. Default on Senior Indebtedness of the Issuers. The
Issuers shall not pay the principal of or interest on the Securities or make any deposit
pursuant to Section 8.01 and may not purchase, redeem or otherwise retire any Securities
(collectively, “pay the Securities”) if either of the following (a “Payment Default”)
occurs: (a) any Designated Senior Indebtedness of the Issuers is not paid in full in cash
when due; or (b) any other default on Designated Senior Indebtedness of the Issuers
occurs and the maturity of such Designated Senior Indebtedness is accelerated in
accordance with its terms unless, in either case, the Payment Default has been cured or
waived and any such acceleration has been rescinded or such Designated Senior
Indebtedness has been paid in full in cash; provided, however, that the Issuers
shall be entitled to pay the Securities without regard to the foregoing if the Issuers
and the Trustee receive written notice approving such payment from the Representatives of
all Designated Senior Indebtedness with respect to which a Payment Default has occurred
and is continuing. During the continuance of any default (other than a Payment Default)
with respect to any Designated Senior Indebtedness of the Issuers pursuant to which the
maturity thereof may be accelerated immediately without further notice (except such
notice as may be required to effect such acceleration) or the expiration of any
applicable grace periods, the Issuers are not permitted to make any payment (other than
payments or distributions made from any defeasance or redemption trust set forth in
Article 8 to the extent the funds in any such trust were deposited prior to the
applicable default) with respect to Obligations arising under the Securities for a period
(a “Payment Blockage Period”) commencing upon the receipt by the Trustee of (with a copy
to the Issuers) written notice (a “Blockage Notice”) of such default from the
Representative of such Designated Senior Indebtedness specifying an election to effect a
Payment Blockage Period and ending 179 days thereafter. The Payment Blockage Period shall
end earlier if such Payment Blockage Period is terminated (1) by written notice to the
Trustee and the Issuers from the Person or Persons who gave such Blockage Notice; (2)
because the default giving rise to such Blockage Notice is cured, waived or otherwise no
longer continuing; or (3) because such Designated Senior Indebtedness has been discharged
or

 

81

repaid in full in cash. Notwithstanding the provisions described in the immediately
preceding two sentences (but subject to the provisions contained in the first sentence of
this Section), unless the holders of such Designated Senior Indebtedness or the
Representative of such Designated Senior Indebtedness shall have accelerated the maturity
of such Designated Senior Indebtedness, the Issuers shall be entitled to resume payments
on the Securities after termination of such Payment Blockage Period. The Securities shall
not be subject to more than one Payment Blockage Period in any consecutive 360-day
period, irrespective of the number of defaults with respect to Designated Senior
Indebtedness of the Issuers during such period. For purposes of this Section, no default
or event of default which existed or was continuing on the date of the commencement of
any Payment Blockage Period with respect to the Designated Senior Indebtedness of the
Issuers initiating such Payment Blockage Period shall be, or be made, the basis of the
commencement of a subsequent Payment Blockage Period by the Representative of such
Designated Senior Indebtedness, unless such default or event of default shall have been
cured or waived for a period of not less than 90 consecutive days.

          SECTION 10.04. Acceleration of Payment of Securities. If payment of the
Securities is accelerated because of an Event of Default, the Issuers or the Trustee
shall promptly notify the holders of the Designated Senior Indebtedness of the Issuers
(or their Representatives) of the acceleration.

          SECTION 10.05. When Distribution Must Be Paid Over. If a distribution is made
to Securityholders that because of this Article 10 should not have been made to them, the
Securityholders who receive the distribution shall hold it in trust for holders of Senior
Indebtedness of the applicable Issuer and pay it over to them as their interests may
appear.

          SECTION 10.06. Subrogation. After all Senior Indebtedness of the
Issuers is paid in full and until the Securities are paid in full, Securityholders shall
be subrogated to the rights of holders of such Senior Indebtedness to receive
distributions applicable to such Senior Indebtedness. A distribution made under this
Article 10 to holders of such Senior Indebtedness which otherwise would have been made to
Securityholders is not, as between the Issuers and Securityholders, a payment by the
Issuers on such Senior Indebtedness.

          SECTION 10.07. Relative Rights. This Article 10 defines the relative
rights of Securityholders and holders of Senior Indebtedness of the Issuers. Nothing in
this Indenture shall:

     (1) impair, as between the Issuers and Securityholders, the obligations
of the Issuers, which are absolute and unconditional, to pay principal of and
interest on the Securities in accordance with their terms; or

     (2) prevent the Trustee or any Securityholder from exercising its
available remedies upon a Default, subject to the rights of holders of
Senior

 

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Indebtedness of the Issuers to receive distributions otherwise
payable to Securityholders.

          SECTION 10.08. Subordination May Not Be Impaired by Issuers. No right
of any holder of Senior Indebtedness of the Issuers to enforce the subordination of the
Indebtedness evidenced by the Securities shall be impaired by any act or failure to act
by an Issuer or by its failure to comply with this Indenture.

          SECTION 10.09. Rights of Trustee and Paying Agent.
Notwithstanding Section 10.03, the Trustee or Paying Agent shall continue to make
payments on the Securities and shall not be charged with knowledge of the existence of
facts that under this Article 10 would prohibit the making of any such payments unless,
not less than two Business Days prior to the date of such payment, a Trust Officer of
the Trustee receives notice satisfactory to it that such payments are prohibited by this
Article 10. The Issuers, the Registrar or co-registrar, the Paying Agent, a
Representative or a holder of Senior Indebtedness of the Issuers shall be entitled to
give the notice; provided, however, that, if an issue of Senior Indebtedness of
the Issuers has a Representative, only the Representative shall be entitled to give the
notice.

          The Trustee in its individual or any other capacity shall be entitled to hold Senior
Indebtedness of the Issuers with the same rights it would have if it were not Trustee.
The Registrar and co-registrar and the Paying Agent shall be entitled to do the same with
like rights. The Trustee shall be entitled to all the rights set forth in this Article 10
with respect to any Senior Indebtedness of the Issuers which may at any time be held by
it, to the same extent as any other holder of such Senior Indebtedness; and nothing in
Article 7 shall deprive the Trustee of any of its rights as such holder. Nothing in this
Article 10 shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 7.07.

          SECTION 10.10. Distribution or Notice to Representative. Whenever any
Person is to make a distribution or give a notice to holders of Senior Indebtedness of
the Issuers, such Person shall be entitled to make such distribution or give such notice
to their Representative (if any).

          SECTION 10.11. Article 10 Not To Prevent Events of Default or Limit Right
To Accelerate. The failure to make a payment pursuant to the Securities by reason of
any provision in this Article 10 shall not be construed as preventing the occurrence of
a Default. Nothing in this Article 10 shall have any effect on the right of the
Securityholders or the Trustee to accelerate the maturity of the Securities.

          SECTION 10.12. Trust Moneys Not Subordinated. Notwithstanding anything
contained herein to the contrary, payments from money or the proceeds of U.S. Government
Obligations held in trust under Article 8 by the Trustee for the payment of principal of
and interest on the Securities shall not be subordinated to the prior payment of any
Senior Indebtedness of the Issuers or subject to the restrictions set forth in this
Article 10, and none of the Securityholders shall be obligated to pay over any such

 

83

amount to the Issuers or any holder of Senior Indebtedness of the Issuers or any other
creditor of the Issuers.

          SECTION 10.13. Trustee Entitled To Rely. Upon any payment or
distribution pursuant to this Article 10, the Trustee and the Securityholders shall be
entitled to rely (a) upon any order or decree of a court of competent jurisdiction in
which any proceedings of the nature referred to in Section 10.02 are pending, (b) upon a
certificate of the liquidating trustee or agent or other Person making such payment or
distribution to the Trustee or to the Securityholders or (c) upon the Representatives of
Senior Indebtedness of the Issuers for the purpose of ascertaining the Persons entitled
to participate in such payment or distribution, the holders of such Senior Indebtedness
and other Indebtedness of the Issuers, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article 10. In the event that the Trustee determines, in good faith, that evidence is
required with respect to the right of any Person as a holder of Senior Indebtedness of
the Issuers to participate in any payment or distribution pursuant to this Article 10,
the Trustee shall be entitled to request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in such
payment or distribution and other facts pertinent to the rights of such Person under
this Article 10, and, if such evidence is not furnished, the Trustee shall be entitled
to defer any payment to such Person pending judicial determination as to the right of
such Person to receive such payment. The provisions of Sections 7.01 and 7.02 shall be
applicable to all actions or omissions of actions by the Trustee pursuant to this
Article 10.

          SECTION 10.14. Trustee To Effectuate Subordination. Each Securityholder by
accepting a Security authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to acknowledge or effectuate the subordination
between the Securityholders and the holders of Senior Indebtedness of the Issuers as
provided in this Article 10 and appoints the Trustee as attorney-in-fact for any and all
such purposes.

          SECTION 10.15. Trustee Not Fiduciary for Holders of Senior Indebtedness of
the Issuers. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Indebtedness of the Issuers and shall not be liable to any such
holders if it shall mistakenly pay over or distribute to Securityholders or the Issuers
or any other Person, money or assets to which any holders of Senior Indebtedness of the
Issuers shall be entitled by virtue of this Article 10 or otherwise.

          SECTION 10.16. Reliance by Holders of Senior Indebtedness of the Issuers on
Subordination Provisions. Each Securityholder by accepting a Security acknowledges
and agrees that the foregoing subordination provisions are, and are intended to be, an
inducement and a consideration to each holder of any Senior Indebtedness of the Issuers,
whether such Senior Indebtedness was created or acquired before or after the issuance of
the Securities, to acquire and continue to hold, or to continue to hold, such Senior
Indebtedness and such holder of such Senior Indebtedness

 

84

shall be deemed conclusively to have relied on such subordination provisions in
acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness.

ARTICLE 11

Notes Guaranties

          SECTION 11.01. Guaranties. Each Notes Guarantor hereby
unconditionally and irrevocably guarantees, jointly and severally, to each Holder and
to the Trustee and its successors and assigns (a) the full and punctual payment of
principal of and interest on the Securities when due, whether at maturity, by
acceleration, by redemption or otherwise, and all other monetary obligations of the
Issuers under this Indenture and the Securities and (b) the full and punctual
performance within applicable grace periods of all other obligations of the Issuers
under this Indenture and the Securities (all the foregoing being hereinafter
collectively called the “Guaranteed Obligations”). Each Notes Guarantor further agrees
that the Guaranteed Obligations may be extended or renewed, in whole or in part,
without notice or further assent from such Notes Guarantor and that such Notes
Guarantor will remain bound under this Article 11 notwithstanding any extension or
renewal of any Guaranteed Obligation.

          Each Notes 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 Notes Guarantor waives notice of any default under the Securities or
the Guaranteed Obligations. The obligations of each Notes Guarantor hereunder shall not
be affected by (1) 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
(including any Notes Guarantor) under this Indenture, the Securities or any other
agreement or otherwise; (2) any extension or renewal of any thereof; (3) any rescission,
waiver, amendment or modification of any of the terms or provisions of this Indenture,
the Securities or any other agreement; (4) the release of any security held by any
Holder or the Trustee for the Guaranteed Obligations or any of them; (5) the failure of
any Holder or the Trustee to exercise any right or remedy against any other guarantor of
the Guaranteed Obligations; or (6) except as set forth in Section 11.06, any change in
the ownership of such Notes Guarantor.

          Each Notes Guarantor further agrees that its Notes Guaranty 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.

          Each Notes Guaranty is, to the extent and in the manner set forth in Article 12,
subordinated and subject in right of payment to the prior payment in full of the
principal of and premium, if any, and interest on all Senior Indebtedness of the Notes
Guarantor giving such Notes Guaranty and each Notes Guaranty is made subject to such
provisions of this Indenture.

 

85

          Except as expressly set forth in Sections 8.0l(b), 11.02 and 11.06, the obligations
of each Notes Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity,
illegality or unenforceability of the Guaranteed Obligations or otherwise. Without
limiting the generality of the foregoing, the obligations of each Notes 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 Securities 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 such Notes
Guarantor or would otherwise operate as a discharge of such Notes Guarantor as a matter
of law or equity.

          Each Notes Guarantor further agrees that its 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 Obligation is rescinded or must otherwise be
restored by any Holder or the Trustee upon the bankruptcy or reorganization of either
Issuer or otherwise.

          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 Notes 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 Notes 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 (A) the unpaid amount of such
Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations
(but only to the extent not prohibited by law) and (C) all other monetary Guaranteed
Obligations of the Issuers to the Holders and the Trustee.

          Each Notes Guarantor agrees that it shall not be entitled to any right of
subrogation in respect of any Guaranteed Obligations guaranteed hereby until payment in
full of all Guaranteed Obligations and all obligations to which the Guaranteed
Obligations are subordinated as provided in Article 12. Each Notes 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 hereby may be accelerated as
provided in Article 6 for the purposes of such Notes Guarantor’s Notes Guaranty 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 6, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become due and
payable by such Notes Guarantor for the purposes of this Section.

 

86

          Each Notes Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights
under this Section.

          SECTION 11.02. Limitation on Liability. Any term or provision of this
Indenture to the contrary notwithstanding, the maximum aggregate amount of the
Guaranteed Obligations guaranteed hereunder by any Notes Guarantor shall not exceed the
maximum amount that can be hereby guaranteed without rendering this Indenture, as it
relates to such Notes Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer or similar laws affecting the rights of creditors
generally.

          SECTION 11.03. Successors and Assigns. This Article 11 shall be
binding upon each Notes 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 Securities shall
automatically extend to and be vested in such transferee or assignee, all subject to the
terms and conditions of this Indenture.

          SECTION 11.04. 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 11 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 11 at law, in equity, by statute or otherwise.

          SECTION 11.05. Modification. No modification, amendment or waiver of
any provision of this Article 11, nor the consent to any departure by any Notes
Guarantor therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Trustee, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. No notice to or demand on any
Notes Guarantor in any case shall entitle such Notes Guarantor to any other or further
notice or demand in the same, similar or other circumstances.

          SECTION 11.06. Release of Notes Guarantors.

          (a) A Notes Guarantor will be released from its obligations under this Article
11 (other than any obligation that may have arisen under Section 11.07)

     (1) upon the sale (including any sale pursuant to any exercise of
remedies by a holder of Indebtedness of the Issuers or of such Notes Guarantor) or
other disposition (including by way of consolidation or merger) of a Notes
Guarantor, including the sale or disposition of Capital Stock of a Notes
Guarantor, following which (x) with respect to a sale or disposition involving a
Subsidiary Guarantor, such Subsidiary Guarantor is no longer a Subsidiary and (y)
with

 

87

respect to a sale or disposition involving an Affiliated Guarantor, such
Affiliated Guarantor is no longer an Affiliate of the Company; or

     (2) upon the sale or disposition of all or substantially all the assets
of such Notes Guarantor,

provided,
however, that in the case of clauses (1) and (2) above, (i) such sale
or other disposition is made to a Person other than an Issuer or an Affiliate of an
Issuer, (ii) such sale or disposition is otherwise permitted by this Indenture and (iii)
the Company provides an Officers’ Certificate to the Trustee to the effect that the
Company will comply with its obligations under Section 4.06 in respect of such sale or
disposition (including, in connection with any sale or disposition of the Capital Stock
of an Affiliated Guarantor, causing the holders of the shares of Capital Stock of such
Affiliated Guarantor to comply with such covenant).

          (b) A Subsidiary Guarantor will be released from its obligations under
this Article 11 (other than any obligation that may have arisen under Section 11.07)

     (1) upon the designation of such Subsidiary Guarantor as an
Unrestricted Party in accordance with the terms of this Indenture,

     (2) at such time as such Subsidiary Guarantor does not have any
Indebtedness outstanding that would have required such Subsidiary Guarantor
to
enter into a Guaranty Agreement upon its Incurrence of such Indebtedness
pursuant to Section 12 and the Company provides an Officers’ Certificate to
the
Trustee certifying that no such Indebtedness is outstanding and that the
Company
elects to have such Subsidiary Guarantor released from this Article 11,

     (3) upon defeasance of the Securities pursuant to Article 8, or

     (4) upon the full satisfaction of the Issuers’ obligations under this
Indenture pursuant to Section 8.01(a) or otherwise in accordance with the
terms of
this Indenture.

          (c) An Affiliated Guarantor will be released from its obligations under
this Article 11 (other than any obligation that may have arisen under Section 11.07)

     (1) upon the designation of such Affiliated Guarantor as an
Unrestricted Party; provided, however, that such Affiliated Guarantor
will not
Guarantee any other Indebtedness of the Issuers or any of their Subsidiaries
immediately following such designation,

     (2) upon defeasance of the Securities pursuant to Article 8, or

     (3) upon the full satisfaction of the Issuers’ obligations under this
Indenture pursuant to Section 8.01(a) or otherwise in accordance with the
terms of
this Indenture.

 

88

     (d) At the request of the Company, the Trustee shall execute and deliver an
appropriate instrument evidencing any release set forth in this Section 11.06.

          SECTION 11.07. Contribution. Each Subsidiary Guarantor that makes a
payment under its Subsidiary Guaranty shall be entitled upon payment in full of all
Guaranteed Obligations under this Indenture to a contribution from each other Subsidiary
Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion
of such payment based on the respective net assets of all the Subsidiary Guarantors at the
time of such payment determined in accordance with GAAP.

ARTICLE 12

Subordination of Notes Guaranties

          SECTION 12.01. Agreement To Subordinate. Each Notes Guarantor agrees, and
each Securityholder by accepting a Security agrees, that the Indebtedness evidenced by such
Notes Guarantor’s Notes Guaranty is subordinated in right of payment, to the extent and in
the manner provided in this Article 12, to the prior payment of all Senior Indebtedness of
such Notes Guarantor and that the subordination is for the benefit of and enforceable by the
holders of such Senior Indebtedness. The Obligations of a Notes Guarantor shall in all
respects rank pari passu with all other Senior Subordinated Indebtedness of such
Notes Guarantor and only Senior Indebtedness of such Notes Guarantor (including such Notes
Guarantor’s Notes Guaranty of Senior Indebtedness of the Issuers) shall rank senior to the
Obligations of such Notes Guarantor in accordance with the provisions set forth herein.

          SECTION 12.02. Liquidation, Dissolution, Bankruptcy. Upon any payment or
distribution of the assets of any Notes Guarantor to creditors upon a total or partial
liquidation or a total or partial dissolution of such Notes Guarantor or in a bankruptcy,
reorganization, insolvency, receivership or similar proceeding relating to such Notes
Guarantor or its property:

     (1) holders of Senior Indebtedness of such Notes Guarantor shall be
entitled to receive payment in full in cash of such Senior Indebtedness before
Securityholders shall be entitled to receive any payment pursuant to the Notes
Guaranty of such Notes Guarantor; and

     (2) until the Senior Indebtedness of any Notes Guarantor is paid in full
in cash, any payment or distribution to which Securityholders would be entitled
but for this Article 12 shall be made to holders of such Senior Indebtedness as
their interests may appear, except that Securityholders may receive shares of
stock
and any debt securities of such Notes Guarantor that are subordinated to such
Senior Indebtedness to at least the same extent as Notes Guaranty.

          SECTION 12.03. Default on Senior Indebtedness of Notes Guarantor. No Notes
Guarantor shall make its Notes Guaranty or purchase, redeem or otherwise retire or defease
any Securities or other Obligations (collectively, “pay its Notes

 

89

Guaranty”) if either of the following (a “Payment Default”) occurs (a) any Designated
Senior Indebtedness of such Notes Guarantor is not paid in full in cash when due; or (b)
any other default on Designated Senior Indebtedness of such Notes Guarantor occurs and
the maturity of such Designated Senior Indebtedness is accelerated in accordance with
its terms; unless, in either case, the Payment Default has been cured or waived and any
such acceleration has been rescinded or such Designated Senior Indebtedness has been
paid in full in cash; provided, however, that any Notes Guarantor shall be
entitled to pay its Notes Guaranty without regard to the foregoing if such Notes
Guarantor and the Trustee receive written notice approving such payment from the
Representatives of all Designated Senior Indebtedness with respect to which a Payment
Default has occurred and is continuing. During the continuance of any default (other
than a Payment Default) with respect to any Designated Senior Indebtedness of such Notes
Guarantor pursuant to which the maturity thereof may be accelerated immediately without
further notice (except such notice as may be required to effect such acceleration) or
the expiration of any applicable grace periods, such Notes Guarantor shall not pay its
Notes Guaranty for a period (a “Payment Blockage Period”) commencing upon the receipt by
the Trustee of (with a copy to such Notes Guarantor) written notice (a “Blockage
Notice”) of such default from the Representative of such Designated Senior Indebtedness
specifying an election to effect a Payment Blockage Period and ending 179 days
thereafter. The Payment Blockage Period shall end earlier if such Payment Blockage
Period is terminated (1) by written notice to the Trustee and such Notes Guarantor from
the Person or Persons who gave such Blockage Notice; (2) because the default giving rise
to such Blockage Notice is cured, waived or otherwise no longer continuing; or (3)
because such Designated Senior Indebtedness has been discharged or repaid in full in
cash. Notwithstanding the provisions described in the immediately preceding two
sentences (but subject to the provisions contained in the first sentence of this
Section), unless the holders of such Designated Senior Indebtedness giving such Blockage
Notice or the Representative of such Designated Senior Indebtedness shall have
accelerated the maturity of such Designated Senior Indebtedness, any Notes Guarantor
shall be entitled to resume payments pursuant to its Notes Guaranty after termination of
such Payment Blockage Period. No Notes Guarantor shall be subject to more than one
Payment Blockage Period in any consecutive 360-day period, irrespective of the number of
defaults with respect to Designated Senior Indebtedness of such Notes Guarantor during
such period. For purposes of this Section, no default or event of default which existed
or was continuing on the date of the commencement of any Payment Blockage Period with
respect to the Designated Senior Indebtedness of such Notes Guarantor initiating such
Payment Blockage Period shall be, or be made, the basis of the commencement of a
subsequent Payment Blockage Period by the Representative of such Designated Senior
Indebtedness, unless such default or event of default shall have been cured or waived
for a period of not less than 90 consecutive days.

          SECTION 12.04. Demand for Payment. If a demand for payment is made on
a Notes Guarantor pursuant to Article 11, the Trustee shall promptly notify the holders
of the Designated Senior Indebtedness of such Notes Guarantor (or their Representatives)
of such demand.

 

90

          SECTION 12.05. When Distribution Must Be Paid Over. If a distribution is made
to Securityholders that because of this Article 12 should not have been made to them, the
Securityholders who receive the distribution shall hold it in trust for holders of Senior
Indebtedness of the applicable Notes Guarantor and pay it over to them or their
Representatives as their interests may appear.

          SECTION 12.06. Subrogation. After all Senior Indebtedness of a Notes
Guarantor is paid in full and until the Securities are paid in full, Securityholders
shall be subrogated to the rights of holders of such Senior Indebtedness to receive
distributions applicable to Senior Indebtedness of such Notes Guarantor. A distribution
made under this Article 12 to holders of such Senior Indebtedness which otherwise would
have been made to Securityholders is not, as between the relevant Notes Guarantor and
Securityholders, a payment by such Notes Guarantor on such Senior Indebtedness.

          SECTION 12.07. Relative Rights. This Article 12 defines the relative
rights of Securityholders and holders of Senior Indebtedness of a Notes Guarantor.
Nothing in this Indenture shall:

     (1) impair, as between a Notes Guarantor and Securityholders, the
obligation of such Notes Guarantor, which is absolute and unconditional, to
pay
its Notes Guaranty to the extent set forth in Article 11; or

     (2) prevent the Trustee or any Securityholder from exercising its
available remedies upon a default by such Notes Guarantor under its Notes
Guaranty, subject to the rights of holders of Senior Indebtedness of such
Notes
Guarantor to receive distributions otherwise payable to Securityholders.

          SECTION 12.08. Subordination May Not Be Impaired by Notes Guarantors.
No right of any holder of Senior Indebtedness of any Notes Guarantor to enforce the
subordination of the Notes Guaranty of such Notes Guarantor shall be impaired by any act
or failure to act by such Notes Guarantor or by its failure to comply with this
Indenture.

          SECTION 12.09. Rights of Trustee and Paving Agent.
Notwithstanding Section 12.03, the Trustee or Paying Agent shall continue to make
payments on any Notes Guaranty and shall not be charged with knowledge of the existence
of facts that would prohibit the making of any such payments unless, not less than two
Business Days prior to the date of such payment, a Trust Officer of the Trustee receives
written notice satisfactory to it that such payments are prohibited by this Article 12.
The Issuers, the relevant Notes Guarantor, the Registrar or co-registrar, the Paying
Agent, a Representative or a holder of Senior Indebtedness of such Notes Guarantor shall
be entitled to give the notice; provided, however, that, if an issue of Senior
Indebtedness of any Notes Guarantor has a Representative, only the Representative shall
be entitled to give the notice.

 

91

          The Trustee in its individual or any other capacity shall be entitled to hold Senior
Indebtedness of any Notes Guarantor with the same rights it would have if it were not the
Trustee. The Registrar and co-registrar and the Paying Agent may do the same with like
rights. The Trustee shall be entitled to all the rights set forth in this Article 12 with
respect to any Senior Indebtedness of any Notes Guarantor which may at any time be held
by it, to the same extent as any other holder of such Senior Indebtedness; and nothing in
Article 7 shall deprive the Trustee of any of its rights as such holder. Nothing in this
Article 12 shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 7.07.

          SECTION 12.10. Distribution or Notice to Representative. Whenever any
Person is to make a distribution or give a notice to holders of Senior Indebtedness of
any Notes Guarantor, such Person shall be entitled to make such distribution or give
such notice to their Representative (if any).

          SECTION 12.11. Article 12 Not To Prevent Events of Default or Limit Right
To Demand Payment. The failure to make a payment pursuant to a Notes Guaranty by
reason of any provision in this Article 12 shall not be construed as preventing the
occurrence of a Default. Nothing in this Article 12 shall have any effect on the right
of the Securityholders or the Trustee to make a demand for payment on any Notes
Guarantor pursuant to its Notes Guaranty.

          SECTION 12.12. Trustee Entitled To Rely. Upon any payment or
distribution pursuant to this Article 12, the Trustee and the Securityholders shall be
entitled to rely (a) upon any order or decree of a court of competent jurisdiction in
which any proceedings of the nature referred to in Section 12.02 are pending, (b) upon a
certificate of the liquidating trustee or agent or other Person making such payment or
distribution to the Trustee or to the Securityholders or (c) upon the Representatives
for the holders of Senior Indebtedness of any Notes Guarantor for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the
holders of such Senior Indebtedness and other indebtedness of such Notes Guarantor, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and
all other facts pertinent thereto or to this Article 12. In the event that the Trustee
determines, in good faith, that evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness of any Notes Guarantor to participate in any
payment or distribution pursuant to this Article 12, the Trustee shall be entitled to
request such Person to furnish evidence to the reasonable satisfaction of the Trustee as
to the amount of Senior Indebtedness of such Notes Guarantor held by such Person, the
extent to which such Person is entitled to participate in such payment or distribution
and other facts pertinent to the rights of such Person under this Article 12, and, if
such evidence is not furnished, the Trustee shall be entitled to defer any payment to
such Person pending judicial determination as to the right of such Person to receive
such payment. The provisions of Sections 7.01 and 7.02 shall be applicable to all
actions or omissions of actions by the Trustee pursuant to this Article 12.

          SECTION 12.13. Trustee To Effectuate Subordination. Each
Securityholder by accepting a Security authorizes and directs the Trustee on his behalf

 

92

to take such action as may be necessary or appropriate to acknowledge or effectuate the
subordination between the Securityholders and the holders of Senior Indebtedness of any Notes
Guarantor as provided in this Article 12 and appoints the Trustee as attorney-in-fact for any
and all such purposes.

          SECTION 12.14. Trustee Not Fiduciary for Holders of Senior Indebtedness of
Notes Guarantor. The Trustee shall not be deemed to owe any fiduciary duty to the holders
of Senior Indebtedness of any Notes Guarantor and shall not be liable to any such holders if
it shall mistakenly pay over or distribute to Securityholders or the Issuers or any other
Person, money or assets to which any holders of such Senior Indebtedness shall be entitled by
virtue of this Article 12 or otherwise.

          SECTION 12.15. Reliance by Holders of Senior Indebtedness of Notes Guarantors
on Subordination Provisions. Each Securityholder by accepting a Security acknowledges and
agrees that the foregoing subordination provisions are, and are intended to be, an inducement
and a consideration to each holder of any Senior Indebtedness of any Notes Guarantor, whether
such Senior Indebtedness was created or acquired before or after the issuance of the
Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness
and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such
subordination provisions in acquiring and continuing to hold, or in continuing to hold, such
Senior Indebtedness.

ARTICLE 13

Miscellaneous

          SECTION 13.01. Trust Indenture Act Controls. If any provision of this
Indenture limits, qualifies or conflicts with another provision which is required to be
included in this Indenture by the TIA, the required provision shall control.

          SECTION 13.02. Notices. Any notice or communication shall be in writing and
delivered in person or mailed by first-class mail addressed as follows:

if to either Issuer or any Notes Guarantor:

Wimar OpCo, LLC (d/b/a Tropicana Entertainment) 

207 Grandview Drive 

Fort Mitchell, KY 41017 

Attention: Richard FitzPatrick 

Facsimile: (859) 578-1190

if to the Trustee:

U.S. Bank National Association 

175 South Third Street, 4th Floor

 

93

Columbus, Ohio 43215

Attn: Corporate Trust Services

Facsimile: (513) 632-5511

          The Issuers, any Notes Guarantor or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or communications.

          Any notice or communication mailed to a Securityholder shall be mailed to the
Securityholder at the Securityholder’s address as it appears on the registration books of
the Registrar and shall be sufficiently given if so mailed within the time prescribed.

          Failure to mail a notice or communication to a Securityholder or any defect in
it shall not affect its sufficiency with respect to other Securityholders. If a
notice or communication is mailed in the manner provided above, it is duly given,
whether or not the addressee receives it.

          SECTION
13.03. Communication by Holders with Other Holders. Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders
with respect to their rights under this Indenture or the Securities. The Issuers, the
Notes Guarantors, the Trustee, the Registrar and anyone else shall have the protection
of TIA § 312(c).

          SECTION 13.04. 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:

     (1) an Officers’ Certificate of the applicable Issuer in form and
substance 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

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

          SECTION 13.05. Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture shall include:

     (1) a statement that the individual 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;

 

94

     (3) 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

     (4) a statement as to whether or not, in the opinion of such individual,
such covenant or condition has been complied with.

          SECTION 13.06. When Securities Disregarded. In determining whether the Holders
of the required principal amount of Securities have concurred in any direction, waiver or
consent. Securities owned by the Company or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company
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 Securities which the Trustee knows are so owned shall be so
disregarded. Also, subject to the foregoing, only Securities outstanding at the time
shall be considered in any such determination.

          SECTION 13.07. Rules by Trustee, Paying Agent and Registrar. The
Trustee may make reasonable rules for action by or a meeting of Securityholders. The
Registrar and the Paying Agent may make reasonable rules for their functions.

          SECTION 13.08. Legal Holidays. If a payment date is a Legal Holiday,
payment shall be made on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period. If a regular record date is a Legal
Holiday, the record date shall not be affected.

          SECTION 13.09. Governing Law. This Indenture and the Securities shall
be governed by, and construed in accordance with, the laws of the State of New York.

          SECTION 13.10. No Recourse Against Others. A director, officer,
employee, incorporator or stockholder, as such, of either Issuer or any Notes Guarantor
shall not have any liability for any obligations of either Issuer under the Securities or
this Indenture or of any Notes Guarantor under its Notes Guaranty or this Indenture or
for any claim based on, in respect of or by reason of such obligations or their creation.
By accepting a Security, each Securityholder shall waive and release all such liability.
The waiver and release shall be part of the consideration for the issue of the
Securities.

          SECTION 13.11. Successors. All agreements of each Issuer and each Notes
Guarantor in this Indenture and the Securities shall bind its successors. All agreements
of the Trustee in this Indenture shall bind its successors.

          SECTION 13.12. Multiple Originals. The parties may sign any number of
copies of this Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. One signed copy is enough to prove this Indenture.

 

95

          SECTION 13.13. Table of Contents; Headings. The table of contents,
cross-reference sheet and headings of the Articles and Sections of this Indenture have
been inserted for convenience of reference only, are not intended to be considered a part
hereof and shall not modify or restrict any of the terms or provisions hereof.

 

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

	 	 	 	 	 
	 	 	WIMAR OPCO, LLC,
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
	 

	 	 	 	 
	 

	 	 	 	Name: Richard M. FitzPatrick
	 

	 	 	 	Title: CFO
	 
	 	 	 	 
	 	 	WIMAR OPCO FINANCE CORP,
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
	 

	 	 	 	 
	 

	 	 	 	Name: Richard M. FitzPatrick
	 

	 	 	 	Title: CFO

Signature Page to Indenture

 

 

	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, 

as Trustee
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert T. Jones
	 

	 	 	 	 
	 

	 	 	 	Name: Robert T. Jones
	 

	 	 	 	Title: Vice President & Trust Officer

Signature Page to Indenture

 

 

RULE 144A/REGULATION S APPENDIX

PROVISIONS RELATING TO INITIAL SECURITIES,

PRIVATE EXCHANGE SECURITIES AND

EXCHANGE SECURITIES

     1. Definitions

     1.1
Definitions

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

          “Applicable Procedures” means, with respect to any transfer or transaction involving
a Temporary Regulation S Global Security or beneficial interest therein, the rules and
procedures of the Depository for such a Temporary Regulation S Global Security, to the
extent applicable to such transaction and as in effect from time to time.

          “Definitive Security” means a certificated Initial Security or Exchange Security or
Private Exchange Security bearing, if required, the appropriate restricted securities
legend set forth in Section 2.3 (e).

          “Depository” means The Depository Trust Company, its nominees and their respective
successors.

          “Distribution Compliance Period”, with respect to any Securities, means the period
of 40 consecutive days beginning on and including the later of (i) the day on which such
Securities are first offered to Persons other than distributors (as defined in Regulation
S under the Securities Act) in reliance on Regulation S and (ii) the issue date with
respect to such Securities.

          “Exchange Securities” means (1) the 95/8% Senior Subordinated
Notes due 2014 issued pursuant to the Indenture in connection with the Registered
Exchange Offer pursuant to the Registration Rights Agreement and (2) Additional
Securities, if any, issued pursuant to a registration statement filed with the SEC under
the Securities Act.

          “IAI” means an institutional “accredited investor”, as defined in Rule
501(a)(l), (2), (3) and (7) of Regulation D under the Securities Act.

          “Initial Purchasers” means (1) with respect to the Initial Securities issued on the
Issue Date, Credit Suisse Securities (USA) LLC, SG Americas Securities, LLC, CIBC World
Markets Corp., Barclays Capital Inc., ING Financial Markets LLC and Greenwich Capital
Markets, Inc. and (2) with respect to each issuance of Additional Securities, the Persons
purchasing such Additional Securities under the related Purchase Agreement.

 

2

          “Initial Securities” means (1) $960.0 million aggregate principal amount of
95/8% Senior Subordinated Notes due 2014 issued on the Issue Date
and (2) Additional Securities, if any, issued in a transaction exempt from the
registration requirements of the Securities Act.

          “Private Exchange” means the offer by the Issuers and the Notes Guarantors, pursuant
to the Registration Rights Agreement, to the Initial Purchasers to issue and deliver to
the Initial Purchasers, in exchange for the Initial Securities held by the Initial
Purchaser as part of its initial distribution, a like aggregate principal amount of
Private Exchange Securities.

          “Private Exchange Securities” means any 95/8% Senior
Subordinated Notes due 2014 issued in connection with a Private Exchange.

          “Purchase Agreement” means (1) with respect to the Initial Securities issued on the
Issue Date, the Purchase Agreement dated December 14, 2006, among the Issuers and the
Initial Purchasers, and (2) with respect to each issuance of Additional Securities, the
purchase agreement or underwriting agreement among the Issuers and the Persons purchasing
such Additional Securities.

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

          “Registered Exchange Offer” means the offer by the Issuers, pursuant to a
Registration Rights Agreement, to certain Holders of Initial Securities, to issue and
deliver to such Holders, in exchange for the Initial Securities, a like aggregate
principal amount of Exchange Securities registered under the Securities Act.

          “Registration Rights Agreement” means (1) with respect to the Initial Securities
issued on the Issue Date, the Registration Rights Agreement dated December 28, 2006,
among the Company, Tropicana Finance and Credit Suisse Securities (USA) LLC, as
representative of the Initial Purchasers, and (2) with respect to each issuance of
Additional Securities issued in a transaction exempt from the registration requirements
of the Securities Act, the registration rights agreement, if any, among the Company,
Tropicana Finance, the Notes Guarantors and the Persons purchasing such Additional
Securities under the related Purchase Agreement.

          “Securities” means the Initial Securities, the Exchange Securities and the Private
Exchange Securities, treated as a single class.

          “Securities Act” means the Securities Act of 1933.

          “Securities Custodian” means the custodian with respect to a Global Security
(as appointed by the Depository), or any successor Person thereto and shall
initially be the Trustee.

          “Shelf Registration Statement” means the registration statement issued by the
Company in connection with the offer and sale of Initial Securities or Private Exchange
Securities pursuant to a Registration Rights Agreement.

          

 

3

          “Transfer Restricted Securities” means Securities that bear or are required to bear the
legend relating to restrictions on transfer relating to the Securities Act set forth in Section
2.3(e) hereto.

     1.2 Other Definitions

	 	 	 	 	 
	 	 	Defined
	 	 	in
	Term	 	Section:
	“Agent Members” 
	 	 	2.1	(b)
	“Global Securities” 
	 	 	2.1	(a)
	“IAI Global Security” 
	 	 	2.1	(a)
	“Permanent Regulation S Global Security” 
	 	 	2.1	(a)
	“Regulation S” 
	 	 	2.1 	(a)
	“Regulation S Global Security” 
	 	 	2.1	(a)
	“Rule 144A” 
	 	 	2.1	(a)
	“Rule 144A Global Security” 
	 	 	2.1	(a)
	“Temporary Regulation S Global Security” 
	 	 	2.1 	(a)

     2. The Securities.

     2.1 (a) Form and Dating. The Initial Securities will be offered and sold
by the Issuers pursuant to a Purchase Agreement. The Initial Securities will be resold initially
only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons
other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S under the
Securities Act (“Regulation S”). Initial Securities may thereafter be transferred to, among others,
QIBs, IAIs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set
forth herein. Initial Securities initially resold pursuant to Rule 144A shall be issued initially
in the form of one or more permanent global Securities in definitive, fully registered form
(collectively, the “Rule 144A Global Security”);
Initial Securities initially resold to IAIs shall
be issued initially in the form of one or more permanent global Securities in definitive, fully
registered form (collectively, the “IAI Global Security”); and Initial Securities initially resold
pursuant to Regulation S shall be issued initially in the form of one or more temporary global
securities in fully registered form (collectively, the “Temporary Regulation S Global Security”),
in each case without interest coupons and with the global securities legend and the applicable
restricted securities legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of
the purchasers of the Initial Securities represented thereby with the Securities Custodian and
registered in the name of the Depository or a nominee of the Depository, duly executed by the
Issuers and authenticated by the Trustee as provided in the Indenture. Except as set forth in this
Section 2.1(a), beneficial ownership interests in the Temporary Regulation S Global Security will
not be exchangeable for interests in the Rule 144A Global Security, the IAI Global Security, a
permanent global security (the

 

4

“Permanent Regulation S Global Security”, and together with the Temporary Regulation S
Global Security, the “Regulation S Global Security”) or any other Security prior to the
expiration of the Distribution Compliance Period and then, after the expiration of the
Distribution Compliance Period, may be exchanged for interests in a Rule 144A Global
Security, an IAI Global Security or the Permanent Regulation S Global Security only upon
certification in form reasonably satisfactory to the Trustee that (i) beneficial
ownership interests in such Temporary Regulation S Global Security are owned either by
non-U.S. persons or U.S. persons who purchased such interests in a transaction that did
not require registration under the Securities Act and (ii) in the case of an exchange for
an IAI Global Security, certification that the interest in the Temporary Regulation S
Global Security is being transferred to an institutional “accredited investor” under the
Securities Act that is an institutional accredited investor acquiring the securities for
its own account or for the account of an institutional accredited investor.

          Beneficial interests in Temporary Regulation S Global Securities or IAI Global
Securities may be exchanged for interests in Rule 144A Global Securities if (1) such
exchange occurs in connection with a transfer of Securities in compliance with Rule 144A
and (2) the transferor of the beneficial interest in the Temporary Regulation S Global
Security or the IAI Global Security, as applicable, first delivers to the Trustee a
written certificate (in a form satisfactory to the Trustee) to the effect that the
beneficial interest in the Temporary Regulation S Global Security or the IAI Global
Security, as applicable, is being transferred to a Person (a) who the transferor
reasonably believes to be a QIB, (b) purchasing for its own account or the account of a
QIB in a transaction meeting the requirements of Rule 144A, and (c) in accordance with
all applicable securities laws of the States of the United States and other
jurisdictions.

          Beneficial interests in Temporary Regulation S Global Securities and Rule 144A
Global Securities may be exchanged for an interest in IAI Global Securities if (1) such
exchange occurs in connection with a transfer of the securities in compliance with an
exemption under the Securities Act and (2) the transferor of the Regulation S Global
Security or Rule 144A Global Security, as applicable, first delivers to the trustee a
written certificate (substantially in the form of Exhibit 2) to the effect that (A) the
Regulation S Global Security or Rule 144A Global Security, as applicable, is being
transferred (a) to an “accredited investor” within the meaning of 501(a)(l),(2),(3) and
(7) under the Securities Act that is an institutional investor acquiring the securities
for its own account or for the account of such an institutional accredited investor, in
each case in a minimum principal amount of the securities of $250,000, for investment
purposes and not with a view to or for offer or sale in connection with any distribution
in violation of the Securities Act and (B) in accordance with all applicable securities
laws of the States of the United States and other jurisdictions.

          Beneficial interests in a Rule 144A Global Security or an IAI Global Security may be
transferred to a Person who takes delivery in the form of an interest in a Regulation S
Global Security, whether before or after the expiration of the Distribution Compliance
Period, only if the transferor first delivers to the Trustee a written certificate (in
the form provided in the Indenture) to the effect that such transfer is being made in
accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable).

 

5

          The Rule 144A Global Security, the IAI Global Security, the Temporary
Regulation S Global Security and the Permanent Regulation S Global Security are
collectively referred to herein as “Global Securities”. The aggregate principal amount of
the Global Securities may from time to time be increased or decreased by adjustments made
on the records of the Trustee and the Depository or its nominee as hereinafter provided.

          (b)
Book-Entry Provisions. This Section 2.1(b) shall apply only to a
Global Security deposited with or on behalf of the Depository.

          The Issuers shall execute and the Trustee shall, in accordance with this Section
2.1(b), authenticate and deliver initially one or more Global Securities that (a) shall
be registered in the name of the Depository for such Global Security or Global Securities
or the nominee of such Depository and (b) shall be delivered by the Trustee to such
Depository or pursuant to such Depository’s instructions or held by the Trustee as
custodian for the Depository.

          Members of, or participants in, the Depository (“Agent Members”) shall have no
rights under this Indenture with respect to any Global Security held on their behalf by
the Depository or by the Trustee as the custodian of the Depository or under such Global
Security, and the Issuers, the Trustee and any agent of the Issuers or the Trustee shall
be entitled to treat the Depository as the absolute owner of such Global Security 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 of such Depository governing the exercise of the rights of a holder of a
beneficial interest in any Global Security.

          (c)
Definitive Securities. Except as provided in this Section 2.1 or
Section 2.3 or 2.4. owners of beneficial interests in Global Securities shall not be
entitled
to receive physical delivery of Definitive Securities.

     2.2
Authentication. The Trustee shall authenticate and deliver: (1) on
the Issue Date, an aggregate principal amount of $960.0 million
95/8% Senior Subordinated Notes due 2014, (2) any Additional
Securities for an original issue in an aggregate principal amount specified in the
written order of the Issuers pursuant to Section 2.02 of the Indenture and (3) Exchange
Securities or Private Exchange Securities for issue only in a Registered Exchange Offer
or a Private Exchange, respectively, pursuant to a Registration Rights Agreement, for a
like principal amount of Initial Securities, in each case upon a written order of the
Issuers signed by two Officers of each Issuer or by an Officer and either an Assistant
Treasurer or an Assistant Secretary of such Issuer. Such order shall specify the amount
of the Securities to be authenticated and the date on which the original issue of
Securities is to be authenticated and, in the case of any issuance of Additional
Securities pursuant to Section 2.13 of the Indenture, shall certify that such issuance is
in compliance with Section 4.03 of the Indenture.

 

6

     2.3
Transfer and Exchange.

          (a) Transfer and Exchange of Definitive Securities. When Definitive
Securities are presented to the Registrar with a request:

	 	(x)	 	to register the transfer of such Definitive Securities; or
	 
	 	(y)	 	to exchange such Definitive Securities for an equal principal amount of Definitive Securities of other authorized denominations,

the Registrar shall register the transfer or make the exchange as requested if its
reasonable requirements for such transaction are met;
provided, however, that the Definitive Securities surrendered for transfer or exchange:

     (i) shall be duly endorsed or accompanied by a written instrument of
transfer in form reasonably satisfactory to the Issuers and the Registrar,
duly executed by the Holder thereof or its attorney duly authorized in
writing; and

     (ii) if such Definitive Securities are required to bear a restricted
securities legend, they are being transferred or exchanged pursuant to an
effective registration statement under the Securities Act, pursuant to Section
2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied by the
following additional information and documents, as applicable:

     (A) if such Definitive Securities are being delivered to the
Registrar by a Holder for registration in the name of such Holder,
without
transfer, a certification from such Holder to that effect; or

     (B) if such Definitive Securities are being transferred to either
Issuer, a certification to that effect; or

     (C) if such Definitive Securities are being transferred (x)
pursuant to an exemption from registration in accordance with Rule
144A,
Regulation S or Rule 144 under the Securities Act; or (y) in reliance
upon
another exemption from the requirements of the Securities Act: (i) a
certification to that effect (in the form set forth on the reverse of
the
Security) and (ii) if the Issuers so request, an opinion of counsel
or other
evidence reasonably satisfactory to it as to the compliance with the
restrictions set forth in the legend set forth in Section 2.3(e)(i).

          (b) Restrictions on Transfer of a Definitive Security for a Beneficial
Interest in a Global Security. A Definitive Security may not be exchanged
for a
beneficial interest in a Rule 144A Global Security, an IAI Global Security or a
Permanent
Regulation S Global Security except upon satisfaction of the requirements set forth
below. Upon receipt by the Trustee of a Definitive Security, duly endorsed or
accompanied by appropriate instruments of transfer, in form satisfactory to the
Trustee,
together with:

 

7

     (i) certification, in the form set forth on the reverse of the
Security, that such Definitive Security is either (A) being transferred to
a QIB in accordance with Rule 144A, (B) being transferred to an IAI or (C)
being transferred after expiration of the Distribution Compliance Period
by a Person who initially purchased such Security in reliance on
Regulation S to a buyer who elects to hold its interest in such Security
in the form of a beneficial interest in the Permanent Regulation S Global
Security; and

     (ii) written instructions directing the Trustee to make, or to
direct the Securities Custodian to make, an adjustment on its books and
records with respect to such Rule 144A Global Security (in the case of a
transfer pursuant to clause (b)(i)(A)), IAI Global Security (in the case
of a transfer pursuant to clause (b)(1)(B)) or Permanent Regulation S
Global Security (in the case of a transfer pursuant to clause (b)(i)(B))
to reflect an increase in the aggregate principal amount of the Securities
represented by the Rule 144A Global Security, IAI Global Security or
Permanent Regulation S Global Security, as applicable, such instructions
to contain information regarding the Depository account to be credited
with such increase,

then the Trustee shall cancel such Definitive Security and cause, or direct the
Securities Custodian to cause, in accordance with the standing instructions and
procedures existing between the Depository and the Securities Custodian, the aggregate
principal amount of Securities represented by the Rule 144A Global Security, IAI Global
Security or Permanent Regulation S Global Security, as applicable, to be increased by the
aggregate principal amount of the Definitive Security to be exchanged and shall credit or
cause to be credited to the account of the Person specified in such instructions a
beneficial interest in the Rule 144A Global Security, IAI Global Security or Permanent
Regulation S Global Security, as applicable, equal to the principal amount of the
Definitive Security so canceled. If no Rule 144A Global Securities, IAI Global Securities
or Permanent Regulation S Global Securities, as applicable, are then outstanding, the
Issuers shall issue and the Trustee shall authenticate, upon written order of the Issuers
in the form of an Officers’ Certificate of each Issuer, a new Rule 144A Global Security,
IAI Global Security or Permanent Regulation S Global Security, as applicable, in the
appropriate principal amount.

          (c)
Transfer and Exchange of Global Securities.

     (i) The transfer and exchange of Global Securities or
beneficial interests therein shall be effected through the Depository, in
accordance with this Indenture (including applicable restrictions on
transfer set forth herein, if any) and the procedures of the Depository
therefor. A transferor of a beneficial interest in a Global Security shall
deliver to the Registrar a written order given in accordance with the
Depository’s procedures containing information regarding the participant
account of the Depository to be credited with a beneficial interest in the

 

8

Global Security. The Registrar shall, in accordance with such
instructions instruct the Depository to credit to the account of the Person
specified in such instructions a beneficial interest in the Global Security
and to debit the account of the Person making the transfer the beneficial
interest in the Global Security being transferred.

     (ii) If the proposed transfer is a transfer of a beneficial interest
in one Global Security to a beneficial interest in another Global Security,
the Registrar shall reflect on its books and records the date and an
increase in the principal amount of the Global Security to which such
interest is being transferred in an amount equal to the principal amount of
the interest to be so transferred, and the Registrar shall reflect on its
books and records the date and a corresponding decrease in the principal
amount of the Global Security from which such interest is being
transferred.

     (iii) Notwithstanding any other provisions of this Appendix
(other than the provisions set forth in Section 2.4), a Global Security
may not be transferred as a whole except by the Depository to a nominee of
the Depository or by a nominee of the Depository to the Depository or
another nominee of the Depository or by the Depository or any such nominee
to a successor Depository or a nominee of such successor Depository.

     (iv) In the event that Global Security is exchanged for
Definitive Securities to Section 2.4 of this Appendix, prior to the
consummation of a Registered Exchange Offer or the effectiveness of a
Shelf Registration Statement with respect to such Securities, such
Securities may be exchanged only in accordance with such procedures as are
substantially consistent with the provisions of this Section 2.3
(including the certification requirements set forth on the reverse of the
Initial Securities intended to ensure that such transfers comply with Rule
144A, Regulation S or another applicable exemption under the Securities
Act, as the case may be) and such other procedures as may from time to
time be adopted by the Issuers.

          (d)
Restrictions on Transfer of Temporary Regulation S Global
Securities. During the Distribution Compliance Period, beneficial ownership
interests in
Temporary Regulation S Global Securities may only be sold, pledged or transferred in
accordance with the Applicable Procedures and only (i) to the Issuers, (ii) in an
offshore
transaction in accordance with Regulation S (other than a transaction resulting in
an
exchange for an interest in a Permanent Regulation S Global Security), (iii)
pursuant to
an effective registration statement under the Securities Act, in each case in
accordance
with any applicable securities laws of any state of the United States.

          (e)
Legend.

     (i) Except as permitted by the following paragraphs (ii), (iii)
and (iv), each Security certificate evidencing the Global Securities (and all

 

9

Securities issued in exchange therefor or in substitution thereof), in the case of
Securities offered otherwise than in reliance on Regulation S shall bear a legend in
substantially the following form:

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF
THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5
OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUERS THAT (A) THIS
SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN
THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) TO AN “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),(2),(3) OR (7) UNDER THE
SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED
LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE)
AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF
SECURITIES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUERS
THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (III) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE
SECURITIES ACT, (IV) PURSUANT TO EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES
(I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES

 

10

LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

IF AT ANY TIME ANY GAMING AUTHORITY FINDS THAT AN OWNER OF THIS SECURITY
IS UNSUITABLE TO CONTINUE TO HAVE AN INVOLVEMENT IN GAMING IN ANY
JURISDICTION, SUCH OWNER MUST DISPOSE OF SUCH SECURITY AS PROVIDED BY THE
LAWS OF SUCH JURISDICTION. SUCH LAWS AND REGULATIONS MAY RESTRICT THE
RIGHT UNDER CERTAIN CIRCUMSTANCES: (A) TO PAY OR RECEIVE ANY DIVIDEND OR
INTEREST UPON SUCH SECURITY; (B) TO EXERCISE, DIRECTLY OR THROUGH ANY
TRUSTEE OR NOMINEE, ANY VOTING RIGHT CONFERRED BY SUCH SECURITY; OR (C)
RECEIVE ANY REMUNERATION IN ANY FORM FROM THE ISSUERS, FOR SERVICES
RENDERED OR OTHERWISE.

     Each certificate evidencing a Security offered in reliance on Regulation S
shall, in addition to the foregoing, bear a legend in substantially the following form:

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A
TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE
SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN
REGULATIONS UNDER THE SECURITIES ACT.

     Each Definitive Security shall also bear the following additional legend:

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR
AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

11

     (ii) Upon any sale or transfer of a Transfer Restricted Security
(including any Transfer Restricted Security represented by a Global
Security) pursuant to Rule 144 under the Securities Act, the Registrar
shall permit the transferee thereof to exchange such Transfer Restricted
Security for a certificated Security that does not bear the legend set
forth above and rescind any restriction on the transfer of such Transfer
Restricted Security, if the transferor thereof certifies in writing to the
Registrar that such sale or transfer was made in reliance on Rule 144 (such
certification to be in the form set forth on the reverse of the Security).

     (iii) After a transfer of any Initial Securities or Private
Exchange Securities pursuant to and during the period of the effectiveness
of a Shelf Registration Statement with respect to such Initial Securities
or Private Exchange Securities, as the case may be, all requirements
pertaining to legends on such Initial Security or such Private Exchange
Security will cease to apply, the requirements requiring any such Initial
Security or such Private Exchange Security issued to certain Holders be
issued in global form will cease to apply, and a certificated Initial
Security or Private Exchange Security or an Initial Security or Private
Exchange Security in global form, in each case without restrictive
transfer legends, will be available to the transferee of the Holder of
such Initial Securities or Private Exchange Securities upon exchange of
such transferring Holder’s certificated Initial Security or Private
Exchange Security or directions to transfer such Holder’s interest in the
Global Security, as applicable.

     (iv) Upon the consummation of a Registered Exchange Offer
with respect to the Initial Securities, all requirements pertaining to
such Initial Securities that Initial Securities issued to certain Holders
be issued in global form will still apply with respect to Holders of such
Initial Securities that do not exchange their Initial Securities, and
Exchange Securities in certificated or global form, in each case without
the restricted securities legend set forth in Exhibit 1 hereto will be
available to Holders that exchange such Initial Securities in such
Registered Exchange Offer.

     (v) Upon the consummation of a Private Exchange with respect
to the Initial Securities, all requirements pertaining to such Initial
Securities that Initial Securities issued to certain Holders be issued in
global form will still apply with respect to Holders of such Initial
Securities that do not exchange their Initial Securities, and Private
Exchange Securities in global form with the global securities legend and
the applicable restricted securities legend set forth in Exhibit 1 hereto
will be available to Holders that exchange such Initial Securities in such
Private Exchange.

          (f)
Cancellation or Adjustment of Global Security. At such time as all
beneficial interests in a Global Security have either been exchanged for Definitive
Securities, redeemed, purchased or canceled, such Global Security shall be returned to

 

12

the Depository for cancellation or retained and canceled by the Trustee. At any time
prior to such cancellation, if any beneficial interest in a Global Security is exchanged
for certificated Securities, redeemed, purchased or canceled, the principal amount of
Securities represented by such Global Security shall be reduced and an adjustment shall
be made on the books and records of the Trustee (if it is then the Securities Custodian
for such Global Security) with respect to such Global Security, by the Trustee or the
Securities Custodian, to reflect such reduction.

          (g)
No Obligation of the Trustee.

     (i) The Trustee shall have no responsibility or obligation to
any beneficial owner of a Global Security, a member of, or a participant
in the Depository or 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 Securities 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 the payment of any amount, under or with respect
to such Securities. All notices and communications to be given to the
Holders and all payments to be made to Holders under the Securities shall
be given or made only to or upon the order of the registered Holders
(which shall be the Depository or its nominee in the case of a Global
Security). The rights of beneficial owners in any Global Security 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 Security (including any transfers between
or among Depository participants, members or beneficial owners in any
Global Security) 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.

          2.4 Definitive Securities.

          (a) A Global Security deposited with the Depository or with the Trustee as
Securities Custodian for the Depository pursuant to Section 2.1 shall be transferred to
the beneficial owners thereof in the form of Definitive Securities in an aggregate
principal amount equal to the principal amount of such Global Security, in exchange for
such Global Security, only if such transfer complies with Section 2.3 hereof and (i) the
Depository notifies the Issuers that it is unwilling or unable to continue as

 

13

Depository for such Global Security and the Depository fails to appoint a successor
depository or if at any time such Depository ceases to be a “clearing agency” registered
under the Exchange Act, in either case, and a successor depository is not appointed by
the Issuers within 90 days of such notice, or (ii) an Event of Default has occurred and
is continuing or (iii) the Issuers, in their sole discretion, notifies the Trustee in
writing that they elects to cause the issuance of Definitive Securities under this
Indenture.

          (b) Any Global Security that is transferable to the beneficial owners
thereof pursuant to this Section 2.4 shall be surrendered by the Depository to the
Trustee
located at its principal corporate trust office in the Borough of
Manhattan, The
City of New York, to be so transferred, in whole or from time to time in part, without
charge, and
the Trustee shall authenticate and deliver, upon such transfer of each portion of
such
Global Security, an equal aggregate principal amount of Definitive Securities of
authorized denominations. Any portion of a Global Security transferred pursuant to
this
Section 2.4 shall be executed, authenticated and delivered only in denominations of
$2,000 principal amount and any integral multiples of $1,000 in excess of $2,000 and
registered in such names as the Depository shall direct. Any Definitive Security
delivered in exchange for an interest in the Transfer Restricted Security shall,
except as
otherwise provided by Section 2.3(e) hereof, bear the applicable restricted
securities
legend and definitive securities legend set forth in Exhibit 1 hereto.

          (c) Subject to the provisions of Section 2.4(b) hereof, the registered
Holder of a Global Security shall be entitled to 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
Securities.

          (d) In the event of the occurrence of one of the events specified in
Section 2.4(a) hereof, the Issuers shall promptly make available to the Trustee a
reasonable supply of Definitive Securities in definitive, fully registered form
without
interest coupons. In the event that such Definitive Securities are not issued, the
Issuers
expressly acknowledge, with respect to the right of any Holder to pursue a remedy
pursuant to Section 6.06 of this Indenture, the right of any beneficial owner of
Securities
to pursue such remedy with respect to the portion of the Global Security that
represents
such beneficial owner’s Securities as if such Definitive Securities had been issued.

 

EXHIBIT 1

to

RULE 144A/REGULATION S/IAI APPENDIX

[FORM OF FACE OF INITIAL SECURITY]

[Global Securities 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
ISSUERS OR THEIR 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 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 SECURITY ONLY] UNTIL 40 DAYS AFTER THE LATER OF
COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE
UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN
ACCORDANCE WITH RULE 144A THEREUNDER.]

[Restricted Securities Legend for Securities

offered otherwise than in Reliance on Regulation S]

          THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF
THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY

 

2

BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY
RULE 144A THEREUNDER.

          THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUERS THAT (A) THIS SECURITY MAY
BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) WITHIN THE UNITED STATES TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) TO AN
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT
THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE
OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF
SECURITIES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUERS THAT SUCH TRANSFER
IS IN COMPLIANCE WITH THE SECURITIES ACT, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I)
THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES,
AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

[Restricted Securities Legend for Securities Offered in Reliance on Regulation S]

          THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT
FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN
TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

[Temporary Regulation S Global Security Legend]

          EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S
GLOBAL SECURITY WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT

 

3

REGULATION S GLOBAL SECURITY OR ANY OTHER SECURITY REPRESENTING AN INTEREST IN THE
SECURITIES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON
TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE
MEANING OF RULE 903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON
CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL
INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH
INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT.
DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS
TEMPORARY REGULATION S GLOBAL SECURITY MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO
THE ISSUERS, (II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904
OF REGULATION S UNDER THE SECURITIES ACT, (III) IN ACCORDANCE WITH RULE 144A UNDER THE
SECURITIES ACT, OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY
REGULATION S GLOBAL SECURITY WILL NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE
RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.

          BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY MAY BE EXCHANGED
FOR INTERESTS IN A RULE 144A GLOBAL SECURITY, WHETHER BEFORE OR AFTER THE EXPIRATION OF
THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION
WITH A TRANSFER OF THE SECURITIES IN COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF
THE REGULATION S GLOBAL SECURITY FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN
THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL
SECURITY IS BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES TO
BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, (B) TO A PERSON WHO
IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

          AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN
THIS TEMPORARY REGULATION S GLOBAL SECURITY MAY BE EXCHANGED FOR INTERESTS IN AN IAI
GLOBAL SECURITY ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE
SECURITIES IN COMPLIANCE WITH AN EXEMPTION UNDER THE SECURITIES ACT AND (2) THE
TRANSFEROR OF

 

4

THE REGULATION S GLOBAL SECURITY FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE
(IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL
SECURITY IS BEING TRANSFERRED (A) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE
501(A)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES
THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO
THE TRANSFER OF THIS SECURITY (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND,
IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF SECURITIES LESS THAN
$250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUERS THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

          BENEFICIAL INTERESTS IN A RULE 144A GLOBAL SECURITY OR AN IAI GLOBAL SECURITY MAY BE
TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S
GLOBAL SECURITY, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION
COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN
CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT SUCH TRANSFER
IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF
AVAILABLE).

[Definitive Securities Legend]

          IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY
REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

[Gaming Legend for all Securities]

          IF AT ANY TIME ANY GAMING AUTHORITY FINDS THAT AN OWNER OF THIS SECURITY IS
UNSUITABLE TO CONTINUE TO HAVE AN INVOLVEMENT IN GAMING IN ANY JURISDICTION, SUCH OWNER
MUST DISPOSE OF SUCH SECURITY AS PROVIDED BY THE LAWS OF SUCH JURISDICTION. SUCH LAWS AND
REGULATIONS MAY RESTRICT THE RIGHT UNDER CERTAIN CIRCUMSTANCES: (A) TO PAY OR RECEIVE ANY
DIVIDEND OR INTEREST UPON SUCH SECURITY; (B) TO EXERCISE, DIRECTLY OR THROUGH ANY TRUSTEE
OR NOMINEE, ANY VOTING RIGHT CONFERRED BY SUCH SECURITY; OR (C) RECEIVE ANY REMUNERATION
IN ANY FORM FROM THE ISSUERS, FOR SERVICES RENDERED OR OTHERWISE.

 

5

	 	 	 	 	 
	No.                     

	 	 	 	$                     

95/8% Senior Subordinated Notes Due 2014

          Each of Wimar OpCo, LLC (d/b/a Tropicana Entertainment), a Delaware
limited liability company, and Wimar OpCo Finance Corp. (d/b/a Tropicana Finance),
a Delaware corporation, jointly and severally, promises to pay to [          ], or
registered assigns, the principal sum of [          ] Dollars on [     ], 20[   ].

          Interest Payment Dates: June 15 and December 15.

          Record Dates: June 1 and December 1.

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

Dated:

	 	 	 	 	 
	 	 	WIMAR OPCO, LLC,
	 
	 	 	 	 
	 

	 	     By	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	     By	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	WIMAR OPCO FINANCE CORP.,
	 
	 	 	 	 
	 

	 	     By	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 
	 	 	 	 
	 

	 	     By	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

 

6

	 	 	 	 	 	 	 
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	 
	 	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION	 	 
	 	 	as Trustee, certifies that this is one of
the Securities referred
to in the Indenture.
	 
	 

	 	By
	 	
 

Authorized Signatory
	 	 

 

 

7

[FORM OF REVERSE SIDE OF INITIAL SECURITY]

95/8% Senior Subordinated Note Due 2014

1. Interest

          Each of Wimar OpCo, LLC (d/b/a Tropicana Entertainment), a Delaware limited
liability company (such limited liability company, and its successors and assigns under
the Indenture hereinafter referred to, being herein called the “Company”), and Wimar OpCo
Finance Corp. (d/b/a Tropicana Finance), a Delaware corporation (such corporation, and
its successors and assigns under the Indenture hereinafter referred to, being herein
called “Tropicana Finance” and, collectively with the Company, the “Issuers”), jointly
and severally promises to pay interest on the principal amount of this Security at the
rate per annum shown above; provided, however, that if a Registration Default (as
defined in the Registration Rights Agreement) occurs, additional interest will accrue on
this Security at a rate of 0.50% per annum (increasing by an additional 0.50% per annum
after each consecutive 90-day period that occurs after the date on which such
Registration default occurs up to a maximum additional interest rate of 1.00%) from and
including the date on which any such Registration Default shall occur to but excluding
the date on which all Registration Defaults have been cured. The Issuers will pay
interest semiannually on June 15 and December 15 of each year, commencing June 15, 2007.
Interest on the Securities will accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from December 28, 2006. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. The Issuers will pay
interest on overdue principal at the rate borne by this Security plus 1.0% per annum, and
it will pay interest on overdue installments of interest at the same rate to the extent
lawful.

2. Method of Payment

          The Issuers will pay interest on the Securities (except defaulted interest) to the
Persons who are registered holders of Securities at the close of business on the June 1
or December 1 next preceding the interest payment date even if Securities are canceled
after the record date and on or before the interest payment date. Holders must surrender
Securities to a Paying Agent to collect principal payments. The Issuers will pay
principal and interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts. Payments in respect of the Securities
represented by a Global Security (including principal, premium and interest) will be made
by wire transfer of immediately available funds to the accounts specified by the
Depository. The Issuers will make all payments in respect of a certificated Security
(including principal, premium and interest) by mailing a check to the registered address
of each Holder thereof; provided, however, that payments on a certificated
Security will be made 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 the 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).

 

8

3. Paying Agent and Registrar

          Initially, U.S. Bank National Association (the “Trustee”), will act as Paying Agent
and Registrar. The Issuers may appoint and change any Paying Agent, Registrar or
co-registrar without notice. The Issuers or any Wholly Owned Subsidiary of the Company
incorporated or organized within The United States of America may act as Paying Agent,
Registrar or co-registrar.

4. Indenture

          The Issuers issued the Securities under an Indenture dated as of December 28, 2006
(“Indenture”), among the Issuers, the Notes Guarantors and the Trustee. The terms of the
Securities include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the
“Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed
thereto in the Indenture. The Securities are subject to all such terms, and
Securityholders are referred to the Indenture and the Act for a statement of those terms.

          The Securities are general unsecured obligations of the Issuers. The Issuers shall
be entitled, subject to their compliance with Section 4.03 of the Indenture, to issue
Additional Securities pursuant to Section 2.13 of the Indenture. The Initial Securities
issued on the Issue Date, any Additional Securities and all Exchange Securities or
Private Exchange Securities issued in exchange therefor will be treated as a single class
for all purposes under the Indenture. The Indenture contains covenants that limit the
ability of the Company, the Affiliated Guarantors and their respective Restricted
Subsidiaries to incur additional indebtedness; pay dividends or distributions on, or
redeem or repurchase capital stock; make investments; engage in transactions with
affiliates; transfer or sell assets; guarantee indebtedness; restrict dividends or other
payments of subsidiaries; consolidate and merge or transfer all or substantially all of
its assets and the assets of its subsidiaries. These covenants are subject to important
exceptions and qualifications.

5. Optional Redemption

          Except as set forth below and in paragraphs 6 and 7, the Issuers shall not be
entitled to redeem the Securities.

          On and after December 15, 2010, the Issuers may at their option redeem the
Securities, in whole or in part, upon notice in accordance with Section 3.03 at the
redemption prices (expressed as percentages of principal amount of the Securities to be
redeemed on the redemption date) set forth below, plus accrued and unpaid interest, if
any, to the optional redemption date, subject to the right of Securityholders of record
on the relevant record date to receive interest due on the relevant interest payment
date, if redeemed during the 12-month period beginning on December 15 of the years set
forth below:

 

9

	 	 	 	 	 
	Year	 	Redemption Price
	2010
	 	 	104.813	%
	2011
	 	 	102.406	%
	2012 and thereafter
	 	 	100.000	%

          In addition, until December 15, 2010, the Issuers may, at their option, redeem
up to 35% of the aggregate principal amount of Securities issued by it at a redemption
price equal to 100% of the aggregate principal amount thereof, plus a premium equal to
the stated interest rate per annum on the Securities, plus accrued and unpaid interest,
if any, to the redemption date, subject to the right of Securityholders of record on the
relevant record date to receive interest due on the relevant interest payment date, with
the net cash proceeds received by it from one or more Qualified Equity Offerings;
provided that (i) at least 65% of the sum of the aggregate principal amount of
Securities originally issued under the Indenture and any Additional Securities that are
Securities issued under the Indenture after the Issue Date remain outstanding immediately
after the occurrence of each such redemption (other than Securities held, directly or
indirectly, by the Company or any of its Affiliates); and (ii) each such redemption
occurs within 90 days of the date of closing of the related Qualified Equity Offering.

          At any time prior to December 15, 2010, the Issuers may, at their option, redeem all
or a portion of the Securities, at a redemption price equal to 100% of the principal
amount of such Securities redeemed plus the Applicable Premium as of, and accrued and
unpaid interest, if any, to the redemption date, subject to the right of Securityholders
of record on the relevant record date to receive interest due on the relevant interest
payment date. The Issuers shall cause notice of such redemption to be mailed by
first-class mail to each Holder’s registered address, not less than 30 nor more than 60
days prior to the redemption date.

6. Gaming Redemption

          If, at any time, any Gaming Authority requires that a Holder or beneficial owner of
Securities must be licensed or obtain interim casino authorization or be found qualified
or suitable under any Gaming Laws applicable to the Company or any Affiliated Guarantor
and such Holder or beneficial owner: (i) fails to apply for a license, authorization,
qualification or finding of suitability within 30 days (or such shorter period as may be
required by the applicable Gaming Authority) after being requested to do so by the Gaming
Authority, or (ii) is denied such license or qualification, authorization or
qualification or is not found suitable, subject to applicable Gaming Laws the Issuers
shall have the right, at their option: (1) to require such Holder or beneficial owner to
dispose of its Securities within 30 days (or such earlier date as may be required by the
applicable Gaming Authority) of receipt of such notice or finding by such Gaming
Authority, or (2) to call for the redemption of the Securities held by such Holder or
beneficial owner at a redemption price equal to the least of: (A) the principal amount
thereof, together with accrued interest to the earlier of the date of redemption or the
date of the denial of

 

10

license, authorization or qualification or of the finding of unsuitability by such Gaming
Authority, (B) the price at which such Holder or beneficial owner acquired the
Securities, together with accrued interest to the earlier of the date of redemption or
the date of the denial of license, authorization or qualification or of the finding of
unsuitability by such Gaming Authority, and (C) such other lesser amount as may be
required by any Gaming Authority.

          Immediately upon a determination by a Gaming Authority that a Holder or beneficial
owner of Securities will not be licensed, authorized, qualified or found suitable or is
denied a license, qualification or finding of suitability, the Holder or beneficial owner
thereof will not have any further rights with respect to the Securities to (x) exercise,
directly or indirectly, through any Person, any right conferred by the Securities or (y)
receive any interest or any other distribution or payment with respect to the Securities,
except the redemption price with respect to the Securities as described above.

          The Issuers shall notify the Trustee in writing of any such redemption as soon as
practicable. The Holder or beneficial owner applying for any such license, authorization,
qualification or finding of suitability shall pay all costs and fees, including filing
fees, investigatory fees, administrative fees and attorney fees, of the application for
such license, authorization, qualification or finding of suitability.

7. Special Mandatory Redemption

          In the event the Aztar Acquisition is not consummated and the conditions to the
release of the Escrow Funds, in accordance with the Escrow Agreement, are not met on or
prior to February 26, 2006 or the Aztar Merger Agreement is terminated in accordance with
its terms at any time prior thereto, the Issuers shall redeem the Securities at a
redemption price of 100.00% of the aggregate principal amount of the Securities, plus
accrued and unpaid interest to the redemption date (the “Special Redemption Provision”).
If the Special Redemption Provision is triggered, the Issuers will cause the notice of
special mandatory redemption to be mailed to each Holder no later than the third Business
Day following February 26, 2006 or following the date the Aztar Merger Agreement is
terminated, as applicable, and the Securities shall be redeemed with the Escrow Funds
five Business Days following the date of notice of redemption.

          The obligation to redeem the Securities pursuant to the Special
Redemption Provision may not be waived or modified without the written consent of the
Holder of 90% in principal amount of the Securities. Failure to redeem the Securities
when required pursuant to the Special Redemption Provision will constitute an Event of
Default with respect to the Securities.

8. Notice of Redemption

          Except in the case of a redemption pursuant to the Special Redemption Provision,
notice of redemption will be mailed at least 30 days but not more than 60 days before the
redemption date to each Holder of Securities to be redeemed at his registered

 

11

address. Securities in denominations larger than $1,000 principal amount may be
redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the
redemption price of and accrued interest on all Securities (or portions thereof) to be
redeemed on the redemption date is deposited with the Paying Agent on or before the
redemption date and certain other conditions are satisfied, on and after such date
interest ceases to accrue on such Securities (or such portions thereof) called for
redemption.

9. Put Provisions

          Upon a Change of Control, any Holder of Securities will have the right to cause the
Issuers to repurchase all or any part of the Securities of such Holder at a repurchase
price equal to 101% of the principal amount of the Securities to be repurchased plus
accrued interest to the date of repurchase (subject to the right of holders of record on
the relevant record date to receive interest due on the related interest payment date) as
provided in, and subject to the terms of, the Indenture.

10. Guaranty

          The payment by the Company of the principal of, and premium and interest on, the
Securities is fully and unconditionally guaranteed on a joint and several senior
subordinated basis by each of the Notes Guarantors to the extent set forth in the
Indenture.

11. Subordination

          The Securities are subordinated to Senior Indebtedness of the Issuers and the Notes
Guarantors on the terms and subject to the conditions set forth in the Indenture. To the
extent provided in the Indenture, Senior Indebtedness must be paid before the Securities
may be paid. Each Securityholder by accepting a Security agrees to the subordination
provisions contained in the Indenture and authorizes the Trustee to give it effect and
appoints the Trustee as attorney-in-fact for such purpose.

12. Denominations; Transfer; Exchange

          The Securities are in registered form without coupons in denominations of $2,000
principal amount and whole multiples of $1,000. A Holder may transfer or exchange
Securities in accordance with the Indenture. The Registrar may require a Holder, among
other things, to furnish appropriate endorsements or transfer documents and to pay any
taxes and fees required by law or permitted by the Indenture. The Registrar need not
register the transfer of or exchange any Securities selected for redemption (except, in
the case of a Security to be redeemed in part, the portion of the Security not to be
redeemed) or any Securities for a period of 15 days before a selection of Securities to
be redeemed or 15 days before an interest payment date.

13. Persons Deemed Owners

          The registered Holder of this Security may be treated as the owner of it for all
purposes.

 

12

14. Unclaimed Money

          If money for the payment of principal or interest remains unclaimed for two years,
the Trustee or Paying Agent shall pay the money back to the Issuers at their request
unless an abandoned property law designates another Person. After any such payment,
Holders entitled to the money must look only to the Issuers and not to the Trustee for
payment.

15. Discharge and Defeasance

          Subject to certain conditions, the Issuers at any time shall be entitled to
terminate some or all of its obligations under the Securities 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 Securities to redemption or maturity, as the case may be.

16. Amendment, Waiver

          Subject to certain exceptions set forth in the Indenture, (a) the Indenture
and the Securities may be amended with the written consent of the Holders of at least a
majority in principal amount outstanding of the Securities and (b) any default or
noncompliance with any provision may be waived with the written consent of the Holders of
a majority in principal amount outstanding of the Securities. Subject to certain
exceptions set forth in the Indenture, without the consent of any Securityholder, the
Issuers, the Notes Guarantors and the Trustee shall be entitled to amend the Indenture or
the Securities to cure any ambiguity, omission, defect or inconsistency, or to comply
with Article 5 of the Indenture, or to provide for uncertificated Securities in addition
to or in place of certificated Securities, or to add guarantees with respect to the
Securities, including Notes Guaranties, or to secure the Securities, or to add additional
covenants or surrender rights and powers conferred on the Issuers or the Notes
Guarantors, or to comply with any requirement of the SEC in connection with qualifying
the Indenture under the Act or to make any change that does not adversely affect the
rights of any Securityholder, or to conform the text of the Indenture, the Securities and
the Notes Guaranties to any provision of the section of the Offering Circular captioned
“Description of the Notes” to the extent that such provision in such “Description of the
Notes” was intended to be a verbatim recitation of a provision of this Indenture, the
Securities and the Notes Guaranties, or to make amendments to provisions of the Indenture
relating to the transfer and legending of the Securities.

17. Defaults and Remedies

          Under the Indenture, Events of Default include (a) default for 30 days in payment of
interest on the Securities; (b) default in payment of principal on the Securities at
maturity, upon redemption pursuant to paragraph 5, 6 or 7 of the Securities, upon
acceleration or otherwise, or failure by the Issuers to redeem or purchase Securities
when required; (c) failure by either Issuer, any Affiliated Guarantor or any Notes
Guarantor to comply with other agreements in the Indenture or the Securities, in certain
cases subject to notice and lapse of time; (d) certain accelerations (including failure
to pay within any

 

13

grace period after final maturity) of other Indebtedness of the Company if the amount
accelerated (or so unpaid) exceeds $25.0 million; (e) certain events of bankruptcy or insolvency
with respect to the Issuers, any Notes Guarantor or any Significant Subsidiary; (f) certain
judgments or decrees for the payment of money in excess of $25.0 million: and (g) certain defaults
with respect to Notes Guaranties. If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Securities may declare all the Securities to
be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default
which will result in the Securities being due and payable immediately upon the occurrence of such
Events of Default.

          Securityholders may not enforce the Indenture or the Securities except as provided in the
Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives
indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in
principal amount of the Securities may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in
payment of principal or interest) if it determines that withholding notice is in the interest of
the Holders.

18. Trustee Dealings with the Company

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

19. No Recourse Against Others

          A director, officer, employee, incorporator or stockholder, as such, of either Issuer
or any Notes Guarantor shall not have any liability for any obligations of either Issuer under the
Securities or this Indenture or of any Notes Guarantor under its Notes Guaranty or this Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation. By
accepting a Security, each Securityholder waives and releases all such liability. The waiver and
release shall be part of the consideration for the issue of the Securities.

20. Authentication

          This Security 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
Security.

21. Abbreviations

          Customary abbreviations may be used in the name of a Securityholder or an assignee, such as
TEN COM (=tenants in common), TEN ENT (=tenants by the

 

14

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. CUSIP Numbers

          Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures the Issuers have caused CUSIP numbers to be printed on the
Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as
a convenience to Securityholders. No representation is made as to the accuracy of such
numbers either as printed on the Securities or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

23. Holders’ Compliance with Registration Rights Agreement.

          Each Holder of a Security, by acceptance hereof, acknowledges and agrees to the
provisions of the Registration Rights Agreement, including the obligations of the Holders
with respect to a registration and the indemnification of the Issuers and the Notes
Guarantors to the extent provided therein.

24. Governing Law.

          THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

          The Issuers will furnish to any Securityholder upon written request and without
charge to the Security holder a copy of the Indenture which has in it the text of this
Security in larger type. Requests may be made to:

Wimar OpCo, LLC (d/b/a Tropicana Entertainment) 

207 Grandview Drive 

Fort Mitchell, KY 41017 

Attention: Richard FitzPatrick

 

15

ASSIGNMENT FORM

To assign this Security, fill
in the form below:

I or we assign and transfer this
Security 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 Security 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 Security.

In connection with any transfer of any of the Securities evidenced by this certificate
occurring prior to the expiration of the period referred to in Rule 144(k) under the
Securities Act after the later of the date of original issuance of such Securities and
the last date, if any, on which such Securities were owned by the Company or any
Affiliate of the Company, the undersigned confirms that such Securities are being
transferred in accordance with its terms:

CHECK ONE BOX BELOW

	 	(1)	 	pursuant to an effective registration statement under the Securities
Act of 1933; or
	 
	 	(2)	 	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
	 
	 	(3)	 	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; or

 

16

	 	(4)	 	pursuant to the exemption from registration provided by Rule 144
under the Securities Act of 1933; or
	 
	 	(5)	 	to an institutional “accredited investor” (as defined in Rule
501(a)(l),(2),(3) or (7) under the Securities Act of 1933) that has
furnished to the Trustee a signed letter containing certain
representations and agreements.

	 	 	Unless one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any person other than the
registered holder thereof; provided, however, that if box (4) is checked,
the Trustee shall be entitled to require, prior to registering any such transfer
of the Securities, such legal opinions, certifications and other information as
the Issuers 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, such as the exemption
provided by Rule 144 under such Act.

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Signature

Signature Guarantee:

	 	 	 
	 

	 	 
	Signature must be guaranteed

	 	Signature

     Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended.

 

 

17

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

          The undersigned represents and warrants that it is purchasing this Security 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.

	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Notice:
	 	To be executed by
	 

	 	 	 	 	 	 	 	an executive officer

 

18

[TO BE ATTACHED TO GLOBAL SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

The following increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 
	 	 	Amount of decrease in	 	Amount of increase in	 	Principal amount of this	 	Signature of authorized
	 	 	Principal amount of this	 	Principal amount of this	 	Global Security following	 	officer of Trustee or
	Date of Exchange	 	Global Security	 	Global Security	 	such decrease or increase)	 	Securities Custodian
	 
	 	 	 	 	 	 	 	 

 

19

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Security purchased by the Issuers pursuant to Section
4.06 or 4.10 of the Indenture, check the box: o

          If you want to elect to have only part of this Security purchased by the
Issuers pursuant to Section 4.06 or 4.10 of the Indenture, state the amount in principal
amount: $                    .

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Your Signature: 	 	 
	 

	 
	 	 	 	 	 
	 

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

	 	 	 
	Signature Guarantee:
	 	 
	 

	 	 
	 

	 	(Signature
must be guaranteed)

     Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

 

EXHIBIT A

[FORM OF FACE OF EXCHANGE SECURITY 

OR PRIVATE EXCHANGE SECURITY]

 

			
	*/	 	If the Security is to be issued in global form add the Global Securities Legend from
Exhibit 1 to Appendix A and the attachment from such Exhibit 1 captioned “[TO BE
ATTACHED TO GLOBAL SECURITIES] — SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY”.
	 
	**/.	 	If the Security is a Private Exchange Security issued in a Private Exchange to
an Initial Purchaser holding an unsold portion of its initial allotment, add the
Restricted Securities Legend from Exhibit 1 to Appendix A and replace the Assignment
Form included in this Exhibit A with the Assignment Form included in such Exhibit 1.

 

2

	 	 	 	 	 
	No.                     

	 	 	 	$                     

95/8% Senior Subordinated Notes Due 2014

          Each of Wimar OpCo, LLC (d/b/a Tropicana Entertainment), a Delaware
limited liability company, and Wimar OpCo Finance Corp. (d/b/a Tropicana
Finance), a
Delaware corporation, jointly and severally, promises to pay to [          ], or
registered assigns, the principal sum of [          ] Dollars on [     ], 20[   ].

          Interest Payment Dates: June 15 and December 15.

          Record Dates: June 1 and December 1.

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

Dated:

	 	 	 	 	 
	 	 	WIMAR OPCO, LLC,
	 
	 	 	 	 
	 

	 	     By	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	     By	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	WIMAR OPCO FINANCE CORP.,
	 
	 	 	 	 
	 

	 	     By	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	     By	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

 

3

	 	 	 	 	 	 	 
	TRUSTEE’S CERTIFICATE OF	 	 
	 	 	AUTHENTICATION	 	 
	 
	 	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION	 	 
	 	 	as Trustee, certifies	 	 
	 

	 	 	 	that this is one of

the Securities referred

to in the Indenture.	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

 

4

[FORM OF REVERSE SIDE OF [EXCHANGE] SECURITY

[OR PRIVATE EXCHANGE SECURITY]]

95/8% Senior Subordinated Note Due 2014

1. Interest

          Each of Wimar OpCo, LLC (d/b/a Tropicana Entertainment), a Delaware limited
liability company (such limited liability company, and its successors and assigns under
the Indenture hereinafter referred to, being herein called the “Company”), and Wimar OpCo
Finance Corp. (d/b/a Tropicana Finance), a Delaware corporation (such corporation, and
its successors and assigns under the Indenture hereinafter referred to, being herein
called “Tropicana Finance” and, collectively with the Company, the “Issuers”), jointly
and severally promises to pay interest on the principal amount of this Security at the
rate per annum shown above[; provided, however, that if a Registration Default
(as defined in the Registration Rights Agreement) occurs, additional interest will accrue
on this Security at a rate of 0.50% per annum (increasing by an additional 0.50% per
annum after each consecutive 90-day period that occurs after the date on which such
Registration default occurs up to a maximum additional interest rate of 1.00%) from and
including the date on which any such Registration Default shall occur to but excluding
the date on which all Registration Defaults have been cured].1 The Issuers
will pay interest semiannually on June 15 and December 15 of each year, commencing June
15, 2007. Interest on the Securities will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from December 28, 2006. Interest
will be computed on the basis of a 360-day year of twelve 30-day months. The Issuers will
pay interest on overdue principal at the rate borne by this Security plus 1.0% per annum,
and it will pay interest on overdue installments of interest at the same rate to the
extent lawful.

2. Method of Payment

          The Issuers will pay interest on the Securities (except defaulted interest) to the
Persons who are registered holders of Securities at the close of business on the June 1
or December 1 next preceding the interest payment date even if Securities are canceled
after the record date and on or before the interest payment date. Holders must surrender
Securities to a Paying Agent to collect principal payments. The Issuers will pay
principal and interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts. Payments in respect of the Securities
represented by a Global Security (including principal, premium and interest) will be made
by wire transfer of immediately available funds to the accounts specified by the
Depository. The Issuers will make all payments in respect of a certificated Security
(including principal, premium and interest) by mailing a check to the registered address
of each Holder

 

			
	1	 	Insert if at the date of issuance of the Exchange Security or Private Exchange
Security (as the case may be) any Registration Default has occurred with respect to the
related Initial Securities during the interest period in which such date of issuance
occurs.

 

5

thereof;
provided, however, that payments on a certificated Security will
be made 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 the Paying Agent to such effect designating such account no later than
30 days immediately preceding the relevant due date for payment (or such other date as
the Trustee may accept in its discretion).

3. Paying Agent and Registrar

          Initially, U.S. Bank National Association (the “Trustee”), will act as Paying Agent
and Registrar. The Issuers may appoint and change any Paying Agent, Registrar or
co-registrar without notice. The Issuers or any Wholly Owned Subsidiary of the Company
incorporated or organized within The United States of America may act as Paying Agent,
Registrar or co-registrar.

4. Indenture

          The Issuers issued the Securities under an Indenture dated as of December 28, 2006
(“Indenture”), among the Issuers, the Notes Guarantors and the Trustee. The terms of the
Securities include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa—77bbbb) (the
“Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed
thereto in the Indenture. The Securities are subject to all such terms, and
Securityholders are referred to the Indenture and the Act for a statement of those terms.

          The Securities are general unsecured obligations of the Issuers. The Issuers shall
be entitled, subject to their compliance with Section 4.03 of the Indenture, to issue
Additional Securities pursuant to Section 2.13 of the Indenture. The Initial Securities
issued on the Issue Date, any Additional Securities and all Exchange Securities or
Private Exchange Securities issued in exchange therefor will be treated as a single class
for all purposes under the Indenture. The Indenture contains covenants that limit the
ability of the Company, the Affiliated Guarantors and their respective Restricted
Subsidiaries to incur additional indebtedness; pay dividends or distributions on, or
redeem or repurchase capital stock; make investments; engage in transactions with
affiliates; transfer or sell assets; guarantee indebtedness; restrict dividends or other
payments of subsidiaries; consolidate and merge or transfer all or substantially all of
its assets and the assets of its subsidiaries. These covenants are subject to important
exceptions and qualifications.

5. Optional Redemption

          Except as set forth below and in paragraphs 6 and 7, the Issuers shall not be
entitled to redeem the Securities.

          On
and after December 15, 2010, the Issuers may at their option redeem the
Securities, in whole or in part, upon notice in accordance with Section 3.03 at the
redemption prices (expressed as percentages of principal amount of the Securities to be
redeemed on the redemption date) set forth below, plus accrued and unpaid interest, if

 

6

any, to the Optional Redemption Date, subject to the right of Securityholders of
record on the relevant record date to receive interest due on the relevant interest payment
date, if redeemed during the 12-month period beginning on December 15 of the years set forth
below:

	 	 	 	 	 
	Year	 	Redemption Price
	2010
	 	 	104.813	%
	2011
	 	 	102.406	%
	2012 and thereafter
	 	 	100.000	%

          In addition, until December 15, 2010, the Issuers may, at their option, redeem up
to 35% of the aggregate principal amount of Securities issued by it at a redemption price
equal to 100% of the aggregate principal amount thereof, plus a premium equal to the stated
interest rate per annum on the Securities, plus accrued and unpaid interest, if any, to the
redemption date, subject to the right of Securityholders of record on the relevant record
date to receive interest due on the relevant interest payment date, with the net cash
proceeds received by it from one or more Qualified Equity Offerings; provided that
(i) at least 65% of the sum of the aggregate principal amount of Securities originally issued
under the Indenture and any Additional Securities that are Securities issued under the
Indenture after the Issue Date remain outstanding immediately after the occurrence of each
such redemption (other than Securities held, directly or indirectly, by the Company or any of
its Affiliates); and (ii) each such redemption occurs within 90 days of the date of closing
of the related Qualified Equity Offering.

          At any time prior to December 15, 2010, the Issuers may, at their option, redeem all or
a portion of the Securities, at a redemption price equal to 100% of the principal amount of
such Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest,
if any, to the redemption date, subject to the right of Securityholders of record on the
relevant record date to receive interest due on the relevant interest payment date. The
Issuers shall cause notice of such redemption to be mailed by first-class mail to each
Holder’s registered address, not less than 30 nor more than 60 days prior to the redemption
date.

6. Gaming Redemption

          If, at any time, any Gaming Authority requires that a Holder or beneficial owner of
Securities must be licensed or obtain interim casino authorization or be found qualified or
suitable under any Gaming Laws applicable to the Company or any Affiliated Guarantor and such
Holder or beneficial owner: (i) fails to apply for a license, authorization, qualification or
finding of suitability within 30 days (or such shorter period as may be required by the
applicable Gaming Authority) after being requested to do so by the Gaming Authority, or (ii)
is denied such license or qualification, authorization or qualification or is not found
suitable, subject to applicable Gaming Laws the Issuers shall have the right, at their
option: (1) to require such Holder or beneficial owner to dispose

 

7

of its Securities within 30 days (or such earlier date as may be required by the applicable Gaming
Authority) of receipt of such notice or finding by such Gaming Authority, or (2) to call for the
redemption of the Securities held by such Holder or beneficial owner at a redemption price equal to
the least of: (A) the principal amount thereof, together with accrued interest to the earlier of
the date of redemption or the date of the denial of license, authorization or qualification or of
the finding of unsuitability by such Gaming Authority, (B) the price at which such Holder or
beneficial owner acquired the Securities, together with accrued interest to the earlier of the date
of redemption or the date of the denial of license, authorization or qualification or of the
finding of unsuitability by such Gaming Authority, and (C) such other lesser amount as may be
required by any Gaming Authority.

          Immediately upon a determination by a Gaming Authority that a Holder or beneficial owner of
Securities will not be licensed, authorized, qualified or found suitable or is denied a license,
qualification or finding of suitability, the Holder or beneficial owner thereof will not have any
further rights with respect to the Securities to (x) exercise, directly or indirectly, through any
Person, any right conferred by the Securities or (y) receive any interest or any other distribution
or payment with respect to the Securities, except the redemption price with respect to the
Securities as described above.

          The Issuers shall notify the Trustee in writing of any such redemption as soon as practicable.
The Holder or beneficial owner applying for any such license, authorization, qualification or
finding of suitability shall pay all costs and fees, including filing fees, investigatory fees,
administrative fees and attorney fees, of the application for such license, authorization,
qualification or finding of suitability.

7. Notice of Redemption

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

8. Put Provisions

          Upon a Change of Control, any Holder of Securities will have the right to cause the Issuers to
repurchase all or any part of the Securities of such Holder at a repurchase price equal to 101% of
the principal amount of the Securities to be repurchased plus accrued interest to the date of
repurchase (subject to the right of holders of record on the relevant record date to receive
interest due on the related interest payment date) as provided in, and subject to the terms of, the
Indenture.

 

8

9. Guaranty

          The
payment by the Company of the principal of, and premium and interest on, the Securities is
fully and unconditionally guaranteed on a joint and several senior subordinated basis by each of
the Notes Guarantors to the extent set forth in the Indenture.

10. Subordination

          The Securities are subordinated to Senior Indebtedness of the Issuers and the Notes
Guarantors on the terms and subject to the conditions set forth in the Indenture. To the extent
provided in the Indenture, Senior Indebtedness must be paid before the Securities may be paid. Each
Securityholder by accepting a Security agrees to the subordination provisions contained in the
Indenture and authorizes the Trustee to give it effect and appoints
the Trustee as attorney-in-fact
for such purpose.

11.
Denominations; Transfer; Exchange

          The Securities are in registered form without coupons in denominations of $2,000 principal
amount and whole multiples of $1,000. A Holder may transfer or exchange Securities in accordance
with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by law or permitted by
the Indenture. The Registrar need not register the transfer of or exchange any Securities selected
for redemption (except, in the case of a Security to be redeemed in part, the portion of the
Security not to be redeemed) or any Securities for a period of 15 days before a selection of
Securities to be redeemed or 15 days before an interest payment date.

12. Persons Deemed Owners

          The registered Holder of this Security may be treated as the owner of it for all purposes.

13. Unclaimed Money

          If money for the payment of principal or interest remains unclaimed for two years, the Trustee
or Paying Agent shall pay the money back to the Issuers at their request unless an abandoned
property law designates another Person. After any such payment, Holders entitled to the money must
look only to the Issuers and not to the Trustee for payment.

14. Discharge and Defeasance

          Subject to certain conditions, the Issuers at any time shall be entitled to terminate some or
all of its obligations under the Securities 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
Securities to redemption or maturity, as the case may be.

 

9

15. Amendment; Waiver

          Subject to certain exceptions set forth in the Indenture, (a) the Indenture and the
Securities may be amended with the written consent of the Holders of at least a majority
in principal amount outstanding of the Securities and (b) any default or noncompliance
with any provision may be waived with the written consent of the Holders of a majority in
principal amount outstanding of the Securities. Subject to certain exceptions set forth
in the Indenture, without the consent of any Securityholder, the Issuers, the Notes
Guarantors and the Trustee shall be entitled to amend the Indenture or the Securities to
cure any ambiguity, omission, defect or inconsistency, or to comply with Article 5 of the
Indenture, or to provide for uncertificated Securities in addition to or in place of
certificated Securities, or to add guarantees with respect to the Securities, including
Notes Guaranties, or to secure the Securities, or to add additional covenants or
surrender rights and powers conferred on the Issuers or the Notes Guarantors, or to
comply with any requirement of the SEC in connection with qualifying the Indenture under
the Act, or to make any change that does not adversely affect the rights of any
Securityholder, or to conform the text of the Indenture, the Securities and the Notes
Guarantees to any provision of the section of the Offering Circular captioned
“Description of the Notes” to the extent that such provision in such “Description of the
Notes” was intended to be a verbatim recitation of a provision of this Indenture, the
Securities and the Notes Guaranties, or to make amendments to provisions of the Indenture
relating to the transfer and legending of the Securities.

16. Defaults and Remedies

          Under the Indenture, Events of Default include (a) default for 30 days in payment of
interest on the Securities; (b) default in payment of principal on the Securities at
maturity, upon redemption pursuant to paragraph 5, 6 or 7 of the Securities, upon
acceleration or otherwise, or failure by the Issuers to redeem or purchase Securities
when required; (c) failure by either Issuer, any Affiliated Guarantor or any Notes
Guarantor to comply with other agreements in the Indenture or the Securities, in certain
cases subject to notice and lapse of time; (d) certain accelerations (including failure
to pay within any grace period after final maturity) of other Indebtedness of the Company
if the amount accelerated (or so unpaid) exceeds $25.0 million; (e) certain events of
bankruptcy or insolvency with respect to the Issuers, any Notes Guarantor or any
Significant Subsidiary; (f) certain judgments or decrees for the payment of money in
excess of $25.0 million; and (g) certain defaults with respect to Notes Guaranties. If an
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the Securities may declare all the Securities to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default which will
result in the Securities being due and payable immediately upon the occurrence of such
Events of Default.

          Securityholders may not enforce the Indenture or the Securities except as provided
in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities
unless it receives indemnity or security satisfactory to it. Subject to certain
limitations, Holders of a majority in principal amount of the Securities may direct the

 

10

Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders
notice of any continuing Default (except a Default in payment of principal or interest) if it
determines that withholding notice is in the interest of the Holders.

17. Trustee Dealings with the Company

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

18. No Recourse Against Others

          A director, officer, employee, incorporator or stockholder, as such, of either Issuer or any
Notes Guarantor shall not have any liability for any obligations of either Issuer under the
Securities or this Indenture or of any Notes Guarantor under its Notes Guaranty or this Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation. By
accepting a Security, each Securityholder waives and releases all such liability. The waiver and
release shall be part of the consideration for the issue of the Securities.

19. Authentication

          This Security 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
Security.

20. Abbreviations

          Customary abbreviations may be used in the name of a Securityholder 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).

21. CUSIP Numbers

          Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures the Company has caused CUSIP numbers to be printed on the Securities and has directed
the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as
contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon.

[22. Holders’ Compliance with Registration Rights Agreement

 

11

          Each Holder of a Security, by acceptance hereof, acknowledges and agrees to
the provisions of the Registration Rights Agreement, including the obligations of the
Holders with respect to a registration and the indemnification of the Company to the
extent provided therein.]2

23. Governing Law

          THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

          The Issuers will furnish to any Securityholder upon written request and without
charge to the Security holder a copy of the Indenture which has in it the text of this
Security in larger type. Requests may be made to:

Wimar OpCo, LLC (d/b/a Tropicana Entertainment) 

207 Grandview Drive

Fort Mitchell, KY 41017

Attention: Richard FitzPatrick

 

			
	2	 	Delete if this Security is not being issued in exchange for an Initial Security.

 

12

ASSIGNMENT FORM

To assign this Security, fill in the
form below:

I or we assign and transfer this Security 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 Security on the books of the
Issuers. The agent may substitute another to act for him.

 

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Your Signature:	 	 
	 

	 	 
	 	 	 	 	 	 

 

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

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Security purchased by the Issuers pursuant to Section
4.06 or 4.10 of the Indenture, check the box: o

          If you want to elect to have only part of this Security purchased by the
Issuers pursuant to Section 4.06 or 4.10 of the Indenture, state the amount in principal
amount: $                     .

	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	Your Signature:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

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

	 	 	 
	Signature Guarantee:
	 	 
	 

	 	 
	 

	 	(Signature must be guaranteed)

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Registrar, which requirements include membership or participation in the Security Transfer
Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

 

 

EXHIBIT 2 to Rule 144A/REGULATION S/IAI APPENDIX

Form of

Transferee Letter of Representation

Wimar OpCo, LLC (d/b/a Tropicana Entertainment)

Wimar OpCo Finance Corp. (d/b/a Tropicana Finance)

In care of

U.S. Bank National Association

175 South Third Street, 4th Floor

Columbus, Ohio 43215

Ladies and Gentlemen:

     This certificate is delivered to request a transfer of $           principal
amount of the
95/8% Senior Subordinated Notes due 2014 (the “Securities”) of
Wimar OpCo, LLC (d/b/a Tropicana Entertainment), a Delaware limited liability company (the
“Company”), and Wimar OpCo Finance Corp. (d/b/a Tropicana Finance), a Delaware corporation
(“Tropicana Finance” and, collectively with the Company, the “Issuers”).

     Upon transfer, the Securities would be registered in the name of the new beneficial
owner as follows:

	 	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Taxpayer ID Number:	 	 	 	 
	 

	 	 	 	 	 	 

     The undersigned represents and warrants to you that:

     1. We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own
account or for the account of such an institutional “accredited investor” at least $250,000
principal amount of the Securities, and we are acquiring the Securities 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 Securities, and we invest in or purchase securities
similar to the Securities 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 

     2. We understand that the Securities 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 Securities to offer, sell or otherwise transfer such Securities prior to
the date that is two years after the later of the date of original issue and the last
date on which the Company or any affiliate of the Company was the owner of such
Securities (or any predecessor thereto) (the “Resale Restriction Termination Date”) only
(i) in the United States to a person whom the seller reasonably believes is a qualified
institutional buyer in a transaction meeting the requirements of Rule 144A, (ii) to an
institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or
(7) under the Securities Act that is an institutional accredited investor purchasing for
its own account or for the account of an institutional accredited investor, in each case
in a minimum principal amount of the Securities of $250,000, (iii) outside the United
States in a transaction complying with the provisions of Rule 904 under the Securities
Act, (iv) pursuant to an exemption from registration under the Securities Act provided
by Rule 144 (if available) or (v) pursuant to an effective registration statement under
the Securities Act, in each of cases (i) through (v) subject to any requirement of law
that the disposition of our property or the property of such investor account or
accounts be at all times within our or their control and in compliance with any
applicable state securities laws. The foregoing restrictions on resale will not apply
subsequent to the Resale Restriction Termination Date. If any resale or other transfer
of the Securities is proposed to be made pursuant to clause (ii) above 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 Securities 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 Securities pursuant to clause
(ii), (iii) or (iv) above to require the delivery of an opinion of counsel,
certifications or other information satisfactory to the Issuers and the Trustee.

TRANSFEREE:                                         ,

by:exv4w2

 

EXHIBIT
4.2

EXECUTION VERSION

          FIRST
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of January 3, 2007,
among Wimar OpCo, LLC (d/b/a/ Tropicana Entertainment), a Delaware limited liability company (the
“LLC Issuer”), Wimar OpCo Finance Corp. (d/b/a/ Tropicana Finance), a Delaware corporation (the
“Corporate Issuer,” and, together with the LLC Issuer, the “Issuers”), each of the parties
identified as a Notes Guarantor on the signature pages hereto (each, a “Notes Guarantor” and
collectively, the “Notes Guarantors”) and U.S. Bank National Association, as Trustee under the
Indenture (the “Trustee”).

WITNESSETH:

          WHEREAS the Issuers have heretofore executed and delivered to the Trustee an Indenture (the
“Indenture”), dated as of December 28, 2006, providing for
the issuance of the
95/8% Senior
Subordinated Notes due 2014 (the “Securities”);

          WHEREAS, each of the undersigned Notes Guarantors has deemed it advisable and in its best
interest to execute and deliver this Supplemental Indenture, and to become a Notes Guarantor under
the Indenture and, in the case of the Designated Affiliates, an Affiliated Guarantor under the
Indenture;

          WHEREAS, the Issuers and the Notes Guarantors also wish to amend the terms of Section
4.04(a)(3)(B) of the Indenture in the manner set forth below; and

          WHEREAS,
pursuant to Sections 9.01(4) and 9.01(5) of the Indenture, the Trustee, the
Issuers and the Notes Guarantors are authorized to execute and deliver this Supplemental
Indenture.

          NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the
receipt of which is hereby acknowledged, the Issuers, the Notes Guarantors and the Trustee mutually
covenant and agree for the equal and ratable benefit of the Holders
of the Securities as follows:

          SECTION
1. Capitalized Terms. Capitalized terms used herein but not defined shall
have the meanings assigned to them in the Indenture.

          SECTION 2. Guarantees. Each Notes Guarantor hereby agrees to guarantee the Issuers’
obligations under the Securities on the terms and subject to the conditions set forth in Article 11
of the Indenture and to be bound by all other applicable provisions of the Indenture as a Notes
Guarantor.

          SECTION 3. Affiliated Guarantors. The Designated Affiliates hereby agree to become
Affiliated Guarantors under the Indenture and to be bound by all of the provisions of the Indenture
applicable to the Affiliated Guarantors.

          SECTION 4. Amendment to Indenture. Section 4.04(a)(3)(B) of the Indenture is hereby amended by
adding the following text at the end thereof immediately prior to the word
“plus”:

 

 

2

“;
and provided further, however, that the amount
calculated pursuant to this clause (B) shall not include any amounts received in
respect of the issuance of Qualified Capital Stock or any contribution in
respect of Qualified Capital Stock pursuant to the terms of Section 5.21 of the
Credit Agreement as in effect on the Aztar Acquisition Date”.

          SECTION 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 Securities heretofore or hereafter authenticated and delivered shall be bound hereby.

          SECTION 6. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 7. Trustee Makes No Representation. The Trustee makes no representation as to
the validity or sufficiency of this Supplemental Indenture.

          SECTION 8. 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.

          SECTION 9. Effect of Headings. The Section headings herein are for convenience
only and shall not effect the construction of this Supplemental Indenture.

 

 

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

	 	 	 	 	 	 	 
	 	 	WIMAR OPCO, LLC,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Rich FitzPatrick
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:  Rich FitzPatrick	 	 
	 

	 	 	 	Title:    Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WIMAR OPCO FINANCE CORP.,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Rich FitzPatrick	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:  Rich FitzPatrick	 	 
	 

	 	 	 	Title:    Chief Financial Officer	 	 

Signature Page to Supplemental Indenture

 

 

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

	 	 	 	 	 	 	 
	 	 	ST. LOUIS RIVERBOAT
ENTERTAINMENT, INC.;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	COLUMBIA PROPERTIES LAUGHLIN, LLC;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:  Richard M. FitzPatrick	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	CP LAUGHLIN REALTY, LLC;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [ILLEGIBLE]
 

Name:  [ILLEGIBLE]
	 	 
	 

	 	 	 	Title:    [ILLEGIBLE]	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	COLUMBIA PROPERTIES VICKSBURG, LLC;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	JMBS CASINO LLC;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joseph A. Yung
 

Name:  Joseph A. Yung
	 	 
	 

	 	 	 	Title:    Manager	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	COLUMBIA PROPERTIES TAHOE, LLC;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	CP BATON ROUGE CASINO, L.L.C;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

	 	 
	 

	 	 	 	Name:  Richard M. FitzPatrick	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	ARGOSY OF LOUISIANA, INC.;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	JAZZ ENTERPRISES, INC.;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	CENTROPLEX CENTRE CONVENTION HOTEL, L.L.C.;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	CATFISH QUEEN PARTNERSHIP IN COMMENDAM;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	TAHOE HORIZON, LLC;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	AZTAR CORPORATION;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:      CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	AZTAR INDIANA GAMING CORPORATION; 
each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	AZTAR RIVERBOAT HOLDING COMPANY, LLC; 
each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	AZTAR MISSOURI GAMING CORPORATION;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	AZTAR INDIANA GAMING
COMPANY, LLC; 
each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:  CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	AZTAR DEVELOPMENT CORPORATION;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	RAMADA NEW JERSEY
HOLDINGS CORPORATION;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	ATLANTIC-DEAUVILLE INC.;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	ADAMAR GARAGE CORPORATION;

each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	RAMADA NEW JERSEY, INC.;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	ADAMAR OF NEW JERSEY, INC.;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	MANCHESTER MADL, INC.;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	RAMADA EXPRESS, INC.;
 each as a Guarantor,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard M. FitzPatrick
 

Name:  Richard M. FitzPatrick
	 	 
	 

	 	 	 	Title:    CFO	 	 

Signature Page to Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert T. Jones	 	 
	 

	 	 	 	 

Name:  Robert T. Jones
	 	 
	 

	 	 	 	Title:    Vice President & Trust Officer	 	 

Signature Page to Supplemental Indenture

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