Document:

Loan and Security Agreement

 Exhibit 10.9 
  
 LOAN AND SECURITY AGREEMENT 
  
 PREAMBLE. THIS LOAN AND SECURITY AGREEMENT (as it may be amended or modified from time to time, and
together with all Schedules, Riders and Exhibits attached hereto, called herein this “Agreement”) is made by UPS CAPITAL CORPORATION, a Delaware corporation (“Lender”) with NATURAL ALTERNATIVES INTERNATIONAL, INC.,
a Delaware corporation (as more particularly defined below, “Borrower”) as of the “Closing Date” specified below (the “Closing Date”), for the purpose of evidencing the terms and conditions on which Lender
will extend certain financing accommodations to Borrower, as described more particularly below. 
  
 NOW, THEREFORE, to induce Lender to extend the financing provided for herein, and for other good and valuable consideration, the sufficiency and
receipt of which are mutually acknowledged, Borrower agrees with Lender as follows: 
  
 1. DEFINITIONS, TERMS AND REFERENCES 
  
 1.1. Certain Definitions. In addition to such other terms as elsewhere defined herein, as used in this Agreement and in any Exhibit or Schedule attached hereto, the following terms shall have the
following meanings: 
  
 “Accounts Receivable
Collateral” shall mean and include all of Borrower’s accounts, accounts receivable, contract rights, instruments, investment property, chattel paper and payment intangibles, including, without limitation, all rights of Borrower to
payment for goods sold or leased, or to be sold or to be leased, or for services rendered or to be rendered, howsoever evidenced or incurred, together with all letters of credit, letter of credit rights and supporting obligations, all returned or
repossessed goods and all books, records, computer tapes, software, programs and ledger books arising therefrom or relating thereto, all whether now owned or hereafter acquired and howsoever arising. 
  
 “Account Debtor” shall mean any Person who is obligated on
any of the Accounts Receivable Collateral or otherwise is obligated as a purchaser or lessee of any of the Inventory Collateral. 
  
 “Advance” shall mean an advance of borrowed funds made by Lender to Borrower under the Line of Credit, provided however,
that for purposes of determining the amount of any non-usage fee and compliance with the Borrowing Base Requirement, “Advances” shall include, without duplication: (i) the amount available for drawing under each Letter of Credit, and (ii)
all outstanding Reimbursement Obligations. 
  
 “Affiliate” shall mean, with respect to any Person, any Subsidiary, shareholder, partner, member, director, manager, officer or employee of such Person. 
  
 “Agreement”—See Preamble. 
  
 “Applicable Law” shall mean all federal, state (or provincial) and local laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards applicable to Borrower or any Subsidiary, whether domestic or foreign, including, without limitation, all pertinent rules and regulations of the following agencies of the United States government:
FDA, FTC, CPSC, USDA and EPA. 
  
 “Applicable
Margin” shall mean one-half of one percent (1/2%) per annum, for Advances and one-half of one percent (1/2%) per annum, for the Term Loan. 
  
 “Applicable Rate” shall mean the Prime Rate plus the Applicable Margin. 
  
 “Assignment of Claims Act” shall mean the federal Assignment of Claims Act of 1940, as it may be amended
from time to time; together with all regulations promulgated from time to time in respect thereof. 

 “Balances Collateral” shall mean all deposit accounts together with all cash or other
property of Borrower which may be left with Lender or in Lender’s possession, custody or control now or at any time hereafter, including any escrow deposits, security deposits or earnest money. The foregoing term shall include funds from time
to time on deposit in any Concentration Account. 
  
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as it may be amended from time to time. 
  
 “Blocked Account Agreement” shall have the meaning given to such term in Section 2.3.4. 
  
 “Booked Cost,” in respect of Inventory Collateral, shall
mean the inventory cost accounting method employed by Borrower as of the Closing Date. 
  
 “Borrower” — See Preamble. If more than one Person is so identified and described as “Borrower,” then, the term “Borrower” shall mean each such Person, jointly and severally.

  
 “Borrowing Base” shall mean a sum determined
by Lender, in its credit judgment, from time to time, equal to: (i) up to eighty-five percent (85%), of the net dollar amount of Eligible Accounts as at the date of determination; plus (ii) up to forty-six percent (46%) of the dollar amount
of the Eligible Inventory, valued at the lower of its Booked Cost or market value, at the date of determination, not to exceed, in any event, as to Eligible Inventory, the lesser of (A) Two Million Dollars ($2,000,000) or (B) then current
borrowing availability under the Line of Credit determined by reference to Eligible Accounts under clause (i) above without regard to Eligible Inventory; minus (iii) such reserves against the Borrowing Base and borrowing availability under
the Line of Credit as Lender may establish from time to time in its credit judgment. 
  
 “Borrowing Base Certificate” shall mean a certificate, in form and substance satisfactory to Lender, submitted by Borrower to Lender demonstrating compliance with the Borrowing Base Requirement, as
provided in Section 5.3. 
  
 “Borrowing Base
Requirement” shall have the meaning ascribed to such term in Section 2.1.1. 
  
 “Borrowings” shall mean total Advances outstanding from time to time. 
  
 “Business Day” shall mean a day on which Lender is open for the conduct of its business at its principal office in Atlanta, Georgia.

  
 “Clearing Bank” shall have the meaning given
to such term in Section 2.3.4. 
  
 “Closing Date”
shall mean the date specified in the signature page of this Agreement as the Closing Date. 
  
 “Collateral” shall mean the property, or interests in property, of Borrower described as such in Article 3, plus any other property, or interests in property, of Borrower in which Lender has, or
hereafter obtains or claims, a Lien as security for the payment of the Obligations. 
  
 “Collateral Location” shall mean any location (whether owned or leased, and including any public warehouse) at which Borrower has, or maintains any records concerning, Collateral which, as of the
Closing Date, are limited to (i) the Executive Office, and (ii) 1215 Park Center Drive, Suites C, D and E, Vista, California 92083. 
  
 “Collateral Status Certificate” shall mean a certificate, attached hereto, submitted by Borrower, reflecting the status of the
Collateral, as provided in Section 5.5. 
  
 “Compliance
Certificate” shall mean a certificate, in form and substance satisfactory to Lender issued by a duly authorized officer of Borrower, confirming Borrower’s continuing compliance with this Agreement, as provided in Section 5.7.

  
 “Concentration Account” shall have the
meaning given to such term in Section 2.3.4. 
  

 -2- 

 “Consolidated Subsidiaries” shall mean those Subsidiaries of Borrower (if any) existing
from time to time which, for purposes of GAAP, are required to be consolidated for financial reporting purposes. 
  
 “Control,” “Controlled” or “Controlling” shall mean, with respect to any Person, the power to direct
the management and policies of such Person, directly, indirectly, whether through the ownership of voting securities or otherwise. 
  
 “Debt” means all liabilities, obligations and indebtedness of a Person, of any kind or nature, whether now or hereafter owing, arising,
due or payable, howsoever evidenced, created, incurred, acquired or owing, whether primary, secondary, direct, contingent, fixed or otherwise, and whether initiated, assumed or acquired by such Person. 
  
 “Default Condition” shall mean the occurrence of any event
which, after satisfaction of any requirement for the giving of notice or the lapse of time, or both, would become an Event of Default. 
  
 “Default Rate” shall mean that interest rate per annum equal to two percent (2%) per annum in excess of the otherwise Applicable Rate
payable on any Obligation. 
  
 “Dollars” or
“$” shall mean United States Dollars. 
  
 “Eligible Accounts” shall mean that portion of Borrower’s Accounts Receivable Collateral consisting of trade accounts receivable actually billed to, and owing to Borrower by, its Account Debtors in the ordinary course
of its business, which Lender, in its credit judgment, has determined to be eligible for credit extensions hereunder excluding, however, in any event, unless otherwise approved by Lender, in its credit judgment, any such account: (i)
with respect to which any portion thereof is more than ninety (90) days past invoice date; (ii) which is owing by any Affiliate of Borrower; (iii) which is owing by any Account Debtor having twenty-five percent (25%) or more in face value of its
then existing accounts with Borrower ineligible hereunder pursuant to the operation and effect of clause (i) above; (iv) which arises from any contract on which Borrower’s performance is assured by a performance, completion or other bond; (v)
constituting retainage which has been withheld from Borrower pending contract completion, to the extent thereof; (vi) constituting a service, warranty or similar charge, to the extent thereof; (vii) which is evidenced by a promissory note, other
instrument or chattel paper; (viii) which represents an accord and satisfaction in respect of any prior account receivable; (ix) the assignment of which is subject to any requirements set forth in the Assignment of Claims Act (unless and except to
the extent that Borrower has complied therewith to Lender’s satisfaction); (x) which does not conform in any respect to the warranties and representations set forth in the Loan Documents in respect of Accounts Receivable Collateral; (xi) which
is owing by any Account Debtor whose accounts in face amount with Borrower exceed ten percent (10%) of Borrower’s Eligible Accounts, but only to the extent of such excess, in each case: (A) NSA International, Inc. (“NSA”), 25%,
(B) Mannatech Incorporated (“Mannatech”), 35%, and (C) all Account Debtors, except Mannatech and NSA, 10%; (xii) which is owing by, billed to or paid by any Account Debtor not located in the United States of America (unless and
except to the extent that it is backed by a letter of credit issued to Borrower as beneficiary by or through a bank headquartered in the United States which is acceptable to Lender); (xiii) as to which a duly perfected, first priority security
interest does not exist at any time in favor of Lender; (xiv) as to which any counterclaim, defense, setoff, deduction or contra-account exists, to the extent thereof; or (xv) which has otherwise been determined by Lender in its credit judgment not
to be an “Eligible Account” for purposes hereof. 
  
 “Eligible Inventory” shall mean that portion of the Inventory Collateral consisting of raw materials and new, saleable finished goods inventory of Borrower which Lender, in its credit judgment, has determined to be eligible
for credit extensions hereunder, excluding, however, in any event, unless otherwise approved by Lender, in its credit judgment, any such inventory which (i) is not at all times subject to a duly perfected, first priority security
interest in favor of Lender; (ii) is not in good and saleable condition; (iii) is on consignment from, or is subject to, any repurchase agreement with any supplier; (iv) constitutes returned, repossessed, damaged or slow-moving goods; (v) does not
conform in all respects to the warranties and representations set forth in the Loan Documents in respect of Inventory Collateral; (vi) is subject to a negotiable document of title (unless issued or endorsed to Lender); (vii) is subject to any
license or other agreement that limits or restricts Borrower’s or Lender’s right to sell or otherwise dispose of such inventory; (viii) is located at a Collateral Location with respect to which, if leased by Borrower, 
  

 -3- 

 Lender has not received from the landlord at such location a Landlord’s Agreement; and (ix) has otherwise been
determined by Lender in its credit judgment to be excluded from “Eligible Inventory” for purposes hereof. 
  
 “Equipment Collateral” shall mean all equipment and fixtures of Borrower, whether now owned or hereafter acquired, wherever located,
including, without limitation, all machinery, furniture, furnishings, leasehold improvements, computer hardware, motor vehicles, forklifts, rolling stock, dies and tools, used or useful in Borrower’s business operations. 
  
 “Equity Interests” shall mean all capital stock, warrants
and other securities evidencing ownership of equity interests in a Person. In the case of (i) a partnership, the foregoing includes partnership interests or shares; and (ii) a limited liability company, the foregoing includes members’ interests
or shares. 
  
 “Event of Default” shall mean any
of the events or conditions described in Article 8, provided that any requirement for the giving of notice or the lapse of time, or both, has been satisfied. 
  
 “Executive Office” shall mean the address of Borrower’s chief executive office and principal place of business, in this case, 1185
Linda Vista Drive, San Marcos, California 92069. 
  
 “Fiscal Year”, in respect of a Person, shall mean the fiscal year of such Person, as employed by such Person as of the Closing Date, which for Borrower is the twelve month period ending June 30. The terms “Fiscal
Quarter” and “Fiscal Month” shall correspond accordingly thereto. 
  
 “GAAP” shall mean generally accepted accounting principles consistently applied for the fiscal period(s) in question. 
  
 “Guaranty” shall mean an agreement or other writing executed by a Guarantor, in form and substance
satisfactory to Lender, guaranteeing payment of any of the Obligations or otherwise giving assurances to Lender in respect thereof. 
  
 “Guarantor” shall mean, individually and collectively, any and all Persons who either, as of the Closing Date, or thereafter, join in the
execution of any Guaranty. As of the Closing Date, there are no Guarantors. 
  
 “Home State” shall mean the State in which Borrower is incorporated or otherwise organized (if Borrower is not a corporation); in this case, Delaware. 
  
 “Initial Term”, in reference to the Line of Credit, shall
mean a period of two (2) years, ending on the second (2nd) anniversary of the Closing Date. 
  
 “Insolvent”, in respect of a Person, shall mean that (i)
such Person is not able to pay its Debts generally as and when they become due; or (ii) such Person has an unreasonably small capital with which to operate; or (iii) the total Debts and other liabilities of such Person, including contingent
liabilities, exceed the fair saleable value of the assets of such Person. 
  
 “Intangibles Collateral” shall mean all general intangibles of Borrower, whether now existing or hereafter acquired or arising, including, without limitation, all copyrights, royalties, tax refunds,
rights to tax refunds, trademarks, trade names, service marks, patent and proprietary rights, blueprints, drawings, designs, trade secrets, plans, diagrams, schematics and assembly and display materials relating thereto, all customer lists, all
books and records, all computer software and programs, and all rights of Borrower as purchaser, lessee, licensee or indemnitee under any contract. 
  
 “Inventory Collateral” shall mean all inventory of Borrower, whether now owned or hereafter acquired, wherever located, including,
without limitation, all goods of Borrower held for sale or lease or furnished or to be furnished under contracts of service, all goods held for display or demonstration, goods on lease or consignment, spare parts, repair parts, returned and
repossessed goods, all raw materials, work-in-process, finished goods, catalysts and supplies used or consumed in Borrower’s business, together with all documents, documents of title, 
  

 -4- 

 dock warrants, dock receipts, warehouse receipts, bills of lading or orders for the delivery of all, or any portion, of
the foregoing, and any letters of credit issued in respect thereof, and all letter of credit rights arising therefrom. 
  
 “IP Security Agreements” shall mean, individually or collectively, as applicable, in form and substance satisfactory to Lender, (i) a
security agreement for Trademarks, and/or (ii) a security agreement for Patents; each to be executed by Borrower in favor of Lender on the Closing Date. 
  
 “Landlord’s Agreement” shall mean an agreement from the landlord (or any warehouse operator, as the case may be), of any Collateral
Location pursuant to which such landlord (or warehouse operator) has waived, released or subordinated in favor of Lender any rights it has in respect of the Collateral. 
  
 “Lender”—See Preamble. 
  
 “Letter of Credit” shall have the mean given to such term in Section 2.1.2. 
  
 “Lien” shall mean any deed to secure debt, deed of trust,
mortgage or similar instrument, and any lien, security interest, preferential arrangement which has the practical effect of constituting a security interest, security title, pledge, charge, encumbrance or servitude of any kind, whether by consensual
agreement or by operation of statute or other law, and whether voluntary or involuntary, including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof. 
  
 “Line of Credit” shall refer to the line of credit in the
Maximum Amount opened by Lender in favor of Borrower pursuant to the provisions of Section 2.1. 
  
 “Loan Documents” shall mean this Agreement, each Note, any IP Security Agreements, any financing statements covering portions of the
Collateral, and any and all other documents, instruments, certificates and agreements executed and/or delivered by Borrower in connection herewith, or any one, more, or all of the foregoing, as the context shall require. 
  
 “Master Note” shall mean a master promissory note in form
and substance satisfactory to Lender, dated of even date herewith, as amended or supplemented from time to time, in a principal amount equal to the maximum amount of the Line of Credit, evidencing Advances to be obtained by Borrower under the Line
of Credit, together with any renewals or extensions thereof in whole or in part. 
  
 “Material Adverse Change” shall mean with respect to any event, act, condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration or governmental
investigation or proceeding or any change in Applicable Law), whether occurring singly or in conjunction with any other event or events, act or acts, condition or conditions, occurrence or occurrences, whether or not related, a material adverse
change in, or a material adverse effect upon, any of (a) the financial condition, operations, business, properties or prospects of the Borrower and its Consolidated Subsidiaries, taken as a whole, (b) the rights and remedies of the Lender under any
of the Loan Documents or the ability of the Borrower to perform its obligations under any of the Loan Documents, or (c) the legality, validity or enforceability of any of the Loan Documents. 
  
 “Materiality Threshold” shall mean One Hundred Thousand
Dollars ($100,000). 
  
 “Maximum Amount” shall
mean the maximum amount which is available for borrowing under the Line of Credit (determined without regard to the Borrowing Base Requirement), which, as of the Closing Date, is equal to Four Million Dollars ($4,000,000). 
  
 “NAIE” shall mean Natural Alternatives International Europe
S.A., a Swiss company and wholly-owned Subsidiary of Borrower. 
  
 “Note” shall mean any instrument at any time evidencing all or any portion of any Obligations, including, particularly, the Master Note and the Term Note. 
  

 -5- 

 “Notice of Borrowing” shall mean a notice in form and substance satisfactory to Lender
of intended Borrowing, executed by a duly authorized officer of Borrower. 
  
 “Obligations” shall mean any and all Debts of Borrower to Lender (or any Affiliate of Lender), including, without limiting the generality of the foregoing, any Debt of Borrower to Lender (or any
Affiliate of Lender) under any loan made to Borrower by Lender prior to the date hereof and any and all extensions or renewals thereof in whole or in part; any Debt of Borrower to Lender arising hereunder or as a result hereof, whether evidenced by
any Note, or constituting Advances or otherwise, including all Reimbursement Obligations, and any and all extensions or renewals thereof in whole or in part; any Debt of Borrower to Lender (or any Affiliate of Lender) under any later or future
advances or loans made by Lender (or any Affiliate of Lender) to Borrower, and any and all extensions or renewals thereof in whole or in part; and any and all future or additional Debts of Borrower to Lender (or any Affiliate of Lender) whatsoever
and in any event, whether existing as of the date hereof or hereafter arising, whether arising under a loan, lease, credit card arrangement, line of credit, letter of credit or other type of financing, whether initiated, assumed or acquired by
Lender, and whether direct, indirect, absolute or contingent, as maker, endorser, guarantor, surety or otherwise, howsoever evidenced. 
  
 “Organization Documents” shall mean the formation and governing documents of a Person, as applicable. In the case of (i) a corporation,
the foregoing shall include its charter and bylaws; (ii) a partnership, the foregoing shall include its partnership agreement; and (iii) a limited liability company, the foregoing shall include its operating agreement. 
  
 “Permitted Encumbrances” shall mean: (i) Liens for taxes not
yet due and payable or being actively contested as permitted by this Agreement, but only if such Liens do not adversely affect Lender’s rights or the priority of Lender’s security interest in the Collateral; (ii) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business, payment for which is not yet due or which are being actively contested in good faith and by appropriate,
lawful proceedings, but only if such liens are and remain junior to liens granted in favor of Lender; (iii) pledges or deposits in connection with worker’s compensation, unemployment insurance and other social security legislation; (iv)
deposits to secure the performance of utilities, leases, statutory obligations and surety and appeal bonds and other obligations of a like nature arising by statute or under customary terms regarding depository relationships on deposits held by
financial institutions with whom Borrower has a banker-customer relationship; (vi) typical restrictions imposed by licenses and leases of software (including location and transfer restrictions); (vii) Liens in favor of Lender; and (viii) Liens
granted by Borrower or any Subsidiary to vendors or financiers of capital assets to secure the payment of Purchase Money Debt so long as (A) such Debt is permitted to be incurred hereunder, (B) such Liens extend only to the specific assets so
purchased, secure only such deferred payment obligation and related interest, fees and charges and no other Debt, and (C) such Liens are promptly released upon the payment in full of such Debt. 
  
 “Person” shall mean any individual, partnership,
corporation, limited liability company, joint venture, joint stock company, trust, governmental unit or other entity. 
  
 “Prime Rate” shall mean the interest rate published under the “Money Rates” section of The Wall Street Journal (on each
day on which it is published) as the “prime rate” on such day, as such rate may change from time to time; provided, however, that if The Wall Street Journal shall cease to publish such rate (or itself to be published); then, the
“Prime Rate” shall be the highest among the prime or base rates then publicly announced by Bank of America, N.A., J.P. Morgan Chase Bank and Wachovia Bank, National Association (or their respective successors-in-interest). 
  
 “Purchase Money Debt” shall mean Debt incurred by Borrower
or any Subsidiary in connection with the acquisition of capital assets for the cost thereof (including any for the deferred payment of any purchase price). 
  
 “Reimbursement Obligations” has the meaning given to such term in Section 2.1.2. 
  
 “Securities Collateral” shall mean all securities and
investment property of Borrower, whether now owned or hereafter acquired, including all Equity Interests owned in any Subsidiary at any time. 
  

 -6- 

 “Subordinated Debt” shall mean any Debt owing by Borrower from time to time which has
been subordinated to the Obligations pursuant to a Subordination Agreement. 
  
 “Subordination Agreement” shall mean an agreement in form and substance satisfactory to Lender between or among Borrower, Lender and any other creditor of Borrower pursuant to which such other
creditor shall agree to subordinate Debt of Borrower owing to it to the Obligations. 
  
 “Subsidiary” shall mean any corporation, partnership, business association or other entity (including any Subsidiary of any of the foregoing) of which Borrower owns, directly or indirectly through one
or more Subsidiaries, fifty percent (50%) or more of the capital stock or other Equity Interest having ordinary power for the election of directors or others performing similar functions. 
  
 “Telephone Instruction Letter” shall mean a letter, dated the Closing Date, issued by a duly authorized
officer of Borrower. 
  
 “Term Loan” shall have
the meaning given to such term in Section 2.1.3. 
  
 “Term
Note” shall mean a term promissory note in form and substance satisfactory to Lender, dated of even date herewith, as amended or supplemented from time to time, in a principal amount equal to the Term Loan, together with any extensions or
renewals thereof, in whole or in part. 
  
 “Termination
Date” shall mean the earliest to occur of the following dates: (i) that date on which, pursuant hereto, Lender terminates the Line of Credit (or the Line of Credit is deemed automatically terminated) subsequent to the occurrence of an Event
of Default; (ii) the last day of the Initial Term; or (iii) such later date as to which Lender and Borrower may agree in writing from time to time hereafter, but not later than sixty (60) days prior to any scheduled Termination Date. 
  
 “UCC” shall mean the Uniform Commercial Code of Georgia, as
in effect from time to time. 
  
 1.2. Use of Defined
Terms. All terms defined in this Agreement and the Exhibits shall have the same defined meanings when used in any other Loan Documents, unless the context shall require otherwise. 
  
 1.3. Accounting Terms. All accounting terms not specifically defined herein shall have the meanings generally
attributed to such terms under GAAP. 
  
 1.4. UCC
Terms. Any terms defined in Articles 8 or 9 of the UCC, including “accounts”, “chattel paper”, “investment property,” “instruments”, “general intangibles”, “inventory,”
“equipment,” “fixtures,” “securities” and “investment property” shall have the same meanings given to such terms thereunder as and when used in the Loan Documents. 
  
 2. THE FINANCING. 
  
 2.1. Extensions of Credit. 
  
 2.1.1. Line of Credit. On the Closing Date, subject to
fulfillment of all conditions precedent set forth herein, Lender agrees to open the Line of Credit in favor of Borrower so that, during the period from the Closing Date to, but not including, the Termination Date, so long as there is not in
existence any Default Condition or Event of Default and the requested Borrowing, if made, will not cause a Default Condition or Event of Default to exist, Borrower may borrow and repay and reborrow Advances under the Line of Credit; subject,
however, to the requirement that at no time shall the aggregate principal amount of outstanding Advances under the Line of Credit exceed the lesser of: (A) the Maximum Amount or (B) the Borrowing Base (such requirement being generally
referred to herein as the “Borrowing Base Requirement”); and subject, further, to the requirement that if, at any time hereafter, the Borrowing Base Requirement is not satisfied, Borrower will immediately repay the
then principal balance of the Master Note by that amount necessary to satisfy the Borrowing Base Requirement. All proceeds so obtained under the Line of Credit shall be used by Borrower to refinance existing Debt or for working capital in

  

 -7- 

 such manner as Borrower may elect in the ordinary course of its business operations. The Debts arising from Advances made
to or on behalf of Borrower under the Line of Credit shall be evidenced by the Master Note, which shall be executed by Borrower and delivered to Lender on the Closing Date. The outstanding principal amount of the Master Note may fluctuate from time
to time, but shall be due and payable in full on the Termination Date, and shall bear interest from the date of each disbursement of principal until paid in full at the Applicable Rate, payable in the manner described in Section 2.2.1. Borrower may
request Advances under the Line of Credit by giving to Lender a Notice of Borrowing not later than 10:00 a.m. (Atlanta, Georgia time) on the date of the requested Advance; provided, however, that, in accordance with the Telephone
Instruction Letter, Borrower may provide such instructions by telephone, provided, further, that any such telephone request shall be confirmed in writing not later than the Business Day following the disbursement of the requested
Advance. The Line of Credit shall terminate on the Termination Date, but may be terminated earlier by Borrower, upon its giving at least ten (10) days advance written notice to Lender, subject, however, to Borrower’s payment of
any early termination fee then due (if so specified in Section 2.2.2). 
  
 2.1.2. Letters of Credit. Borrower has proposed that the Line of Credit be utilized from time to time, at Borrower’s request, to support the issuance of one or more letters of credit for the account of Borrower (each, a
“Letter of Credit,” and, collectively, “Letters of Credit”), either by Lender’s making (or joining with Borrower in making) application to the issuer(s) of such Letters of Credit (the “Issuers”
or an “Issuer”) therefor, or otherwise by Lender’s issuance of a risk participation or similar agreement in favor of the Issuer(s) in regard thereto (the foregoing herein called, generally, a “Risk Participation
Arrangement”). Lender has agreed to such proposal, subject, however, to the following terms, covenants and conditions: 
  
 (a) Notice. Borrower shall give Lender at least five (5) Business Days advance written notice of Borrower’s request that Lender enter
into a Risk Participation Arrangement (a “Risk Participation Request”) specifying the face amount of the underlying Letter of Credit, its issuer, its expiry date, its beneficiary and its purpose; e.g., whether “commercial”
or “standby.” 
  
 (b) Acceptance of Risk
Participation. Lender may accept or reject any Risk Participation Request, in its sole discretion. Without limitation of the foregoing, no Risk Participation Request will be accepted if: (i) any Default Condition or Event of Default then
exists; (ii) the face amount of the Letter of Credit specified in the Risk Participation Request, when added to all Advances then outstanding, would cause the Borrowing Base Requirement to be exceeded; (iii) the expiry date of the Letter of Credit
specified in the Risk Participation Request exceeds the earlier of: (i) one (1) year, or (ii) the Termination Date; (iv) the face amount of the Letter of Credit specified in the Risk Participation Request, when aggregated with the face
amounts of all Letters of Credit for which Risk Participation Arrangements are then outstanding, shall not exceed such sum as Lender may establish from time to time as an absolute limit on the amount of outstanding Letters of Credit issued pursuant
hereto; (v) the Issuer has not been selected by, or approved by, Lender; or (vi) Lender and the Issuer are unable to reach agreement on the terms of the underlying Risk Participation Arrangement. 
  
 (c) Accepted Risk Participations. Once Lender has entered into
any Risk Participation Arrangement with respect to a Letter of Credit, then: (i) pending its expiry, the amount available for drawing under each Letter of Credit shall be deemed an outstanding Advance for purposes of determining Borrower’s
ongoing compliance with the Borrowing Base Requirement; i.e., the amount thereof shall be charged against the Line of Credit; and (ii) if Lender remits any payment to the Issuer in respect of such Letter of Credit, whether upon a drawing
therefor, in settlement thereof or otherwise, the full amount of such payment shall be automatically charged as an Advance (whether or not an Event of Default then exists or would be caused thereby); and Lender shall reimburse itself from the
proceeds thereof; or, if such Advance cannot be made; i.e., if the Line of Credit already has terminated, then, Borrower shall, on demand from Lender, reimburse Lender for the full amount of such payment (the foregoing herein called
Borrower’s “Reimbursement Obligations”). 
  
 (d) Reimbursement Obligations. Borrower’s Reimbursement Obligations arising from time to time hereunder shall: (i) be continuing, absolute and unconditional; (ii) constitute part of the Obligations and be secured by all
Collateral; (iii) if not paid in full when due, either by the making of an Advance or otherwise, bear interest until fully paid at the Default Rate; and (iv) survive termination of the Line of Credit. 
  

 -8- 

 (e) Cash Imposts. If any Default Condition or Event of Default exists at any time while
any such Risk Participation Arrangement is in effect, Lender may require that cash equal in amount to 110% of the undrawn amount of each underlying Letter of Credit be posted with Lender by Borrower as additional Collateral for the payment of
Borrower’s Reimbursement Obligations in regard thereto; or, if Lender is then or thereafter enforcing its rights and remedies respecting Collateral, Lender may reserve from the proceeds thereof such cash in order to assure that the
Reimbursement Obligations then outstanding shall be paid when due. 
  
 (f) Letter of Credit Fees. In consideration of Lender’s entry into each Risk Participation Arrangement, unless otherwise agreed to by Lender at or prior to the issuance of any Letter of Credit, Borrower shall pay to
Lender the following fees in addition to any fees or charges which Lender pays to the Issuer in respect of such Letter of Credit, which also shall be reimbursed to Lender by Borrower, upon demand. 
  

	 Commercial:
	  	 
	 Issuance:
	  	$1,000 per issuance
	 Amendment:
	  	$1,000 per occurrence
	 Examination/Negotiation:

	 Sight:
	  	.5% p.a. (min $1,000)
	 Time:
	  	.5% p.a. (min $1,000)
	 Standby:
	  	.5% p.a. (min $1,000)

  
 (g)
Indemnity. Borrower shall indemnify and save Lender and hold Lender harmless from any loss, damage, cost or expense which Lender incurs in entering into, or performing under, any Risk Participation Arrangement. 
  
 2.1.3. Term Loan. On the Closing Date, subject to fulfillment
of all conditions precedent set forth herein, Lender agrees to make a term loan (the “Term Loan”) in the principal amount of up to Two Million Five Hundred Thousand Dollars ($2,500,000) to Borrower, the proceeds of which shall be
fully disbursed to Borrower in a lump sum on the Closing Date. All proceeds of the Term Loan shall be used by Borrower to refinance Debt existing on the Closing Date, for the acquisition of property, plant or equipment on or after the Closing Date
or for working capital. The Debt arising from the Term Loan shall be evidenced by the Term Note, which shall be executed by Borrower and delivered to Lender on the Closing Date. The principal amount of the Term Loan shall be repaid in twenty-three
(23) installments of Forty-One Thousand Six Hundred Sixty-Seven Dollars ($41,667) each (based on a 60-months level term principal amortization) due and payable commencing on the first day of the first calendar month after the Closing Date, and
continuing on the same day of each succeeding calendar month, except that the final such installment shall be in the amount of One Million Five Hundred Forty-One Thousand Six Hundred Fifty-Nine Dollars ($1,541,654), or such lesser or greater as
shall be necessary to pay in full the then unpaid principal of the Term Loan; and, except further, if the stated maturity of the Term Loan is later than the Termination Date, then, the Term Loan shall be due and payable on the Termination Date. The
Term Loan shall bear interest from the date of its disbursement until paid in full at the Applicable Rate, payable in the manner described in Section 2.2.1. The Term Loan may be prepaid at any time or from time to time, in whole or in part, but any
partial prepayment of the Term Loan shall be applied to the then remaining installments of the Term Loan in the reverse order of their respective maturities, and any prepayment shall be accompanied by the appropriate prepayment fee specified in
Section 2.2.2(6). 
  
 2.2. Interest and Other
Charges. 
  
 2.2.1. Interest. Lender and
Borrower agree that the interest rate payable on the Borrowings shall be determined and paid as follows: 
  
 (a) Interest Charges. Outstanding Advances under the Line of Credit and the outstanding unpaid principal amount of the Term Loan shall bear
interest at the Applicable Rate. 
  

 -9- 

 (b) Payment of Interest. Accrued interest on Borrowings and the outstanding unpaid
principal amount of the Term Loan shall be due and payable monthly in arrears, on the first day of each calendar month, for the preceding calendar month (or portion thereof), commencing on the first day of the first calendar month following the
Closing Date; and after maturity, on demand. 
  
 (c)
Calculation of Interest and Fees. Interest on Borrowings and the outstanding unpaid principal amount of the Term Loan (and any fees described in Section 2.2.2 computed on a per annum basis) shall be calculated on the basis of a 360-day
year and actual days elapsed. The Applicable Rate shall change with each change in the Prime Rate, as determined by Lender, effective as of the opening of business on the Business Day of such change. 
  
 (d) Charging of Interest and Costs. Accrued and unpaid
interest on any Borrowings and the outstanding unpaid principal amount of the Term Loan, any outstanding fees described in Section 2.2.2 and any reimbursable costs and expenses specified in Section 10.6, may, when due and payable, be paid, at
Lender’s option (without any obligation to do so), by Lender’s charging the Line of Credit for an Advance in the amount thereof; but Borrower shall be and remain responsible for the payment of such sums to the extent not so paid by Lender.

  
 2.2.2. Fees. In addition to the payment of
interest at the Applicable Rate and the charging of Letter of Credit fees pursuant to Section 2.1.2, Borrower shall also be obligated to pay Lender all fees and charges specified below: 
  
 (a) Closing Fee. On the Closing Date, a fully earned, non-refundable loan fee equal to one-half of percent
(1/2%) of the sum of (i) the Maximum Amount and (ii) the Term Loan. 
  
 (b) Annual Fee. Annually, on each anniversary of the Closing Date, a fully earned, non-refundable loan fee equal to one-fourth of one percent (1⁄4%) of the maximum Amount. 
  
 (c) Early Termination/Prepayment Fee. If this Agreement is
terminated prior to the Termination Date, there shall be due and payable to Lender upon such termination occurring, as liquidated damages for the loss of its bargain, and not as a penalty, a sum equal to the product of (i) the Maximum Amount
plus the outstanding principal amount of the Term Loan immediately prior to such early termination occurring, multiplied by (ii) a percentage, equal to (A) three percent (3%), if the early termination occurs on or before the first
anniversary of the Closing Date, (B) one percent (1%), if the early termination occurs after the first anniversary of the Closing Date, but on or before the second anniversary of the Closing Date If the Term Note only is prepaid, in whole or in
part, prior to its scheduled maturity, then, there shall be due and payable to Lender upon such termination occurring, as liquidated damages for the loss of its bargain, and not as a penalty, a sum equal to the product of the amount of the Term Loan
being prepaid multiplied by the applicable percentage among those specified above (based on the timing of the prepayment). 
  
 (d) Audit Fees. With respect to field audits conducted by Lender pursuant to Section 5.2, based on a ninety (90) day audit cycle (which may
be increased, in Lender’s discretion, whenever an Event of Default exists), Borrower shall reimburse Lender on demand the sum of $850 per auditor per day plus out-of-pocket expenses. 
  
 (e) Non-Usage Fee. Monthly, on the first day of each calendar month, commencing on the first of such dates
following the Closing Date, Borrower shall pay to Lender a fee equal to (x) one-fourth of one percent (1⁄4% ) per annum, times (y) the difference between (A) the Maximum Amount, and (B) the aggregate amount of outstanding Advances,
determined on a daily average basis for the immediately preceding calendar month (or portion thereof, as the case may be). 
  
 (f) Miscellaneous Fees. Borrower shall also reimburse Lender for returned item fees and bank service charges levied by any financial
institution on Lender in connection with remittances made or received in furtherance hereof, plus handling fees. Wire transfer fees incurred by Lender in such regards shall also be reimbursed at cost plus handling fees. 
  

 -10- 

 2.2.3. Usury Savings Provisions. Lender and Borrower hereby further agree that the only
charge imposed by Lender upon Borrower for the use of money in connection herewith is and shall be interest at the Applicable Rate, and that all other charges imposed by Lender upon Borrower in connection herewith, are and shall be deemed to be
charges made to compensate Lender for underwriting and administrative services and costs, and other services and costs performed and incurred, and to be performed and incurred, by Lender in connection with making credit available to Borrower
hereunder, and shall under no circumstances be deemed to be charges for the use of money. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder or under the Notes and charged or collected pursuant to the
terms of this Agreement or pursuant to the Notes exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that Lender
has charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and Lender shall promptly refund to Borrower any
interest received by Lender in excess of the maximum lawful rate or, if so requested by Borrower, shall apply such excess to the principal balance of the Obligations. It is the intent hereof that Borrower not pay or contract to pay, and that Lender
not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by Borrower under applicable law. 
  
 2.3. General Provisions as to Payments. 
  
 2.3.1. Method of Payment. Unless and except to the extent otherwise approved in writing by Lender from time to
time, payments of interest, fees and principal pursuant to this Agreement must be received by Lender at an account designated by Lender for such purpose no later than 11:00 a.m. (Atlanta, Georgia time) on the date when due, in federal or other funds
immediately available to Lender in Atlanta, Georgia, without setoff, discount or deduction. 
  
 2.3.2. Application of Payment. Except as otherwise expressly set forth herein, all payments received by Lender hereunder shall be applied, in accordance with the then current billing statement applicable
to the Borrowing, first to accrued interest, then to fees, and then to principal due. Any remaining funds shall be applied to the further reduction of principal. Notwithstanding the foregoing, upon the occurrence of a Default Condition or Event of
Default, payments shall be applied to the Obligations in such order as Lender, in its sole discretion, may elect. 
  
 2.3.3. Crediting of Payments. The receipt of any item of payment by Lender shall be applied to reduce the Obligations, as provided in
Section 2.3.2; but, for purposes of computing interest charges hereunder, each such item of payment shall be deemed paid and applied one (1) Business Day after actual receipt thereof. 
  
 2.3.4. Collections. Effective on the Closing Date, Borrower shall have established, and thereafter Borrower
shall maintain, with Bank of America, N.A. or one or more other banks acceptable to Lender (“Clearing Banks”), deposit accounts into which all proceeds of Collateral, including, particularly, payments on Accounts Receivable
Collateral, shall be remitted (“Concentration Accounts”). Concentration Accounts shall be maintained in Borrower’s name, but for Lender’s benefit, and Borrower, Clearing Bank and Lender shall have entered into a tri-party
agreement, in form and substance satisfactory to Lender, (a “Blocked Account Agreement”) pursuant to which, among other things, Clearing Bank shall agree to remit all collected funds in its Concentration Account directly to Lender
for application to the Obligations as prescribed below. All collected funds deposited into a Concentration Account shall be remitted on a daily basis directly to Lender for application to Lender as provided in Section 2.3.2. Borrower shall instruct
all Account Debtors to remit all payments to the designated address for the established Concentration Accounts. The foregoing shall be in addition to, and not in limitation of, Lender’s rights to collect Accounts Receivable Collateral directly
after an Event of Default has occurred and while it is continuing, as provided hereinbelow. 
  
 3. SECURITY INTEREST. 
  
 3.1. Grant of Security Interest. As security for the payment of all Obligations, Borrower hereby grants to Lender a continuing, general lien upon and security interest and security title in and to all assets of Borrower,
wherever located, whether now existing or hereafter acquired or arising, including all of the following property, or interests in property of Borrower (herein collectively called the “Collateral”), namely: (a) the Accounts

  
  

 -11- 

 Receivable Collateral; (b) the Inventory Collateral; (c) the Equipment Collateral; (d) the Intangibles Collateral; (e)
the Securities Collateral; (f) the Balances Collateral; and (g) all products and/or proceeds of any and all of the foregoing, including, without limitation, insurance proceeds. 
  
 3.2. Representations, Warranties and Covenants Applicable to Collateral. Borrower represents, warrants and
covenants that: 
  
 3.2.1. Good Title. Borrower has
marketable title to the Collateral, free and clear of all Liens, other than any Permitted Encumbrances. 
  
 3.2.2. Right to Pledge. Borrower has full right, power and authority to grant to Lender a security interest in the Collateral on the terms
set forth herein, and the grant of such security interest shall not result in Borrower being in default of any other Debt or require Borrower to grant a Lien on any Collateral to the holder of any such Debt. 
  
 3.2.3. Sale of Collateral. Borrower will not sell, lease,
exchange, or otherwise dispose of any of the Collateral without the prior written consent of Lender, except that: (i) Borrower may sell portions of its inventory in the ordinary course of business for cash, or on open account or on other terms of
payment ordinarily extended to its customers (but any bulk sales thereof shall be prohibited) and (ii) Borrower may sell, exchange or otherwise dispose of portions of its equipment which are obsolete, worn-out or unsuitable for continued use by
Borrower if such equipment is replaced promptly upon its disposition with equipment constituting equipment having a market value equal to or greater than the equipment so disposed of and in which Lender shall obtain and have a first priority
security interest pursuant hereto or, in any event grant a Lien or permit a Lien to exist thereon, except for a Permitted Encumbrance. Upon the sale, exchange or other disposition of any Collateral permitted to be sold hereunder, the security
interest and lien created and provided for herein, without break in continuity and without further formality or act, shall continue in and attach to any proceeds thereof, including, without limitation, accounts, contract rights, shipping documents,
documents of title, bills of lading, warehouse receipts, dock warrants, dock receipts and cash or noncash proceeds, and in the event of any unauthorized sale or other disposition, shall continue in the Collateral itself. 
  
 3.2.4. Insurance. Borrower will obtain and maintain insurance
on that portion of the Collateral consisting of tangible property with such companies, in such amounts and against such risks as Lender may request, with loss payable to Lender as its interests may appear. Such insurance shall not be cancellable by
Borrower, unless with the prior written consent of Lender, or by Borrower’s insurer, unless with at least thirty (30) days (or any lesser number of days otherwise approved by Lender) advance written notice to Lender. In addition, Borrower shall
cause its insurer to provide Lender with at least thirty (30) days advance written notice prior to insurer’s nonrenewal of such insurance. Borrower shall provide to Lender a copy of each such policy. All proceeds received by Lender as loss
payee of any such insurance shall be applied to the Obligations, unless otherwise approved by Lender. Borrower shall file with Lender on the Closing Date and annually thereafter a detailed list of such insurance as then in effect, certified by
Borrower’s insurer, together with copies of all policies of such insurance (if requested by Lender). Within thirty (30) days after being requested by Lender to do so, Borrower will obtain such additional insurance (or increase its existing
coverage) as Lender may request. 
  
 3.2.5.
Location. As of the Closing Date, the Collateral is situated only at one or more of the Collateral Locations, and Borrower covenants with Lender not to locate the Collateral at any location other than a Collateral Location without
giving at least thirty (30) days prior written notice to Lender. 
  
 3.2.6. Further Assurances. Borrower shall duly execute and/or deliver (or cause to be duly executed and/or delivered) to Lender any instrument, letter of credit, invoice, document, document of title, dock warrant, dock
receipt, warehouse receipt, bill of lading, order, financing statement, assignment, waiver, consent or other writing which may be reasonably necessary to Lender to carry out the terms of this Agreement and any of the other Loan Documents and to
perfect its security interest in and facilitate the collection of the Collateral, the proceeds thereof, and any other property at any time constituting security to Lender. Borrower shall perform or cause to be performed such acts as Lender may
request to establish and maintain for Lender a valid and perfected security interest in and security title to the Collateral, free and clear of any liens, encumbrances or security interests other than Permitted Encumbrances. In addition to the
foregoing, Borrower hereby irrevocably authorizes Lender to 
  

 -12- 

 complete and file initial or “in lieu of” financing statements in each jurisdiction which now or hereafter has
in effect revised Article 9 of the Uniform Commercial Code, giving notice of Lender’s security interest in the Collateral and describing the Collateral generally; e.g., “all assets,” or particularly, all as Lender sees fit; and
Borrower agrees not to file any amendment to, or termination of, any such financing statement without Lender’s prior written consent unless all Obligations have been fully paid and satisfied and this Agreement has been terminated. 

 
 4. GENERAL REPRESENTATIONS AND WARRANTIES. In order to
induce Lender to enter into this Agreement, Borrower hereby represents and warrants to Lender (which representations and warranties, together with any other representations and warranties of Borrower contained elsewhere in this Agreement, shall be
deemed to be renewed as of the date of each Advance), as set forth below: 
  
 4.1. Existence and Qualification. Borrower is duly organized, validly existing and in good standing under the laws of its Home State with its principal place of business, chief executive office and
office where it keeps all of its books and records being located at the Executive Office, and Borrower is duly qualified to do business in each other state in which a Collateral Location is situated or wherein the conduct of its business or the
ownership of its property requires such qualification. Borrower has as its official name, as registered with the secretary of state of its Home State, the words inscribed on the signature page hereof as its name, and Borrower has not done business
under any other name within the five (5) years preceding the Closing Date. 
  
 4.2. Authority; and Validity and Binding Effect. Borrower has the power to make, deliver and perform under the Loan Documents, and to borrow hereunder, and has taken all necessary and appropriate action
to authorize the execution, delivery and performance of the Loan Documents. This Agreement constitutes, and the remainder of the Loan Documents, as and when executed and delivered for value received, will constitute, the valid obligations of
Borrower, legally binding upon it and enforceable against it in accordance with their respective terms. 
  
 4.3. Incumbency and Authority of Signing Officers. Each undersigned officer of Borrower holds the office specified hereinbelow and, in such
capacity, is duly authorized and empowered to execute, attest and deliver this Agreement and the remainder of the Loan Documents for and on behalf of Borrower, and to bind Borrower accordingly thereby. 
  
 4.4. No Material Litigation. On the Closing Date, there are no
legal proceedings pending (or, so far as Borrower knows, threatened), before any court or administrative agency which, if adversely determined, could reasonably be expected to result in a Material Adverse Change. 
  
 4.5. Taxes. As of the Closing Date, Borrower has filed or
caused to be filed all tax returns required to be filed by it and has paid all taxes shown to be due and payable by it on said returns or on any assessments made against it. 
  
 4.6. Capital. All Equity Interests of Borrower issued and outstanding on the Closing Date are validly and
properly issued in accordance with all applicable laws. 
  
 4.7.
Organization. The Organization Documents of Borrower are in full force and effect under the laws of the state of its Home State, and all amendments to the Organization Documents have been duly and properly made under and in accordance
with all applicable laws. 
  
 4.8. No Insolvency.
After giving effect to the execution and delivery of the Loan Documents and the extension of any credit or other financial accommodations hereunder, Borrower will not be Insolvent. 
  
 4.9. No Violations. The execution, delivery and performance by Borrower of this Agreement and the other Loan
Documents have been duly authorized by all necessary organizational action on the part of Borrower and do not and will not require any consent or approval of the Shareholders of Borrower, violate any provision of any Applicable Law or of any
Organization Documents of Borrower, or result in a breach of or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to 
  

 -13- 

 which Borrower is a party or by which it or its properties may be bound or affected; and Borrower is not in default under
any Applicable Law. 
  
 4.10. Financial Statements.
The financial statements of Borrower and its Consolidated Subsidiaries (if any) for its most recently completed Fiscal Year and for that portion of its current Fiscal Year ended with that Fiscal Month ended closest to the Closing Date for which
financial statements have been prepared, including balance sheet, income statement and, if available, statement of changes in cash flow, copies of which heretofore have been furnished to Lender, are complete and accurately and fairly represent the
financial condition of Borrower and its Consolidated Subsidiaries (if any), the results of its operations and the transactions in its equity accounts as of the dates and for the periods referred to therein, and have been prepared in accordance with
GAAP. There are no material liabilities, direct or indirect, fixed or contingent, of Borrower or any such Consolidated Subsidiaries as of the date of such financial statements which are not reflected therein or in the notes thereto. No Material
Adverse Change has occurred since the date of the balance sheet contained in the annual audited financial statement of Borrower described hereinabove. 
  
 4.11. Compliance with Laws. Borrower is in compliance with all Applicable Laws on the Closing Date, where noncompliance therewith would or
could reasonably be expected to result in a Material Adverse Change. Borrower possesses all franchises, certificates, licenses, permits and other authorizations from governmental political subdivisions or regulatory authorities, and all patents,
trademarks, service marks, trade names, copyrights, licenses and other, similar rights, free from burdensome restrictions, that are necessary for the ownership, maintenance and operation of any of its properties and assets; and Borrower is not in
violation of any thereof. 
  
 4.12. Subsidiaries. As
of the Closing Date, Borrower has no Subsidiaries, except for NAIE. 
  
 5. AFFIRMATIVE COVENANTS. Borrower covenants to Lender that from and after the Closing Date, and so long as any amounts remain unpaid on account of any of the Obligations or this Agreement remains effective (whichever is the
last to occur), Borrower will comply (and cause each Subsidiary to comply) with the affirmative covenants set forth below: 
  
 5.1. Records Respecting Collateral. All records of Borrower and each Subsidiary with respect to the Collateral will be kept at its Executive
Office and will not be removed from such address without the prior written consent of Lender. 
  
 5.2. Right to Inspect and Conduct Audits. Lender (or any Person or Persons designated by it) shall have the continuing right to call at the Executive Office or any Collateral Location at any time and,
without hindrance or delay, inspect, audit, check and make extracts from Borrower’s or any Subsidiary’s books, records, journals, orders, receipts and any correspondence and other data relating to the Collateral, to Borrower’s or any
Subsidiary’s business or to any other transactions between the parties hereto. 
  
 5.3. Borrowing Base Certificates. On a weekly basis, or more frequently if required by Lender from time to time, Borrower shall prepare and deliver to Lender a Borrowing Base Certificate with respect to
satisfaction of the Borrowing Base Requirement as of the date of report submission, the statements in which, in each instance, shall be certified as to truth and accuracy by a duly authorized officer of Borrower. 
  
 5.4. Collateral Status Certificates. Borrower shall, as soon as
practicable, but in any event on or before ten (10) days after the end of each Fiscal Month, furnish or cause to be furnished to Lender a Collateral Status Certificate, certified by a duly authorized officer of Borrower, showing (i) the aggregate
dollar value of the items comprising the Accounts Receivable Collateral and the age of each individual item thereof as of the last day of the preceding Fiscal Month (segregating such items in such manner and to such degree as Lender may request),
plus (ii) the type, dollar value and location of the Inventory Collateral as at the end of the preceding Fiscal Month, valued at the lower of its Booked Cost or market value. Additionally, Lender may, from time to time, verify the individual account
balances of any individual Account Debtors. Further, upon request from Lender, made at any time hereafter, and, in any event, with the above-described Collateral Status Certificate for the month of December in each year, Borrower shall furnish
Lender with a then current Account Debtor name and address list. In addition to the foregoing, Borrower shall also provide Lender, on a weekly basis, with an accounts payable aging. 
  

 -14- 

 5.5. Periodic Financial Statements. Borrower shall, as soon as practicable, and in any
event within thirty (30) days after the end of each Fiscal Month, furnish to Lender unaudited financial statements of Borrower and each Consolidated Subsidiary (if any), including balance sheets, income statements and statements of cash flow, for
the Fiscal Month ended, and for the Fiscal Year to date, on a consolidated and, if requested by Lender, consolidating basis. All such financial statements shall be certified by a duly authorized officer of Borrower to present fairly the financial
position and results of operations of Borrower for the period involved in accordance with GAAP (but for the omission of footnotes and subject to year-end audit adjustments). 
  
 5.6. Annual Financial Statements. Borrower shall, as soon as practicable, and in any event within ninety (90)
days after the end of each Fiscal Year, furnish to Lender the annual audit report of Borrower and its Consolidated Subsidiaries (if any), certified without material qualification by independent certified public accountants selected by Borrower and
acceptable to Lender, and prepared in accordance with GAAP, together with relevant financial statements of Borrower and such Subsidiaries for the Fiscal Year then ended, on a consolidating and a consolidated basis, if applicable. Borrower shall
cause said accountants to furnish Lender with a statement that in making their examination of such financial statements, they obtained no knowledge of any Event of Default or Default Condition which pertains to accounting matters relating to this
Agreement or the Notes, or, in lieu thereof, a statement specifying the nature and period of existence of any such Event of Default or Default Condition disclosed by their examination. 
  
 5.7. Compliance Certificate. Borrower shall, on a monthly basis not later than thirty (30) days after the
close of each of its first eleven (11) Fiscal Months and not later than ninety (90) days after the close of its Fiscal Year, certify to Lender, in a Compliance Certificate, that no Event of Default and no Default Condition exists or has occurred,
or, if an Event of Default or Default Condition exists, specifying the nature and period of existence thereof. Each such Compliance Certificate shall include a computation showing Borrower’s compliance with all financial covenants set forth in
Article 7. 
  
 5.8. Payment of Taxes. Borrower shall
pay and discharge all taxes, assessments and governmental charges upon it, its income and its properties prior to the date on which penalties attach thereto, unless and to the extent only that (i) such taxes, assessments and governmental charges are
being contested in good faith and by appropriate proceedings by Borrower, (ii) Borrower maintains reasonable reserves on its books therefor and (iii) the payment of such taxes does not result in a Lien upon any of the Collateral other than a
Permitted Encumbrance. 
  
 5.9. Change of Principal Place of
Business, Etc. Borrower hereby understands and agrees that if, at time hereafter, Borrower or any Subsidiary elects to move its Executive Office, or if Borrower or any Subsidiary elects to change its name, identity or its organization
structure, Borrower will notify Lender in writing at least thirty (30) days prior thereto and, at Lender’s request, comply (or cause its Subsidiary to comply) with Section 3.2.6 hereof to the extent Lender determines that any new or additional
actions need to be undertaken in regard thereto. 
  
 5.10.
Waivers. With respect to each of the Collateral Locations, Borrower will use its reasonable best efforts to obtain Landlord Agreement, to insure the priority of its security interest in that portion of the Collateral situated at such
locations. Should Borrower be unable to obtain any such Landlord Agreements, Borrower understands that Lender may impose rent reserves on the Borrowing Base for each affected Collateral Location. 
  
 5.11. Preservation of Existence. Borrower shall preserve and
maintain (and cause its Subsidiaries to preserve and maintain) its organizational existence, rights, franchises and privileges in its Home State, and qualify and remain qualified to do business in each jurisdiction (domestic or foreign) in which
such qualification is necessary or desirable in view of its business and operations or the ownership of its properties. 
  
 5.12. Compliance With Laws. Borrower and each of its Subsidiaries shall comply with the requirements of all Applicable Laws, noncompliance
with which would or could reasonably be expected to result in a Material Adverse Change. Without limiting the foregoing, each of Borrower and its Subsidiaries shall obtain and maintain all permits, licenses and other authorizations which are
required under, and otherwise comply with, all Applicable Laws. 
  

 -15- 

 5.13. Certain Required Notices. Promptly, upon its receipt of notice or knowledge thereof,
Borrower will report to Lender: (i) any lawsuit or administrative proceeding in which Borrower or any Subsidiary is a defendant which, if decided adversely to Borrower or such Subsidiary, could reasonably be expected to result in a Material Adverse
Change; or (ii) the existence and nature of any Default Condition or Event of Default. 
  
 5.14. Projections. Within sixty (60) days prior to the end of each Fiscal Year, Borrower shall provide projections for the following Fiscal Year. These shall include income statement, balance sheet and
cash flow budgets for each fiscal month of the following Fiscal Year. 
  
 6. NEGATIVE COVENANTS. Borrower covenants to Lender that from and after the Closing Date, and so long as any amount remains unpaid on account of any of the Obligations or this Agreement remains effective (whichever is the last
to occur), Borrower will not do (and will not permit any Subsidiary to do), any of the things or acts set forth below, except with the prior written consent of Lender: 
  
 6.1. Encumbrances. Create, assume, or suffer to exist any Lien, except for Permitted Encumbrances.

  
 6.2. Debt. Incur, assume, or suffer to exist any
Debt, except for: (i) Debt to Lender or any Affiliate of Lender; (ii) trade payables and contractual obligations to suppliers and customers incurred in the ordinary course of business; (iii) accrued pension fund and other employee benefit
plan obligations and liabilities (provided, however, that such Debt does not result in the existence of any Event of Default or Default Condition under any other provision of this Agreement); (iv) deferred taxes; (v) Debt resulting from endorsements
of negotiable instruments received in the ordinary course of its business; (vi) Purchase Money Debt not to exceed the Materiality Threshold, however; and (vii) Subordinated Debt. 
  
 6.3. Contingent Liabilities. Guarantee, endorse, become surety with respect to or otherwise become directly or
contingently liable for or in connection with the obligations of any other person, firm, or corporation, except for endorsements of negotiable instruments for collection in the ordinary course of business. 
  
 6.4. Dividends. Declare or pay any dividends on, or make any
distribution with respect to, its Equity Interests, except that any Subsidiaries of Borrower may pay dividends and make other distributions to Borrower. 
  
 6.5. Redemption. Purchase, redeem, or otherwise acquire for value of its Equity Interests. 
  
 6.6. Investments. Make any investment in cash or by delivery of
property to any Person, whether by acquisition of Equity Interests or Debt, or by loan, advance or capital contribution, or otherwise, in any Person or property of a Person (herein called, subject to the following exceptions, “Restricted
Investments”), except for: (i) assets acquired from time to time in the ordinary course of business; (ii) current assets arising from the sale of goods or the provision of services in the ordinary course of business; (iii) loans or
advances made to employees for salary, commissions, travel or the like, made in the ordinary course of business not to exceed, in aggregate amount, the Materiality Threshold; (iv) investments in NAIE either (A) existing on the Closing Date, or (B)
made subsequent to the Closing Date, but not to exceed, in aggregate amount, the Materiality Threshold; and (v) other investments not to exceed, in aggregate amount, the Materiality Threshold. 
  
 6.7. Mergers. Dissolve or otherwise terminate its
organizational status; or enter into any merger, reorganization or consolidation; or make any substantial change in the basic type of business conducted by Borrower and its Subsidiaries, as of the Closing Date. 
  
 6.8. Business Locations. Transfer the Executive Office, or open
new Collateral Locations, except upon at least thirty (30) days prior written notice to Lender and after the delivery to Lender of financing statements, if required by Lender, in form satisfactory to Lender, to perfect or continue the perfection of
Lender’s Lien thereon. 
  

 -16- 

 6.9. Affiliate Transactions. Enter into, or be a party to, or permit any Subsidiary to
enter into or be a party to, any transaction with any Affiliate, except in the ordinary course of and pursuant to the reasonable requirements of Borrower’s or such Subsidiary’s business and upon fair and reasonable terms which are fully
disclosed to Lender and are no less favorable to Borrower than would be expected to be obtained in a comparable arm’s length transaction with a Person not an Affiliate. 
  
 6.10. Subsidiaries. Create any Subsidiary or divest itself of any assets exceeding the Materiality Threshold
by transferring them to any Subsidiary which exists on the Closing Date or is hereafter created with Lender’s consent. 
  
 6.11. Fiscal Year. Change its Fiscal Year, or permit any Subsidiary to have a fiscal year different from the Fiscal Year of Borrower.

  
 6.12. Disposition of Assets. Sell, lease or
otherwise dispose of any of its properties, including any disposition of property as part of a sale and leaseback transaction, to or in favor of any Person, except as otherwise expressly permitted, as to certain Collateral, in Article 3. 

 
 6.13. Federal Taxpayer Identification Number. Change or
permit any Subsidiary to change its federal taxpayer identification number without prior written notice to Lender. 
  
 6.14. Subordinated Debt. Pay any Subordinated Debt except to the extent expressly provided in the Subordination Agreement or as Lender
otherwise may consent from time to time. 
  
 6.15.
Restrictions or Subsidiaries. Enter into or assume any agreement (other than the Loan Documents) prohibiting or otherwise restricting (i) the creation or assumption of any Lien upon its or any Subsidiaries’ properties, or (ii) the
ability of any Subsidiary to pay dividends or make other distributions or transfers to Borrower. 
  
 6.16. Different Business. Engage in any businesses other than businesses of the type engaged in by Borrower and its Subsidiaries as of the
Closing Date. 
  
 6.17. Commingled Funds. Commingle
any cash funds of Borrower and its Subsidiaries with any cash funds of the Principal or any Shareholders. 
  
 6.18. Compensation. Increase total annual compensation paid to officers and directors of Borrower and its Subsidiaries in any Fiscal Year
beyond the limits set forth in Borrower’s total annual compensation plan for such Fiscal Year, which plan shall have been submitted to and approved by Lender for each such Fiscal Year prior to the beginning thereof (it being understood that for
the Fiscal Year of Borrower ending June 30, 2003, the annual compensation plan referred to above shall be that submitted to and approved by Lender on or prior to the Closing Date. 
  
 7. FINANCIAL COVENANTS. Borrower covenants to Lender that, from and after the Closing Date and so long as any
amount remains on unpaid account of any of the Obligations or this Agreement remains effective (whichever is the last to occur), it will comply with the financial covenants set forth below. 
  
 7.1. Minimum Net Worth. Borrower shall maintain a minimum Net
Worth of at least $19,608,000 at all times. As used herein, “Net Worth” shall mean Borrower’s book net worth, determined on a consolidated basis for Borrower and its Consolidated Subsidiaries in accordance with GAAP, with
inventory calculated on a FIFO basis. 
  
 7.2. Capital
Expenditures. Borrower shall not expend, in Capital Expenditures, more than One Million Seven Hundred Thousand Dollars ($1,700,000), in the aggregate, for all such expenditures in any one Fiscal Year. As used herein, “Capital
Expenditures” shall mean all expenditures made in respect of the cost of any fixed asset or improvement, or replacement, substitution, or addition thereto, having a useful life of more than one (1) year, including, without limitation, those
arising in connection with the direct or indirect acquisition of such 
  

 -17- 

 assets by way of increased product or service charges or offset items or in connection with Capital Leases.
“Capital Leases” shall mean any leases of Property than, in accordance with GAAP, should be reflected as liabilities on the balance sheet of a Person. 
  
 7.3. EBITDA. Borrower shall have a minimum EBITDA (i) for its 2003 Fiscal Year of at least Three Million Three
Hundred Thousand Dollars ($3,300,000) and (ii) for its 2004 Fiscal Year of at least Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000). As used herein, “EBITDA” means the sum of (i) consolidated net income of Borrower
and its Subsidiaries for the Fiscal Year in question (computed without regard to any extraordinary items of gain or loss) plus (ii) to the extent deducted from revenue in computing consolidated net income for such Fiscal Year, the sum of (A)
interest expense, (B) taxes, and (C) depreciation and amortization. 
  
 8. EVENTS OF DEFAULT. The occurrence of any events or conditions set forth below shall constitute an Event of Default hereunder, provided that any requirement for the giving of notice or the lapse of time, or both, has been
satisfied: 
  
 8.1. Obligations. Borrower shall fail
to make any payment on any of its Obligations, when due. 
  
 8.2.
Misrepresentations. Any representations or warranties made herein or in any of the Loan Documents or in any Guaranty or in any certificate or statement furnished at any time hereunder or in connection with any of the Loan Documents or
any Guaranty shall prove to have been untrue or misleading in any material respect when made or furnished. 
  
 8.3. Certain Covenants. Borrower shall default in the observance or performance of any covenant or agreement contained in Articles 5, 6 or
7. 
  
 8.4. Other Covenants. Borrower, any
Subsidiary or any Guarantor shall default in the observance or performance of any covenant or agreement contained herein, in any of the other Loan Documents or any Guaranty (other than a default the performance or observance of which is dealt with
specifically elsewhere in this Article 8). 
  
 8.5. Other
Debts. Borrower, any Subsidiary or any Guarantor shall default in connection with any agreement for Debt exceeding the Materiality Threshold with any creditor, including Lender, which entitles said creditor to accelerate the maturity
thereof. 
  
 8.6. Voluntary Bankruptcy. Borrower,
any Subsidiary or any Guarantor shall file a voluntary petition in bankruptcy or a voluntary petition or answer seeking liquidation, reorganization, arrangement, readjustment of its debts, or for any other relief under the Bankruptcy Code, or under
any other act or law pertaining to insolvency or debtor relief, whether state, Federal, or foreign, now or hereafter existing; Borrower, any Subsidiary or any Guarantor shall enter into any agreement indicating its consent to, approval of, or
acquiescence in, any such petition or proceeding; Borrower, any Subsidiary or any Guarantor shall apply for or permit the appointment by consent or acquiescence of a receiver, custodian or trustee of Borrower, any Subsidiary or any Guarantor for all
or a substantial part of its property; Borrower, any Subsidiary or any Guarantor shall make an assignment for the benefit of creditors; or Borrower, any Subsidiary or any Guarantor shall be or become Insolvent; or Borrower, any Subsidiary or any
Guarantor shall admit, in writing, its inability or failure to pay its debts generally as such debts become due. 
  
 8.7. Involuntary Bankruptcy. There shall have been filed against Borrower, any Subsidiary or any Guarantor an involuntary petition in
bankruptcy or seeking liquidation, reorganization, arrangement, readjustment of its debts or for any other relief under the Bankruptcy Code, or under any other act or law pertaining to insolvency or debtor relief, whether state, federal or foreign,
now or hereafter existing; Borrower, any Subsidiary or any Guarantor shall suffer or permit the involuntary appointment of a receiver, custodian or trustee of Borrower, any Subsidiary or any Guarantor or for all or a substantial part of its
property; or Borrower, any Subsidiary or any Guarantor shall suffer or permit the issuance of a warrant of attachment, execution or similar process against all or any substantial part of the property of Borrower, any Subsidiary or any Guarantor; or
any motion, complaint or other 
  

 -18- 

 pleading is filed in any bankruptcy case of any person or entity other than Borrower, any Subsidiary or any Guarantor and
such motion, complaint or pleading seeks the consolidation of Borrower’s, any Subsidiary’s or any Guarantor’s assets and liabilities with the assets and liabilities of such person or entity. 
  
 8.8. Damage, Loss, Theft or Destruction of Collateral. There
shall have occurred material uninsured damage to, or loss, theft or destruction of, any Collateral having a value, based on the lower of its depreciated cost or market value, exceeding the Materiality Threshold. 
  
 8.9. Judgments. A final judgment or order for the payment of
money is rendered against Borrower, any Subsidiary or any Guarantor in an amount exceeding the Materiality Threshold (exclusive of amounts covered by insurance) and either (x) enforcement proceedings shall have been commenced by any creditor upon
such judgment or order, or (y) a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect for any period of thirty (30) consecutive days. 
  
 8.10. Disavowal of Certain Obligations. Any Person (other than
Lender) party to a Guaranty or Subordination Agreement shall disavow its obligations thereunder; or any such Guaranty or Subordination Agreement is alleged to be, or determined by any governmental authority to be, invalid, unenforceable or otherwise
not binding on any Person party thereto (other than Lender), in whole or in part. 
  
 8.11. Material Adverse Change. There shall occur any Material Adverse Change. 
  
 8.12. Change of Control, Etc. Any Person, or group of Persons acting in concert, not in Control of Borrower on the Closing Date shall obtain
Control of Borrower subsequent to the Closing Date. 
  
 8.13.
Change in Management, Etc. Borrower shall fail to maintain generally executive management satisfactory to Lender having sufficient skill and experience in Borrower’s industry to manage Borrower competently and efficiently.

  
 9. REMEDIES. Upon the occurrence or existence of
any Event of Default, or at any time thereafter, without prejudice to the rights of Lender to enforce its claims against Borrower for damages for failure by Borrower to fulfill any of its obligations hereunder, subject only to prior receipt by
Lender of payment in full of all Obligations then outstanding in a form acceptable to Lender, Lender shall have all of the rights and remedies set forth below, and it may exercise any one, more, or all of such remedies, in its sole discretion,
without thereby waiving any of the others; provided, however, that, in addition to the foregoing, if the Event of Default is in respect of Section 8.6 or 8.7, then, automatically, immediately upon such Event of Default occurring,
without necessity of any further action on Lender’s part, all commitments of Lender hereunder and under all other Loan Documents shall terminate, and all Obligations shall be immediately due and payable. 
  
 9.1. Acceleration of the Obligations. Lender, at its option,
may terminate all commitments of Lender hereunder and under all other Loan Documents, and declare all of the Obligations to be immediately due and payable, whereupon the same shall become immediately due and payable without presentment, demand,
protest, notice of nonpayment or any other notice required by law relative thereto, all of which are hereby expressly waived by Borrower, anything contained herein to the contrary notwithstanding. If any note of Borrower to Lender constituting
Obligations, including, without limitation, any of the Notes, shall be a demand instrument, however, the recitation of the right of Lender to declare any and all Obligations to be immediately due and payable, whether such recitation is contained in
such note or in this Agreement, as well as the recitation of the above events permitting Lender to declare all Obligations due and payable, shall not constitute an election by Lender to waive its right to demand payment under a demand at any time
and in any event, as Lender in its discretion may deem appropriate. Thereafter, Lender, at its option, may, but shall not be obligated to, accept less than the entire amount of Obligations due, if tendered, provided, however, that
unless then agreed to in writing by Lender, no such acceptance shall or shall be deemed to constitute a waiver of any Event of Default or a reinstatement of any commitments of Lender hereunder or under all other Loan Documents. 
  

 -19- 

 9.2. Default. If Lender so elects, by further written notice to Borrower, Lender may
increase the rate of interest charged on the Notes then outstanding for so long thereafter as Lender further shall elect by an amount not to exceed the Default Rate. 
  
 9.3. Remedies of a Secured Party. Lender shall thereupon have the rights and remedies of a secured party under
the UCC in effect on the date thereof (regardless whether the same has been enacted in the jurisdiction where the rights or remedies are asserted), including, without limitation, the right to take possession of any of the Collateral or the proceeds
thereof, to sell or otherwise dispose of the same, to apply the proceeds therefrom to any of the Obligations in such order as Lender, in its sole discretion, may elect. Lender shall give Borrower written notice of the time and place of any public
sale of the Collateral or the time after which any other intended disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is given to Borrower at least ten (10) days before such disposition.
Expenses of retaking, holding, insuring, preserving, protecting, preparing for sale or selling or the like with respect to the Collateral shall include, in any event, reasonable attorneys’ fees and other legally recoverable collection expenses,
all of which shall constitute Obligations. 
  
 9.4.
Repossession of the Collateral. Lender may take the Collateral or any portion thereof into its possession, by such means (without breach of the peace) and through agents or otherwise as it may elect (and, in connection therewith, demand
that Borrower assemble the Collateral at a place or places and in such manner as Lender shall prescribe), and sell, lease or otherwise dispose of the Collateral or any portion thereof in its then condition or following any commercially reasonable
preparation or processing, which disposition may be by public or private proceedings, by one or more contracts, as a unit or in parcels, at any time and place and on any terms, so long as the same are commercially reasonable and Borrower hereby
waives all rights which Borrower has or may have under applicable law to notice and to a judicial hearing prior to seizure of any Collateral by Lender. 
  
 9.5. Direct Notification. Lender may, additionally, in its sole discretion, at any time that an Event of Default exists, direct Account
Debtors to make payments on the Accounts Receivable Collateral, or portions thereof, directly to Lender, and the Account Debtors are hereby authorized and directed to do so by Borrower upon Lender’s direction, and the funds so received shall be
also deposited in the Collateral Reserve Account, or, at the election of Lender, upon its receipt thereof, be applied directly to repayment of the Obligations in such order as Lender, in its sole discretion, shall determine. 
  
 9.6. Other Remedies. Unless and except to the extent expressly
provided for to the contrary herein, the rights of Lender specified herein shall be in addition to, and not in limitation of, Lender’s rights under the UCC, as amended from time to time, or any other statute or rule of law or equity, or under
any other provision of any of the Loan Documents, or under the provisions of any other document, instrument or other writing executed by Borrower or any third party in favor of Lender, all of which may be exercised successively or concurrently.

  
 10. MISCELLANEOUS 
  
 10.1. Waiver. Each and every right granted to Lender under this
Agreement, or any of the other Loan Documents, or any other document delivered hereunder or in connection herewith or allowed it by law or in equity, shall be cumulative and may be exercised from time to time. No failure on the part of Lender to
exercise, and no delay in exercising, any right shall operate as a waiver thereof, nor shall any single or partial exercise by Lender of any right preclude any other or future exercise thereof or the exercise of any other right. No waiver by Lender
of any Default Condition or Event of Default shall constitute a waiver of any subsequent Default Condition or Event of Default. 
  
 10.2. GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER,
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA. 
  
 10.3. Survival. All representations, warranties and covenants made herein and in the Loan Documents shall survive the execution and delivery
hereof and thereof. The terms and provisions of this Agreement shall continue in full force and effect, notwithstanding the payment of one or more of the Notes or the termination of 
  

 -20- 

 the Line of Credit, until all of the Obligations have been paid in full and Lender has terminated this Agreement in
writing. 
  
 10.4. Assignments. No assignment hereof
or of any Loan Document shall be made by Borrower without the prior written consent of Lender. Lender may assign, or sell participations in, its right, title and interest herein and in the Loan Documents at any time hereafter without notice to or
consent of Borrower. 
  
 10.5. Counterparts. This
Agreement may be executed in two or more counterparts, each of which when fully executed shall be an original, and all of said counterparts taken together shall be deemed to constitute one and the same agreement. 
  
 10.6. Reimbursement. Borrower shall pay to Lender on demand all
reasonable out-of-pocket costs and expenses that Lender pays or actually incurs in connection with the negotiation, preparation, consummation, amendment, modification, enforcement and termination of this Agreement and the other Loan Documents,
including, without limitation: (a) fees and disbursements of legal counsel; (b) costs and expenses of lien and title searches insurance; (c) actual taxes, fees and other charges for recording any mortgages, filing any financing statements and
continuations, and other actions to perfect, protect and continue the Lien of Lender in the Collateral; (d) sums paid or incurred to pay for any amount or to take any action required of Borrower under the Loan Documents that Borrower fails to pay or
take; (e) costs of appraisals, inspections, field audits and verifications of the Collateral, including, without limitation, costs of travel, for inspections of the Collateral and Borrower’s operations by Lender; (f) costs and expenses of
preserving and protecting the Collateral; and (g) after an Event of Default, costs and expenses (including fees and disbursements of legal counsel) paid or incurred to obtain payment of the Obligations, enforce the Lender’s Lien in any
Collateral, sell or otherwise realize upon the Collateral, and otherwise enforce the provisions of the Loan Documents or to defend any claim made or threatened against Lender arising out of the transactions contemplated hereby (including, without
limitation, preparations for and consultations concerning any such matters). The foregoing shall not be construed to limit any other provisions of the Loan Documents regarding costs and expenses to be paid to Borrower. All of the foregoing costs and
expenses may, in the discretion of Lender, be charged as Advances. Borrower will pay all expenses incurred by it in the transaction. In the event Borrower becomes a debtor under the Bankruptcy Code, Lender’s secured claim in such case shall
include interest on the Obligations and all fees, costs and charges provided for herein (including, without limitation, reasonable attorneys’ fees actually incurred) all for the extent allowed by the Bankruptcy Code. 
  
 10.7. Successors and Assigns. This Agreement and Loan Documents
shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto and thereto. 
  
 10.8. Severability. If any provision this Agreement or of any of the Loan Documents or the application thereof to any party thereto or
circumstances shall be invalid or unenforceable to any extent, the remainder of such Loan Documents and the application of such provisions to any other party thereto or circumstance shall not be affected thereby and shall be enforced to the greatest
extent permitted by law. 
  
 10.9. Notices. All
notices, requests and demands to or upon the respective parties hereto shall be deemed to have been given or made when personally delivered or deposited in the mail, registered or certified mail, postage prepaid, addressed as follows: (i) for
Lender, care of the address of Lender inscribed beneath its signature hereinbelow and (ii) for Borrower, care of the address set forth as its Executive Office (or to such other address as may be designated hereafter in writing by the respective
parties hereto) except in cases where it is expressly provided herein or by applicable law that such notice, demand or request is not effective until received by the party to whom it is addressed. 
  
 10.10. Entire Agreement; Amendments. This Agreement, together
with the remaining Loan Documents, constitute the entire agreement between the parties hereto with respect to the subject matter hereof. Neither this Agreement nor any Loan Document may be changed, waived, discharged, modified or terminated orally,
but only by an instrument in writing signed by the party against whom enforcement is sought. 
  
 10.11. Time of Essence. Time is of the essence in this Agreement and the other Loan Documents. 
  

 -21- 

 10.12. Interpretation. No provision of this Agreement or any Loan Document shall be
construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to have structured or dictated such provision. 
  
 10.13. Lender Not a Joint Venturer. Neither this Agreement nor
any Loan Document shall in any respect be interpreted, deemed or construed as making Lender a partner or joint venturer with Borrower or as creating any similar relationship or entity, and Borrower agrees that it will not make any contrary
assertion, contention, claim or counterclaim in any action, suit or other legal proceeding involving Lender and Borrower. 
  
 10.14. JURISDICTION. BORROWER AGREES THAT ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY LOAN DOCUMENT MAY BE BROUGHT
IN THE COURTS OF THE STATE OF GEORGIA OR THE UNITED STATES OF AMERICA FOR THE NORTHERN DISTRICT OF GEORGIA, ATLANTA DIVISION, ALL AS LENDER MAY ELECT. BY EXECUTION OF THIS AGREEMENT, BORROWER HEREBY SUBMITS TO EACH SUCH JURISDICTION, HEREBY
EXPRESSLY WAIVING WHATEVER RIGHTS MAY CORRESPOND TO IT BY REASON OF ITS PRESENT OR FUTURE DOMICILE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF LENDER TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY OTHER JURISDICTION OR TO
SERVE PROCESS IN ANY MANNER PERMITTED OR REQUIRED BY LAW. 
  
 10.15. ACCEPTANCE. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, SHALL NOT BECOME EFFECTIVE UNLESS AND UNTIL DELIVERED TO LENDER AT ITS PRINCIPAL OFFICE IN ATLANTA, FULTON COUNTY, GEORGIA AND ACCEPTED IN WRITING BY
LENDER AT SUCH OFFICE AS EVIDENCED BY ITS EXECUTION HEREOF (NOTICE OF WHICH DELIVERY AND ACCEPTANCE ARE HEREBY WAIVED BY BORROWER). 
  
 10.16. Payment on Non-Business Days. Whenever any payment to be made hereunder or under the Notes shall be stated to be due on a Saturday,
Sunday or any other day in which national banks within the State of Georgia are legally authorized to close, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation
of payment of interest hereunder or under the Notes. 
  
 10.17.
Cure of Defaults by Lender. If, hereafter, Borrower defaults in the performance of any duty or obligation to Lender hereunder or under any Loan Document, Lender may, at its option, but without obligation, cure such default and any
costs, fees and expenses incurred by Lender in connection therewith including, without limitation, for the purchase of insurance, the payment of taxes and the removal or settlement of liens and claims, shall be deemed to be advances against the
Master Note, whether or not this creates an overadvance thereunder, and shall be payable in accordance with its terms. 
  
 10.18. Attorney-in-Fact. Borrower hereby designates, appoints and empowers Lender irrevocably as its attorney-in-fact, effective during any
time that an Event of Default exists, either in the name of Borrower or the name of Lender, at Borrower’s cost and expense, (i) to do any and all actions which Lender may deem necessary or advisable to carry out the terms of this Agreement or
any other Loan Document upon the failure, refusal or inability of Borrower to do so and (ii) to ask for, demand, sue for, collect, compromise, compound, receive, receipt for and give acquittances for any and all sums owing or which may become due
upon any of the Collateral and, in connection therewith, to take any and all actions as Lender may deem necessary or desirable to realize upon any Collateral; and Borrower hereby agrees to indemnify and hold Lender harmless from any costs, damages,
expenses or liabilities arising against or incurred by Lender in connection therewith. 
  
 10.19. Sole Benefit. The rights and benefits set forth in this Agreement and the other Loan Documents are for the sole and exclusive benefit of the parties hereto and thereto and may be relied upon only
by them. 
  
 10.20. Indemnification. Borrower will
hold Lender, its respective directors, officers, employees, agents, Affiliates, successors and assigns harmless from and indemnify Lender, its respective directors, officers, employees, agents, Affiliates, successors and assigns against, all loss,
damages, costs and expenses (including, without limitation, reasonable attorney’s fees, costs and expenses) actually incurred by any of the 
  

 -22- 

 foregoing, whether direct, indirect or consequential, as a result of or arising from or relating to any
“Proceedings” (as defined below) by any Person, whether threatened or initiated, asserting a claim for any legal or equitable remedy against any Person under any statute, case or regulation, including, without limitation, any federal or
state securities laws or under any common law or equitable case or otherwise, arising from or in connection with this Agreement, and any other of the transactions contemplated by this Agreement, except to the extent such losses, damages, costs or
expenses are due to the willful misconduct or gross negligence of Lender. As used herein, “Proceedings” shall mean actions, suits or proceedings before any court, governmental or regulatory authority and shall include, particularly,
but without limitation, any actions concerning environmental laws, regulations or rules. At the request of Lender, Borrower will indemnify any Person to whom Lender transfers or sells all or any portion of its interest in the Obligations or
participations therein on terms substantially similar to the terms set forth above. Lender shall not be responsible or liable to any Person for consequential damages which may be alleged as a result of this Agreement or any of the transactions
contemplated hereby. The obligations of Borrower under this Section shall survive the termination of this Agreement and payment of the Obligations. 
  
 10.21. JURY TRIAL WAIVER. EACH OF BORROWER AND LENDER HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY
IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO ANY OF THE LOAN DOCUMENTS, OBLIGATIONS OR THE COLLATERAL. 
  
 10.22. Terminology. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include
all other genders; the singular shall include the plural, and the plural shall include the singular. Titles of Articles and Sections in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement, and all
references in this Agreement to Articles, Sections, Subsections, paragraphs, clauses, subclauses or Exhibits shall refer to the corresponding Article, Section, Subsection, paragraph, clause, subclause of, or Exhibit attached to, this Agreement,
unless specific reference is made to the articles, sections or other subdivisions divisions of or Exhibit to, another document or instrument. Wherever in this Agreement reference is made to any instrument, agreement or other document, including,
without limitation, any of the Loan Documents, such reference shall be understood to mean and include any and all amendments thereto or modifications, restatements, renewals or extensions thereof. Wherever in this Agreement reference is made to any
statute, such reference shall be understood to mean and include any and all amendments thereof and all regulations promulgated pursuant thereto. Whenever any matter set forth herein or in any Loan Document is to be consented to or be satisfactory to
Lender, or is to be determined, calculated or approved by Lender, then, unless otherwise expressly set forth herein or in any such Loan Document, such consent, satisfaction, determination, calculation or approval shall be in Lender’s sole
discretion, exercised in good faith and, where required by law, in a commercially reasonable manner, and shall be conclusive absent manifest error. 
  
 10.23. Publicity. Lender may post notice of this transaction in trade publications and other media, including through the use of
“tombstones,” and may include Borrower’s name and other selected data about the transaction of a general nature. Borrower shall not use the name of Lender, or use any “logo,” trade style, trade name or other likeness or
image of Lender in any advertising, publication or other public disclosures except with Lender’s prior written consent or where required to do so by applicable law (in which latter event, however, Borrower first shall consult with Lender in
regard thereto and limit, as directed by Lender, such publication to the extent permissible to do so under applicable law.). 
  
 10.24. Counterclaims. Borrower waives any right to interpose any claim, deduction, setoff or counterclaim of any sort (other than compulsory
counterclaims) that Borrower may have, or allege, as against Lender or any of its Affiliates in any action or proceeding instituted by Lender to endorse the payment of any obligations or the performance of any Loan Document, all of which claims,
deductions, setoffs or counterclaims shall and must be brought against Lender or any of its Affiliates, as the case may be, if at all by a separate and independent action or proceeding initiated by Borrower. 
  
 10.25. TM Services. To the extent that at any time or from time
to time hereafter Lender arranges for, or gives assurances on Borrower’s behalf in regard to, any TM Services (as hereinafter defined), Borrower acknowledges and agrees that: (i) Lender shall have no duty, obligation or liability whatsoever to
Borrower in respect thereof, including, without limitation, as to (A) their initiation, continuation, suspension or termination, (B) any actions (or omissions) of the party(ies) providing such services or any other Person, or (C) any 
  

 -23- 

 charges, fees or other costs associated therewith; (ii) if this Agreement is terminated, Borrower shall cease obtaining
all TM Services and if Borrower shall fail to do so, Lender may do so itself on behalf of Borrower under the power of attorney granted in Section 10.18; and (iii) the indemnity of Borrower granted in Section 10.20 shall extend to and include,
without limitation, any cost, damage, loss or expense occasioned by Lender’s arrangement of, or the giving of assurances in regard to, any TM Services. As used herein, “TM Services” shall mean all treasury management services,
including, without limitation, foreign exchange, automated clearing house (ACH) services, controlled disbursements and wire transfer and deposit actively performed by any financial institutions on behalf of Borrower. 
  
 11. CONDITIONS PRECEDENT. Unless waived in writing by Lender at
or prior to the execution and delivery of this Agreement, the conditions set forth below shall constitute express conditions precedent to any obligation of Lender hereunder. 
  
 11.1. Loan Documents. Receipt by Lender of this Agreement and the following Loan Documents, each to be duly
executed by Borrower and each other Person party thereto: 
  
 (a) Borrowing Base Certificate. An initial Borrowing Base Certificate duly completed, to be in substantially the form of Exhibit A; 
  
 (b) Collateral Status Certificate. An initial Compliance Certificate, duly completed, to be in substantially the form of Exhibit B;

  
 (c) Compliance Certificate. An initial Compliance
Certificate, duly completed, to be in substantially the form of Exhibit C; 
  
 (d) IP Security Agreements. If applicable, IP Security Agreements, to be in substantially the form of Exhibit D-1, as to patents, and Exhibit D-2, as to trademarks 
  
 (e) Landlord’s Agreements. Landlord’s Agreements, with
respect to any landlords and warehouse operators with whom Borrower has any Collateral on the Closing Date, to be in substantially the form of Exhibit E-1, as to landlords, and Exhibit E-2, as to public warehouse operators; 

 
 (f) Note. The Master Note, to be substantially in the form of
Exhibit F-1 and the Term Note, to be in substantially the form of Exhibit F-2; 
  
 (g) Notice of Borrowing. An initial Notice of Borrowing, duly completed, to be in substantially the form of Exhibit G; 
  
 (h) A Telephone Instructions Letter, duly completed, to be in substantially the form of Exhibit H; 
  
 (i) A Blocked Account Agreement, to be in substantially the form of
Exhibit I-1, if Bank of America N.A. is the Clearing Bank; and to be in substantially the form of Exhibit I-2, if Bank of America N.A. is not the Clearing bank. 
  
 (j) An organization and incumbency certificate from the corporate Secretary of Borrower (or similar officer or
representative, if Borrower is not a corporation) certifying as to the Borrower’s Organization Documents and the Person(s) authorized to execute the Loan Documents on Borrower’s behalf, to be in substantially the form of Exhibit J;

  
 (k) An opinion of counsel from Borrower’ counsel, to be
in substantially the form of Exhibit K; 
  
 (l) A
disbursement instructions letter, duly completed, to be in substantially the form of Exhibit L; 
  

 -24- 

 (m) A payoff letter from each creditor of Borrower whose credit is being refinanced pursuant hereto,
duly completed, to be in substantially the form of Exhibit M; and 
  
 (n) a stock pledge agreement from Borrower in respect of sixty-five percent (65%) of the Equity Interests that it owns in NAIE, t o be substantially in the form of Exhibit N; 
  
 (o) a current list of Account Debtors, including names and addresses; and

  
 (p) such other Loan Documents as may be referred to herein
or contemplated hereby, or as other may be required by Lender in its credit judgment. 
  
 11.2. No Default. No Default Condition or Event of Default shall have occurred. 
  
 11.3. No Material Change. No Material Adverse Change shall have occurred. 
  

 -25- 

 IN WITNESS WHEREOF, Borrower has caused this Agreement to be executed as of the day and year set forth
below as the Closing Date. 
  

	 “BORROWER”
  
 NATURAL ALTERNATIVES INTERNATIONAL, INC

		
	 By:
	 	 /s/    RANDELL
WEAVER      

	 Name:
	 	Randell Weaver
	 Title:
	 	Chief Financial Officer

  
  

 -26- 

	 Accepted by Lender in Atlanta, Georgia
 as of October 25, 2002
 (the “Closing Date”)
  
 “LENDER”
  
 UPS CAPITAL CORPORATION

		
	 By:
	 	 /s/    CHARLES JOHNSON
      

	 Name:
	 	Charles G. Johnson
	 Title:
	 	Sr. Vice President
	  
 Address
for Notices:
  
 35 Glenlake Parkway,
N.E.
 Suite 500
 Atlanta, GA 30328
 Attn: Legal Department

  
  
  

 -27-Indenture, by and among MGM Mirage

 Exhibit 4.1 
  
 Execution Copy 
  
 INDENTURE 
  
 among 
  
 MGM MIRAGE, as Issuer, 
  
 The Subsidiary
Guarantors Parties Hereto 
  
 and 
  
 U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  
 Dated as of September 17, 2003 

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	 ARTICLE 1    DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	2
			
	 Section 1.1
	  	DEFINITIONS	  	2
			
	 Section 1.2
	  	COMPLIANCE CERTIFICATES AND OPINIONS	  	12
			
	 Section 1.3
	  	FORM OF DOCUMENTS DELIVERED TO TRUSTEE	  	13
		
	 ARTICLE 2    FORM OF NOTES
	  	13
			
	 Section 2.1
	  	FORMS GENERALLY	  	13
			
	 Section 2.2
	  	FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION	  	13
			
	 Section 2.3
	  	NOTE IN GLOBAL FORM	  	14
		
	 ARTICLE 3    THE NOTES
	  	14
			
	 Section 3.1
	  	AMOUNT	  	14
			
	 Section 3.2
	  	DENOMINATIONS	  	15
			
	 Section 3.3
	  	EXECUTION, AUTHENTICATION, DELIVERY AND DATING	  	15
			
	 Section 3.4
	  	TEMPORARY NOTES; EXCHANGE OF TEMPORARY GLOBAL NOTES FOR DEFINITIVE NOTES; GLOBAL NOTES REPRESENTING NOTES	  	17
			
	 Section 3.5
	  	REGISTRATION, TRANSFER AND EXCHANGE	  	18
			
	 Section 3.6
	  	MUTILATED, DESTROYED, LOST AND STOLEN DEBT SECURITIES	  	19
			
	 Section 3.7
	  	PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED	  	20
			
	 Section 3.8
	  	CANCELLATION	  	21
			
	 Section 3.9
	  	COMPUTATION OF INTEREST	  	21
			
	 Section 3.11
	  	MANDATORY DISPOSITION OF NOTES PURSUANT TO GAMING LAWS	  	21

			
	 Section 3.12
	  	CUSIP NUMBERS	  	22
		
	 ARTICLE 4    SATISFACTION AND DISCHARGE
	  	22
			
	 Section 4.1
	  	SATISFACTION AND DISCHARGE OF INDENTURE	  	22
			
	 Section 4.2
	  	APPLICATION OF TRUST MONEY	  	24
		
	 ARTICLE 5    REMEDIES
	  	24
			
	 Section 5.1
	  	EVENTS OF DEFAULT	  	24
			
	 Section 5.2
	  	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT	  	25
			
	 Section 5.3
	  	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE	  	26
			
	 Section 5.4
	  	TRUSTEE MAY FILE PROOFS OF CLAIM	  	27
			
	 Section 5.5
	  	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF DEBT SECURITIES	  	28
			
	 Section 5.6
	  	APPLICATION OF MONEY COLLECTED	  	28
			
	 Section 5.7
	  	LIMITATION ON SUITS	  	29
			
	 Section 5.8
	  	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST	  	29
			
	 Section 5.9
	  	RESTORATION OF RIGHTS AND REMEDIES	  	30
			
	 Section 5.10
	  	RIGHTS AND REMEDIES CUMULATIVE	  	30
			
	 Section 5.11
	  	DELAY OR OMISSION NOT WAIVER	  	30
			
	 Section 5.12
	  	CONTROL BY HOLDERS	  	30
			
	 Section 5.13
	  	WAIVER OF PAST DEFAULTS	  	31
			
	 Section 5.14
	  	UNDERTAKING FOR COSTS	  	31
			
	 Section 5.15
	  	WAIVER OF STAY OR EXTENSION LAWS	  	31
			
	 Section 5.16
	  	DISQUALIFIED HOLDERS	  	31
		
	 ARTICLE 6    THE TRUSTEE
	  	32
			
	 Section 6.1
	  	CERTAIN DUTIES AND RESPONSIBILITIES	  	32

  

 ii 

			
	 Section 6.2
	  	 NOTICE OF DEFAULTS
	  	33
			
	 Section 6.3
	  	 CERTAIN RIGHTS OF TRUSTEE
	  	34
			
	 Section 6.4
	  	 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF NOTES
	  	35
			
	 Section 6.5
	  	 MAY HOLD NOTES
	  	35
			
	 Section 6.6
	  	 MONEY HELD IN TRUST
	  	35
			
	 Section 6.7
	  	 COMPENSATION AND REIMBURSEMENT
	  	35
			
	 Section 6.8
	  	 DISQUALIFICATION; CONFLICTING INTERESTS
	  	36
			
	 Section 6.9
	  	 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY
	  	36
			
	 Section 6.10
	  	 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR
	  	37
			
	 Section 6.11
	  	 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR
	  	38
			
	 Section 6.12
	  	 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS
	  	38
			
	 Section 6.13
	  	 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY
	  	39
			
	 Section 6.14
	  	 APPOINTMENT OF AUTHENTICATING AGENT
	  	39
			
	 Section 6.15
	  	 APPOINTMENT OF CO-TRUSTEE
	  	40
			
	 Section 6.16
	  	 PAYING AGENT; NOTE REGISTRAR
	  	41
		
	 ARTICLE 7    HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	41
			
	 Section 7.1
	  	 COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS
	  	41
			
	 Section 7.2
	  	 PRESERVATION OF INFORMATION; COMMUNICATION TO HOLDERS
	  	42
			
	 Section 7.3
	  	 REPORTS BY TRUSTEE
	  	43
			
	 Section 7.4
	  	 REPORTS BY COMPANY
	  	45
		
	 ARTICLE 8    CONCERNING THE HOLDERS
	  	45
			
	 Section 8.1
	  	 ACTS OF HOLDERS
	  	45

  

 iii 

			
	 Section 8.2
	  	 PROOF OF OWNERSHIP; PROOF OF EXECUTION OF INSTRUMENTS BY HOLDER
	  	45
			
	 Section 8.3
	  	 PERSONS DEEMED OWNERS
	  	46
			
	 Section 8.4
	  	 REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND
	  	46
		
	 ARTICLE 9    HOLDERS' MEETINGS
	  	46
			
	 Section 9.1
	  	 PURPOSES OF MEETINGS
	  	46
			
	 Section 9.2
	  	 CALL OF MEETINGS BY TRUSTEE
	  	47
			
	 Section 9.3
	  	 CALL OF MEETINGS BY COMPANY OR HOLDERS
	  	47
			
	 Section 9.4
	  	 QUALIFICATIONS FOR VOTING
	  	47
			
	 Section 9.5
	  	 REGULATIONS
	  	47
			
	 Section 9.6
	  	 VOTING
	  	48
			
	 Section 9.7
	  	 NO DELAY OF RIGHTS BY MEETING
	  	48
		
	 ARTICLE 10    CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	  	49
			
	 Section 10.1
	  	 COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS
	  	49
			
	 Section 10.2
	  	 SUCCESSOR CORPORATION SUBSTITUTED
	  	49
		
	 ARTICLE 11    SUPPLEMENTAL INDENTURES
	  	50
			
	 Section 11.1
	  	 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS
	  	50
			
	 Section 11.2
	  	 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS
	  	51
			
	 Section 11.3
	  	 EXECUTION OF SUPPLEMENTAL INDENTURES
	  	52
			
	 Section 11.4
	  	 EFFECT OF SUPPLEMENTAL INDENTURES
	  	52
			
	 Section 11.5
	  	 CONFORMITY WITH TRUST INDENTURE ACT
	  	52
			
	 Section 11.6
	  	 REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES
	  	52

  

 iv 

		
	 ARTICLE 12    COVENANTS
	  	53
			
	 Section 12.1
	  	 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST
	  	53
			
	 Section 12.2
	  	 OFFICER'S CERTIFICATE AS TO COMPLIANCE
	  	53
			
	 Section 12.3
	  	 MAINTENANCE OF OFFICE OR AGENCY
	  	53
			
	 Section 12.4
	  	 MONEY FOR NOTES; PAYMENTS TO BE HELD IN TRUST
	  	54
			
	 Section 12.5
	  	 CORPORATE EXISTENCE
	  	55
			
	 Section 12.6
	  	 WAIVER OF CERTAIN COVENANTS
	  	55
			
	 Section 12.7
	  	 GUARANTEE AND COLLATERAL MATTERS
	  	55
			
	 Section 12.8
	  	 CONDITIONAL COLLATERAL
	  	57
			
	 Section 12.9
	  	 LIMITATIONS ON LIENS
	  	57
			
	 Section 12.10
	  	 LIMITATION ON SALE AND LEASEBACK TRANSACTIONS
	  	60
			
	 Section 12.11
	  	 COLLATERAL EVENT AFTER COLLATERAL RELEASE DATE
	  	60
		
	 ARTICLE 13    REDEMPTION OF NOTES
	  	61
			
	 Section 13.1
	  	 OPTIONAL REDEMPTION
	  	61
			
	 Section 13.2
	  	 ELECTION TO REDEEM; NOTICE TO TRUSTEE
	  	63
			
	 Section 13.3
	  	 SELECTION BY TRUSTEE OF NOTES TO BE REDEEMED
	  	63
			
	 Section 13.4
	  	 NOTICE OF REDEMPTION
	  	63
			
	 Section 13.5
	  	 DEPOSIT OF REDEMPTION PRICE
	  	64
			
	 Section 13.6
	  	 NOTES PAYABLE ON REDEMPTION DATE
	  	64
			
	 Section 13.7
	  	 NOTES REDEEMED IN PART
	  	64
		
	 ARTICLE 14    DEFEASANCE
	  	65
			
	 Section 14.1
	  	 APPLICABILITY OF ARTICLE
	  	65

  

 v 

			
	 Section 14.2
	  	DEFEASANCE UPON DEPOSIT OF MONEYS OR U.S. GOVERNMENT OBLIGATIONS	  	65
			
	 Section 14.3
	  	DEPOSITED MONEYS AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST	  	67
			
	 Section 14.4
	  	REPAYMENT TO COMPANY	  	67
		
	 ARTICLE 15    COLLATERAL AND SECURITY
	  	68
			
	 Section 15.1
	  	EXECUTION OF COLLATERAL DOCUMENTS	  	68
			
	 Section 15.2
	  	COLLATERAL DOCUMENTS	  	68
			
	 Section 15.3
	  	RECORDING AND OPINIONS	  	69
			
	 Section 15.4
	  	RELEASE AND SUBORDINATION OF COLLATERAL	  	70
			
	 Section 15.5
	  	CERTIFICATES OF THE COMPANY	  	71
			
	 Section 15.6
	  	AUTHORIZATION OF ACTIONS TO BE TAKEN BY THE TRUSTEE UNDER THE COLLATERAL DOCUMENTS	  	72
			
	 Section 15.7
	  	AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER THE COLLATERAL DOCUMENTS	  	73
		
	 ARTICLE 16    GUARANTEE
	  	73
			
	 Section 16.1
	  	GUARANTEE	  	73
			
	 Section 16.2
	  	EXECUTION AND DELIVERY OF GUARANTEE	  	74
			
	 Section 16.3
	  	LIMITATION OF GUARANTOR'S LIABILITY	  	74
			
	 Section 16.4
	  	CONTRIBUTION	  	75
			
	 Section 16.5
	  	RIGHTS UNDER THE GUARANTEE	  	75
			
	 Section 16.6
	  	PRIMARY OBLIGATIONS	  	76
			
	 Section 16.7
	  	WAIVERS	  	76
			
	 Section 16.8
	  	RELEASES	  	77
			
	 Section 16.9
	  	NO ELECTION	  	77
			
	 Section 16.10
	  	FINANCIAL CONDITION OF THE COMPANY	  	77

  

 vi 

			
	 Section 16.11
	  	 CONSOLIDATION, MERGER, ETC., ONLY ON CERTAIN TERMS
	  	77
		
	 ARTICLE 17    MISCELLANEOUS
	  	78
			
	 Section 17.1
	  	 NOTICES, ETC
	  	78
			
	 Section 17.2
	  	 NOTICE TO HOLDERS; WAIVER
	  	79
			
	 Section 17.3
	  	 CONFLICT WITH TRUST INDENTURE ACT
	  	79
			
	 Section 17.4
	  	 COUNTERPARTS; EFFECT OF HEADINGS AND TABLE OF CONTENTS
	  	80
			
	 Section 17.5
	  	 SUCCESSORS AND ASSIGNS
	  	80
			
	 Section 17.6
	  	 SEPARABILITY CLAUSE
	  	80
			
	 Section 17.7
	  	 BENEFITS OF INDENTURE
	  	80
			
	 Section 17.8
	  	 GOVERNING LAW
	  	80
			
	 Section 17.9
	  	 LEGAL HOLIDAYS
	  	80
			
	 Section 17.10
	  	 NO RECOURSE AGAINST OTHERS
	  	81
			
	 Section 17.11
	  	 NO PARENT LIABILITY
	  	81

  

 vii 

 Reconciliation between Trust Indenture Act of 1939 and Indenture, dated as of September
    , 2003. 
  

	 Trust Indenture
Act Section

	 	 Indenture Section

	 Section 310
	 	 
		
	 (a)(1)
	 	 6.9

	 (a)(2)
	 	 6.9

	 (a)(3)
	 	 6.15

	 (a)(4)
	 	 Not Applicable

	 (a)(5)
	 	 6.9

	 (b)
	 	 6.8, 6.10

	 (c)
	 	 Not Applicable

		
	 Section 311
	 	 
		
	 (a)
	 	 6.13(a)

	 (b)
	 	 6.13(b)

	 (c)
	 	 Not Applicable

		
	 Section 312
	 	 
		
	 (a)
	 	 7.1, 7.2(a)

	 (b)
	 	 7.2(b)

	 (c)
	 	 7.2(c)

		
	 Section 313
	 	 
		
	 (a)
	 	 7.3(a)

	 (b)
	 	 7.3(b)

	 (c)
	 	 7.3(a), 7.3(c)

	 (d)
	 	 7.3(d)

		
	 Section 314
	 	 
		
	 (a)
	 	 7.4, 12.2

	 (b)
	 	 Not Applicable

	 (c)(1)
	 	 1.2

	 (c)(2)
	 	 1.2

	 (c)(3)
	 	 Not Applicable

	 (d)
	 	 Not Applicable

	 (e)
	 	 1.2

	 Section 315
	 	 
		
	 (a)
	 	 6.1(a), 6.1(c)

	 (b)
	 	 6.2, 7.3(a)(7)

	 (c)
	 	 6.1(b)

	 (d)
	 	 6.1(c)

	 (d)(1)
	 	 6.1(c)(1)

	 (d)(2)
	 	 6.1(c)(2)

	 (d)(3)
	 	 6.1(c)(3)

	 (e)
	 	 5.14

		
	 Section 316
	 	 
		
	 (a)(1)(A)
	 	 5.12

	 (a)(1)(B)
	 	 5.13

	 (a)(2)
	 	 Not Applicable

	 (b)
	 	 5.8

	 (c)
	 	 Not Applicable

		
	 Section 317
	 	 
		
	 (a)(1)
	 	 5.3

	 (a)(2)
	 	 5.4

	 (b)
	 	 12.4

		
	 Section 318
	 	 1.6

  
 Note: This reconciliation shall not,
for any purpose, be deemed to be a part of the Indenture. 
  
 Attention should
also be directed to Section 318(c) of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), which provides that the provisions of Sections 310 to and including 317 of the Trust Indenture Act are a part of and govern
every qualified indenture, whether or not physically contained therein. 

 INDENTURE dated as of September 17, 2003, by and among MGM MIRAGE, a Delaware corporation (the
“Company”), having its principal executive office at 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, the Subsidiary Guarantors party hereto and U.S. BANK NATIONAL ASSOCIATION (the “Trustee”), having its Corporate Trust
Office at 60 Livingston Avenue, St. Paul, MN 55107-2292. 
  
 RECITALS OF THE COMPANY 
  
 The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance of its 6% Senior Notes due 2009 (the “Notes”), to be issued as provided in this Indenture. 
  
 The Subsidiary Guarantors have duly authorized the execution and delivery of this Indenture to provide for the guarantee of
the Notes by the Subsidiary Guarantors as provided in this Indenture. 
  
 This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, that are deemed incorporated into this Indenture and shall, to the extent applicable, be governed by such provisions. 
  
 This Indenture constitutes a supplemental indenture in respect of the
indenture filed as an exhibit to the Company’s registration statement on Form S-3, filed on March 24, 2000, to the extent related to the Notes, and this Indenture supersedes such indenture to the extent inconsistent therewith. 
  
 All things necessary have been done to make the Notes, when executed by the
Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company and to make this Indenture, when executed by the Company and each Subsidiary Guarantor, a valid agreement of the Company and each
such Subsidiary Guarantor, in each case in accordance with the terms of the Notes and this Indenture, respectively. 
  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
  
 For and in consideration of the premises and the purchase of Notes by the holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all holders of Notes, as follows: 

 ARTICLE 1 
  

DEFINITIONS AND OTHER PROVISIONS OF GENERAL 
  
 APPLICATION 
  
 Section 1.1 DEFINITIONS. 
  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a) the terms defined in this Article have the meanings assigned to them in
this Article, and include the plural as well as the singular; 
  
 (b) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles or as provided with respect to any Notes, and, except as otherwise herein provided or as provided with respect to any Notes, the term “generally accepted accounting principles” or “GAAP” with
respect to any computation required or permitted hereunder with respect to any Notes, shall mean such as set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession which are in effect as of the date of
determination; 
  
 (d) the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision and the word “including” when used herein means
“including without limitation” except when expressly stated to the contrary; 
  
 (e) certain terms, used principally in Article 3 or Article 6, are defined in those respective Articles; and 
  
 (f) “Act” when used with respect to any holder, has the meaning specified in Section 8.1. 
  
 “1998 Notes” means (i) the Company’s 6.95% senior notes due
2005 in the original aggregate principal amount of $300 million and (ii) the Company’s 6.875% senior notes due 2008 in the original aggregate principal amount of $200 million. 
  
 “Additional Notes” means one or more series of securities issued by the Company (together with any guarantees
thereof by any Subsidiary Guarantors) under this Indenture or a supplemental indenture to this Indenture after the date hereof. 
  

 2 

 “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” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”) as 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 agreement or otherwise.

  
 “Attributable Debt” with respect to any Sale and
Lease-Back Transaction that is subject to the restrictions under Section 12.10 below, means the present value of the minimum rental payments called for during the term of the lease (including any period for which such lease has been extended),
determined in accordance with generally accepted accounting principles, discounted at a rate that, at the inception of the lease, the lessee would have incurred to borrow over a similar term the funds necessary to purchase the leased assets.

  
 “Authenticating Agent” has the meaning specified in
Section 6.14. 
  
 “Authorized Newspaper” means a
newspaper in an official language of the country of publication (which in the case of the United States of America shall be deemed to be English) customarily published at least once a day, and customarily published for at least five days in each
calendar week, and of general circulation in the place in connection with which the term is used or in the financial community of such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications
may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case on any Business Day in such city. 
  
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal, state or foreign law for the relief of debtors. 
  
 “Beneficiaries” means the holders of the Notes and the Trustee.

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

“Business Day” means any day which is not a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies
in Nevada or New York are authorized or obligated by law to close. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Collateral” means any assets and interests in assets now owned or hereafter acquired by the Company or any Subsidiary Guarantor in or upon which a Lien is granted for the benefit of the Beneficiaries
(whether directly or by way of assignment of a Lien granted to the Company or any Subsidiary Guarantor) under any of the Collateral Documents; provided that the Liens on 
  

 3 

 
assets of MAC, CORP. will not include a lien on its 50% ownership interest in Marina District Development Holding Company, LLC, owner of 100% of the
ownership interests in Marina District Development Company, LLC, operator of Borgata. 
  
 “Collateral Agent” means U.S. Bank National Association, in its capacity as Collateral Agent under the Intercreditor Agreement, or its successor or replacement pursuant to the Intercreditor Agreement.

  
 “Collateral Documents” means, collectively, the
documents defined as Collateral Documents in the Intercreditor Agreement, the Intercreditor Agreement, and any agreements, documents, or instruments (including UCC financing statements) required to be executed pursuant to the foregoing and relating
to the Collateral referred to therein, in each case as amended or modified from time to time. 
  
 “Collateral Event” means, at any time after a Collateral Release Date when the 1998 Notes remain outstanding, the occurrence of an event which requires recollateralization of the 1998 Notes under the
indenture governing the 1998 Notes. 
  
 “Collateral
Release” means a release of all Collateral following a Collateral Release Date. 
  
 “Collateral Release Date” means any date on which the Company delivers notice to the Collateral Agent requesting a release of all Liens under the Collateral Documents which is accompanied by (i) either (A)
letters from both Moody’s and Standard & Poor’s indicating that both the Credit Facilities and the 1998 Notes receive investment grade ratings and that the release of all Collateral securing the Credit Facilities and the 1998 Notes
will not result in a reduction in the ratings of the Credit Facilities or the 1998 Notes issued by either Moody’s or Standard & Poor’s below the respective ratings in effect as of the date of issuance of the 1998 Notes or (B) evidence
that the 1998 Notes have been defeased or repaid in full and the Liens securing the 1998 Notes have been released, and (ii) a letter from the Administrative Agent under the Credit Facilities confirming that the Liens securing the Credit Facilities
will be released concurrently with the release of the Liens securing the Existing Senior Notes and the guarantees relating thereto. 
  
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934,
as amended, or if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 
  
 “Company” means the Person named as the “Company” in the
first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
  
 “Company Request” and “Company Order” mean, respectively,
a written request or order signed in the name of the Company by the Chairman of the Board of Directors, the President or an Executive or Senior Vice President and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the
Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 
  

 4 

 “Conditional Collateral” means the ownership interests of MGM Grand Hotel, LLC, Mirage Resorts,
Incorporated, New York-New York Hotel and Casino, LLC, Treasure Island Corp., Beau Rivage Resorts, Inc. or certain other licensed Subsidiaries of the Company unless and until the requisite governmental consents for a Lien on such ownership interests
are obtained. 
  
 “Consolidated Net Tangible Assets”
means the total amount of assets (including investments in Joint Ventures) of the Company and its Subsidiaries (less applicable depreciation, amortization and other valuation reserves) after deducting therefrom (a) all current liabilities of the
Company and its Subsidiaries (excluding (i) the current portion of long-term Indebtedness, (ii) intercompany liabilities and (iii) any liabilities which are by their terms renewable or extendible at the option of the obligor thereon to a time more
than 12 months from the time as of which the amount thereof is being computed) and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and any other like intangibles, all as set forth on the consolidated balance sheet of
the Company for the most recently completed fiscal quarter for which financial statements are available and computed in accordance with generally accepted accounting principles. 
  
 “Corporate Trust Office” means the corporate trust office of the Trustee at which at any particular time its
corporate trust business shall be administered, which office at the date of execution of this instrument is located at 60 Livingston Avenue, St. Paul, MN 55107-2292. 
  
 “corporation” means a corporation, association, company or business trust. 
  
 “Credit Facilities” means, collectively: (i) the Second Amended and
Restated Loan Agreement, dated as of April 10, 2000, among the Company, as Borrower, MGM Grand Atlantic City, Inc. and MGM Grand Detroit, LLC, as Co-Borrowers, the Banks, Syndication Agent, Documentation Agents and Co-Documentation Agents therein
named, and Bank of America, N.A., as Administrative Agent (and their successors and assigns from time to time party thereto), including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith,
in each case as amended, modified, renewed, extended, refunded, replaced or refinanced from time to time; and (ii) the Third Amended and Restated 364-Day Loan Agreement, dated as of April 4, 2003, among MGM MIRAGE, as Borrower, MGM Grand Atlantic
City, Inc. and MGM Grand Detroit, LLC, as Co-Borrowers, the Banks, Syndication Agent, Documentation Agents and Co-Documentation Agents therein named, and Bank of America, N.A., as Administrative Agent (and their successors and assigns from time to
time party thereto), including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, in each case as amended, modified, renewed, extended, refunded, replaced or refinanced from time to
time. 
  
 “Creditor Representatives” means the creditor
representatives named in and parties to the Intercreditor Agreement with respect to the Existing Senior Notes and the Credit Facilities and, from and after the date of issuance of the Notes, the Trustee as Creditor Representative for the holders of
the Notes. 
  
 “Default” means any event that after
notice or lapse of time, or both, would become an Event of Default. 
  

 5 

 “Defaulted Interest” has the meaning specified in Section 3.7(b). 
  
 “Detroit” means MGM Grand Detroit, LLC, a Delaware limited
liability company, and any Subsidiaries thereof. 
  
 “Discharged” has the meaning specified in Section 14.2. 
  
 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States that, at the time of payment, is legal tender for the payment of public and private debts.

  
 “Event of Default” has the meaning specified in
Section 5.1. 
  
 “Excluded Subsidiary” means Victoria
Partners, a Nevada general partnership, Detroit and its Subsidiaries (including MGM Grand Detroit II, LLC), MGMM Insurance Company, a Vermont corporation, other Subsidiaries that may from time to time become Excluded Subsidiaries (if such other
Subsidiaries are not guarantors of the Company’s other Indebtedness, and are not subject to any covenants in, or Liens securing, the Credit Facilities or the Existing Senior Notes), and the Company’s non-U.S. Subsidiaries whose only
tangible assets are located in foreign nations and their U.S. holding companies, provided such holding companies have no other assets or operations and provided that except for Detroit to the extent it guarantees any amounts of
proceeds of borrowings under the Credit Facilities made available to Detroit, if any Excluded Subsidiary becomes subject to the covenants in the Credit Facilities applicable to the Subsidiary Guarantors or grants any Liens to secure the Credit
Facilities, or if any Excluded Subsidiary guarantees or grants any Liens to secure any of the Existing Senior Notes, such Excluded Subsidiary will thereafter not be an Excluded Subsidiary. 
  
 “Exemption” has the meaning specified in Section 15.5(b).

  
 “Exemption Date” has the meaning specified in
Section 15.5(b). 
  
 “Existing Senior Notes” means (i)
the 1998 Notes, (ii) the Company’s 8 1/2% Senior Notes due 2010 in the original aggregate principal amount
of $850 million and (iii) the Mirage Notes (in each case, including any guarantees thereof by any Subsidiary Guarantors). 
  
 “Funded Debt” means all Indebtedness of the Company or any Subsidiary Guarantor which (i) matures by its terms on, or is renewable at the option
of any obligor thereon to, a date more than one year after the date of original issuance of such Indebtedness and (ii) ranks at least pari passu with the Notes or the applicable Guarantee. 
  
 “Gaming Authority” means the Nevada Gaming Commission, the Nevada
State Gaming Control Board, the New Jersey Casino Control Commission, the New Jersey Division of Gaming Enforcement, the Michigan Gaming Control Board, the Detroit City Council, the Mississippi Gaming Commission or any similar commission or agency
which has, or may at any time after the date of this Indenture have, jurisdiction over the gaming activities of the Company or a Subsidiary (other than an Excluded Subsidiary) of the Company or any successor thereto. 
  

 6 

 “Gaming Laws” means the gaming laws of a jurisdiction or jurisdictions to which the Company or
a Subsidiary of the Company is, or may at any time after the date of this Indenture be, subject. 
  
 “Gaming Licenses” means every material license, permit, franchise, registration or other material approval held by, or issued at any time after
the date of this indenture, to the Company or any of its Subsidiaries authorizing the Company or any of its Subsidiaries to own, lease, operate or otherwise conduct or manage gaming in any state or jurisdiction. 
  
 “Global Note” means a registered Note evidencing all or part of the
Notes, including, without limitation, any temporary or permanent Global Note. 
  
 “Guarantee” has the meaning specified in Section 16.1. 
  
 “Guaranteed Obligations” has the meaning specified in Section 16.1. 
  
 “Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, guarantee or otherwise become
liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that the accrual of interest shall not be considered an Incurrence of Indebtedness. 
  
 “Indebtedness” of any Person means (i) any indebtedness of such
Person, contingent or otherwise, in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by notes, bonds, debentures or similar instruments or
letters of credit, or representing the balance deferred and unpaid of the purchase price of any property, including any such indebtedness Incurred in connection with the acquisition by such person or any of its Subsidiaries of any other business or
entity, if and to the extent such indebtedness would appear as a liability upon a balance sheet of such Person prepared in accordance with generally accepted accounting principles, including for such purpose Obligations under capitalized leases, and
(ii) any guarantee, endorsement (other than for collection or deposit in the ordinary course of business), discount with recourse, or any agreement (contingent or otherwise) to purchase, repurchase or otherwise acquire or to supply or advance funds
with respect to, or to become liable with respect to (directly or indirectly) any indebtedness, obligation, liability or dividend of any Person, but shall not include indebtedness or amounts owed for compensation to employees, or for goods or
materials purchased, or services utilized, in the ordinary course of business of such Person. For purposes of this definition of Indebtedness, a “capitalized lease” shall be deemed to mean a lease of real or personal property which, in
accordance with generally accepted accounting principles, is required to be capitalized. 
  
 “Indenture” means this instrument as originally executed, or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof, including the provisions relating to the Guarantees set forth herein and, unless the context otherwise requires, shall include the terms of the Notes. 
  
 “Intercreditor Agreement” means the Collateral Agent and Intercreditor Agreement dated as of February 13, 2002 and
entered into among the Company, the Subsidiary Guarantors, U.S. 
  

 7 

 
Bank, National Association as the Collateral Agent and the Creditor Representatives named therein. 
  
 “Interest Payment Date” with respect to any Note means April 1 and
October 1 of each year, commencing April 1, 2004, provided that if such Interest Payment Date is not a Business Day, interest due on such Interest Payment Date shall be payable on the next succeeding Business Day. 
  
 “Issue Date” means any date on which any Notes are originally
issued. 
  
 “Joint Venture” means any partnership,
corporation or other entity, in which up to and including 50% of the partnership interests, outstanding voting stock or other equity interests is owned, directly or indirectly, by the Company and/or one or more of its Subsidiaries. 
  
 “Lien” means any mortgage, pledge, hypothecation, assignment,
deposit, arrangement, encumbrance, security interest, lien (statutory or otherwise), or preference, priority or other security or similar agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any
conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). 
  
 “Maturity” when used with respect to any Note means the date on which the principal of such Note or an installment of principal becomes due and
payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment or otherwise. 
  
 “Mirage” means Mirage Resorts, Incorporated, a Nevada corporation. 
  
 “Mirage Notes” means (i) Mirage’s 6 5/8% notes due 2005 in the principal amount of $200 million, (ii) Mirage’s 7 1/4% notes due 2006 in the principal amount of $250 million, (iii) Mirage’s 6 3/4% notes due 2007 in the principal amount of $200 million, (iv) Mirage’s 6 3/4%
notes due 2008 in the principal amount of $200 million and (v) Mirage’s 7 1/4% debentures due 2017 in the
principal amount of $100 million. 
  
 “Moody’s” means Moody’s Investor Service, Inc. 
  
 “New Guarantee” has the meaning specified in the Intercreditor Agreement. 
  
 “Non-Principal Property Collateral” means any leased real property parcel that is not Principal Property and the granting of a Lien over which
requires the consent of the applicable lessor, which consent has not been obtained as of the Issue Date. 
  
 “Non-recourse Indebtedness” means Indebtedness the terms of which provide that the lender’s claim for repayment of such Indebtedness is
limited solely to a claim against the property which secures such Indebtedness. 
  
 “Note Register” and “Note Registrar” have the respective meanings specified in Section 3.5(a). 
  

 8 

 “Notes” has the meaning stated in the first recital of this Indenture and includes any Notes
(including any Global Note) authenticated and delivered under this Indenture. In the event any Additional Notes are issued hereunder after the date hereof, as contemplated by Section 3.1, references to “Notes” shall also include such
Additional Notes. All Notes, including any such Additional Notes, shall vote together as one class of Notes under this Indenture. 
  
 “Obligations” means any principal, interest, premium, if any, penalties, fees, indemnifications, reimbursements, expenses, damages or other
liabilities or amounts payable under the documentation governing or otherwise in respect of any Indebtedness. 
  
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors, the President or an Executive or Senior Vice
President and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel to the Company (including an employee
of the Company). 
  
 “Outstanding” when used with
respect to Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except: 
  
 (i) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
  
 (ii) Notes for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or
any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the holders of such Notes; provided, however, that if such Notes are to be redeemed,
then notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made and the date for such redemption has passed; 
  
 (iii) Notes, except to the extent provided in Section 14.2, with respect to which the Company has effected defeasance as
provided in Article 14; and 
  
 (iv) Notes paid pursuant to
Section 3.6 and Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Company; 
  
 provided, however, that in determining whether the holders of the requisite principal amount of Notes Outstanding have performed any Act hereunder, Notes owned by
the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding (provided, that in connection with any offer by the Company or any obligor to purchase
Notes, Notes tendered by a holder shall be Outstanding until the date of purchase), except that, in determining whether the Trustee shall be protected in relying upon any such Act, only Notes which a Responsible Officer of the Trustee actually

  

 9 

 
knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. 
  
 “Paying Agent” means any Person authorized by the Company to pay
the principal of (and premium, if any) or interest on any Notes on behalf of the Company. 
  
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, estate, unincorporated organization or government or any agency or
political subdivision thereof or any other entity. 
  
 “Place
of Payment” when used with respect to the Notes means the Corporate Trust Office of the Trustee or such other location as may be established under Section 12.3. 
  
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt
as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 3.6 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note. 
  
 “Principal
Property” means any real estate or other physical facility or depreciable asset or securities the net book value of which on the date of determination exceeds the greater of $25 million and 2% of Consolidated Net Tangible Assets. 
  
 “Redemption Date” means the date fixed for redemption of any Note
pursuant to this Indenture. 
  
 “Redemption Price” has
the meaning specified in Section 13.1. 
  
 “Regular Record
Date” for the interest payable on the Notes on any Interest Payment Date means the March 15 or September 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 
  
 “Responsible Officer” when used with respect to the Trustee means
any vice president, any assistant secretary, any assistant treasurer or any assistant vice president or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
  
 “Sale and Lease-Back Transaction” means any arrangement with a person (other than the Company or any of its
Subsidiaries), or to which any such person is a party, providing for the leasing to the Company or any of its Subsidiaries for a period of more than three years of any Principal Property which has been or is to be sold or transferred by the Company
or any of its Subsidiaries to such person or to any other person (other than the Company or any of its 
  

 10 

 
Subsidiaries), to which funds have been or are to be advanced by such person on the security of the leased property. 
  
 “Significant Subsidiary” means, with respect to any Person, any
Subsidiary of that Person that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such Regulation is in effect on the date hereof.

  
 “Special Record Date” for the payment of any
Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7(b). 
  
 “Stated Maturity” when used with respect to any Note or any payment of principal thereof or premium thereon or interest thereon means the date specified in such Note or in this Indenture, as the date on
which the principal of such Note or such payment of principal, premium or interest is due and payable. 
  
 “Subsidiary” of any specified Person means any corporation, partnership or limited liability company of which at least a majority of the
outstanding stock (or other equity interests) having by the terms thereof ordinary voting power for the election of directors (or the equivalent) of such Person (irrespective of whether or not at the time stock (or other equity interests) of any
other class or classes of such Person shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned by such Person, or by one or more other Subsidiaries, or by such Person and one or
more other Subsidiaries. 
  
 “Subsidiary Guarantor”
means (i) each Subsidiary of the Company identified as a Subsidiary Guarantor on the signature pages hereof and (ii) each other Subsidiary of the Company that becomes a Subsidiary Guarantor in accordance with Section 12.7 or by executing a
supplemental indenture in which such Subsidiary agrees to be bound by the terms of this Indenture as a Subsidiary Guarantor, together with their permitted successors and assigns provided that if the Guarantee of a Subsidiary Guarantor is
withdrawn or cancelled pursuant to Section 12.7(b), such Person shall no longer be a Subsidiary Guarantor hereunder. 
  
 “S&P” means Standard & Poor’s Ratings Group (a division of McGraw Hill, Inc.). 
  
 “Treasury Securities” mean any obligations issued or guaranteed by
the United States government or any agency thereof. 
  
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Trustee” shall mean or include each Person who is then a Trustee hereunder. Except where the context otherwise requires, “Trustee” shall include the Trustee in its capacity as Paying Agent and Note Registrar. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as it
may be amended from time to time. 
  
 “United States”
means the United States of America (including the States and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 
  

 11 

 “U.S. Depositary” means Depository Trust Company or any other clearing agency registered under
the Securities Exchange Act of 1934, as amended, or any successor thereto, which shall in either case be the U.S. Depositary designated in the form of Note attached as Exhibit A hereto until a successor U.S. Depositary shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “U.S. Depositary” shall mean or include each Person who is then a U.S. Depositary hereunder. 
  
 “U.S. Government Obligations” has the meaning specified in Section 14.2. 
  
 “Vice President” includes, with respect to the Company, any
Executive or Senior Vice President and includes, with respect to the Trustee, any Vice President, whether or not designated by a number or word or words added before or after the title “Vice President.” 
  
 Section 1.2 COMPLIANCE CERTIFICATES AND OPINIONS. 
  
 Upon any application or request by the Company to the Trustee to take any
action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
(other than certificates provided pursuant to Section 12.2) shall include: 
  
 (a) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
  
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
  
 (c) a
statement that, in the opinion of each such individual, such individual has made such examination or investigation as is necessary to enable that individual to express an informed opinion as to whether or not such covenant or condition has been
complied with; and 
  
 (d) a statement as to whether, in the
opinion of each such individual, such condition or covenant has been complied with. 
  
 provided, however, that with respect to matters of law, an Officers’ Certificate may be based upon an Opinion of Counsel, unless the signers know, or in the exercise of reasonable care should know, that such Opinion of Counsel
is erroneous, and provided, further, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials, unless the signer knows, or in the exercise of reasonable care
should know, that any such document is erroneous. 
  

 12 

 Section 1.3 FORM OF DOCUMENTS DELIVERED TO TRUSTEE. 
  
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 ARTICLE 2 
  
 FORM OF NOTES 
  
 Section 2.1 FORMS GENERALLY. 

 
 The Notes shall be substantially in the form of Exhibit A hereto or in
such other form as shall be established in or pursuant to a Board Resolution or one or more indentures supplemental hereto, and shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which any of the Notes may be listed, or to conform to usage, all as determined by the
officers executing such Notes as conclusively evidenced by their execution of such Notes. If the form of Notes (or any Global Note) is established in or pursuant to a Board Resolution, a copy of such Board Resolution shall be delivered to the
Trustee, together with an Officers’ Certificate setting forth the form of such Notes, at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Notes (or any such Global Note).

  
 Subject to Section 3.4, the definitive Notes shall be printed,
lithographed or engraved or produced by any combination of these methods on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Notes, as conclusively evidenced by their execution of such
Notes. 
  
 Section 2.2 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.

  
 The form of the Trustee’s certificate of
authentication to be borne by the Notes shall be substantially as follows: 
  

 13 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes designated therein referred to in the within
mentioned Indenture. 
  

	 	 	 U.S. Bank National Association, as Trustee

			
	 	 	 By:
	 	  

	 	 	 	 	 Authorized Signatory

  
 Section 2.3 NOTE IN GLOBAL FORM.

  
 If any Note is issued as a Global Note, such Global Note
may provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced to reflect
exchanges. Any endorsement of a Global Note to reflect the amount, or any increase or decrease in the amount, of Outstanding Notes represented thereby shall be made by the Trustee and in such manner as shall be specified in such Global Note. Any
instructions by the Company with respect to a Global Note, after its initial issuance, shall be in writing but need not comply with Section 1.2. 
  
 Global Notes will be issued in registered form and in either temporary or permanent form. Permanent Global Notes will be issued in definitive form.

  
 Every Global Note authenticated and delivered hereunder shall
bear a legend in substantially the following form: 
  
 THIS NOTE
IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THE NOTE IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 ARTICLE 3 
  
 THE NOTES 
  
 Section 3.1 AMOUNT. 
  
 The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited and may include Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Notes pursuant to Section 2.3, 3.3, 3.4, 3.5, 3.6, 11.6 or 13.7 and except for any Additional Notes that may be issued under this Indenture after the date hereof. 
  

 14 

 The Notes shall be known and designated as the “6% Senior Notes due 2009” of the Company. Their
Stated Maturity shall be October 1, 2009, and they shall bear interest at a rate per annum equal to 6%, accruing from the Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for, payable in cash
semi-annually on each Interest Payment Date, commencing April 1, 2004, until the principal thereof is paid or duly provided for. 
  
 The principal of (and premium, if any) and interest on the Notes shall be payable at such office or agency of the Company as may be maintained for such
purpose under Section 12.3, which initially shall be the Place of Payment. 
  
 The payment of the Notes is guaranteed pursuant to the Guarantees in favor of the Beneficiaries. 
  
 The Notes and the Guarantees are secured by and entitled to the benefits of the Liens in the Collateral provided by the Collateral Documents on a pari
passu basis with the Credit Facilities, the Existing Senior Notes and any future senior notes of the Company (and guarantees) subject to the Intercreditor Agreement. 
  
 The Notes shall be redeemable as provided in Article 13. 
  
 All Notes shall be substantially identical except as to denomination. 
  
 Section 3.2 DENOMINATIONS. 
  
 The Notes shall be issuable only as Notes in denominations of $1,000 and any
integral multiple thereof and shall be payable only in Dollars. 
  
 Section 3.3
EXECUTION, AUTHENTICATION, DELIVERY AND DATING. 
  
 The Notes
shall be executed on behalf of the Company by its Chairman of the Board of Directors, its President, one of its Executive or Senior Vice Presidents or Chief Executive Officers or its Treasurer, and attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers may be manual or facsimile. 
  
 Notes bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold
such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
  
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes, executed by the Company, to the
Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes and the Trustee in accordance with the Company Order shall authenticate and deliver such Notes. If any Note shall be represented by a
permanent Global Note, then, for purposes of this Section and Section 3.4, the notation of a beneficial owner’s interest therein upon original issuance of such Note or upon exchange of a portion of a temporary Global Note shall be deemed to be
delivery in 
  

 15 

 
connection with the original issuance of such beneficial owner’s interest in such permanent Global Note. 
  
 The Trustee shall be entitled to receive, and (subject to Section 6.1) shall
be fully protected in relying upon, prior to the authentication and delivery of the Notes, (i) a Company Order for such authentication, (ii) the Board Resolution by or pursuant to which the form and terms of such Notes have been approved, (iii) an
Officers’ Certificate stating that all conditions precedent provided for in the Indenture have been complied with and that, to the best knowledge of the signers of such certificates, no Event of Default with respect to any of the Notes shall
have occurred and be continuing and (iv) an Opinion of Counsel substantially to the effect that: 
  
 (a) the forms and terms of such Notes, have been established in conformity with the provisions of this Indenture; and 
  
 (b) such Notes, when completed by appropriate insertions and executed and
delivered by the Company to the Trustee in accordance with the Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute legal, valid and binding obligations of the Company (and the Guarantees set forth in this Indenture with respect thereto will constitute legal, valid and binding obligations of each Subsidiary Guarantor), enforceable against
the Company (and each respective Subsidiary Guarantor) in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally and to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 The Trustee shall not be required to authenticate such Notes if the issuance of such Notes pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Notes and this Indenture
in a manner which is not reasonably acceptable to the Trustee. 
  
 Each Note shall be dated the date of its authentication. 
  
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in one of the forms provided for herein duly executed by
the Trustee or by an Authenticating Agent, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.
Notwithstanding the foregoing, if any Note shall have been duly authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Note to the Trustee for cancellation as provided in Section 3.8
together with a written statement (which need not comply with Section 1.2) stating that such Note has never been issued and sold by the Company, for all purposes of this Indenture such Note shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  

 16 

 Section 3.4 TEMPORARY NOTES; EXCHANGE OF TEMPORARY GLOBAL NOTES FOR DEFINITIVE NOTES;
GLOBAL NOTES REPRESENTING NOTES. 
  
 (a) Pending the
preparation of definitive Notes, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination for Notes, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Notes may determine, as
conclusively evidenced by their execution of such Notes. Every such temporary Note shall be executed by the Company and shall be authenticated and delivered by the Trustee upon the same conditions and in substantially the same manner, and with the
same effect, as the definitive Notes in lieu of which they are issued. 
  
 Except in the case of temporary Global Notes (which shall be exchanged in accordance with the provisions of the following paragraphs), if temporary Notes are issued, the Company will cause definitive Notes to be prepared without
unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes, of a like Stated Maturity and with like terms and provisions, upon surrender of the temporary Notes at the office or
agency of the Company in a Place of Payment, without charge to the holder, except as provided in Section 3.5 in connection with a transfer. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations and of a like Stated Maturity and like terms and provisions. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits under this Indenture as definitive Notes. 
  
 (b) The Notes are initially to be issued in the form of one or more Global Notes. The Company shall execute and the Trustee shall, in accordance with Section 3.3 and the Company Order, authenticate and deliver one or more Global Notes in
temporary or permanent form that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Notes to be represented by such Global Notes, (ii) shall be registered in the name of the U.S.
Depositary for such Global Note or Notes or the nominee of such depositary, and (iii) shall bear a legend substantially as set forth in Section 2.3. 
  
 Notwithstanding any other provision of this Section or Section 3.5, unless and until it is exchanged in whole or in part for Notes in definitive form, a
Global Note representing the Notes may not be transferred except as a whole by the U.S. Depositary to a nominee of such depositary or by a nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or
any such nominee to a successor U.S. Depositary or a nominee of such successor depositary. 
  
 Any person having a beneficial interest in a Global Note may, upon request to the Trustee, exchange such beneficial interest for Notes in the form of certificated securities. Upon any such request and evidence of such
person’s beneficial ownership in a Global Note, the Trustee shall authenticate and deliver to such person a certificated Note or Notes of any authorized denominations as requested by such person in an aggregate principal amount equal to

  

 17 

 
and in exchange for such person’s beneficial interest in the Global Note and in the name of, and cause the same to be delivered to, such person or
persons (or the nominee of any thereof). 
  
 In addition, if:

  
 (i) the Company notifies the Trustee in
writing that the U.S. Depositary for the Notes is no longer willing or able to act as U.S. Depositary for the Notes and the Company is unable to locate a qualified successor within 90 days; or 
  
 (ii) the Company, at its option, notifies the Trustee in
writing that it elects to cause the issuance of Notes in the form of certificated securities, 
  
 then, upon surrender by the Global Note holder of the Global Note, Notes in such form will be issued to each person that the Global Note holder and the U.S. Depositary for the Notes identify as being the beneficial
owner of the related Notes. 
  
 Neither the Company nor the
Trustee will be liable for any delay by the Global Note holder or the U.S. Depositary for the Notes in identifying the beneficial owners of Notes and the Company and the Trustee may conclusively rely on, and will be protected in relying on,
instructions from the Global Note holder or the U.S. Depositary for the Notes for all purposes. 
  
 Upon the exchange of a Global Note for Notes in definitive form, such Global Note shall be cancelled by the Trustee. Notes issued in exchange for a Global
Note pursuant to this subsection (c) shall be registered in such names and in such authorized denominations as the U.S. Depositary for such Global Note, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee. The Trustee shall deliver such Notes to the Persons in whose names such Notes are so registered. 
  
 Section 3.5 REGISTRATION, TRANSFER AND EXCHANGE. 
  
 (a) The Company shall cause to be kept at the Corporate Trust Office of the Trustee (or at the appropriate office of any other Note Registrar appointed hereunder) a register (the registers maintained in such office
and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Notes and of transfers and exchanges of Notes. Pursuant to Section 6.16, the Company shall appoint a “Note Registrar” for the purpose of registering Notes and registering transfers and exchanges of Notes as herein
provided. 
  
 Upon surrender for registration of transfer of any
Note at the office or agency of the Company maintained for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee, one or more new Notes of like aggregate principal amount of
such denominations as are authorized for Notes and of a like Stated Maturity and with like terms and conditions. 
  
 Except as otherwise provided in Section 3.4 and this Section 3.5, at the option of the holder, Notes may be exchanged for other Notes of like aggregate
principal amount and of a like Stated Maturity and with like terms and conditions, upon surrender of the Notes to be exchanged 
  

 18 

 
at such office or agency. Whenever any Notes are surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Notes which the holder making the exchange is entitled to receive. 
  
 (b) All Notes issued upon any transfer or exchange of Notes shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered for such transfer or exchange.

  
 Every Note presented or surrendered for transfer or exchange
shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Note Registrar, duly executed, by the holder thereof or his or her attorney duly
authorized in writing. 
  
 No service charge will be made for any
transfer or exchange of Notes except as provided in Section 3.6. The Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration, transfer or exchange of
Notes, other than those expressly provided in this Indenture to be made at the Company’s own expense or without expense or without charge to the holders. 
  

The Company, the Trustee and the Note Registrar shall not be required (i) to register, transfer or exchange Notes during a period beginning at the
opening of business 15 days before the day of the transmission of a notice of redemption of Notes selected for redemption under Section 13.3 and ending at the close of business on the day of such transmission, or (ii) to register, transfer or
exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  
 Section 3.6 MUTILATED, DESTROYED, LOST AND STOLEN DEBT SECURITIES. 
  
 If (i) any mutilated Note is surrendered to the Trustee at its Corporate Trust Office, or (ii) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Note, and there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save each of them and any Paying Agent harmless, and neither the Company nor
the Trustee receives notice that such Note has been acquired by a bona fide purchaser, then the Company shall execute and upon Company Request, the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a new Note of like Stated Maturity and with like terms and conditions and like principal amount, bearing a number not contemporaneously Outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Company in
its discretion may, instead of issuing a new Note, pay the amount due on such Note. 
  
 Upon the issuance of any new Note under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in respect thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith. 
  

 19 

 Every new Note issued pursuant to this Section shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued
hereunder. 
  
 The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  
 Section 3.7 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. 
  
 (a) The Company shall duly and punctually pay the interest on the Notes in accordance with the terms of the Notes and this Indenture. Payments in respect
of the Notes represented by a Global Note will be made by wire transfer of immediately available funds to the accounts specified by the Global Note holder. With respect to Notes that are not represented by Global Notes, the Company will make all
payments of interest by wire transfer of immediately available funds to the accounts specified in writing by holders thereof prior to 10:00 a.m., New York City time, on the relevant Regular Record Date or, if no such account is specified, by mailing
a check to each such holder’s address in the Note Register. 
  
 (b) Any interest on any Note which is payable but is not punctually paid or duly provided for on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the
relevant Regular Record Date by virtue of his having been such registered holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 
  
 (1) The Company may elect to make payment of any Defaulted Interest to the
Persons in whose names such Notes (or their respective Predecessor Note) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee prior to 10:00 a.m., New York City time, an
amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to
be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the
holders of such Notes at their addresses as they appear in the Note Register, not less than 15 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed
as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Notes (or their respective Predecessor Note) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following clause (2). 
  

 20 

 (2) The Company may make payment of any Defaulted Interest on Notes in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Notes may be listed, and upon such notice as may be required by such exchange, if, after notice is given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee. 
  
 (c) Subject to the foregoing provisions of this Section, each Note delivered under this Indenture upon transfer of, in exchange for, or in lieu of, any other Note shall carry the rights to interest accrued and unpaid,
and to accrue, which were carried by such other Note. 
  
 Section 3.8
CANCELLATION. 
  
 All Notes surrendered for payment,
redemption, transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee at its Corporate Trust Office. All Notes so delivered shall be promptly cancelled by the Trustee. The Company may at any time
deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Notes previously authenticated hereunder which the Company has not issued, and all Notes so delivered shall be promptly cancelled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as
provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be delivered to the Company upon Company Request. The acquisition of any Notes by the Company shall not operate as a redemption
or satisfaction of the indebtedness represented thereby unless and until such Notes are surrendered to the Trustee for cancellation. Permanent Global Notes shall not be disposed of until exchanged in full for definitive Notes or until payment
thereon is made in full. 
  
 Section 3.9 COMPUTATION OF INTEREST.

  
 Interest on the Notes shall be computed on the basis of a
360-day year of twelve 30-day months. 
  
 Section 3.10 MANDATORY DISPOSITION OF
NOTES PURSUANT TO GAMING LAWS. 
  
 Each holder and beneficial
owner, by accepting or otherwise acquiring an interest in the Notes, shall be deemed to have agreed that if the Gaming Authority of any jurisdiction in which the Company or any of its Subsidiaries conducts or proposes to conduct gaming requires that
a Person who is a holder or beneficial owner must be licensed, qualified or found suitable under the applicable Gaming Laws, such holder or beneficial owner shall apply for a license, qualification or a finding of suitability within the required
time period. If such Person fails to apply or become licensed or qualified or is found unsuitable (a “Disqualified Holder”), then the Company shall have the right, at its option, notwithstanding any other provision of this Indenture:

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

 21 

 (ii) to redeem such Notes, which Redemption Date may be less than 30 days following the notice of
redemption if so requested or prescribed by the Gaming Authority, at a redemption price equal to: 
  
 (1) the lesser of: 
  
 (a) the Person’s cost, plus accrued and unpaid interest, if any, to the earlier of the Redemption Date or the date of the finding of
unsuitability or failure to comply; and 
  
 (b)
100% of the principal amount thereof, plus accrued and unpaid interest to the earlier of the Redemption Date and the date of the finding of unsuitability; or 
  

(2) such other amount as may be required by applicable Gaming Laws or by order of any Gaming Authority. 
  
 The Company shall notify the Trustee in writing of any such Disqualified
Holder status or redemption as soon as practicable. The Company shall not be responsible for any costs or expenses any such holder or beneficial owner may incur in connection with its application for a license, qualification or a finding of
suitability. Notwithstanding any other provision of this Indenture, immediately upon the imposition of a requirement to dispose of Notes by a Gaming Authority, such Person shall, to the extent required by applicable Gaming Laws, have no further
right (i) to exercise, directly or indirectly, through any trustee, nominee or any other person or entity, any right conferred by the Notes or (ii) to receive any interest, dividends or any other distributions or payments with respect to the Notes
or any remuneration in any form with respect to the Notes from the Company or the Trustee, except the redemption price. 
  
 Section 3.12 CUSIP NUMBERS. 
  
 The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers
in notices of redemption as a convenience to holders of Notes, provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any
change in the “CUSIP” numbers. 
  
 ARTICLE 4

  
 SATISFACTION AND DISCHARGE 
  
 Section 4.1 SATISFACTION AND DISCHARGE OF INDENTURE. 
  
 This Indenture shall, upon Company Request, cease to be of further effect
with respect to the Notes (except as to any surviving rights of registration of transfer or exchange of such Notes 
  

 22 

 
herein expressly provided for and rights to receive payments of principal (and premium, if any) and interest on such Notes) and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 
  
 (a) either 
  
 (1) all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid
as provided in Section 3.6, and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section
12.4) have been delivered to the Trustee for cancellation; or 
  
 (2) all Notes not theretofore delivered to the Trustee for cancellation, 
  
 (i) have become due and payable, or 
  
 (ii) will become due and payable at their Stated Maturity within one year, or 
  
 (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice by the Trustee in the name, and at the expense, of the Company; 
  
 (b) the Company, in the case of subclause (i), (ii) or (iii) of clause (a)(2) of this Section, has irrevocably deposited or caused to be deposited with
the Trustee as trust funds in trust for such purpose an amount sufficient to pay and discharge the entire indebtedness on such Notes for principal (and premium, if any) and interest to the date of such deposit (in the case of Notes which have become
due and payable) or to the Stated Maturity or Redemption Date, as the case may be; provided, however, in the event a petition for relief under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or
state bankruptcy, insolvency or other similar law, is filed with respect to the Company within 91 days after the deposit and the Trustee is required to return the deposited money to the Company, the obligations of the Company under this Indenture
with respect to such Notes shall not be deemed terminated or discharged; 
  
 (c) the Company has paid or caused to be paid all other sums payable hereunder by the Company; 
  
 (d) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have been complied with; and 
  
 (e) the Company has delivered to the Trustee an Opinion of Counsel or a ruling by the Internal Revenue Service to the effect that holders of the Notes
will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and discharge. 
  

 23 

 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the
Trustee under Section 6.7, the obligations of the Company to any Authenticating Agent under Section 6.14, the obligations of the Company under Section 12.1, and, if money shall have been deposited with the Trustee pursuant to clause (b) of this
Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 12.4, shall survive. 
  
 Section 4.2 APPLICATION OF TRUST MONEY. 
  
 Subject to the provisions of the last paragraph of Section 12.4, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and
applied by it, in accordance with the provisions of the Notes, and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 
  
 ARTICLE 5 
  
 REMEDIES 
  
 Section 5.1 EVENTS OF DEFAULT. 
  
 “Event of
Default” wherever used herein with respect to the Notes means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (a) default in the payment of any interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30 days; or

  
 (b) default in the payment of the principal of (and premium,
if any, on) any Note at its Maturity (upon acceleration, optional or mandatory redemption or otherwise); or 
  
 (c) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in
whose performance or whose breach is elsewhere in this Section specifically dealt with) or in the Collateral Documents, and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to
the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in principal amount of the Outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; or 
  
 (d) the
acceleration or maturity of any Indebtedness of the Company or any Subsidiary Guarantor (other than Non-recourse Indebtedness), at any time, in an amount in excess of the greater of (i) $25,000,000 and (ii) 5% of Consolidated Net Tangible Assets, if
such acceleration is not annulled within 30 days after written notice to the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in principal amount of the Outstanding Notes; or 
  

 24 

 (e) entry of final judgments against the Company or any Subsidiary Guarantor which remain undischarged
for a period of 60 days, provided that the aggregate of all such judgments exceeds $25,000,000 and judgments exceeding $25,000,000 remain undischarged for 60 days after written notice to the Company by the Trustee or to the Company and the
Trustee by the holders of at least 25% in principal amount of the Outstanding Notes; or 
  
 (f) the entry of a decree or order for relief in respect of the Company or any Significant Subsidiary by a court having jurisdiction in the premises in an involuntary case under the federal Bankruptcy Laws, as now or
hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or a decree or order adjudging the Company or any Significant Subsidiary a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any Significant Subsidiary under any applicable federal or state law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or other similar official) of the Company or any Significant Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for
a period of 90 consecutive days; or 
  
 (g) the commencement by
the Company or any Significant Subsidiary of a voluntary case under the federal Bankruptcy Laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by it to the entry
of an order for relief in an involuntary case under any such law or to the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Company or any Significant Subsidiary or of any
substantial part of its property, or the making by it of an assignment for the benefit of its creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the
Company or any Significant Subsidiary in furtherance of any such action; or 
  
 (h) repudiation by the Company or any of the Subsidiary Guarantors of their obligations under the Collateral Documents or the Guarantees or the Company or any Subsidiary Guarantor takes any action that causes, or
asserts, or fails to timely take any action that it knows, or has been notified by the Trustee, is necessary to prevent, the unenforceability of the Collateral Documents or the Guarantees against the Company or any of the Subsidiary Guarantors for
any reason, or is necessary to maintain the perfection of the material Liens of the Collateral Documents, except for such matters as are expressly permitted under this Indenture or the Collateral Documents. 
  
 Section 5.2 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. 
  
 If an Event of Default (other than an Event of Default described in clause
(f) or (g) of Section 5.1) with respect to Notes at the time Outstanding occurs and is continuing, then in every such case the Trustee or the holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal amount
of all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by holders), and upon any such declaration such principal amount (or specified amount) plus accrued and unpaid interest (and
premium, if payable) shall become immediately due and payable. Upon payment of such amount 
  

 25 

 
all obligations of the Company in respect of the payment of principal of the Notes shall terminate. 
  
 At any time after such a declaration of acceleration with respect to Notes
has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the holders of at least a majority in principal amount of the Outstanding Notes, by written notice
to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
  
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay 
  
 (1) all overdue installments of interest on all Notes, 
  
 (2) the principal of (and premium, if any, on) any Notes which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate or rates prescribed therefor in such Notes, 
  
 (3) to the extent that payment of such interest is lawful, interest upon overdue installments of interest on each Note at the rate or rates prescribed therefor in such Notes, and 
  
 (4) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
  
 (b) all Events of Default with respect to Notes, other than the nonpayment of the principal of Notes which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section
5.13. 
  
 No such rescission and waiver shall affect any subsequent default or
impair any right consequent thereon. 
  
 If an Event of Default
described in clause (f) or (g) of Section 5.1 occurs with respect to the Company or any Significant Subsidiary, the principal of, premium, if any, and accrued interest on the Notes shall be due and payable immediately without any further action or
notice. 
  
 Section 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE. 
  
 The Company covenants that, if: 
  
 (a) default is made in the payment of any installment of interest on any
Note when such interest or payment becomes due and payable and such default continues for a period of 30 days, or 
  
 (b) default is made in the payment of principal of (or premium, if any, on) any Note at the Maturity thereof, 
  
 then the Company will, upon demand of the Trustee, pay to it, for the benefit of the holders
of such Notes, the amount then due and payable on such Notes for the principal (and premium, if 
  

 26 

 
any) and interest, if any, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 If the Company fails to pay such amount forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Notes and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Notes wherever situated. In addition, if an Event of Default occurs and is continuing, the Trustee shall have the remedies set
forth in the Collateral Documents and Section 15.6 hereof. 
  
 If
an Event of Default with respect to Notes occurs and is continuing, then the Trustee may, in its discretion, proceed to protect and enforce its rights and the rights of the holders of Notes by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or the Collateral Documents or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy. 
  
 The Trustee shall be under no duty to
the Company or any Subsidiary Guarantor to make or give any presentment, demand for performance, notice of nonperformance, protest, notice of protect, notice of dishonor, or other notice or demand in connection with any Collateral, or to take any
steps necessary to preserve any rights against prior parties except as expressly provided in this Indenture. The Trustee shall not be liable to the Company or the Subsidiary Guarantors for failure to collect or realize upon any or all of the
Collateral, or for any delay in so doing, nor shall the Trustee be under any duty to the Company or the Subsidiary Guarantors to take any action with regard thereto. The Trustee shall have no duty to the Company or the Subsidiary Guarantors to
comply with any recording, filing, or other legal requirements necessary to establish or maintain the validity, priority or enforceability of the security interests in, or the Trustee’s rights in or to, any of the Collateral. 
  
 Section 5.4 TRUSTEE MAY FILE PROOFS OF CLAIM. 
  
 In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceedings, or any voluntary or involuntary case under the federal Bankruptcy Laws, as now or hereafter constituted, relative to the Company or any Subsidiary
Guarantor, or the property of the Company or of any Subsidiary Guarantor or their creditors, the Trustee (irrespective of whether the principal of such Notes shall then be due and payable as therein expressed or by declaration of acceleration or
otherwise and irrespective of whether the Trustee shall have made any demand on the Company or any Subsidiary Guarantor for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise, 
  
 (a) to file and prove a claim for the whole amount
of principal (and premium, if any) and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim 
  

 27 

 
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the holders of such Notes allowed in
such judicial proceeding, and 
  
 (b) to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same; 
  
 and any receiver, assignee, trustee, custodian, liquidator, sequestrator (or other similar official) in any such proceeding is hereby authorized by each such holder to make such payments to the Trustee, and in the
event that the Trustee shall consent to the making of such payments directly to such holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 6.7. 
  
 Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any holder
thereof, or to authorize the Trustee to vote in respect of the claim of any holder in any such proceeding. 
  
 Section 5.5 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF DEBT SECURITIES. 
  
 All rights of action and claims under this Indenture or the Notes or Guarantees set forth in this Indenture may be prosecuted and enforced by the Trustee
without the possession of any of such Notes or Guarantees or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name, as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the holders of the Notes in respect of which such
judgment has been recovered. 
  
 Section 5.6 APPLICATION OF MONEY COLLECTED.

  
 Any money collected by the Trustee pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium, if any) or interest, upon presentation of the Notes and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of all amounts due the Trustee under Section 6.7; 
  
 SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes ratably, without preference or
priority of any kind, according to the amounts due and payable on such Notes for principal (and premium, if any) and interest, respectively; 
  
 THIRD: without duplication, to holders of Notes for any other obligations owing to the holders of Notes under the Notes, this Indenture or the Collateral
Documents; and 
  

 28 

 FOURTH: The balance, if any, to the Person or Persons entitled thereto. 
  
 Section 5.7 LIMITATION ON SUITS. 
  
 No holder of any Note shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, the Guarantees or the Collateral Documents, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  
 (a) such holder has previously given written notice to the Trustee of a
continuing Event of Default; 
  
 (b) the holders of not less than
25% in principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
  
 (c) such holder or holders have offered to the Trustee indemnity satisfactory
to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 
  
 (d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

 
 (e) no direction inconsistent with such written request has been given to
the Trustee during such 60-day period by the holders of at least a majority in principal amount of the Outstanding Notes; 
  
 it being understood and intended that no one or more of such holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture or the Guarantees to affect, disturb or prejudice the rights of any other such holders, or to obtain or to seek to obtain priority or preference over any other of such holders or to enforce any right under this Indenture, the Guarantees or
the Collateral Documents, except in the manner herein provided and for the equal and ratable benefit of all of such holders. For the protection and enforcement of the provisions of this Section 5.7, each and every holder of Notes and the Trustee
shall be entitled to such relief as can be given at law or in equity. 
  
 Section 5.8 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST. 
  
 Notwithstanding any other provision in this Indenture, except for restrictions imposed by Gaming Laws or Gaming Authorities on payments by entities
holding Gaming Licenses, the holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 3.7 and Section 3.10) interest on such Note on the
respective Stated Maturity or Maturities expressed in such Note (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment and interest thereon, and such right shall not be impaired without
the consent of such holder except that no holder shall have the right to institute any such suit, if and to the extent that the institution or prosecution thereof or the entry of judgment therein would under applicable law result in the surrender,
impairment, waiver, or loss of the Liens of the Collateral Documents upon any property subject to the Lien in favor of the Beneficiaries. 
  

 29 

 Section 5.9 RESTORATION OF RIGHTS AND REMEDIES. 
  
 If the Trustee or any holder has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such holder, then and in every such case the Company, the Trustee and the holders shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the holders shall continue as though no such proceeding had been instituted. 
  
 Section 5.10 RIGHTS AND REMEDIES CUMULATIVE. 
  
 Except as otherwise expressly provided elsewhere in this Indenture, no right
or remedy herein conferred upon or reserved to the Trustee or to the holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law (including Gaming Laws), be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
  
 Section 5.11 DELAY OR
OMISSION NOT WAIVER. 
  
 No delay or omission of the Trustee
or of any holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by this Indenture
or by law to the Trustee or to the holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the holders, as the case may be. 
  
 Section 5.12 CONTROL BY HOLDERS. 
  
 The holders of at least a majority in principal amount of the Outstanding Notes shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes, provided that: 
  
 (a) such direction shall not be in conflict with any rule of law (including Gaming Laws) or with this Indenture; 

 
 (b) subject to the provisions of Section 6.1, the Trustee shall have the
right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Responsible Officers of the Trustee, determine that the proceeding so directed would be unjustly prejudicial to the holders of Notes not
joining in any such direction; and 
  
 (c) the Trustee may take
any other action deemed proper by the Trustee which is not inconsistent with such direction. 
  

 30 

 Section 5.13 WAIVER OF PAST DEFAULTS. 
  
 The holders of not less than a majority in aggregate principal amount of the Outstanding Notes, by notice to the Trustee,
may, on behalf of the holders of all the Notes, waive any past default hereunder and its consequences, except a default: 
  
 (a) in the payment of the principal of (or premium, if any) or interest on any Note, or 
  
 (b) in respect of a covenant or provision hereof which, pursuant to Article 11, cannot be modified or amended without the
consent of the holder of each Outstanding Note affected. 
  
 Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Notes under this Indenture, but no such waiver shall extend to any subsequent or other default
or impair any right consequent thereon. 
  
 Section 5.14 UNDERTAKING FOR COSTS.

  
 All parties to this Indenture agree, and each holder of
any Note by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant in such suit other than the Trustee of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant, but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any holder or group of holders holding in the aggregate more than 10% in principal amount of the Outstanding Notes, or to any suit instituted by any holder of a Note for the enforcement of the
payment of the principal of (or premium, if any) or interest on such Note on or after the respective Stated Maturity or Maturities expressed in such Note (or, in the case of redemption, on or after the Redemption Date). 
  
 Section 5.15 WAIVER OF STAY OR EXTENSION LAWS. 
  
 The Company covenants (to the extent that it may lawfully do so) that it
will 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 Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 Section 5.16 DISQUALIFIED HOLDERS. 
  
 To the extent required by applicable Gaming Laws, Notes held by a Disqualified Holder shall, so long as held by such Person, be disregarded for purposes of providing notices, 

  

 31 

 
directions, waivers or other actions and determining the sufficiency of such notices, directions, waivers or actions under this Article 5. 
  
 ARTICLE 6 
  
 THE TRUSTEE 
  
 Section 6.1 CERTAIN DUTIES AND RESPONSIBILITIES. 
  
 (a) Except during the continuance of an Event of Default with respect to the
Notes, 
  
 (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) 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; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to
the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 
  
 (b) In case an Event of Default with respect to Notes has occurred and is continuing, the Trustee shall, with respect to the Notes, exercise such of 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. 
  
 (c) No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 
  
 (1) this subsection shall not be construed to limit the effect of subsection (a) of this Section; 
  
 (2) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
  
 (3) the Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Notes in good faith in
accordance with the direction of the holders of at least a majority in principal amount of the Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture; and 
  
 (4) the Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that 

  

 32 

 
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
  
 (5) the Trustee shall cooperate and comply with any order or directive of a
Gaming Authority in connection with this Indenture, including that the Trustee submit an application for any license, finding of suitability or other approval pursuant to any Gaming Laws (unless the Trustee shall have submitted its resignation) and
will cooperate fully and completely in any proceeding related to such application; provided the Company agrees to prepare (or cause the Subsidiary Guarantors to prepare) all documentation in connection with any such order, directive,
application and proceeding and to reimburse the Trustee for all costs and expenses incurred by it in connection therewith. 
  
 (d) Whether or not therein expressly so provided, every provision of this Indenture or the Collateral Documents relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section. In the event of any conflict or ambiguity between this Indenture and any of the Collateral Documents (including the Intercreditor Agreement), the
provisions of this Indenture shall govern and control with respect to the Trustee’s rights, responsibilities and duties. The provisions of this Indenture with respect to the Trustee’s rights, responsibilities and duties are incorporated by
reference into each of the Collateral Documents (including the Intercreditor Agreement) and shall apply with respect to the Trustee’s performance thereunder (whether in the capacity as Trustee or Collateral Agent) as if set forth therein.

  
 Section 6.2 NOTICE OF DEFAULTS. 
  
 Within 90 days after the occurrence of any default hereunder with respect to
Notes, the Trustee shall give notice to all holders of Notes of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the
principal of (or premium, if any) or interest on any Note, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of
the Trustee in good faith determine that the withholding of such notice is in the interest of the holders of Notes; and provided, further, that in the case of any default of the character specified in Section 5.1(d) with respect to Notes, no
such notice to holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of
Default with respect to Notes. 
  
 Notice given pursuant to this
Section 6.2 shall be transmitted by mail: 
  
 (a) to all
registered holders, as the names and addresses of the registered holders appear in the Note Register; and 
  
 (b) to each holder of a Note whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.2(a) of
this Indenture. 
  

 33 

 Section 6.3 CERTAIN RIGHTS OF TRUSTEE. 
  
 Except as otherwise provided in Section 6.1: 
  
 (a) the Trustee may conclusively rely, and shall be protected in acting or refraining from acting, upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by
the proper party or parties; 
  
 (b) any request or direction of
the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
  
 (c) whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an
Officers’ Certificate; 
  
 (d) the Trustee may consult with
counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

  
 (e) 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 of Notes pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney; 
  
 (g) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
  
 (h) except with respect to Section 12.1, the Trustee shall have no duty to
inquire as to the performance of the Company’s covenants in Article 12 hereof. 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
Section 5.1(a), (b) or (c) or (ii) any Default or Event of 

  

 34 

 
Default of which the Trustee shall have received written notification or obtained actual knowledge; 
  
 (i) the Trustee shall not be liable for any action taken, suffered or omitted
to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; and 
  
 (j) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded. 
  
 Section 6.4 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF NOTES. 
  
 The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture, the Guarantees, the Collateral Documents or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any
Notes or the proceeds thereof. The Trustee makes no representation as to the validity, value or condition of any property covered or intended to be covered by the Lien of the Collateral Documents or any part thereof or as to the title of the Company
to such property or as to the security afforded by the Collateral Documents or hereby. The Trustee has not prepared or participated in the negotiation of any of the Collateral Documents (including the Intercreditor Agreement), and each holder, by
the purchase of a Note, shall be deemed to have requested and authorized the Trustee to execute and deliver the Intercreditor Agreement. 
  
 Section 6.5 MAY HOLD NOTES. 
  
 The Trustee, any Paying Agent, the Note Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or
pledgee of Notes and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Note Registrar or such other agent. 
  
 Section 6.6 MONEY HELD IN TRUST. 
  
 Money in any currency held by the Trustee or any Paying Agent in trust
hereunder need not be segregated from other funds except to the extent required by law. Neither the Trustee nor any Paying Agent shall be under any liability for interest on any money received by it hereunder except as otherwise agreed in writing
with the Company. 
  
 Section 6.7 COMPENSATION AND REIMBURSEMENT.

  
 The Company agrees: 
  
 (a) to pay to the Trustee from time to time such compensation as shall be
agreed in writing between the Company and the Trustee in Dollars for all services rendered by it hereunder 

  

 35 

 
and under the Collateral Documents (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust); 
  
 (b) except as otherwise expressly provided herein, to
reimburse the Trustee in Dollars upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or the Collateral Documents (including costs incurred in
connection with applications to any Gaming Authority and including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its
negligence or willful misconduct; and 
  
 (c) to indemnify in
Dollars the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this trust or
performance of its duties hereunder or under the Collateral Documents, including the costs and expenses of defending itself against any claim (whether asserted by the Company, a holder of Notes or any other Person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder. 
  
 As security for the performance of the obligations of the Company under this Section, the Trustee shall have a claim prior to the Notes, upon all property and funds held or collected by the Trustee as such, except funds held in trust for
the payment of amounts due on the Notes. 
  
 The obligations of
the Company under this Section 6.7 to compensate and indemnify the Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness under this Indenture and shall survive the satisfaction and discharge of this
Indenture and any rejection or termination of this Indenture under any Bankruptcy Law. When the Trustee incurs expenses or renders services after an Event of Default specified in Section 5.1(f) or (g) occurs, the expenses and the compensation for
the services of the Trustee are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 Section 6.8 DISQUALIFICATION; CONFLICTING INTERESTS. 
  
 The Trustee shall comply with the relevant provisions of the Trust Indenture Act with respect to conflicts of interest and disqualification. If such provisions require the Trustee to resign with respect to the Notes,
the Company shall take prompt steps to have a successor appointed, in the manner and with the effect hereinafter specified in this Article. 
  
 Section 6.9 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. 
  
 There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America,
any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000, subject to supervision or examination by Federal, State or District of
Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent 

  

 36 

 
report of condition so published. Neither the Company nor any Affiliate of the Company shall serve as Trustee upon any Notes. 
  
 Section 6.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 
  
 Subject to compliance with applicable Gaming Laws: 
  
 (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 6.11. 
  
 (b) The Trustee may resign at any time with respect to the Notes by giving written notice thereof to the Company. If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Notes. 
  
 (c) The Trustee may be removed at any
time with respect to the Notes and a successor Trustee appointed by Act of the holders of at least a majority in principal amount of the Outstanding Notes, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Notes. 
  
 (d) If at any time: 
  
 (1) the Trustee shall fail to comply with Section 6.8 with respect to the
Notes after written request therefor by the Company or by any holder who has been a bona fide holder of a Note for at least six months, or 
  
 (2) the Trustee shall cease to be eligible under Section 6.9 with respect to the Notes and shall fail to resign after written request therefor by the
Company or by any such holder, or 
  
 (3) the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, 
  
 then, in any such case, (i) the
Company, by a Board Resolution, may remove the Trustee with respect to all Notes, or (ii) subject to Section 5.14, any holder who has been a bona fide holder of a Note for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Notes. 
  
 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Notes, the 

  

 37 

 
Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Notes and shall comply with the applicable
requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Notes shall be appointed by Act of the holders of at least a majority in
principal amount of the Outstanding Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Notes and, to
that extent, supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Notes shall have been so appointed by the Company or the holders and accepted appointment in the manner hereinafter provided, any
holder who has been a bona fide holder of a Note for at least six months may, subject to Section 5.7, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Notes. 
  
 (f) The Company shall give notice
of each resignation and each removal of the Trustee with respect to the Notes and each appointment of a successor Trustee with respect to the Notes in the manner and to the extent provided in Section 17.2 to the holders of Notes. Each notice shall
include the name of the successor Trustee with respect to the Notes and the address of its Corporate Trust Office. 
  
 Section 6.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. 
  
 Subject to compliance with applicable Gaming Laws: 
  
 (a) In the case of an appointment hereunder of a successor Trustee with respect to all Notes, each such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee, but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder,
subject nevertheless to its claim, if any, provided for in Section 6.7. 
  
 (b) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph
(a) of this Section, as the case may be. 
  
 (c) No successor
Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 
  
 Section 6.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. 
  

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation 

  

 38 

 
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder and under the Collateral Documents, provided that such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and
deliver the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. In case any Notes shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate
and deliver such Notes, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee. 
  
 Section 6.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY. 
  
 If and when the Trustee shall be or become a creditor of the Company (or
other obligor under the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or any Subsidiary Guarantor (or any such other obligor). A Trustee who has resigned or
been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 
  
 Section 6.14 APPOINTMENT OF AUTHENTICATING AGENT. 
  
 As long as any Notes remain Outstanding, upon a Company Request, there shall be an authenticating agent (the “Authenticating Agent”) appointed, for such period as the Company shall elect, by the Trustee to
act as its agent on its behalf and subject to its direction in connection with the authentication and delivery of the Notes. Notes authenticated by such Authenticating Agent shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by such Trustee. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Trustee or to the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of such Trustee by such Authenticating Agent, except that only the Trustee may authenticate
Notes upon original issuance and pursuant to Section 3.6 hereof. Such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section. 
  

 39 

 Any corporation into which any Authenticating Agent may be merged or converted, or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which any Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust business
of any Authenticating Agent, shall continue to be the Authenticating Agent with respect to the Notes for which it served as Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or such
Authenticating Agent. Any Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice of resignation to the applicable Trustee and to the Company. 
  
 Upon receiving such a notice of resignation or upon such a termination, or in
case at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14 with respect to the Notes, the Trustee shall, upon Company Request, appoint a successor Authenticating Agent, and the Company
shall provide notice of such appointment to all holders of Notes in the manner and to the extent provided in Section 17.2. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all rights, powers,
duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. The Company agrees to pay to the Authenticating Agent from time to time reasonable compensation for its services. The
Authenticating Agent for the Notes shall have no responsibility or liability for any action taken by it as such at the direction of the Trustee, except arising out of its negligence or willful misconduct. 
  
 If an appointment is made pursuant to this Section, the Notes may have
endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  
 This is one of the Notes designated therein referred to in the within mentioned Indenture. 
  

	 	 	 U.S. Bank National Association, As Trustee

			
	 	 	 By:
	 	  

	 	 	 	 	 As Authenticating Agent

			
	 	 	 By:
	 	  

	 	 	 	 	 Authorized Signatory

  
 Section 6.15. APPOINTMENT OF
CO-TRUSTEE. 
  
 Subject to compliance with applicable Gaming
Laws and Section 310(a)(3) of the Trust Indenture Act, if the Trustee deems it necessary or desirable in connection with the Collateral and/or the enforcement of the Collateral Documents, the Trustee may appoint a co-Trustee with such powers of the
Trustee as may be designated by the Trustee at the time of such appointment, and the Company and each Guarantor shall, on request, execute and deliver to such co-Trustee any deeds, conveyances or other instruments required by such co-Trustee so
appointed by the Trustee to more fully and certainly vest in and confirm to such co-Trustee its rights, powers, trusts, duties and obligations hereunder, including duties and obligations under Section 6.1(c)(5). 
  

 40 

 Section 6.16. PAYING AGENT; NOTE REGISTRAR. 
  
 (a) Each Paying Agent or Note Registrar (other than the Company) shall be a corporation organized and doing business under
the laws of the United States of America or of any State and having a combined capital and surplus of at least $500,000,000. 
  
 (b) Each Paying Agent or Note Registrar may resign at any time by giving written notice thereof to the Company. The Company, by a Board Resolution and
upon giving written notice thereof to the Paying Agent or Note Registrar, may remove such Paying Agent or Note Registrar at any time. 
  
 (c) If any Paying Agent or Note Registrar shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of any Paying
Agent or Note Registrar for any cause, the Company, by a Board Resolution, shall promptly appoint a successor Paying Agent or Note Registrar. 
  
 (d) The Company shall give notice of each resignation and each removal of any Paying Agent or Note Registrar and each appointment of a successor Paying
Agent or Note Registrar by mailing written notice of such event by first-class mail, postage prepaid, to the Trustee. Each notice shall include the name and address of the successor Paying Agent or Note Registrar. 
  
 (e) The Trustee is hereby initially appointed Paying Agent and Note
Registrar. 
  
 (f) The Company shall enter into an appropriate
written agency agreement with any Paying Agent or Note Registrar not a party to this Indenture, which agreement shall implement the provisions of this Indenture that relate to such Paying Agent or Note Registrar, including the provisions of Section
6.1(c)(5). The Company shall notify the Trustee in writing of the name and address of any such Paying Agent or Note Registrar. 
  
 ARTICLE 7 
  
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
  
 Section 7.1 COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS. 
  
 The Company will furnish or cause to be furnished to the Trustee: 
  
 (a) semi-annually on a date not more than 15 days after each Regular Record Date with respect to an Interest Payment Date,
if any, for the Notes, a list, in such form as the Trustee may reasonably require, of the names and addresses of the registered holders as of the date 15 days next preceding each such Regular Record Date (or such semi-annual dates, as the case may
be); and 
  

 41 

 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the
Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
  
 provided, however, that if and so long as the Trustee shall be the Note Registrar, no such list need be furnished. 
  
 Section 7.2 PRESERVATION OF INFORMATION; COMMUNICATION TO HOLDERS. 
  
 (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 received by it in the capacity of Paying Agent (if so acting) hereunder, and filed with it
within the two preceding years pursuant to Section 7.3(c)(2). 
  
 The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished, destroy any information received by it as Paying Agent (if so acting) hereunder upon delivering to itself as Trustee, not
earlier than 45 days after an Interest Payment Date, a list containing the names and addresses of the holders obtained from such information since the delivery of the next previous list, if any, destroy any list delivered to itself as Trustee which
was compiled from information received by it as Paying Agent (if so acting) hereunder upon the receipt of a new list so delivered, and destroy, not earlier than two years after filing, any information filed with it pursuant to Section 7.3(c)(2).

  
 (b) If three or more holders (hereinafter referred to as
“applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Note for a period of at least six months preceding the date of such application, and such application states
that the applicants desire to communicate with other holders of Notes with respect to their rights under this Indenture or under the Notes and is accompanied by a copy of the form of proxy or other communication which such applicants propose to
transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either 
  
 (i) afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.2(a), or 
  
 (ii) inform such applicants as to the approximate number of holders of all
Notes, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.2(a), and as to the approximate cost of mailing to such holders the form of proxy or other communication, specified in such
application. 
  
 If the Trustee shall elect not to afford such
applicants access to such information, the Trustee shall, upon written request of such applicants, mail to the holders of Notes, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section
7.2(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable
expenses of mailing, unless within five Business Days after such tender, the Trustee shall mail to such 

  

 42 

 
applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the
Trustee, such mailing would be contrary to the best interests of the holders of Notes, or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing
upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and
opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such holders with reasonable promptness after the entry of such order and the
renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 
  
 (c) Every holder of Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee shall be
held accountable by reason of the disclosure of any such information as to the names and addresses of the holders in accordance with Section 7.2(b), regardless of the source from which such information was derived, and that the Trustee shall not be
held accountable by reason of mailing of any material pursuant to a request made under Section 7.2(b). 
  
 Section 7.3 REPORTS BY TRUSTEE. 
  
 (a) Within 60 days after May 15 of each year commencing with the first May 15 after the original issuance of the Notes, the Trustee, if so required under the Trust Indenture Act, shall transmit by mail to all holders of Notes, in the manner
and to the extent provided in Trust Indenture Act Section 313(c), a brief report dated as of such May 15 in accordance with and with respect to the matters required by Trust Indenture Act Section 313(a). The Trustee shall also transmit by mail to
all holders of Notes, in the manner and to the extent provided in Trust Indenture Act Section 313(c), a brief report in accordance with and with respect to the matters required by Trust Indenture Act Section 313(b)(2). 
  
 (b) A copy of each report transmitted to holders of Notes pursuant to this
Section 7.3 shall, at the time of such transmission, be mailed to the Company and filed with each stock exchange, if any, upon which the Notes are listed and also with the Commission. The Company will notify the Trustee promptly if the Notes are
listed on any stock exchange or of any delisting thereof. 
  
 (c)
Gaming License Requirements. To the extent required by Gaming Laws, the Trustee will provide any applicable Gaming Authority upon its or the Company’s request with: 
  
 (1) copies of all notices, reports and other written communications which the Trustee gives to holders of Notes; 

 
 (2) a list of holders of Notes promptly after the original issuance of the
Notes, eight months and two months prior to the expiration date of each then-current Gaming License held by the Company or its Subsidiaries, and upon demand; 
  
 (3) notice of any Event of Default under this Indenture or of any Default, any acceleration of the indebtedness evidenced or secured hereby, the
institution of any legal actions 

  

 43 

 
or proceedings before any court or governmental authority in respect of this Indenture and any rescission, annulment or waiver in respect of an Event of
Default; 
  
 (4) notice of the removal or resignation of the
Trustee within five Business Days thereof; 
  
 (5) notice of any
transfer or assignment of rights under this Indenture (but no transfers or assignments of the Notes) within five Business Days thereof; and 
  
 (6) a copy of any amendment to the Notes or this Indenture within five Business Days of the effectiveness thereof. 
  
 The notice specified in clause (3) above shall be in writing and, except as set forth below,
shall be given within five Business Days after the Trustee has transmitted the notice required by Section 6.2. In the case of any notice in respect of any Event of Default, such Notice shall be accompanied by a copy of any notice from the holders of
the Notes, or a representative thereof or the Trustee, to the Company and, if accompanied by any such notice to the Company, shall be given simultaneously with the giving of any such notice to the Company. In the case of any legal actions or
proceedings, such notice shall be accompanied by a copy of the complaint or other initial pleading or document. 
  
 The Trustee shall in accordance with the limitations set forth herein cooperate with any applicable Gaming Authority in order to provide such Gaming
Authority with information and documentation relevant to compliance with clause (3) above and as otherwise required by any applicable Gaming Laws. 
  
 The Company will advise the Trustee in writing of the expiration date of any then-current Gaming License held by the Company or its Subsidiaries at least
nine months prior to the expiration thereof and the Trustee until so advised may assume that such Gaming License has not expired. 
  
 (d) Reports pursuant to this Section 7.3 shall be transmitted by mail: 
  
 (1) to all holders of Notes, as the names and addresses of such holders of Notes appear in the Note Register; and

  
 (2) except in the cases of reports pursuant to subsection (b)
of this Section 7.3, to each holder of a Note whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.2(a). 
  
 A copy of each such report shall, at the time of such transmission to holders, be filed by the Trustee with each stock
exchange upon which any Notes are listed, with the Commission and also with the Company. The Company will notify the Trustee promptly when any of the Notes are listed on any stock exchange or of any delisting thereof. 
  

 44 

 Section 7.4 REPORTS BY COMPANY. 
  
 So long as any Notes are outstanding, the Company will file with the Trustee, within 15 days after the Company is required
to file the same with the Commission, copies of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, with respect to
securities listed and registered on a national securities exchange as such rules and regulations may require. 
  
 ARTICLE 8 
  
 CONCERNING THE HOLDERS 
  
 Section 8.1 ACTS OF HOLDERS.

  
 Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by holders of Notes may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such holders in person or by an agent or proxy
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the holders signing such instrument or instruments. Whenever in this Indenture it is provided that the
holders of a specified percentage in aggregate principal amount of the Outstanding Notes may take any Act, the fact that the holders of such specified percentage have joined therein may be evidenced (a) by the instrument or instruments executed by
holders in person or by agent or proxy appointed in writing, or (b) by the record of holders voting in favor thereof at any meeting of such holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such
instrument or instruments and any such record of such a meeting of holders. 
  
 Section 8.2 PROOF OF OWNERSHIP; PROOF OF EXECUTION OF INSTRUMENTS BY HOLDER. 
  
 The ownership of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. 
  
 Subject to the provisions of Sections 6.1, 6.3 and 9.5, proof of the execution of a writing appointing an agent or proxy and of the execution of any
instrument by a holder or his agent or proxy shall be sufficient and conclusive in favor of the Trustee and the Company if made in the following manner: 
  
 The fact and date of the execution by any such person of any instrument may be proved by the certificate of any notary public or other officer authorized
to take acknowledgments of deeds, that the Person executing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution sworn to before any such notary or other such officer. Where such execution is
by an officer of a corporation or association or a member of a 

  

 45 

 
partnership on behalf of such corporation, association or partnership, as the case may be, or by any other Person acting in a representative capacity, such
certificate or affidavit shall also constitute sufficient proof of his authority. 
  
 The record of any holders’ meeting shall be proved in the manner provided in Section 9.6. 
  
 The Trustee may in any instance require further proof with respect to any of the matters referred to in this Section so long as the request is a
reasonable one. 
  
 Section 8.3 PERSONS DEEMED OWNERS. 
  
 The Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name any Note is registered as the owner of such Note for the purpose of receiving payment of the principal of (and premium, if any) and (subject to Section 3.7) interest, if any, on such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. All payments made to any holder, or upon his order, shall be valid, and,
to the extent of the sum or sums paid, effectual to satisfy and discharge the liability for moneys payable upon such Note. 
  
 Section 8.4 REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND. 
  
 At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any Act by the holders of the percentage
in aggregate principal amount of the Outstanding Notes specified in this Indenture in connection with such Act, any holder of a Note the number, letter or other distinguishing symbol of which is shown by the evidence to be included in the Notes the
holders of which have consented to such Act may, by filing written notice with the Trustee at the Corporate Trust Office and upon proof of ownership as provided in Section 8.2, revoke such Act so far as it concerns such Note. Except as aforesaid,
any such Act taken by the holder of any Note shall be conclusive and binding upon such holder and, subject to the provisions of Section 5.8, upon all future holders of such Note and of any Notes issued on transfer or in lieu thereof or in exchange
or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon such Note or such other Notes. 
  
 ARTICLE 9 
  
 HOLDERS’ MEETINGS 
  
 Section 9.1 PURPOSES OF MEETINGS. 
  
 A meeting
of holders of Notes may be called at any time and from time to time pursuant to the provisions of this Article 9 for any of the following purposes: 
  
 (a) to give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any default hereunder
and its consequences, or to take any other action authorized to be taken by holders pursuant to any of the provisions of Article 5; 
  

 46 

 (b) to remove the Trustee and appoint a successor Trustee pursuant to the provisions of Article 6;

  
 (c) to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of Section 11.2; or 
  
 (d) to take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Outstanding Notes, under any other provision of this Indenture or under applicable law. 
  
 Section 9.2 CALL OF MEETINGS BY TRUSTEE. 
  
 The Trustee may at any time call a meeting of holders of Notes to take any
action specified in Section 9.1, to be held at such time or times and at such place or places as the Trustee shall determine. Notice of every meeting of the holders of Notes, setting forth the time and the place of such meeting and in general terms
the action proposed to be taken at such meeting, shall be given to holders of the Notes in the manner and to the extent provided in Section 17.2. Such notice shall be given not less than 10 days nor more than 90 days prior to the date fixed for the
meeting. 
  
 Section 9.3 CALL OF MEETINGS BY COMPANY OR HOLDERS.

  
 In case at any time the Company, pursuant to a Board
Resolution, or the holders of at least 10% in aggregate principal amount of the Outstanding Notes shall have requested the Trustee to call a meeting of holders of Notes by written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have given the notice of such meeting within 10 days after the receipt of such request, then the Company or such holders may determine the time or times and the place or places for such meetings and
may call such meetings to take any action authorized in Section 9.1, by giving notice thereof as provided in Section 9.2. 
  
 Section 9.4 QUALIFICATIONS FOR VOTING. 
  
 To be entitled to vote at any meeting of holders, a Person shall be (a) a holder of a Note that is not a Disqualified Holder or (b) a Person appointed by
an instrument in writing as agent or proxy by such holder. The only Persons who shall be entitled to be present or to speak at any meeting of holders shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel. 
  
 Section 9.5 REGULATIONS. 
  
 Notwithstanding any
other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of holders of Notes, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 
  

 47 

 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the
meeting shall have been called by the Company or by holders of Notes as provided in Section 9.3, in which case the Company or the holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by at least a majority vote of the meeting. 
  
 Subject to the provisos in the definition of “Outstanding,” at any meeting each holder of a Note or proxy therefor shall be entitled to one vote
for each $1,000 principal amount of Notes held or represented by such holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not Outstanding and ruled by the chairman of the
meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Outstanding Notes held by him or her or instruments in writing duly designating him or her as the person to vote on behalf of holders of
Notes. Any meeting of holders with respect to which a meeting was duly called pursuant to the provisions of Section 9.2 or 9.3 may be adjourned from time to time by at least a majority of such holders present and the meeting may be held as so
adjourned without further notice. 
  
 Section 9.6 VOTING. 
  
 The vote upon any resolution submitted to any meeting of holders of Notes
with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such holders or of their representatives by proxy and the serial number or numbers of the Notes held or represented by them.
The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in
duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of holders shall be taken and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was transmitted as provided in Section 9.2. The record shall show the serial numbers of the
Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the
Trustee to be preserved by the Trustee. 
  
 Any record so signed
and verified shall be conclusive evidence of the matters therein stated. 
  
 Section 9.7 NO DELAY OF RIGHTS BY MEETING. 
  
 Nothing contained in this Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the
exercise of any right or rights conferred upon or reserved to the Trustee or to any holder under any of the provisions of this Indenture or of the Notes. 
  

 48 

 ARTICLE 10 
  
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  
 Section 10.1 COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS 
  
 The Company shall not consolidate with, merge with or into, or sell, assign, convey, transfer or lease its properties and
assets substantially in their entirety (computed on a consolidated basis) to any Person, unless: 
  
 (a) either (i) the Company is the surviving entity or (ii) the successor or transferee (the “successor corporation”) is a corporation organized
and existing under the laws of the United States, any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, all of the obligations of the Company under the
Notes and this Indenture; 
  
 (b) immediately after giving effect
to such transaction, no Event of Default or Default shall exist; and 
  
 (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel conforming to the provisions of Section 1.2 hereof and each stating that such consolidation, merger, conveyance, transfer or lease and such
supplemental indenture comply with this provision and that all conditions precedent herein provided for relating to such transaction have been complied with. 
  
 The Trustee is hereby authorized to take any action deemed by it to be necessary or desirable to confirm or ensure the validity, perfection and priority
of the Lien in favor of the Beneficiaries on the Collateral as a result of any such transaction; provided, that this sentence shall create no obligation on the Trustee to take any such action. 
  
 Section 10.2 SUCCESSOR CORPORATION SUBSTITUTED. 
  
 Upon any consolidation with or merger into any other corporation, or any
conveyance, transfer or lease of the properties and assets of the Company substantially in their entirety in accordance with Section 10.1, the successor corporation formed by such consolidation or into which the Company is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein.

  

 49 

 ARTICLE 11 
  
 SUPPLEMENTAL INDENTURES 
  
 Section 11.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. 
  
 Without the consent of any holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto or amendments to the Collateral Documents, in form reasonably satisfactory to the Trustee, for any of the following purposes: 
  
 (a) to evidence the succession of another corporation to the rights of the Company or any Subsidiary Guarantor and the
assumption by such successor of the covenants and obligations of the Company or any Subsidiary Guarantor contained herein, in the Collateral Documents and in the Notes; or 
  
 (b) to add to the covenants of the Company and the Subsidiary Guarantors, for the benefit of the holders of Notes, or to
surrender any right or power herein conferred upon the Company or the Subsidiary Guarantors; or 
  
 (c) to add any additional Events of Default; or 
  
 (d) to secure the Notes and Guarantees, to provide for additional collateral for the Notes or the Guarantees or to provide that any of the Company’s
obligations under any of the Notes or this Indenture shall be guaranteed (including adding additional Subsidiary Guarantors as contemplated by Article 16) and the terms and conditions for the release or substitution of such security or guarantee;
provided that any such action as to any Guarantee included in this Indenture shall not modify the provisions of Article 16 in a manner that would adversely affect the interests of the holders of Notes in any material respect; or 
  
 (e) to supplement any of the provisions of this Indenture or the Collateral
Documents to such extent as shall be necessary to permit or facilitate the defeasance and discharge of Notes pursuant to Article 4 or 14, provided that any such action shall not adversely affect the interests of the holders of Notes in any
material respect; or 
  
 (f) to establish the form or terms of the
Notes as permitted by this Indenture; or 
  
 (g) to evidence and
provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes and the Collateral Documents, and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee; or 
  
 (h) to comply with the requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act; or 
  
 (i) to cure any ambiguity; or 
  

 50 

 (j) to correct or supplement any provision herein or in any Collateral Document which may be defective or
inconsistent with any other provision herein or therein; or 
  
 (k) to eliminate any conflict between the terms of this Indenture, the Collateral Documents and the Notes and the Trust Indenture Act; or 
  
 (l) to make any other provisions with respect to matters or questions arising under this Indenture or the Collateral Documents which shall not be
inconsistent with any provision of this Indenture or the Collateral Documents; provided such other provisions shall not adversely affect the interests of the holders of Outstanding Notes; or 
  
 (m) to make any amendments or supplements required by Article 15. 

 
 The terms of any document entered into pursuant to this Section shall be
subject to prior approval, if required, of any applicable Gaming Authority. 
  
 Section 11.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. 
  
 With the written consent of the holders of not less than at least a majority in principal amount of the Outstanding Notes, by Act of said holders delivered to the Company and the Trustee, the Company, when authorized
by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto, or amendments to the Guarantees or the Collateral Documents for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture, the Guarantees or the Collateral Documents or of modifying in any manner the rights of the holders of the Notes under this Indenture, the Guarantees or the Collateral Documents; provided, however, that
no such supplemental indenture shall, without the consent of the holder of each Outstanding Note affected thereby, 
  
 (a) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note, or reduce the principal amount thereof or
the rate (or extend the time for payment) of interest thereon or any premium payable upon redemption thereof, or change the currency in which the principal of (and premium, if any) or interest on such Note is denominated or payable, or impair the
right to institute suit for the enforcement of any payment on or after the Stated Maturity thereof (including, in the case of redemption, on or after the Redemption Date), or alter any redemption provisions in a manner adverse to the holders of
Notes or release any Subsidiary Guarantor under any Guarantee or any collateral securing the Notes (except in accordance with the terms of the Indenture, the Guarantees or the Collateral Documents); or 
  
 (b) reduce the percentage in principal amount of the Outstanding Notes, the
consent of whose holders is required for any supplemental indenture, or the consent of whose holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for
in this Indenture; or 
  
 (c) modify any of the provisions of this
Section, Section 5.13, or Section 12.6, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the holder of each Outstanding Note affected thereby;
provided, however, that this clause shall not be deemed to require the consent 

  

 51 

 
of any holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso,
in accordance with the requirements of Sections 6.11 and 11.1(h); or 
  
 (d) modify any of the provisions of this Indenture which by their terms expressly require the consent of each affected holder of Notes to modify. 
  
 It shall not be necessary for any Act of holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof. 
  
 The terms of any document entered into pursuant to this Section shall be subject to prior approval, if required, of any applicable Gaming Authority. To the extent required by applicable Gaming Laws, Notes held by a Disqualified Holder
shall, so long as held by such a Person, be disregarded for purposes of providing consents and determining the sufficiency of consents under this Section 11.2. 
  

Section 11.3 EXECUTION OF SUPPLEMENTAL INDENTURES. 
  
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture and the Collateral Documents. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise in a material way. 
  
 Section 11.4 EFFECT OF SUPPLEMENTAL
INDENTURES. 
  
 Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every holder of Notes theretofore or thereafter authenticated and
delivered hereunder shall be bound thereby. 
  
 Section 11.5 CONFORMITY WITH
TRUST INDENTURE ACT. 
  
 Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
  
 Section 11.6 REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. 
  
 Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall, if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any
such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Notes. 
  

 52 

 ARTICLE 12 
  
 COVENANTS 
  
 Section 12.1 PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST. 
  
 The Company covenants and agrees for the benefit of the Notes, that it will duly and punctually pay the principal of (and premium, if any) and interest on
the Notes in accordance with the terms of the Notes and this Indenture. 
  
 Section 12.2 OFFICER’S CERTIFICATE AS TO COMPLIANCE. 
  
 The Company will deliver to the Trustee, within 120 days after the end of each fiscal year, a certificate of the principal executive officer, principal financial officer or principal accounting officer of the Company
stating whether or not, to the knowledge of the signer thereof, the Company is in compliance with all covenants and conditions under this Indenture, and, in the event of any noncompliance, specifying such noncompliance and the nature and status
thereof of which such signer may have knowledge. For purposes of this Section, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. 
  
 Section 12.3 MAINTENANCE OF OFFICE OR AGENCY. 
  
 The Company will maintain in each Place of Payment an office or agency where
Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange, where Notes that are convertible may be surrendered for conversion, if applicable, and where notices and demands to or upon
the Company in respect of the Notes and this Indenture may be served. If the Notes are listed on The Stock Exchange of the United Kingdom and the Republic of Ireland, the Luxembourg Stock Exchange or any other stock exchange located outside the
United States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Notes in London, Luxembourg or any other required city located outside the United States, as the case may be, so long as the Notes are listed on
such exchange, and subject to any laws or regulations applicable thereto, in a Place of Payment located outside the United States an office or agency where any Notes may be surrendered for registration of transfer, where Notes may be surrendered for
exchange or redemption and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee and the Company hereby appoints the Trustee as its agent to receive all presentations, surrenders, notices and demands. 
  
 The Company may also from time to time designate different or additional offices or agencies to be maintained for such purposes (in or outside of such
Place of Payment), and may from time to time rescind any such designations; provided, however, that no such designation or 

  

 53 

 
rescission shall in any manner relieve the Company of its obligations described in the preceding paragraph. The Company will give prompt written notice to
the Trustee of any such additional designation or rescission of designation and any change in the location of any such different or additional office or agency. 
  

Section 12.4 MONEY FOR NOTES; PAYMENTS TO BE HELD IN TRUST. 
  
 If the Company shall at any time act as its own Paying Agent with respect to the Notes, it will, on or before each due date of the principal of (and
premium, if any) or interest on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Company shall have one or more Paying Agents with respect to the Notes, it will, by or on each due date of the principal (and premium, if
any) or interest on any Notes, deposit with any such Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due (in same day funds and, if a Global Note is Outstanding, by 10:00 a.m., New York City time, in
order for the Trustee to make payment to the U.S. Depositary for such Note in accordance with rules of such U.S. Depositary), such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless any such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
  
 The Company will cause each Paying Agent with respect to the Notes other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the
provisions of this Section, that such Paying Agent will: 
  
 (a)
hold all sums held by it for the payment of the principal of (and premium, if any) or interest on Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided; 
  
 (b) give the Trustee notice of any default by the
Company (or any other obligor upon the Notes) in the making of any payment of principal (and premium, if any) or interest on the Notes; and 
  
 (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in
trust by such Paying Agent. 
  
 The Company may at any time, for
the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be
held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with
respect to such money. 
  
 Any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any 

  

 54 

 
Note and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company
upon Company Request, or (if then held by the Company) shall be discharged from such trust; and the holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, shall at the expense of the Company cause to be transmitted in the manner and to the extent provided by Section 17.2, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such notification, any unclaimed balance of such money then remaining will be repaid to the Company upon Company Request. 
  
 Section 12.5 CORPORATE EXISTENCE. 
  
 Subject to Articles 10 and 16, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its and each
Subsidiary Guarantor’s corporate existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to preserve any such right or franchise if the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and the Subsidiary Guarantors, taken as a whole. 
  
 Section 12.6 WAIVER OF CERTAIN COVENANTS. 
  
 The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 12.3 through 12.5 or 12.7 through
12.11 if before the time for such compliance the holders of at least a majority in principal amount of the Outstanding Notes shall, by Act of such holders, either waive such compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent expressly so waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall remain in full force and effect; provided that no waiver of any requirement to provide a Guarantee or Collateral shall be effective without the Act of the holder of each
Outstanding Note affected thereby. 
  
 Section 12.7. GUARANTEE AND COLLATERAL
MATTERS. 
  
 (a) The Company shall from time to time (i)
cause each Subsidiary of the Company that is not an Excluded Subsidiary to become, on the Issue Date or, if such Subsidiary is acquired or created after the Issue Date or such Subsidiary was an Excluded Subsidiary but thereafter is not an Excluded
Subsidiary, at the later of (A) the time of the acquisition, creation or change in status of such Subsidiary and (B) the time at which such Subsidiary Incurs Indebtedness or such Subsidiary guarantees or secures any Indebtedness of the Company, a
guarantor of the obligations of the Company under this Indenture and the Notes by executing this Indenture (directly or by supplemental indenture) as a Subsidiary Guarantor or by executing a Guarantee in substantially the form of Article 16
(provided that the provision of a Guarantee by a Subsidiary after the Issue Date shall be subject to compliance with any applicable Gaming Laws and the Company agrees that (subject to Section 12.7(b)) it shall not have any such Subsidiary
that is not 

  

 55 

 
an Excluded Subsidiary unless it is permitted to give such Guarantee under applicable Gaming Laws) and (ii) deliver to the Trustee an Opinion of Counsel, in
form reasonably satisfactory to the Trustee, that such Guarantee is the valid, binding and enforceable obligation of such Subsidiary Guarantor, subject to customary exceptions for bankruptcy, fraudulent transfer and equitable principles. 

 
 (b) The actions set forth in Section 12.7(a) shall be taken within 10 days
of the time on which any Person is required to become a Subsidiary Guarantor, provided that if such Person is not permitted to give a Guarantee under applicable Gaming Laws, then, unless such Person has become a guarantor of the Credit
Facilities, any Existing Senior Notes or any Additional Notes, such period shall be extended as long as the Company continues to use best efforts to obtain the requisite consents for such Guarantee from the applicable Gaming Authority. Each Note
issued after the date of execution by any additional Subsidiary Guarantor of a Guarantee set forth in this Indenture shall be endorsed with a form of Guarantee that has been executed by such Subsidiary Guarantor. However, the failure of any Note to
have endorsed thereon a Guarantee executed by such Subsidiary Guarantor shall not affect the validity or enforceability of such Guarantee. In the case of a Subsidiary that becomes a Subsidiary Guarantor after the Issue Date as a result of its
guarantee of Indebtedness of the Company (and not as a result of its Incurrence of Indebtedness), if such Subsidiary thereafter no longer guarantees any Indebtedness and has not Incurred any Indebtedness, then, upon delivery by the Company to the
Trustee of an Officers’ Certificate and an Opinion of Counsel, to the effect that such conditions to release of the Guarantee by such Subsidiary have been satisfied, the Trustee shall execute any documents reasonably required in order to
evidence the release of such Subsidiary Guarantor from its Guarantee Obligations under its Guarantee. 
  
 (c) Prior to the Collateral Release Date (or thereafter if a Collateral Event has occurred and the Collateral Release Date has not again occurred), the
Company from time to time shall cause each Subsidiary Guarantor to (i) execute such Collateral Documents as may be necessary to grant a security interest in substantially all of the assets and properties, whether real, personal or mixed, or tangible
or intangible, of such Subsidiary Guarantor to secure its Guarantee, and to execute and deliver all documents, and take all such other actions as may be necessary or reasonably requested by the Trustee to grant the Trustee a valid, enforceable and
perfected Lien on all of the assets and properties of the Subsidiary Guarantor included in the Collateral, pari passu with Liens thereon securing the Credit Facilities and the Existing Senior Notes (and additional senior notes and guarantees
subject to the Intercreditor Agreement), provided that the provision of such Collateral Documents and such Collateral by a Subsidiary that becomes a Subsidiary Guarantor after the Issue Date (or the pledge of stock of any new Subsidiary that
becomes subject to applicable Gaming Laws) shall be subject to compliance with any applicable Gaming Laws, and (ii) deliver to the Trustee an Opinion of Counsel, in form reasonably satisfactory to the Trustee, that such Collateral Documents are the
valid, binding and enforceable obligations of such Subsidiary Guarantor, subject to customary exceptions for bankruptcy, fraudulent transfer and equitable principles, and create valid and perfected Liens on the Collateral therein securing such
Subsidiary Guarantor’s Guarantee. 
  
 (d) Prior to the
Collateral Release Date (or thereafter if a Collateral Event has occurred and the Collateral Release Date has not again occurred), the Company will not, and will not permit any Subsidiary to create, incur or suffer to exist any Lien upon any of
their properties 

  

 56 

 
or assets (including capital stock), that secures the Credit Facilities and the Existing Senior Notes, without making effective provision to secure all of
the Notes and Guarantees then outstanding by such Lien, equally and ratably with (or prior to) the Credit Facilities and the Existing Senior Notes, so long as the Credit Facilities and the Existing Senior Notes shall be so secured. 
  
 (e) A Collateral Release shall not constitute or be construed as a release
(or to require the release) of the Guarantee of any Subsidiary Guarantor under this Indenture. The Company will not, and will not permit any Subsidiary to, create or acquire or have any Subsidiary that is not an Excluded Subsidiary without making
effective provision for such Subsidiary to become a Subsidiary Guarantor under this Indenture. In the event that the Company or any Subsidiary shall create or acquire any Subsidiary that is (i) not a guarantor of the Company’s Indebtedness
(including the Notes, the Credit Facilities and the Existing Senior Notes), and not subject to any covenants in, or Liens securing, the Credit Facilities or the Existing Senior Notes, or (ii) a non-U.S. Subsidiary whose only tangible assets are
located in foreign nations or a holding company of any non-U.S. Subsidiaries whose only tangible assets are located in foreign nations, provided such holding company has no other assets or operations, then such Subsidiary shall be an Excluded
Subsidiary. 
  
 Section 12.8. CONDITIONAL COLLATERAL. 
  
 Prior to the Collateral Release Date, the Company shall use commercially
reasonable efforts to obtain all necessary consents from the applicable Gaming Authorities to grant a Lien on the Conditional Collateral in favor of the Collateral Agent pursuant to the Collateral Documents and, upon receipt of all consents needed
to grant such Lien on any Conditional Collateral, the Company shall promptly take all action (or cause the Subsidiary Guarantors to take all action) necessary (including execution and delivery of Collateral Documents or supplements thereto) in order
to grant and perfect in favor of the Collateral Agent a Lien on such Conditional Collateral, pari passu with the Lien on such Conditional Collateral securing the Credit Facilities and the Existing Senior Notes (and additional senior notes and
guarantees subject to the Intercreditor Agreement). In addition, prior to the Collateral Release Date, the Company shall use commercially reasonable efforts to obtain all necessary consents from the applicable lessors to grant a Lien on the
Non-Principal Property Collateral in favor of the Collateral Agent pursuant to the Collateral Documents and, upon receipt of all consents needed to grant such Lien on any Non-Principal Property Collateral, the Company shall promptly take all action
(or cause the Subsidiary Guarantors to take all action) necessary (including execution and delivery of Collateral Documents or supplements thereto) in order to grant and perfect in favor of the Collateral Agent a Lien on such Non-Principal Property
Collateral, pari passu with the Lien on such Non-Principal Property Collateral securing the Credit Facilities and the Existing Senior Notes. 
  
 Section 12.9 LIMITATION ON LIENS. 
  
 (a) Other than as provided in Section 12.9(c) below, neither the Company nor any Subsidiary Guarantor will, directly or indirectly, issue, assume or
guarantee any Indebtedness secured by a Lien upon any Principal Property or on any evidences of Indebtedness or shares of capital stock of, or other ownership interests in, any Subsidiaries (regardless of whether the 

  

 57 

 
Principal Property, Indebtedness, capital stock or ownership interests were acquired before or after the date hereof) without effectively providing that all
of the Notes or Guarantees then outstanding, as the case may be, shall be secured equally and ratably with (or prior to) the Indebtedness so long as such Indebtedness shall be so secured, except that this restriction will not apply to: 

 
 (i) Liens existing on the date of original issuance of
the Notes; 
  
 (ii) Liens affecting property of a
corporation or other entity existing at the time it becomes a Subsidiary Guarantor or at the time it is merged into or consolidated with the Company or a Subsidiary Guarantor (provided that such Liens are not incurred in connection with, or in
contemplation of, such entity becoming a Subsidiary Guarantor or such merger or consolidation and do not extend to or cover property of the Company or any Subsidiary Guarantor other than property of the entity so acquired or which becomes a
Subsidiary Guarantor); 
  
 (iii) Liens (including
purchase money Liens) existing at the time of acquisition thereof on property acquired after the date hereof or to secure Indebtedness Incurred prior to, at the time of, or within 24 months after the acquisition for the purpose of financing all or
part of the purchase price of property acquired after the date hereof (provided that such Liens do not extend to or cover any property of the Company or any Subsidiary Guarantor other than the property so acquired); 
  
 (iv) Liens on any property to secure all or part of the cost
of improvements or construction thereon or Indebtedness Incurred to provide funds for such purpose in a principal amount not exceeding the cost of such improvements or construction; 
  
 (v) Liens which secure Indebtedness of a Subsidiary of the Company to the Company or to a Subsidiary
Guarantor or which secure Indebtedness of the Company to a Subsidiary Guarantor; 
  
 (vi) Liens on the stock, partnership or other equity interest of the Company or Subsidiary Guarantor in any Joint Venture or any
Subsidiary which owns an equity interest in such Joint Venture to secure Indebtedness, provided the amount of such Indebtedness is contributed and/or advanced solely to such Joint Venture; 
  
 (vii) Liens to government entities, including pollution
control or industrial revenue bond financing; 
  
 (viii) Liens required by any contract or statute in order to permit the Company or a Subsidiary of the Company to perform any contract or subcontract made by it with or at the request of a governmental entity; 
  
 (ix) mechanic’s, materialman’s, carrier’s or
other like Liens, arising in the ordinary course of business; 
  
 (x) Liens for taxes or assessments and similar charges; 
  

 58 

 (xi) zoning restrictions, easements, licenses, covenants, reservations, restrictions on
the use of real property and other minor irregularities of title; and 
  
 (xii) any extension, renewal, replacement or refinancing of any Indebtedness secured by a Lien permitted by any of the foregoing clauses (i) through (vi). 
  
 (b) Notwithstanding the foregoing, 
  

(i) if any of the Existing Senior Notes are hereafter secured by any Liens on any of the assets of the Company or any Subsidiary
Guarantor, then the Company and the Subsidiary Guarantor shall, substantially concurrently with the granting of such Liens, subject to such Liens having been approved by all applicable Gaming Authorities to the extent the Gaming Laws of the
applicable jurisdiction require such approval, grant perfected Liens in the same collateral to secure the Notes (or Guarantees, as the case may be), equally, ratably and on a pari passu basis. The Liens granted pursuant to this provision shall be
(A) granted concurrently with the granting of any such Liens, and (B) granted pursuant to instruments, documents and agreements which are no less favorable to the Trustee and the holders of the Notes than those granted to secure the Existing Senior
Notes. In connection with the granting of any such Liens, the Company and each Subsidiary Guarantor shall provide to the Trustee (y) policies of title insurance on customary terms and conditions, to the extent that policies of title insurance on the
corresponding property are provided to the holders of the Existing Senior Notes or their trustee (and in an insured amount that bears the same proportion to the aggregate outstanding amount thereof), and (z) legal opinions and other assurances as
the Trustee may reasonably request. 
  
 (ii) if
the Company and the Subsidiary Guarantors become entitled to the release of all of the equal, ratable and pari passu Liens securing the Credit Facilities and the Existing Senior Notes (and any additional senior notes or guarantees subject to the
Intercreditor Agreement), and provided that no Default or Event of Default has then occurred and remains continuing, the Company and the Subsidiary Guarantors may in their sole discretion request that the Collateral Agent (or the Trustees and the
Administrative Agents with respect to the Credit Facilities) release any Liens securing the Notes, the Existing Senior Notes, such other notes and guarantees and the Credit Facilities, and in such circumstances the Collateral Agent (or the Trustee)
shall so release such Liens. 
  
 (c) Notwithstanding the
foregoing, the Company or any Subsidiary Guarantor may create, assume or suffer to exist Liens not otherwise permitted as described above, provided that at the time of such incurrence, assumption or sufferance, after giving effect to such Lien, the
sum of outstanding Indebtedness secured by such Liens (not including Liens permitted under Section 12.9(a) above) plus all Attributable Debt in respect of Sale and Lease-Back Transactions entered into (not including Sale and Lease-Back Transactions
expressly permitted under Section 12.10(a) below), measured, in each case, at the time the Lien is incurred, does not exceed 15% of Consolidated Net Tangible Assets, provided that the foregoing shall not apply to any Liens that may at any
time secure any of the Existing Senior Notes. 
  

 59 

 Section 12.10 LIMITATION ON SALE AND LEASEBACK TRANSACTIONS. 
  
 (a) Other than as provided in Section 12.10(b) below, neither the Company
nor any Subsidiary Guarantor will enter into any Sale and Lease-Back Transaction, unless either: 
  
 (i) the Company or such Subsidiary Guarantor would be entitled, pursuant to the provisions described in clauses (i) through (xii) of
Section 12.9(a) above, to create, assume or suffer to exist a Lien on the property to be leased without equally and ratably securing the Notes; or 
  
 (ii) an amount equal to the greater of the net cash proceeds of such sale or the fair market value of such property (in the good faith
opinion of the Board of Directors) is applied within 120 days to the retirement or other discharge of its Funded Debt. 
  
 (b) Notwithstanding the foregoing, the Company or any Subsidiary Guarantor may enter into Sale and Lease-Back Transactions not otherwise permitted as
described above, provided that at the time of entering into such Sale and Lease-Back Transaction, after giving effect to such Sale and Lease-Back Transaction, the sum of outstanding Indebtedness secured by Liens (not including Liens permitted under
Section 12.9) plus all Attributable Debt in respect of Sale and Lease-Back Transactions entered into (not including Sale and Lease-Back Transactions permitted under Section 12(a) above), measured, in each case, at the time any such Sale and
Lease-Back Transaction is entered into, does not exceed 15% of Consolidated Net Tangible Assets, provided that the foregoing shall not apply to any Liens that may at any time secure any of the Existing Senior Notes. 
  
 Section 12.11 COLLATERAL EVENT AFTER COLLATERAL RELEASE DATE. 
  
 If following a Collateral Release, a Collateral Event occurs, the Company
shall, and shall cause each of the Subsidiary Guarantors to, within 30 days following the occurrence of such Collateral Event (provided that such Collateral Event is then continuing) and in any event not later than the granting of any Liens in such
collateral to secure the Credit Facilities, the Existing Senior Notes or other senior notes and guarantees subject to the Intercreditor Agreement, grant Liens in substantially all assets and properties, whether real, personal or mixed, or tangible
or intangible, of the Company and the Subsidiary Guarantors to secure the Notes and Guarantees, provided that the Company and the Subsidiary Guarantors shall not be obligated to provide Liens in any assets and properties unless and until all
approvals of Gaming Authorities required for Liens in the respective assets and properties are obtained but, if approvals of Gaming Authorities are not required (or have been obtained) to provide Liens in any such assets or properties to secure the
Credit Facilities, the Existing Senior Notes or such other notes and guarantees, the Company and the Subsidiary Guarantors shall not provide Liens in such assets or properties to secure the Credit Facilities, the Existing Senior Notes or such other
notes and guarantees until the required approvals of Gaming Authorities are obtained for the Liens in such assets or properties to secure the Notes and the Guarantees. The Company shall, and shall cause each Subsidiary Guarantor to, use its best
efforts to obtain all necessary consents from the applicable Gaming Authorities to grant such Liens to secure the Notes and Guarantees and, upon receipt of all consents needed to grant such a Lien, shall promptly take all action (or cause the
Subsidiary Guarantors to take all action) necessary (including execution and delivery of Collateral 

  

 60 

 
Documents) in order to grant and perfect such a Lien. The Liens granted pursuant to this Section 12.11 shall be equal, ratable and pari passu with any
Liens securing the Credit Facilities and the Existing Senior Notes (and the Additional Notes) and shall be granted pursuant to instruments, documents and agreements which are (i) substantially in the form of the Collateral Documents in effect as of
the date hereof or otherwise reasonably acceptable to the Trustee and (ii) no less favorable, in any material respect, to the holders of the Notes than the form of instruments, documents and agreements provided to secure the Credit Facilities and
the Existing Senior Notes. Each holder of the Outstanding Notes, by its acceptance of a Note, consents and agrees to the terms of such Collateral Documents (including, without limitation, the provisions providing for foreclosure and release of
Collateral) that are deemed by the Trustee to be reasonably acceptable and, without limitation, authorizes the Trustee to make changes to the form of the Collateral Documents in effect as of the date hereof in order to provide appropriate exceptions
from representations, warranties and covenants for any intervening Liens permitted under Section 12.9 and to conform to corresponding changes made to the form of instruments, documents and agreements securing the Credit Facilities and the Existing
Senior Notes in effect as of the date hereof. In connection with the granting of any such Liens, the Company and the Subsidiary Guarantors shall contemporaneously provide to the Trustee policies of title insurance on customary terms and conditions,
to the extent policies of title insurance on the corresponding assets and properties are provided to the Administrative Agents or the trustees under the Credit Facilities and the Existing Senior Notes (and in an insured amount that bears the same
proportion to the aggregate principal amount of the Outstanding Notes as the insured amount in the policies provided to the Administrative Agents or the trustees bears to the aggregate amount of the Credit Facilities and the Existing Senior Notes),
Opinions of Counsel required under Section 314(b) of the TIA and other assurances as the Trustee may reasonably request. 
  
 ARTICLE 13 
  
 REDEMPTION OF NOTES 
  
 Section 13.1 OPTIONAL REDEMPTION. 
  
 The Notes
are redeemable at the option of the Company, in whole or in part at any time at a redemption price (the “Redemption Price”) equal to the greater of: 
  

	 	•	 	100% of the principal amount thereof; or 

  

	 	•	 	as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not
including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis
points, 

  
 plus, in either of the above cases,
accrued and unpaid interest to the Redemption Date on the Notes to be redeemed. 
  

 61 

 “Adjusted Treasury Rate” means, with respect to any Redemption Date: 
  

	 	•	 	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 the Remaining Life (as defined below), 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); or

  

	 	•	 	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 annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

  
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such securities (“Remaining Life”). 
  
 “Comparable Treasury Price” means (1) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
  
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 
  
 “Reference Treasury Dealer” means any primary U.S. Government
securities dealer in New York City selected by the Company. 
  
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

  

 62 

 Section 13.2 ELECTION TO REDEEM; NOTICE TO TRUSTEE. 
  
 The election of the Company to redeem the Notes shall be evidenced by a Board Resolution. The Company shall, not less than
30 nor more than 60 days before the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date, the Redemption Price, the CUSIP numbers and the principal amount of Notes to be redeemed. 
  
 Section 13.3 SELECTION BY TRUSTEE OF NOTES TO BE REDEEMED. 
  
 If less than all the Notes are to be redeemed at the election of the
Company, the particular Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Notes not previously called for redemption, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Notes or any integral multiple thereof) of the principal amount of Notes in a denomination larger than the minimum
authorized denomination for Notes pursuant to Section 3.2 in the currency in which the Notes are denominated. The portions of the principal amount of Notes so selected for partial redemption shall be equal to the minimum authorized denominations for
Notes pursuant to Section 3.2 in the currency in which the Notes are denominated or any integral multiple thereof. In any case when more than one Note is registered in the same name, the Trustee, in its discretion, may treat the aggregate principal
amount so registered as if it were represented by one Note. 
  
 The Trustee shall promptly notify the Company and the U.S. Depositary for the Notes (if other than itself) in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount
thereof to be redeemed. 
  
 For all purposes of this Indenture,
unless the context otherwise requires, all provisions relating to the redemption of Notes shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of such Note which has been or is to be
redeemed. 
  
 Section 13.4 NOTICE OF REDEMPTION. 
  
 Notice of redemption shall be given by the Company, or at the Company’s
written request, by the Trustee in the name and at the expense of the Company, not less than 30 days and not more than 60 days prior to the Redemption Date to the holders of the Notes to be redeemed pursuant to this Article 13, in the manner
provided in Section 17.2. Any notice so given shall be conclusively presumed to have been duly given, whether or not the holder receives such notice. Failure to give such notice, or any defect in such notice to the holder of any Note, in whole or in
part, shall not affect the sufficiency of any notice of redemption with respect to the holder of any other Note. 
  
 All notices of redemption shall identify the Notes to be redeemed (including CUSIP number) and shall state: 
  
 (a) the Redemption Date, 
  
 (b) the Redemption Price, 
  

 63 

 (c) that Notes are being redeemed by the Company pursuant to provisions contained in this Indenture or
the terms of the Notes, together with a brief statement of the facts permitting such redemption, 
  
 (d) that all Outstanding Notes are to be redeemed, 
  
 (e) that on the Redemption Date the Redemption Price will become due and payable upon each such Note to be redeemed, and that interest thereon, if any,
shall cease to accrue on and after said date, and 
  
 (f) the
Place or Places of Payment where such Notes are to be surrendered for payment of the Redemption Price. 
  
 Section 13.5 DEPOSIT OF REDEMPTION PRICE. 
  
 On or prior to 10:00 a.m., New York City time, on the Redemption Date for any Notes, the Company shall 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 as provided in Section 12.4) an amount of money in the currency in which such Notes are denominated sufficient to pay the Redemption Price of such Notes which are to be redeemed on that date. 
  
 Section 13.6 NOTES PAYABLE ON REDEMPTION DATE. 
  
 Notice of redemption having been given as aforesaid, any Notes so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price in the currency in which the Notes are payable, and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Notes
shall cease to bear interest. Upon surrender of any such Note for redemption in accordance with said notice, such Note shall be paid by the Company at the Redemption Price; provided, however, that installments of interest on Notes which have
a Stated Maturity on or prior to the Redemption Date for such Notes shall be payable according to the terms of such Notes and the provisions of Section 3.7. 
  
 If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the Note. 
  
 Section 13.7 NOTES REDEEMED IN PART. 
  
 Any Note
which is to be redeemed only in part shall be surrendered at the Corporate Trust Office with, if the Company, the U.S. Depositary for the Notes or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company, the U.S. Depositary for the Notes and the Trustee duly executed by, the holder thereof or such holder’s attorney duly authorized in writing, and the Company shall execute, and the Trustee shall authenticate and deliver to the
holder of such Note without service charge, a new Note or Notes, of like tenor and form, of any authorized denomination as requested by such holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of
the Note so surrendered. In the case of a Note providing appropriate space for such notation, 

  

 64 

 
at the option of the holder thereof, the Trustee, in lieu of delivering a new Note or Notes as aforesaid, may make a notation on such Note of the payment of
the redeemed portion thereof. 
  
 ARTICLE 14 
  
 DEFEASANCE 
  
 Section 14.1 APPLICABILITY OF ARTICLE. 
  
 Except as otherwise provided in Section 14.2, the Company may terminate its
obligations under the Notes and this Indenture as set forth in Section 14.2. 
  
 Section 14.2 DEFEASANCE UPON DEPOSIT OF MONEYS OR U.S. GOVERNMENT OBLIGATIONS. 
  
 At the Company’s option, either (a) the Company shall be deemed to have been Discharged (as defined below) from its obligations with respect to Notes
and the Subsidiary Guarantors shall be deemed to have been discharged from their obligations under their Guarantees in respect of the Notes (“legal defeasance option”) or (b) the Company shall cease to be under any obligation to comply
with any term, provision or condition set forth in Sections 10.1, 12.2, 12.7, 12.8, 12.9, 12.10 and 12.11 with respect to Notes and the Subsidiary Guarantors shall cease to be under any obligation to comply with any term, provision or condition set
forth in Section 16.11 (or comparable provisions of its Guarantee if not set forth in Article 16) with respect to their Guarantees in respect of the Notes (“covenant defeasance option”) at any time after the applicable conditions set forth
below have been satisfied: 
  
 (a) The Company shall have
deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the holders of the Notes (i) money in an amount, or (ii) U.S. Government
Obligations (as defined below) which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination
of (i) and (ii), sufficient, in the opinion (with respect to (i) and (ii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment
of principal (including any mandatory sinking fund payments) of and premium, if any, and interest on, the Outstanding Notes on the dates such installments of interest or principal and premium are due; 
  
 (b) Such deposit shall not cause the Trustee to have a conflicting interest
as defined in Section 6.8 and for purposes of the Trust Indenture Act; 
  
 (c) Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company or any Subsidiary Guarantor is a party or by which it is bound;

  
 (d) If the Notes are then listed on any national securities
exchange, the Company shall have delivered to the Trustee an Opinion of Counsel or a letter or other document from 

  

 65 

 
such exchange to the effect that the Company’s exercise of its option under this Section would not cause such Notes to be delisted; 
  
 (e) No Event of Default or Default shall have occurred and be continuing on
the date of such deposit and, with respect to the legal defeasance option only, no Event of Default under Section 5.1(f) or Section 5.1(g) or event which with the giving of notice or lapse of time, or both, would become an Event of Default under
Section 5.1(f) or Section 5.1(g) shall have occurred and be continuing on the 91st day after such date; 
  
 (f) The Company shall have delivered to the Trustee an Opinion of Counsel or a ruling from the Internal Revenue Service to the effect that the holders of
the Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit, defeasance or Discharge. Notwithstanding the foregoing, if the Company exercises its covenant defeasance option and an Event
of Default under Section 5.1(f) or Section 5.1(g) or event which, with the giving of notice or lapse of time, or both, would become an Event of Default under Section 5.1(f) or Section 5.1(g) shall have occurred and be continuing on the 91st day
after the date of such deposit, the obligations of the Company and the Subsidiary Guarantors referred to under the definition of covenant defeasance option with respect to such Notes shall be reinstated; and 
  
 (g) The Company shall have delivered to the Trustee an Officers’
Certificate certifying the conditions set forth in clauses (a) through (f) of this Section 14.2 have been satisfied. 
  
 Upon Discharge (or if the Company exercised its covenant defeasance option and no Event of Default under Section 5.1(f) or Section 5.1(g) or event which,
with the giving of notice or lapse of time, or both, would become an Event of Default under Section 5.1(f) or Section 5.1(g) shall have occurred and be continuing on the 91st day after the requisite deposit, then on such 91st day (or, if earlier, on
the Collateral Release Date)) the Collateral pledged under the Collateral Documents will be released and the Trustee, on demand of the Company, shall execute such documents as shall be necessary to release the Collateral and to terminate the
obligations of the Company under the Collateral Documents (and, upon Discharge (or such 91st day), the obligations of the Company and the Subsidiary Guarantors under Article 15 shall terminate); provided that no such release or termination
shall affect the Collateral Documents insofar as they secure obligations other than the Notes and Guarantees. 
  
 “Discharged” means that the Company and the Subsidiary Guarantors shall be deemed to have paid and discharged the entire indebtedness
represented by, and obligations under, the Notes and the Guarantees in respect of the Notes and to have satisfied all the obligations under this Indenture and the Collateral Documents in respect of the Notes (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except (i) the rights of holders of Notes to receive, from the trust fund described in clause (a) above, payment of the principal of (and premium, if any) and interest on such Notes
when such payments are due, (ii) the Company’s obligations with respect to the Notes under Sections 3.4, 3.5, 3.6, 12.3 and 14.3 and (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and under the Collateral
Documents. 
  

 66 

 “U.S. Government Obligations” means securities that are (i) direct obligations of the United
States for the payment of which its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof prior to the final Maturity Date of the Notes, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of
the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in
respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 
  
 Section 14.3 DEPOSITED MONEYS AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST. 
  
 All moneys and U.S. Government Obligations deposited with the Trustee
pursuant to Section 14.2 in respect of Notes shall be held in trust and applied by it, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as
its own Paying Agent) as the Trustee may determine, to the holders of such Notes, of all sums due and to become due thereon for principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds except to
the extent required by law. 
  
 The Company shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 14.2 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the holders of the Outstanding Notes. 
  
 Section 14.4 REPAYMENT TO COMPANY. 
  
 The
Trustee and any Paying Agent shall promptly pay or return to the Company upon Company Request any moneys or U.S. Government Obligations held by them at any time that are not required for the payment of the principal of (and premium, if any) and
interest on the Notes for which money or U.S. Government Obligations have been deposited pursuant to Section 14.2. 
  
 The provisions of the last paragraph of Section 12.4 shall apply to any money held by the Trustee or any Paying Agent under this Article that remains
unclaimed for two years after the Maturity of any Notes for which money or U.S. Government Obligations have been deposited pursuant to Section 14.2. 
  

 67 

 ARTICLE 15 
 COLLATERAL AND SECURITY 
  
 Section 15.1
EXECUTION OF COLLATERAL DOCUMENTS. 
  
 The Trustee, at the
Company’s expense, will execute and deliver and the Company and each Subsidiary Guarantor will execute, deliver, file and record all instruments and do all acts and other things as may be reasonably necessary to provide for the Liens under the
Collateral Documents, in accordance with the terms of the Intercreditor Agreement and this Indenture; provided that, with respect to any Collateral Documents that may be executed after the Issue Date and that are not subject to approvals
under applicable Gaming Laws that have been obtained by the Company, the Trustee, the Company and each Subsidiary Guarantor will comply with applicable Gaming Laws in connection with such Collateral Documents. The Trustee, at the Company’s
expense, will cooperate reasonably with the Company and each Subsidiary Guarantor in doing all such acts and things required by the preceding sentence. 
  
 Section 15.2 COLLATERAL DOCUMENTS. 
  
 The due and punctual payment of the principal of, premium, if any, and interest on the Notes when and as the same shall be due and payable, whether on an
interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest (to the extent permitted by law), if any, on the Notes and performance of all other obligations of the
Company and the Subsidiary Guarantors to the holders of the Outstanding Notes or the Trustee under this Indenture, the Guarantees and the Notes, according to the terms hereunder or thereunder, shall be secured as provided in the Collateral
Documents, subject to Section 15.4 hereof. Each holder of the Outstanding Notes, by its acceptance of a Note, consents and agrees to the terms of the Collateral Documents (including, without limitation, the provisions providing for foreclosure and
release of Collateral) as the same may be in effect or may be amended from time to time in accordance with the terms thereof and hereof and authorizes and directs the Trustee to enter into each of the Collateral Documents (including the
Intercreditor Agreement) and to perform its respective obligations and exercise its respective rights thereunder in accordance therewith. The Company and each Subsidiary Guarantor shall do or cause to be done all such acts and things as may be
necessary or proper, or as may be required by the provisions of the Collateral Documents, to assure and confirm to the Trustee the security interest in the Collateral contemplated hereby and by the Collateral Documents, as from time to time
constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed. The Company and each Subsidiary Guarantor shall take any and all
actions necessary, or reasonably requested by the Trustee, to cause the Collateral Documents to create and maintain, as security of the Obligations of the Company and each Subsidiary Guarantor under this Indenture and the Notes, valid and
enforceable, perfected (except as expressly provided therein), Liens in and on all the Collateral (and in all assets and properties of the Company and any Subsidiary Guarantor, whether real, personal or mixed, tangible or intangible, which under
this Indenture or any Collateral Documents is required to be included in the Collateral), in favor of the Trustee, superior to and prior to the rights of all third Persons except as permitted by Section 12.9 and the Collateral Documents (including
pari passu Indebtedness permitted under the Intercreditor Agreement). 
  

 68 

 Unless an Event of Default shall have occurred and be continuing, the Trustee shall (in the absence of
bad faith) not be required to take any action, or to require the Company to take any action, to maintain the priority or perfection of any Liens in the Collateral, other than as set forth in the following two sentences. In the event that the Trustee
receives an Opinion of Counsel or an Officer’s Certificate or a written notice from the Company or any holder of Outstanding Notes delivered pursuant to this Indenture requesting the Trustee to take any action, or stating that any action is
required to be taken, in order to maintain the priority or perfection of any of the Liens of the Trustee in the Collateral, the Trustee shall take such actions, or cause such actions to be taken, as are set forth in such Opinion of Counsel,
Officer’s Certificate or written notice. The Trustee shall be deemed not to know of any change in the law requiring the taking of such action unless such change is set forth in a subsequent Opinion of Counsel or Officer’s Certificate
delivered pursuant to this Indenture or the Collateral Documents or a written notice from the Company or holder of Outstanding Notes. 
  
 Section 15.3. RECORDING AND OPINIONS. 
  
 (a) On the Issue Date and in connection with any Liens securing the Indenture required after a Collateral Event, the Company and each Subsidiary Guarantor
shall have executed, delivered, filed and recorded or shall execute, deliver, file and record, all instruments and documents, and shall have done or shall do all such acts and other things, at the expense of the Company and each Subsidiary
Guarantor, as are necessary to subject the Collateral (other than the Conditional Collateral and the Non-Principal Property Collateral, which shall remain subject to Section 12.8 of this Indenture) to the Liens of the Collateral Documents. Each of
the Company and every Subsidiary Guarantor shall execute, deliver, file and record all instruments and do all acts and other things as may be reasonably necessary or advisable to perfect, maintain and protect the Liens of the Collateral Documents.

  
 (b) The Company shall furnish to the Trustee upon the
execution and delivery of this Indenture and as soon as practicable after a Collateral Event following a Collateral Release, an Opinion of Counsel either (i) stating that in the opinion of such counsel all action has been taken with respect to the
recording, registering and filing of this Indenture, financing statements or other instruments necessary to make effective the Lien intended to be created by the Collateral Documents, and reciting the details of such action, or (ii) stating that, in
the opinion of such counsel, no such action is necessary to make such Lien effective. 
  
 (c) The Company shall furnish to the Trustee at the time of execution and delivery of any Collateral Document, or any amendments or supplements thereto, after the Issue Date by any Subsidiary Guarantor under Section
12.7, an Opinion of Counsel to the effect set forth in subsection (c) of this Section 15.3, but relating only to such additional Collateral Documents or new parties thereto. 
  
 (d) Prior to the Collateral Release Date (or after a Collateral Event has occurred), the Company shall furnish to the
Trustee on or prior to each anniversary of the date hereof and upon the delivery of any Collateral Document, an Opinion of Counsel, dated as of such date, stating that either (i) (A) all action has been taken with respect to the recording,
registering, filing, rerecording and refiling of the Indenture, all supplemental indentures, the Collateral Documents, financing statements, continuation statements or other Collateral and all other instruments as are 

  

 69 

 
necessary or appropriate fully to maintain, protect and preserve the Liens and the rights of the holders, the Collateral Agent and the Trustee hereunder and
under the Collateral Documents, and reciting the details of such action or referring to prior opinions of Counsel in which such details are given and (B) based on relevant laws as in effect on the date of such Opinion of Counsel, all financing
statements and continuation statements have been executed and filed that are necessary as of such date and during the succeeding 12 months fully to preserve and protect, to the extent such protection and preservation are possible by filing, the
rights of the holders, the Collateral Agent and the Trustee hereunder and under the Collateral Documents with respect to their Liens in the Collateral, or (ii) no such action is necessary to maintain, preserve and protect the Liens and the rights of
the holders, the Collateral Agent and the Trustee hereunder and under the Collateral Documents during such period. Such Opinion of Counsel shall be required in addition to, and not in lieu of, any Officers’ Certificate required under this
Indenture or the Collateral Documents. 
  
 Section 15.4. RELEASE AND
SUBORDINATION OF COLLATERAL. 
  
 (a) Subject to subsections
(b) and (c) of this Section 15.4, Collateral may be released from the Lien and security interest created by the Collateral Documents at any time or from time to time at the sole cost and expense of the Company only (i) upon payment in full of the
Notes in accordance with the terms thereof and of this Indenture and all other obligations of the Company and each Subsidiary Guarantor then due and owing under this Indenture, the Notes and the Collateral Documents, (ii) upon the sale or other
disposition of such Collateral, except as expressly otherwise provided in this Indenture or the Collateral Documents, provided that the Lien of the Collateral Documents shall attach to any and all proceeds of such sale or other disposition,
or (iii) upon the Collateral Release Date, provided that the Trustee shall not be obligated to effectuate a Collateral Release at any time when a Collateral Event exists, a Default or Event of Default has then occurred and remains continuing or if
the Administrative Agent (or the trustees in respect of the Existing Senior Notes and any additional senior notes and guarantees subject to the Intercreditor Agreement) is not concurrently releasing the Liens securing the Credit Facilities (or the
Existing Senior Notes or any additional senior notes and guarantees subject to the Intercreditor Agreement). Except as provided in subdivision (b) of this Section 15.4, the Trustee shall not release any Lien on any Collateral pursuant to clauses
(i), (ii) or (iii) above unless and until it shall have received from the Company an Officers’ Certificate certifying that all conditions precedent hereunder have been met and that such release is not in violation of any applicable Gaming Laws
and such other documents required by Section 15.5 hereof. 
  
 Upon
compliance with the foregoing provisions, the Trustee shall execute, deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant to
this Indenture or the Collateral Documents. 
  
 (b) The Company
and the Subsidiary Guarantors may, in the ordinary course of business, without any release or consent by the Trustee or any holder of the Notes and, from and after the Exemption Date, without any documents required by Trust Indenture Act §
314(d) to the extent provided in the Exemption, (i) sell, lease, transfer, assign or otherwise dispose of inventory, (ii) sell, lease, transfer, assign or otherwise dispose of any assets that are damaged, 

  

 70 

 
worn out, obsolete or no longer necessary for the proper conduct of the business of the Company or such Subsidiary Guarantor, provided that (A) such
assets are replaced by new Collateral being subject to the Lien of the Indenture and the Collateral Documents and having at least equal value and utility as the disposed assets (whether or not being the same character) or (B) such assets (if not
replaced) are not, in the aggregate, material to the conduct of the business of the Company or such Subsidiary Guarantor, (iii) collect and dispose of accounts receivable and checks and (iv) utilize cash on deposit in the accounts of the Company and
the Subsidiary Guarantors. In each such case, subject to the terms of the Intercreditor Agreement and the Collateral Documents governed by the Intercreditor Agreement, the Lien of this Indenture and the Collateral Documents shall be deemed
automatically released without any action on the part of the Trustee, provided that the Lien of the Indenture and the Collateral Documents shall attach to any and all proceeds of such disposition. In connection with any such release, subject
to the terms of the Intercreditor Agreement and the Collateral Documents governed by the Intercreditor Agreement, upon delivery by the Company to the Trustee of an Officers’ Certificate requesting release of assets under this Section 15.4(b)
(A) specifically describing the proposed released assets and (B) certifying that such asset disposition complies with the terms and conditions of this Section 15.4(b), the Trustee shall execute a release, without recourse, of the aforementioned
items of Collateral in the form provided by the Company or the applicable Subsidiary Guarantor. To the extent that may be provided in the Exemption, the fair value of Collateral released from the Liens of the Indenture and the Collateral Documents
under this Section 15.4(b) shall not be considered in determining whether the aggregate fair value of Collateral released from the Liens of the Indenture and the Collateral Documents in any calendar year exceeds the 10% threshold specified in
Section 314(d)(1) of the Trust Indenture Act; provided that the Company’s right to rely on this sentence at any time is conditioned upon the Company having furnished to the Trustee all certificates described in subdivision (c) of Section 15.5
hereof that were required to be furnished to the Trustee at or prior to such time. 
  
 (c) Subject to the terms of the Intercreditor Agreement and the Collateral Documents governed by the Intercreditor Agreement, no release of Collateral pursuant hereto shall be effective as against the holders of Notes
and no Collateral shall be released pursuant to Section 15.4(a), without the prior written consent of the Trustee, at any time when an Event of Default shall have occurred and be continuing and either (i) the maturity of the Notes shall have been
accelerated (whether by declaration or otherwise), or (ii) such Event of Default is an Event of Default pursuant to clause (f) or (g) of Section 5.1. In addition, subject to the terms of the Intercreditor Agreement and the Collateral Documents
governed by the Intercreditor Agreement, at any time when an Event of Default shall have occurred and be continuing and such Event of Default is an Event of Default pursuant to clause (a) or (b), or clause (d) of Section 5.1 in respect of
obligations under the Credit Facilities and the Existing Senior Notes, the Trustee may, and shall upon the request of the holders of Outstanding Notes of at least 25% in principal amount of the Notes then outstanding, by notice to the Company,
prohibit any release or disposition of Collateral otherwise permitted by subsections (a) or (b) of this Section 15.4. 
  
 Section 15.5 CERTIFICATES OF THE COMPANY. 
  
 (a) The Company shall furnish to the Trustee prior to each proposed release of Collateral pursuant to the Collateral Documents, all documents required by
Trust Indenture Act § 314(d), except as provided in subdivision (b) of Section 15.4 and except to the extent such 

  

 71 

 
requirement may be satisfied by delivery to the Collateral Agent of Collateral Documents subject to the Intercreditor Agreement. The Trustee may, to the
extent permitted by Sections 6.1 and 6.3 hereof, accept as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such instruments. Any certificate or opinion required by Trust Indenture Act §
314(d) may be made by an Officer of the Company except in cases where Trust Indenture Act § 314(d) requires that such certificate or opinion be made by an independent engineer, appraiser or other expert within the meaning of Trust Indenture Act
§ 314(d). The release of any Collateral from the Lien of any Collateral Document or the subordination of any Lien of any Collateral Document shall not be deemed to impair such Lien or the Collateral under the Collateral Documents in
contravention of the provisions of this Indenture or such Collateral Document if and to the extent the Collateral or Lien is released or subordinated pursuant to, and in accordance with, this Indenture and such Collateral Document. 
  
 (b) The Company may from time to time file with the Commission a request for
an exemption (an “Exemption”) from the requirements of Section 314(d) of the Trust Indenture Act for purposes of the releases of Collateral described in subdivision (b) of Section 15.4, shall provide the Trustee with an Officer’s
Certificate setting forth the effective date (the “Exemption Date”) of the Exemption, if granted, and shall provide the Trustee with a copy of any Exemption granted by the Commission and promptly inform the Trustee of any amendment to, or
any rescission or termination of, the Exemption. 
  
 (c) In the
case of transactions permitted by subdivision (b) of Section 15.4 hereof, the Company shall deliver to the Trustee, within 15 days after the end of each of the six-month periods ended on January 31 and July 31 in each year, an Officers’
Certificate to the effect that all transactions effected pursuant to subdivision (b) of Section 15.4 hereof during the preceding six-month period were made by the Company and the Subsidiary Guarantors in the ordinary course of business and that all
proceeds therefrom were used by the Company and the Subsidiary Guarantors in connection with their respective businesses or to make payments on the Notes or as otherwise permitted under this Indenture and the Collateral Documents. 
  
 Section 15.6 AUTHORIZATION OF ACTIONS TO BE TAKEN BY
THE TRUSTEE UNDER THE COLLATERAL DOCUMENTS. 
  
 Subject to
compliance with any applicable Gaming Laws and to the provisions of the Intercreditor Agreement, the Trustee may, in its sole discretion and without the consent of the holders of Outstanding Notes, on behalf of the holders of Outstanding Notes, take
all actions it deems necessary or appropriate in order to (a) enforce any of the terms of the Collateral Documents and (b) collect and receive any and all amounts payable in respect of the Obligations of the Company hereunder. Subject to the
provisions of the Intercreditor Agreement, the Trustee shall have the power to institute and to maintain such suits and proceedings as it may reasonably deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or
in violation of the Collateral Documents or this Indenture, and such suits and proceedings as the Trustee may reasonably deem expedient to preserve or protect its interest and the interests of the holders of Outstanding Notes in the Collateral
(including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of,
or compliance with, such enactment, rule, or order would impair the security 

  

 72 

 
interest hereunder or be prejudicial to the interests of the holders of Outstanding Notes or the Trustee). 
  
 Section 15.7. AUTHORIZATION OF RECEIPT OF FUNDS BY THE
TRUSTEE UNDER THE COLLATERAL DOCUMENTS. 
  
 The Trustee is
authorized to receive any funds for the benefit of the holders of Outstanding Notes distributed under the Collateral Documents, and to make further distributions or such funds to the holders of Outstanding Notes according to the provisions of this
Indenture and the Collateral Documents. 
  
 ARTICLE 16

  
 GUARANTEE 
  
 Section 16.1 GUARANTEE. 
  
 (a) In consideration of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each
of the Subsidiary Guarantors, jointly and severally, hereby unconditionally guarantees, which guarantee shall be secured as provided in the Collateral Documents (each such guarantee, together with each New Guarantee and any future guarantees
executed pursuant to Section 12.7 hereof, being a “Guarantee”), to each holder of a Note authenticated and delivered by the Trustee and to the Trustee, irrespective of the validity and enforceability of this Indenture, the Note or the
obligations of the Company under this Indenture or the Note, that: (i) the principal of and interest on the Note will be paid in full when due, whether at the maturity or interest payment date, by acceleration, call for redemption, upon a purchase
offer or otherwise, and interest on the overdue principal and interest, if any, of the Note, if lawful, and all other obligations of the Company to the holders or the Trustee under this Indenture or the Note will be promptly paid in full or
performed, all in accordance with the terms of this Indenture and the Note; and (ii) in case of any extension of time of payment or renewal of any securities or any of such other obligations, they will be paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption, upon a purchase offer or otherwise (collectively, the “Guaranteed Obligations”). This Guarantee is a guarantee of payment and
not of collection. 
  
 Failing payment when due of any amount so
guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same before failure to so pay becomes an Event of Default. 
  
 (b) Each Subsidiary Guarantor agrees that (i) its obligations with regard to this Guarantee shall be unconditional,
irrespective of the validity, regularity or enforceability of the Note or this Indenture, any amendments to the Indenture, the Notes or the Collateral Documents (other than this Article 16), the absence of any action to enforce the same, any delays
in obtaining or realizing upon (or failures to obtain or realize upon) Collateral, the recovery of any judgment against the Company, any action to enforce the same or any other circumstances that might otherwise constitute a legal or equitable
discharge or defense of a guarantor and (ii) this Guarantee will not be discharged except by complete performance of the obligations contained in the Note and this Indenture. Each of the Subsidiary Guarantors hereby waives diligence, 

  

 73 

 
presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding
first against the Company or right to require the prior disposition of the assets of the Company to meet its obligations, protest, notice and all demands whatsoever. Without limiting the generality of the foregoing, each of the Subsidiary Guarantors
hereby waives, to the extent permitted under Nev. Rev. Stat. 40.495, any rights arising out of Nev. Rev. Stat. 40.430. 
  
 (c) If any holder or the Trustee is required by any court or otherwise to return to either the Company or any Subsidiary Guarantor, or any Custodian,
Trustee, or similar official acting in relation to either the Company or any Subsidiary Guarantor, any amount paid by either the Company or any of the Subsidiary Guarantors to the Trustee or such holder, this Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect. Each of the Subsidiary Guarantors agrees that it will not be entitled to any right of subrogation in relation to the holders in respect of any obligations guaranteed hereby except as set
forth in Section 16.5 hereof. 
  
 (d) Each of the Subsidiary
Guarantors agrees that (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Section 5.2 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration as to the Company of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of those obligations as provided in Section 5.2, those obligations (whether or not due and payable) will forthwith become
due and payable by each of the Subsidiary Guarantors for the purpose of this Guarantee. 
  
 Section 16.2. EXECUTION AND DELIVERY OF GUARANTEE. 
  
 To evidence its Guarantee set forth in Section 16.1, each of the Subsidiary Guarantors agrees that a notation of such Guarantee substantially in the form of the notation included in the Note annexed hereto as Exhibit A shall be endorsed on
each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Subsidiary Guarantor by a duly authorized officer. 
  
 Each of the Subsidiary Guarantors agrees that its Guarantee set forth in Section 16.1 shall remain in full force and effect
and apply to all the Notes notwithstanding any failure to endorse on each Note a notation of such Guarantee. 
  
 If an Officer whose facsimile signature is on a Note no longer holds that office at the time the Trustee authenticates the Note on which a Guarantee is
endorsed, the Guarantee shall be valid nevertheless. 
  
 The
delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantors. 
  
 Section 16.3. LIMITATION OF SUBSIDIARY GUARANTOR’S LIABILITY. 
  
 Each Subsidiary Guarantor and by its acceptance hereof each holder hereby
confirms that it is the intention of all such parties that the guarantee by such Subsidiary Guarantor pursuant to 

  

 74 

 
its Guarantee set forth in this Indenture not constitute a fraudulent transfer or conveyance for purposes of any federal or state law. To effectuate the
foregoing intention, the holders and each Subsidiary Guarantor hereby irrevocably agree that the obligations of each such Subsidiary Guarantor under this Guarantee shall be limited to the maximum amount as will, after giving effect to all other
contingent and fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under
its Guarantee set forth in this Indenture or pursuant to Section 16.4, result in the obligations of such Subsidiary Guarantor under such Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. This
Section 16.3 is for the benefit of the creditors of each Subsidiary Guarantor. 
  
 Section 16.4. CONTRIBUTION. 
  
 In order to
provide for just and equitable contribution among the Subsidiary Guarantors, the Subsidiary Guarantors agree, inter se, that in the event any payment or distribution is made by any Subsidiary Guarantor (a “Funding Guarantor”)
under the Guarantee, such Funding Guarantor shall be entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount based on the net worth of each Subsidiary Guarantor (including the Funding Guarantor but, in the
case of Detroit, not in excess of the amount of proceeds of borrowings under the Credit Facilities made available to Detroit) for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Company’s obligations
with respect to the Notes or any other Subsidiary Guarantor’s obligations with respect to the Guarantee. 
  
 Section 16.5. RIGHTS UNDER THE GUARANTEE. 
  
 No payment by any Subsidiary Guarantor pursuant to the provisions hereof to the Trustee shall entitle such Subsidiary Guarantor to any payment out of any Collateral held by the Trustee under this Indenture or any
Collateral Documents. 
  
 (a) Each of the Subsidiary Guarantors
waives notice of the issuance, sale and purchase of the Note and notice from the Trustee or the holders from time to time of any of the Note of their acceptance and reliance on this Guarantee. 
  
 (b) Notwithstanding any payment or payments made by the Subsidiary Guarantors
by reason of this Guarantee, the Subsidiary Guarantors shall not be subrogated to any rights of the Trustee, the Collateral Agent or any holder against the Company until all the Note shall have been paid or deemed to have been paid within the
meaning of the Indenture. Any payment made by the Subsidiary Guarantors by reason of this Guarantee shall be in all respects subordinated to the full and complete payment or discharge under this Indenture of all obligations guaranteed hereby, and no
payment by the Subsidiary Guarantors by reason of this Guarantee shall give rise to any claim of the Subsidiary Guarantors against the Trustee or any holder of the Note. Unless and until the Note shall have been paid or deemed to have been paid
within the meaning of the Indenture, neither the Subsidiary Guarantors nor any of them will assign or otherwise transfer any such claim against the Company to any other person. 
  

 75 

 (c) No set-off, counterclaim, reduction or diminution of any obligation or any defense of any kind or
nature (other than performance by the Subsidiary Guarantors of their obligations hereunder) which any Subsidiary Guarantor may have or assert against the Trustee or any holder of any Note shall be available hereunder to such Subsidiary Guarantor
against the Trustee. 
  
 (d) Each Subsidiary Guarantor agrees to
pay all costs, expenses and fees, including all reasonable attorneys’ fees and expenses, which may be incurred by the Trustee in enforcing or attempting to enforce this Guarantee or protecting the rights of the Trustee, the Collateral Agent or
the holders of the Notes, if any, in accordance with this Indenture. 
  
 Section 16.6. PRIMARY OBLIGATIONS. 
  
 Each
Subsidiary Guarantor agrees that it is directly liable to each holder hereunder, that the obligations of each Subsidiary Guarantor hereunder are independent of the obligations of the Company or any other guarantor, and that a separate action may be
brought against each Subsidiary Guarantor, whether such action is brought against the Company or any other Subsidiary Guarantor or whether the Company or any other guarantor is joined in such action. Each Subsidiary Guarantor agrees that its
liability hereunder shall be immediate and shall not be contingent upon the exercise or enforcement by the Trustee or the holders of the Notes of whatever remedies they may have against the Company or any other guarantor, or the enforcement of any
Lien or realization upon any Collateral the Trustee may at any time possess. Each Subsidiary Guarantor agrees that any release which may be given by the Trustee or the holders of the Notes to the Company or any other guarantor shall not release such
Subsidiary Guarantor. Each Subsidiary Guarantor consents and agrees that the Trustee shall be under no obligation to marshal any property or assets of the Company or any other guarantor in favor of such Subsidiary Guarantor, or against or in payment
of any or all of the Guaranteed Obligations. 
  
 Section 16.7. WAIVERS.

  
 (a) Each Subsidiary Guarantor hereby waives any right to
receive, or any claim or defense based on failure to receive: (i) notice of the amount of the Guaranteed Obligations; (ii) notice of any adverse change in the financial condition of the Company or of any other fact that might increase such
Subsidiary Guarantor’s risk hereunder; (iii) notice of a Default or Event of Default; and (iv) all other notices (except if such notice is specifically required to be given to such Subsidiary Guarantor under this Indenture or any of the
Collateral Documents to which such Subsidiary Guarantor is a party) and demands to which such Subsidiary Guarantor might otherwise be entitled. 
  
 (b) Each Subsidiary Guarantor hereby waives the right by statute or otherwise to require the Trustee or the holders to institute suit against the Company
(or against any other Person) or to exhaust any rights and remedies which the Trustee or the holders have or may have against the Company (or against any other Person). In this regard, each Subsidiary Guarantor agrees that it is bound to the payment
of each and all of the Guaranteed Obligations, whether now existing or hereafter arising, as fully as if such Guaranteed Obligations were directly owing to the guaranteed party by such Subsidiary Guarantor. Each Subsidiary Guarantor further waives
any defense arising by reason of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed and indefeasibly paid) of the 

  

 76 

 
Company or by reason of the cessation from any cause whatsoever of the liability of the Company in respect thereof. 
  
 (c) Each Subsidiary Guarantor hereby waives: (i) any claim or defense
directly or indirectly arising from or caused by any election of remedies by the Trustee or holders of the Notes, whether or not such election of remedies directly or indirectly results in impairment or loss of rights or claims of such Subsidiary
Guarantor against the Company or other Persons; and (ii) any defenses based on suretyship law or impairment of collateral. 
  
 Section 16.8. RELEASES. 
  
 Each Subsidiary Guarantor consents and agrees that, without notice to or by such Subsidiary Guarantor and without affecting or impairing the obligations
of such Subsidiary Guarantor hereunder, the Trustee may, by action or inaction, compromise or settle, extend the period of duration or the time for the payment, or discharge the performance of, or may refuse to, or otherwise not enforce, or may, by
action or inaction, release all or any one or more parties to, any one or more of the terms and provisions of this Indenture or the Collateral Documents or may grant other indulgences to the Company in respect thereof, or may, by action or inaction,
release or substitute any other guarantor, if any, of the Guaranteed Obligations, or may enforce, exchange, release, or waive, by action or inaction, any security for the Guaranteed Obligations or any other guaranty of the Guaranteed Obligations, or
any portion thereof. 
  
 Section 16.9. NO ELECTION. 
  
 The Trustee shall have the right to seek recourse against each Subsidiary
Guarantor to the fullest extent provided for herein and no election by the Trustee to proceed in one form of action or proceeding, or against any party, or on any obligation, shall constitute a waiver of Trustee’s right to proceed in any other
form of action or proceeding, or against other parties unless the Trustee has expressly waived such right in writing. 
  
 Section 16.10. FINANCIAL CONDITION OF THE COMPANY. 
  
 Each Subsidiary Guarantor represents and warrants to the Trustee and holders that it is currently informed of the financial condition of the Company and,
of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. Each Subsidiary Guarantor further represents and warrants to the Trustee and holders that it has read and
understands the terms and conditions of this Indenture and the Collateral Documents. Each Subsidiary Guarantor hereby covenants that it will continue to keep itself informed of the Company’s financial condition, the financial condition of other
guarantors, if any, and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Guaranteed Obligations. 
  
 Section 16.11. CONSOLIDATION, MERGER, ETC., ONLY ON CERTAIN TERMS. 
  
 No Subsidiary Guarantor shall consolidate with, merge with or into, or sell, assign, convey, transfer or lease its properties and assets substantially in
their entirety (computed on a consolidated basis) to any Person, unless: 
  

 77 

 (i) subject to the following paragraph, the Person formed by or surviving any such
consolidation or merger (if other than the Subsidiary Guarantor, another Subsidiary Guarantor or the Company) is a corporation organized and existing under the laws of the United States, any State thereof or the District of Columbia and assumes, by
supplemental indenture hereto, all of the obligations of such Subsidiary Guarantor under this Guarantee and this Indenture; 
  
 (ii) immediately after giving effect to such transaction, no Event of Default or Default shall exist; and 
  
 (iii) such Person executing the supplemental indenture
required pursuant to clause (i) above, has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel conforming to the provisions of Section 1.2 hereof and each stating that such consolidation, merger, conveyance, transfer or
lease and such supplemental indenture comply with this provision and that all conditions precedent herein provided for relating to such transaction have been complied with. 
  
 Notwithstanding the preceding paragraph, in the event of (a) a sale or other disposition of all of the assets of any
Subsidiary Guarantor, by way of merger, consolidation or otherwise or (b) a sale or other disposition of all of the capital stock of any Subsidiary Guarantor, then the Subsidiary Guarantor (in the event of a sale or other disposition, by way of such
a merger, consolidation or otherwise, of all of the capital stock of such Subsidiary Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all of the assets of the Subsidiary Guarantor) will be released
and relieved of any obligations under its Guarantee set forth in this Indenture, except in the event of a sale or other disposition to the Company, any other Subsidiary Guarantor or any Affiliate thereof. Upon delivery by the Company to the Trustee
of an Officers’ Certificate and Opinion of Counsel conforming to the provisions of Section 1.2 hereof, to the effect that such sale or other disposition was made by the Company or such Subsidiary Guarantor in accordance with the provisions of
this Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of any such Subsidiary Guarantor from its Guaranteed Obligations under its Guarantee set forth in this Indenture. 
  
 ARTICLE 17 
  
 MISCELLANEOUS 
  
 Section 17.1 NOTICES, ETC., TO TRUSTEE AND COMPANY. 
  
 Any Act of holders of Notes or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with: 
  
 (a) the Trustee by any Note holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust
Office, Attention: Corporate Finance Group, or 

  

 78 

 (b) the Company by the Trustee or by any Note holder shall be sufficient for every purpose hereunder
(unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid or airmail postage prepaid if sent from outside the United States, to the Company addressed to it at the address of its principal office specified in
the first paragraph of this instrument, to the attention of its Treasurer, or at any other address previously furnished in writing to the Trustee by the Company. 
  
 Any such Act or other document shall be in the English language, except that any published notice may be in an official
language of the country of publication. 
  
 Section 17.2 NOTICE TO HOLDERS;
WAIVER. 
  
 When this Indenture provides for notice to
holders of Notes of any event, such notice shall be sufficiently given to holders (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid (or via certified or registered mail, facsimile or overnight
delivery service), to such holders as their names and addresses appear in the Note Register, within the time prescribed. 
  
 In the event of suspension of regular mail service or by reason of any other cause it shall be impracticable to give notice by mail, such notification as
shall be given with the approval of the Trustee shall constitute sufficient notice for every purpose hereunder. 
  
 In the event of suspension of publication of any Authorized Newspapers or by reason of any other cause it shall be impracticable to give notice by
publication, such notification as shall be given with the approval of the Trustee shall constitute sufficient notice for every purpose hereunder. 
  
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance on such
waiver. In any case where notice to holders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular holder shall affect the sufficiency of such notice with respect to other holders, and any
notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given. In any case where notice to holders is given by publication, any defect in any notice so published as to any particular holder shall not
affect the sufficiency of such notice with respect to other holders, and any notice which is published in the manner herein provided shall be conclusively presumed to have been duly given. 
  
 Section 17.3 CONFLICT WITH TRUST INDENTURE ACT. 
  
 If any provision hereof limits, qualifies or conflicts with the duties
imposed on any person by the provisions of Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  

 79 

 Section 17.4 COUNTERPARTS; EFFECT OF HEADINGS AND TABLE OF CONTENTS. 
  
 This Indenture may be executed in any number of counterparts, each of which
when executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. The Article and Section headings herein and in the Table of Contents are for convenience only and shall not affect
the construction hereof. 
  
 Section 17.5 SUCCESSORS AND ASSIGNS.

  
 All covenants and agreements in this Indenture by the
parties hereto shall bind their respective successors and assigns and inure to the benefit of their permitted successors and assigns, whether so expressed or not. 
  
 Section 17.6 SEPARABILITY CLAUSE. 
  
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 17.7 BENEFITS OF INDENTURE. 
  
 Nothing
in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Note Registrar, any Paying Agent and their successors hereunder, and the holders, any benefit or any legal or equitable right, remedy
or claim under this Indenture. 
  
 Section 17.8 GOVERNING LAW. 

 
 This Indenture and the Notes shall be deemed to be contracts made and to
be performed entirely in the State of Nevada, and for all purposes shall be governed by and construed in accordance with the internal laws of said State without regard to the conflicts of law rules of said State. 
  
 Section 17.9 LEGAL HOLIDAYS. 
  
 Unless otherwise specified pursuant to Section 3.1 or in any Note, in any
case where any Interest Payment Date, Redemption Date or Stated Maturity of any Note shall not be a Business Day at any Place of Payment for the Notes, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal
(and premium, if any) or interest need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption
Date or at the Stated Maturity, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to such Business Day if such payment is made or
duly provided for on such Business Day. 
  

 80 

 Section 17.10 NO RECOURSE AGAINST OTHERS. 
  
 No direct or indirect incorporator, employee, stockholder, director or officer, as such, past, present or future of the
Company or any successor corporation or any of the Company’s Affiliates, shall have any personal liability in respect of the obligations of the Company under the Notes or this Indenture, either directly or through the Company, by reason of his,
her or its status as such incorporator, stockholder, employee, director or officer. Each holder by accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes.

  
 Section 17.11 NO PARENT LIABILITY. 
  
 In the event (a) there is any Default, Event of Default or other default or
alleged default by the Company, any Subsidiary Guarantor or any Affiliate of any thereof under this Indenture, the Notes, any Guarantee or any other document, instrument or agreement arising out of or relating to any of the foregoing (collectively,
the “Transaction Documents”) or (b) the Trustee, any holder of any Note, any other Beneficiary or any Affiliate of any of the foregoing has or may have any claim arising from or relating to the terms of any Transaction Document, neither
the Trustee, such holder, such other Beneficiary or such Affiliate shall commence any lawsuit or otherwise seek to impose any liability whatsoever in respect thereof against Tracinda Corporation or its shareholder (hereinafter collectively referred
to as “Tracinda”). Tracinda shall not have any liability whatsoever with respect to any Transaction Document or any matters relating to or arising from any Transaction Document. None of the Trustee, any holder of any Note, any other
Beneficiary or any Affiliate of any of the foregoing shall assert or permit any Person claiming through any of them to assert a claim or impose any liability against Tracinda as to any matter or thing arising out of or relating to any Transaction
Document or any alleged breach or default of any Transaction Document by the Company, any Subsidiary Guarantor or any Affiliate thereof. Tracinda is not a party to any Transaction Document and is not liable for any alleged breach or default of any
Transaction Document by the Company, any Subsidiary Guarantor or any Affiliate of any thereof. The terms of this Section 17.11 shall control, notwithstanding anything to the contrary appearing in any Transaction Document. 
  

 81 

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

	MGM MIRAGE
		
	 By:
	 	 /s/ Bryan L. Wright

	 Name:
	 	 Bryan L. Wright

	 Title:
	 	 Vice President, Assistant General Counsel and Assistant Secretary

  

	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	 By:
	 	 /s/ Frank P. Leslie III

	 Name:
	 	 Frank P. Leslie III

	 Title:
	 	 Vice President

  
 SIGNATURE PAGE TO
MGM MIRAGE INDENTURE 
 SEPTEMBER 2003 

	 SUBSIDIARY GUARANTORS:

	
	 BELLAGIO II, LLC, a Nevada limited liability company

	 BELLAGIO, LLC, a Nevada limited liability company

	 GOLDEN NUGGET EXPERIENCE, LLC, a Nevada limited liability company

	 GOLDEN NUGGET FINANCE CORP., a Nevada corporation

	 METROPOLITAN MARKETING, LLC, a Nevada limited liability company

	 MGM GRAND CONDOMINIUMS, LLC, a Nevada limited liability company

	 MGM GRAND NEW YORK, LLC, a Nevada limited liability company

	 MGM GRAND RESORTS, LLC, a Nevada limited liability company

	 MGM MIRAGE DEVELOPMENT, INC., a Nevada corporation

	 MGM MIRAGE Entertainment and Sports, a Nevada corporation

	 MGM MIRAGE International, a Nevada corporation

	 MGM MIRAGE OPERATIONS, INC., a Nevada corporation

	 MMNY LAND COMPANY, INC., a New York corporation

	 MGM Grand Hotel, LLC, a Nevada limited liability company

	 Grand Laundry, Inc., a Nevada corporation

	 Destron, Inc., a Nevada corporation

	 MGM Grand Atlantic City, Inc., a New Jersey corporation

	 MGM Grand Detroit, Inc., a Delaware corporation

	 New York-New York Hotel & Casino, LLC, a Nevada limited liability company

	 PRMA, LLC, a Nevada limited liability company

	 The Primadonna Company, LLC, a Nevada limited liability company

	 PRMA Land Development Co., a Nevada corporation

	 New PRMA Las Vegas, Inc., a Nevada corporation

	 AC Holding Corp., a Nevada corporation

	 AC Holding Corp. II, a Nevada corporation

	 The April Cook Companies, a Nevada corporation

	 Beau Rivage Distribution Corp., a Mississippi corporation

	 Beau Rivage Resorts, Inc., a Mississippi corporation

	 Boardwalk Casino, Inc., a Nevada corporation

	 Bungalow, Inc., a Mississippi corporation

	 Country Star Las Vegas, LLC, a Nevada limited liability company

	 EGARIM, Inc., an Alabama corporation

	 GNL, CORP., a Nevada corporation

	 GNLV, CORP., a Nevada corporation

	 Golden Nugget Aviation Corp., a Nevada corporation

	 Golden Nugget Marketing Corp. – Illinois, a Nevada corporation

	 Golden Nugget Manufacturing Corp., a Nevada corporation

	 LV Concrete Corp., a Nevada corporation

	 MAC CORP., a New Jersey corporation

	 MH, Inc., a Nevada corporation

	 M.I.R. Travel, a Nevada corporation

	 Mirage Resorts, Incorporated, a Nevada corporation

  
 SIGNATURE PAGE TO MGM
MIRAGE INDENTURE 
 SEPTEMBER 2003 

	 MGM Mirage Advertising, Inc., a Nevada corporation

	 MGM Mirage Design Group, a Nevada Corporation

	 MGM Mirage Retail, a Nevada corporation

	 The Mirage Casino-Hotel, a Nevada corporation

	 Mirage Laundry Services Corp., a Nevada corporation

	 Mirage Leasing Corp., a Nevada corporation

	 MRGS Corp., a Nevada corporation

	 Restaurant Ventures of Nevada, Inc., a Nevada corporation

	 Treasure Island Corp., a Nevada corporation

	 VidiAd, a Nevada corporation

  

	 By:
	 	 /s/ Bryan L. Wright

	 Name:
	 	 Bryan L. Wright

	 Title:
	 	 Vice President, Assistant General Counsel
and Secretary

  
 SIGNATURE PAGE TO MGM
MIRAGE INDENTURE 
 SEPTEMBER 2003

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]