Document:

EX-4.2

 Exhibit 4.2 
 HALLIBURTON COMPANY 
 as Issuer 

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

 
  

Seventh Supplemental Indenture 
 Dated as of August 5, 2013 
  

 
 $600,000,000
1.00% Senior Notes due August 1, 2016 
 $400,000,000 2.00% Senior Notes due August 1, 2018 

$1,100,000,000 3.50% Senior Notes due August 1, 2023 
 $900,000,000 4.75% Senior Notes due August 1, 2043 

 SEVENTH SUPPLEMENTAL INDENTURE dated as of August 5, 2013 between Halliburton Company,
a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee (the “Trustee”). 

W I T N E S S E T H: 
 WHEREAS, the Company has heretofore entered into an Indenture, dated as of October 17, 2003 (the “Original Indenture”), with the Trustee, as supplemented by a First Supplemental Indenture,
dated as of October 17, 2003, a Second Supplemental Indenture, dated as of December 15, 2003, a Third Supplemental Indenture, dated as of January 26, 2004, a Fourth Supplemental Indenture, dated as of September 12, 2008, a Fifth
Supplemental Indenture, dated as of March 13, 2009, and a Sixth Supplemental Indenture, dated as of November 14, 2011; 
 WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as supplemented by this Seventh Supplemental Indenture, is herein called the “Indenture”;

 WHEREAS, under the Original Indenture, a new series of Securities may at any time be established pursuant to a supplemental
indenture executed by the Company and the Trustee; 
 WHEREAS, the Company proposes to create under the Indenture four new
series of Securities; 
 WHEREAS, the Company desires to issue $600,000,000 aggregate principal amount of 2016 Notes (as defined
below), $400,000,000 aggregate principal amount of 2018 Notes (as defined below), $1,100,000,000 aggregate principal amount of 2023 Notes (as defined below), and $900,000,000 aggregate principal amount of 2043 Notes (as defined below), each of which
will be a new series of Securities under the Indenture; and 
 WHEREAS, all conditions necessary to authorize the execution and
delivery of this Seventh Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto
hereby agree to the following provisions: 
 Capitalized terms used but not defined herein have the meanings ascribed thereto in
the Original Indenture. 

  
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 ARTICLE I 
 1.00% Senior Notes due 2016 
 2.00% Senior Notes due 2018 

3.50% Senior Notes due 2023 
 4.75% Senior Notes due 2043 
 SECTION 1.01 Establishment and Terms

 There are hereby established four new series of Securities to be issued under the Indenture, to be designated as the
Company’s 1.00% Senior Notes due 2016 (the “2016 Notes”), 2.00% Senior Notes due 2018 (the “2018 Notes”), 3.50% Senior Notes due 2023 (the “2023 Notes”), and 4.75% Senior Notes due 2043 (the “2043 Notes”
and, together with the 2016 Notes, the 2018 Notes, and the 2023 Notes, the “Notes”). 
 The aggregate principal amount
of Notes that may be authenticated and delivered under this Indenture is unlimited. The 2016 Notes that are to be authenticated and delivered on the date hereof (the “Initial 2016 Notes”) will be in an aggregate principal amount of
$600,000,000. The 2018 Notes that are to be authenticated and delivered on the date hereof (the “Initial 2018 Notes”) will be in an aggregate principal amount of $400,000,000. The 2023 Notes that are to be authenticated and delivered on
the date hereof (the “Initial 2023 Notes”) will be in an aggregate principal amount of $1,100,000,000. The 2043 Notes that are to be authenticated and delivered on the date hereof (the “Initial 2043 Notes” and, together with the
Initial 2016 Notes, the Initial 2018 Notes, and the Initial 2023 Notes, the “Initial Notes”) will be in an aggregate principal amount of $900,000,000. Each series of Notes shall be issued in definitive fully registered form. 

With respect to any additional 2016 Notes (the “Additional 2016 Notes”), additional 2018 Notes (the “Additional 2018
Notes”), additional 2023 Notes (the “Additional 2023 Notes”) or additional 2043 Notes (the “Additional 2043 Notes” and, together with the Additional 2016 Notes, the Additional 2018 Notes, and the Additional 2023 Notes, the
“Additional Notes”) the Company elects to issue under this Indenture, the Company shall set forth in an Officers’ Certificate the following information: 
  

	 	(i)	the aggregate principal amount of Additional Notes of the series specified to be authenticated and delivered pursuant to this Indenture; and 

 

	 	(ii)	the issue price and the issue date of such Additional Notes, including the date from which interest shall accrue. 

For purposes of the Indenture, notes will not be deemed to be Additional Notes of a series unless the maturity date, Interest Payment
Dates, record dates and interest rate are identical to the Initial Notes for that series. 
 The Initial 2016 Notes and any
Additional 2016 Notes shall be considered collectively as a single class for all purposes of this Indenture. Holders of the Initial 2016 Notes and any Additional 2016 Notes will vote and consent together on all matters to which such Holders are
entitled to vote or consent as one class, and none of the Holders of the Initial 2016 Notes or any Additional 2016 Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent.

  
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 The Initial 2018 Notes and any Additional 2018 Notes shall be considered collectively as a
single class for all purposes of this Indenture. Holders of the Initial 2018 Notes and any Additional 2018 Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the
Holders of the Initial 2018 Notes or any Additional 2018 Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 

The Initial 2023 Notes and any Additional 2023 Notes shall be considered collectively as a single class for all purposes of this
Indenture. Holders of the Initial 2023 Notes and any Additional 2023 Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial 2023 Notes or any
Additional 2023 Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 
 The Initial 2043 Notes and any Additional 2043 Notes shall be considered collectively as a single class for all purposes of this Indenture. Holders of the Initial 2043 Notes and any Additional 2043 Notes
will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial 2043 Notes or any Additional 2043 Notes shall have the right to vote or consent as a separate
class on any matter to which such Holders are entitled to vote or consent. 
 The 2016 Notes, the 2018 Notes, the 2023 Notes,
and the 2043 Notes shall each be issued in the form of one or more Global Securities in substantially the form set out in Exhibit A, Exhibit B, Exhibit C, and Exhibit D, respectively. The initial Depositary with respect
to the Notes shall be The Depository Trust Company (“DTC”). 
 SECTION 1.02 Maturity, Payment of Principal and
Interest  
 The 2016 Notes will mature on August 1, 2016, the 2018 Notes will mature on August 1, 2018, the 2023
Notes will mature on August 1, 2023 and the 2043 Notes will mature on August 1, 2043. 
 The 2016 Notes, the 2018
Notes, the 2023 Notes, and the 2043 Notes will bear interest at the rate of 1.00%, 2.00%, 3.50%, and 4.75%, respectively, per annum. The Interest Payment Dates with respect to the Notes will be February 1 and August 1 of each year. The
first Interest Payment Date with respect to the Initial Notes will be February 1, 2014. Interest shall be paid to the Person in whose name the applicable Note is registered at the close of business on January 15, in the case of a
February 1 Interest Payment Date, and July 15, in the case of an August 1 Interest Payment Date. Interest on the Initial Notes will accrue from August 5, 2013. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 All payments of principal, premium (if any) and interest on the Notes shall be made in accordance with
Section 4.01 of the Original Indenture and in the manner set forth in Section 2.14 of the Original Indenture and Exhibit A hereto in the case of the 2016 Notes, Exhibit B hereto in the case of the 2018 Notes, Exhibit C hereto in the case
of the 2023 Notes, and Exhibit D hereto in the case of the 2043 Notes. 

  
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 SECTION 1.03 No Sinking Fund or Payments of Additional Amounts. 

The Notes will not be subject to a sinking fund and no payments of Additional Amounts shall be made on the Notes. 

SECTION 1.04 Optional Redemption 2016 Notes. 

At any time and from time to time, the 2016 Notes will be redeemable, in the Company’s sole discretion, in whole or in part, in
principal amounts of $2,000 or any integral multiple of $1,000 in excess thereof for an amount equal to the greater of: 
 (i)
100% of the principal amount of the 2016 Notes being redeemed; and 
 (ii) as determined by an Independent Investment Banker, the
sum of the present values of the Remaining Scheduled Payments on the 2016 Notes, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points.

 Subject to the terms of the Original Indenture, the Company will also pay accrued and unpaid interest to the date of
redemption on the 2016 Notes redeemed. 
 2018 Notes. 
 At any time and from time to time before July 1, 2018, the 2018 Notes will be redeemable, in the Company’s sole discretion, in whole or in part, in principal amounts of $2,000 or any integral
multiple of $1,000 in excess thereof for an amount equal to the greater of: 
 (i) 100% of the principal amount of the 2018 Notes
being redeemed; and 
 (ii) as determined by an Independent Investment Banker, the sum of the present values of the Remaining
Scheduled Payments on the 2018 Notes, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points. 

At any time and from time to time on or after July 1, 2018, the 2018 Notes will be redeemable, in the Company’s sole
discretion, in whole or in part, in principal amounts of $2,000 or any integral multiple of $1,000 in excess thereof for an amount equal to 100% of the principal amount of the 2018 Notes being redeemed. 

Subject to the terms of the Original Indenture, the Company will also pay accrued and unpaid interest to the date of redemption on the
2018 Notes redeemed. 
  

  
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 2023 Notes. 
 At any time and from time to time before May 1, 2023, the 2023 Notes will be redeemable, in the Company’s sole discretion, in whole or in part, in principal amounts of $2,000 or any integral
multiple of $1,000 in excess thereof for an amount equal to the greater of: 
 (i) 100% of the principal amount of the 2023 Notes
being redeemed; and 
 (ii) as determined by an Independent Investment Banker, the sum of the present values of the Remaining
Scheduled Payments on the 2023 Notes, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points. 

At any time and from time to time on or after May 1, 2023, the 2023 Notes will be redeemable, in the Company’s sole discretion,
in whole or in part, in principal amounts of $2,000 or any integral multiple of $1,000 in excess thereof for an amount equal to 100% of the principal amount of the 2023 Notes being redeemed. 

Subject to the terms of the Original Indenture, the Company will also pay accrued and unpaid interest to the date of redemption on the
2023 Notes redeemed. 
 2043 Notes. 
 At any time and from time to time before February 1, 2043, the 2043 Notes will be redeemable, in the Company’s sole discretion, in whole or in part, in principal amounts of $2,000 or any
integral multiple of $1,000 in excess thereof for an amount equal to the greater of: 
 (i) 100% of the principal amount of the
2043 Notes being redeemed; and 
 (ii) as determined by an Independent Investment Banker, the sum of the present values of the
Remaining Scheduled Payments on the 2043 Notes, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points. 

At any time and from time to time on or after February 1, 2043, the 2043 Notes will be redeemable, in the Company’s sole
discretion, in whole or in part, in principal amounts of $2,000 or any integral multiple of $1,000 in excess thereof for an amount equal to 100% of the principal amount of the 2043 Notes being redeemed. 

Subject to the terms of the Original Indenture, the Company will also pay accrued and unpaid interest to the date of redemption on the
2043 Notes redeemed. 
 In the event of any redemption described in this Section 1.04, interest will accrue up to the date
of redemption. Unless there is a default in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption. 

  
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 The following defined terms used solely for purposes of this Section 1.04 shall, unless
the context otherwise requires, have the meanings specified below for purposes of the Notes. 
 “Treasury Rate” means
the rate per year, calculated on the third Business Day preceding the Redemption Date, equal to (i) the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published
statistical release designated “H.15(519)” or any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and that 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; provided that if no maturity is within three months before or after the maturity date
for the applicable series of Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight
line basis rounding to the nearest month; or (ii) if that release, or any successor release, is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual 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 that Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would
be used, 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 the applicable series of Notes. 

“Comparable Treasury Price” means (i) the average of the Reference Treasury Dealer Quotations for that Redemption Date,
after excluding the highest and lowest of the Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than three Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received.

 “Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints. 

“Reference Treasury Dealer” means each of Citigroup Global Markets Inc. (and its successors), Deutsche Bank Securities Inc.
(and its successors), HSBC Securities (USA) Inc. (and its successors), RBS Securities Inc. (and its successors) and one other nationally recognized investment banking firm that is a primary U.S. Government securities dealer specified from time to
time by the Company. If, however, any of them shall cease to be a primary U.S. Government securities dealer in New York City, the Company will substitute another nationally recognized investment banking firm that is such a dealer. 

  
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 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Company, 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 Company by
such Reference Treasury Dealer as of 3:30 p.m., New York time, on the third Business Day preceding the Redemption Date. 

“Remaining Scheduled Payments” means the remaining scheduled payments of the principal of and interest on each Note of the
series to be redeemed that would be due after the related Redemption Date but for such redemption. If the Redemption Date is not an Interest Payment Date with respect to the Note of the series being redeemed, the amount of the next succeeding
scheduled interest payment on the Note of the series being redeemed will be reduced by the amount of interest accrued thereon to that Redemption Date. 
 SECTION 1.05 Denominations 
 The Notes shall be issued only in fully
registered book-entry form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

ARTICLE II 

MISCELLANEOUS 
 SECTION 2.01 Trustee Matters. The recitals in this Seventh Supplemental Indenture are made by the Company only and not by the Trustee, and all of the provisions contained in the Original Indenture
in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Notes and of this Seventh Supplemental Indenture as fully and with like effect as if set forth herein in full. 

SECTION 2.02 Ratification. The Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this
Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument; provided that, in case of conflict between this Seventh Supplemental Indenture and the Original Indenture, this Seventh Supplemental Indenture shall
control. 
 SECTION 2.03 Counterpart Originals. This Seventh Supplemental Indenture may be simultaneously executed in
several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute one and the same instrument. 
 SECTION 2.04 Performance by DTC, Euroclear or Cede & Co. Neither the Company nor the Trustee will have any responsibility for the performance of DTC, Euroclear or Cede & Co., or
any of their participants, direct or indirect, of their respective obligations under the rules and procedures governing their operations. 

  
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 SECTION 2.05 Trust Indenture Act Controls. If any provision of this Seventh
Supplemental Indenture limits, qualifies or conflicts with the duties imposed by operation of Section 318(c) of the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), the imposed duties shall control. 

SECTION 2.06 Effect of Headings. The Article and Section headings herein have been inserted for convenience of reference only, are
not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 2.07
Governing Law. This Seventh Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 
 SECTION 2.08 Provisions for the Sole Benefit of Parties and Holders. Nothing in the Original Indenture, as supplemented, amended and modified by this Seventh Supplemental Indenture, or in the
Notes, expressed or implied, is intended or shall be construed to confer upon, or to give or grant to, any person or entity, other than the Company, the Trustee, the Paying Agent and the registered owners of the Notes, any legal or equitable right,
remedy or claim under or by reason of the Indenture or any covenant, condition or stipulation hereof, and all covenants, stipulations, promises and agreements in the Indenture contained by and on behalf of the Company shall be for the sole and
exclusive benefit of the Company, the Trustee, the Paying Agent and the registered owners of the Notes. 

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

			
	HALLIBURTON COMPANY, as Issuer
		
	By:	 	 /s/ Christian A. Garcia

	Name:	 	Christian A. Garcia
	Title:	 	Senior Vice President and Treasurer
	
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A., as Trustee

		
	By:	 	 /s/ Julie Hoffman-Ramos

	Name:	 	Julie Hoffman-Ramos
	Title:	 	Vice President

 [Signature Page to Seventh Supplemental Indenture] 

 EXHIBIT A 

FORM OF 2016 NOTE 
 [FACE OF SECURITY] 
 [Global Note] 

[Certificated Note] 
 [IF THIS SECURITY IS TO BE A GLOBAL NOTE, IT SHALL BEAR THE FOLLOWING LEGEND:] 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY. 
 [FOR AS LONG AS THIS GLOBAL SECURITY IS
DEPOSITED WITH OR ON BEHALF OF THE DEPOSITORY TRUST COMPANY IT SHALL BEAR THE FOLLOWING LEGEND:] 
 THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO HALLIBURTON COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
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 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF. 

  
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 HALLIBURTON COMPANY 
 1.00% SENIOR NOTES DUE 2016 
  

			
	No.     	 	CUSIP No. 406216BB6
		 	ISIN No. US406216BB62
		 	 $         [, or such

greater or lesser amount as
 indicated on Schedule I
 hereto,]1

 Halliburton Company, a Delaware corporation (the “Issuer”), for value
received promises to pay to Cede & Co., or registered assigns, the principal sum of             Dollars[, or such greater or lesser amount as indicated on Schedule I
hereto,]1 on August 1, 2016. 

 

					
	Interest Payment Dates:	 	February 1 and August 1	 	
			
	Record Dates:	 	January 15 and July 15	 	

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 IN WITNESS WHEREOF, the
Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officers. 
 Dated:
                     
  

			
	HALLIBURTON COMPANY
		
	By:	 	  

	Name:	 	Christian A. Garcia
	Title:	 	Senior Vice President and Treasurer
		
	By:	 	  

	Name:	 	Evelyn M. Angelle
	Title:	 	Senior Vice President and
		 	Chief Accounting Officer

  

			
	Attest:	 	
		
	 By
	 	  

	Name:	 	Bruce A. Metzinger
	Title:	 	Assistant Secretary

  
  

	1. 	 To be included in any Global Note. 

  
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 Certificate of Authentication: 
 This is one of the Securities of the series 
 designated therein referred to in the within-

 mentioned Indenture. 
 THE BANK OF
NEW YORK MELLON 
 TRUST COMPANY, N.A., as Trustee 
  

									
	By:	 	  
	 		 	Dated:	 	
		 	Authorized Signatory	 		 		 	

  
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 [REVERSE OF SECURITY] 

HALLIBURTON COMPANY 
 1.00% SENIOR NOTES DUE 2016 
 This Security is one of a duly authorized issue of
1.00% Senior Notes Due 2016 (the “Securities”) of Halliburton Company, a Delaware corporation (the “Issuer”). The Issuer issued the Securities under an Indenture dated as of October 17, 2003 (the “Original
Indenture”) between the Issuer and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee (the “Trustee”), as supplemented by the Seventh Supplemental Indenture dated as of August 5,
2013 (the “Seventh Supplemental Indenture” and, together with the Original Indenture, the “Indenture”). Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.

 1. Interest. The Issuer promises to pay interest on the principal amount of this Security at 1.00% per annum from
August 5, 2013 until maturity. The Issuer will pay interest semiannually on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Securities will accrue
from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from August 5, 2013; provided that if there is no existing Default in the payment of interest, and if this Security is
authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment
Date shall be February 1, 2014. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2.
Method of Payment. The Issuer will pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the record date next preceding the Interest Payment Date, even
if such Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender this Security to a Paying Agent to collect principal payments. The Issuer will pay the principal of and interest on the
Securities in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at the option of
the Issuer, the Issuer may pay such amounts (1) by wire transfer with respect to Securities represented by a Global Note or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Security.

 3. Paying Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Issuer may change
any Paying Agent, Registrar, co-registrar or additional paying agent without notice to any Holder. The Issuer or any of the Issuer’s subsidiaries may act in any such capacity. 

4. Indenture. The terms of the Securities include those stated in the Indenture and the provisions made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Seventh Supplemental Indenture; provided, that if any provision of the Indenture limits,
qualifies or 

  
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conflicts with the duties imposed by operation of TIA Section 318(c), the imposed duties shall control. Holders are referred to the Indenture and the TIA for a statement of such terms and
provisions. The Securities are unsecured senior obligations of the Issuer and rank equally with all of the Issuer’s existing and future unsecured indebtedness. The Indenture provides for the issuance of other series of debt securities
thereunder. 
 5. Denominations, Transfer, Exchange. The Securities are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not exchange or register the transfer of any Securities during the period between a
record date and the corresponding Interest Payment Date. 
 6. Redemption. No sinking fund is provided for the
Securities. At any time and from time to time, the Securities will be redeemable, in the Issuer’s sole discretion, in whole or in part, in principal amounts of $2,000 or any integral multiple of $1,000 in excess thereof for an amount equal to
the greater of: 
 (i) 100% of the principal amount of the Securities being redeemed; and 

(ii) as determined by an Independent Investment Banker, the sum of the present values of the Remaining Scheduled Payments on the
Securities, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points. 
 In the event of any such redemption, interest will accrue up to the date of redemption. Unless there is a default in payment of the redemption amount, on and after the Redemption Date, interest will cease
to accrue on the Securities or portions thereof called for redemption. 
 7. Persons Deemed Owners. The registered Holder
of a Security shall be treated as its owner for all purposes. 
 8. Amendments and Waivers. Subject to certain exceptions
and limitations, the Indenture or the Securities may be amended or supplemented by the Issuer and the Trustee with the written consent (including consents obtained in connection with a tender offer or exchange offer or a solicitation of consents,
provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities) of the Holders of at least a majority in principal amount of the then outstanding Securities affected by such amendment or supplement
(provided that if such amendment or supplement affects holders of securities of other series issued under the Original Indenture, the Holders of the Securities and such other series of securities shall act as one class), and any existing or past
Default or Event of Default under, or compliance with any provision of, the Indenture may be waived (other than any continuing Default or Event of Default in the payment of the principal of, premium (if any) or interest on the Securities or a

  
 A-6

 
continued Default in respect of a provision that cannot be amended or supplemented without the consent of each Holder of the Securities affected) by the Holders of at least a majority in
principal amount of the then outstanding Securities (or of all series of securities issued under the Original Indenture acting as one class in the case of a Default or Event of Default with respect to all such series, as the case may be) in
accordance with the terms of the Indenture. The Issuer and the Trustee may amend or supplement the Indenture or the Securities or waive any provision of either without the consent of the Holders, to: 

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

(2) evidence the assumption by a Successor of the Issuer’s obligations under the Indenture and the Securities;

 (3) provide for uncertificated Securities in addition to or in place of certificated Securities or to provide
for the issuance of bearer securities (with or without coupons); 
 (4) provide any security for the Securities
or to add guarantees of, or additional obligors on, the Securities; 
 (5) comply with any requirement in order
to effect or maintain the qualification of the Indenture under the TIA; 
 (6) add to the covenants of the Issuer
for the benefit of the Holders of the Securities, or to surrender any right or power conferred by the Indenture upon the Issuer; 
 (7) add any additional Events of Default with respect to the Securities; 
 (8) change or eliminate any of the provisions of the Indenture, provided that any such change or elimination shall become effective only when there are no outstanding Securities that are adversely
affected in any material respect by such changes in or elimination of such provisions; 
 (9) supplement any of
the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of the Securities pursuant to Section 8.01 of the Indenture, provided, however, that any such action shall not
adversely affect the interest of the Holders of the Securities or the holders of any other series of securities issued under the Original Indenture in any material respect; 

(10) evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the
Securities and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder by more than one Trustee, pursuant to the requirements of Section 7.08 of
the Original Indenture; or 
 (11) make any other change that does not adversely affect the rights of any Holder
of Securities. 

  
 A-7

 The right of any Holder to participate in any consent required or sought pursuant to any
provision of the Indenture (and the obligation of the Issuer to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of Securities with respect to which
such consent is required or sought as of a date fixed in accordance with the terms of the Indenture. 
 Without the consent of
each Holder affected, the Issuer may not: 
 (1) reduce the amount of securities issued under the Original
Indenture (including the Securities) whose Holders must consent to an amendment, supplement or waiver; 
 (2)
reduce the rate of or change the time for payment of interest, including default interest, on any Security; 

(3) reduce the principal of or any premium on or any mandatory sinking fund payment with respect to, or change the Stated
Maturity of, any Security; 
 (4) reduce the premium, if any, payable upon the redemption of any Security or
change the time at which any Security may or shall be redeemed; 
 (5) change the coin or currency or currencies
(including composite currencies) in which any Security or any premium or interest with respect thereto are payable; 
 (6) impair the right to institute suit for the enforcement of any payment of principal of, premium (if any) or interest on any Security pursuant to Sections 6.07 and 6.08 of the Original Indenture, except
as limited by Section 6.06 of the Original Indenture; 
 (7) make any change in the percentage of principal
amount of Securities necessary to waive compliance with certain provisions of the Indenture pursuant to Section 6.04 or 6.07 of the Original Indenture or make any change in the fifth paragraph of Section 9.02 of the Original Indenture; or

 (8) waive a continuing Default or Event of Default in the payment of principal of, premium (if any) or
interest on the Securities. 
 A supplemental indenture that changes or eliminates any covenant or other provision of the
Indenture which has expressly been included solely for the benefit of one or more particular series of securities issued under the Original Indenture (including the Securities), or which modifies the rights of the holders of securities of such
series of securities issued under the Original Indenture (including the Securities) with respect to such covenant or other provision, shall be deemed not to affect the rights under the Indenture of the holders of the securities of any other series.

  
 A-8

 9. Defaults and Remedies. Events of Default are defined in the Indenture and with
respect to the Securities generally include: 
 (1) default by the Issuer in the payment of interest on the
Securities when the same becomes due and payable and such default continues for a period of 30 days; 
 (2)
default by the Issuer in the payment of principal of the Securities at their Stated Maturity or premium (if any) on the Securities when the same becomes due and payable; 

(3) default by the Issuer in its compliance with any of its other covenants or agreements in, or provisions of, the
Securities or the Indenture which shall not have been remedied within 60 days after written notice to the Issuer by the Trustee or to the Issuer and Trustee by the holders of at least 25% in aggregate principal amount of the securities of all
series of securities issued under the Original Indenture (including the Securities) then outstanding affected by such default; 
 (4) default by the Issuer in a scheduled payment at maturity, upon redemption or otherwise, in the aggregate principal amount of $125 million or more, after the expiration of any applicable grace period,
of any Indebtedness or the acceleration of any Indebtedness of the Issuer in such aggregate principal amount, so that it becomes due and payable prior to the date on which it would otherwise have become due and payable and such payment default is
not cured or such acceleration is not rescinded within 30 days after notice to the Issuer in accordance with the terms of the Indebtedness; and 
 (5) certain events involving bankruptcy, insolvency or reorganization affecting the Issuer. 
 The Trustee shall not be deemed to know or have notice of any Default or Event of Default unless a Trust Officer at the Corporate Trust Office of the Trustee receives written notice at the Corporate Trust
Office of the Trustee of such Default or Event of Default with specific reference to such Default or Event of Default. 
 If an
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Securities affected by such Event of Default (or, in the case of an Event of Default described in clause (3)
above, if outstanding securities of other series of securities issued under the Original Indenture are affected by such Event of Default, then at least 25% in principal amount of the then outstanding securities of all series (including the
Securities) so affected), may declare the principal of and accrued and unpaid interest on all then outstanding Securities or securities of all such series, as the case may be, to be immediately due and payable, except that in the case of an Event of
Default arising from certain events of bankruptcy, insolvency or reorganization affecting the Issuer, all outstanding Securities become due and payable immediately without further action or notice by the Trustee or any Holder. The amount due and
payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus accrued and unpaid interest to the date of payment. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The
Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or may direct the Trustee in its exercise 

  
 A-9

 
of any trust or power conferred on the Trustee. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of principal, premium (if any) or interest) if
it determines that withholding notice is in their interests. The Issuer must furnish an annual compliance certificate to the Trustee. 
 10. Discharge Prior to Maturity. The Indenture with respect to the Securities shall be discharged and canceled upon the payment of all of the Securities issued thereunder and shall be discharged
under certain circumstances specified in the Indenture upon the irrevocable deposit with the Trustee of funds or Government Obligations sufficient for such payment and the satisfaction of certain other conditions specified in the Indenture.

 11. Defeasance. Subject to certain exceptions and conditions specified in the Indenture, the Issuer at any time may
terminate some or all of its obligations under the Securities and the Indenture upon the irrevocable deposit with the Trustee of funds or Government Obligations sufficient for the payment of all the Securities on the dates those payments are due and
payable. 
 12. Trustee Dealings with the Issuer. The Trustee, in its individual or any other capacity, may make loans
to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not Trustee. 
 13. No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Issuer shall not have any liability for any obligations of the Issuer under the Securities or the
Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance
of the Securities. 
 14. Authentication. The Securities shall not be valid until authenticated by the manual signature
of the Trustee or an authenticating agent. 
 15. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed
on the Securities and reliance may be placed only on the other identification numbers printed thereon. 
 16. Indenture to
Control; Governing Law. In the case of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control. The Indenture and the Securities shall be governed by and construed in accordance with
the laws of the State of New York. 
 17. Successor Person. When a Successor assumes all the obligations of its
predecessor under the Securities and the Indenture in accordance with the terms and conditions of the Indenture, the predecessor person will (except in certain circumstances specified in the Indenture) be released from those obligations. 

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

  
 A-10

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

3000 North Sam Houston Parkway East 
 Houston, Texas 77032 
 Telephone: (281) 871-2699 

Attention: General Counsel 

  
 A-11

 SCHEDULE I2 
 The initial aggregate principal amount of Securities evidenced by the Certificate to which this Schedule is attached is $        . The notations on the following
table evidence decreases and increases in the aggregate principal amount of Securities evidenced by such Certificate. 
  

							
	 Decrease in Principal
 Amount of Securities
	 	
Increase in Principal
Amount of Securities
	 	
Principal Amount of
Securities Remaining
After Such Decrease or Increase
	 	
Notation by
Security Registrar

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
  

	2 	To be included in any Global Note. 

  
 A-12

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

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

 
  
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably
appoint                                        
                                         
                                         
                                         
              
 as agent to transfer this Security on the books of the
Issuer. The agent may substitute another to act for him. 
  

							
	Date:	 	  
	  	Your Signature:	 	  

		 		  		 	 (Sign exactly as your name appears on

the face of this Security)

  

			
	Signature Guarantee:	 	  

		 	 (Participant in a Recognized Signature

Guaranty Medallion Program)

 This assignment relates to
$        principal amount of 1.00% Senior Notes due 2016 of Halliburton Company held in3             book-entry or
            definitive form by                     (the “Transferor”).

 The Transferor has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

  

			
	
	  
 [INSERT NAME OF
TRANSFEROR]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

 Date:
                     
  

 

	3.	Fill in blank or check appropriate box, as applicable. 

  
 A-13

 EXHIBIT B 

FORM OF 2018 NOTE 
 [FACE OF SECURITY] 
 [Global Note] 

[Certificated Note] 
 [IF THIS SECURITY IS TO BE A GLOBAL NOTE, IT SHALL BEAR THE FOLLOWING LEGEND:] 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY. 
 [FOR AS LONG AS THIS GLOBAL SECURITY IS
DEPOSITED WITH OR ON BEHALF OF THE DEPOSITORY TRUST COMPANY IT SHALL BEAR THE FOLLOWING LEGEND:] 
 THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO HALLIBURTON COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 B-1

 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF. 

  
 B-2

 HALLIBURTON COMPANY 
 2.00% SENIOR NOTES DUE 2018 
  

			
	No.     	 	CUSIP No. 406216BC4
		 	ISIN No. US406216BC46
		 	 $         [, or such

greater or lesser amount as
 indicated on Schedule I
 hereto,]1

 Halliburton Company, a Delaware corporation (the “Issuer”), for value
received promises to pay to Cede & Co., or registered assigns, the principal sum of         Dollars[, or such greater or lesser amount as indicated on Schedule I hereto,]4 on August 1, 2018. 

 

					
	Interest Payment Dates:	 	February 1 and August 1	 	
			
	Record Dates:	 	January 15 and July 15	 	

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 IN WITNESS WHEREOF, the
Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officers. 
 Dated:
                     
  

			
	HALLIBURTON COMPANY
		
	By:	 	  

	Name:	 	Christian A. Garcia
	Title:	 	Senior Vice President and Treasurer
		
	By:	 	  

	Name:	 	Evelyn M. Angelle
	Title:	 	Senior Vice President and
		 	Chief Accounting Officer

 Attest: 
  

			
	By	 	  

	Name:	 	Bruce A. Metzinger
	Title:	 	Assistant Secretary

  
  

	4.	To be included in any Global Note. 

  

  
 B-3

 Certificate of Authentication: 
 This is one of the Securities of the series 
 designated therein referred to in the within-

 mentioned Indenture. 
 THE BANK OF
NEW YORK MELLON 
 TRUST COMPANY, N.A., as Trustee 
  

									
	 By:
	 	  
	 		 	Dated:	 	
		 	 Authorized Signatory
	 		 		 	

  
 B-4

 [REVERSE OF SECURITY] 

HALLIBURTON COMPANY 
 2.00% SENIOR NOTES DUE 2018 
 This Security is one of a duly authorized issue of
2.00% Senior Notes Due 2018 (the “Securities”) of Halliburton Company, a Delaware corporation (the “Issuer”). The Issuer issued the Securities under an Indenture dated as of October 17, 2003 (the “Original
Indenture”) between the Issuer and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee (the “Trustee”), as supplemented by the Seventh Supplemental Indenture dated as of August 5,
2013 (the “Seventh Supplemental Indenture” and, together with the Original Indenture, the “Indenture”). Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.

 1. Interest. The Issuer promises to pay interest on the principal amount of this Security at 2.00% per annum from
August 5, 2013 until maturity. The Issuer will pay interest semiannually on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Securities will accrue
from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from August 5, 2013; provided that if there is no existing Default in the payment of interest, and if this Security is authenticated
between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be
February 1, 2014. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of
Payment. The Issuer will pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the record date next preceding the Interest Payment Date, even if such
Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender this Security to a Paying Agent to collect principal payments. The Issuer will pay the principal of and interest on the Securities
in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at the option of the Issuer,
the Issuer may pay such amounts (1) by wire transfer with respect to Securities represented by a Global Note or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Security. 

3. Paying Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Issuer may change any Paying
Agent, Registrar, co-registrar or additional paying agent without notice to any Holder. The Issuer or any of the Issuer’s subsidiaries may act in any such capacity. 
 4. Indenture. The terms of the Securities include those stated in the Indenture and the provisions made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Seventh Supplemental Indenture; provided, that if any provision of the Indenture limits, qualifies or

  
 B-5

 
conflicts with the duties imposed by operation of TIA Section 318(c), the imposed duties shall control. Holders are referred to the Indenture and the TIA for a statement of such terms and
provisions. The Securities are unsecured senior obligations of the Issuer and rank equally with all of the Issuer’s existing and future unsecured indebtedness. The Indenture provides for the issuance of other series of debt securities
thereunder. 
 5. Denominations, Transfer, Exchange. The Securities are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not exchange or register the transfer of any Securities during the period between a
record date and the corresponding Interest Payment Date. 
 6. Redemption. No sinking fund is provided for the
Securities. At any time and from time to time before July 1, 2018, the Securities will be redeemable, in the Issuer’s sole discretion, in whole or in part, in principal amounts of $2,000 or any integral multiple of $1,000 in excess thereof
for an amount equal to the greater of: 
 (i) 100% of the principal amount of the Securities being redeemed; and 

(ii) as determined by an Independent Investment Banker, the sum of the present values of the Remaining Scheduled Payments on the
Securities, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points. 
 At any time and from time to time on or after July 1, 2018, the Securities will be redeemable, in the Issuer’s sole discretion, in whole or in part, in principal amounts of $2,000 or any
integral multiple of $1,000 in excess thereof for an amount equal to 100% of the principal amount of the Securities being redeemed. 
 In the event of any such redemption, interest will accrue up to the date of redemption. Unless there is a default in payment of the redemption amount, on and after the Redemption Date, interest will cease
to accrue on the Securities or portions thereof called for redemption. 
 7. Persons Deemed Owners. The registered Holder
of a Security shall be treated as its owner for all purposes. 
 8. Amendments and Waivers. Subject to certain exceptions
and limitations, the Indenture or the Securities may be amended or supplemented by the Issuer and the Trustee with the written consent (including consents obtained in connection with a tender offer or exchange offer or a solicitation of consents,
provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities) of the Holders of at least a majority in principal amount of the then outstanding Securities affected by such amendment or supplement
(provided that if such amendment or supplement affects holders of securities of other series issued under 

  
 B-6

 
the Original Indenture, the Holders of the Securities and such other series of securities shall act as one class), and any existing or past Default or Event of Default under, or compliance with
any provision of, the Indenture may be waived (other than any continuing Default or Event of Default in the payment of the principal of, premium (if any) or interest on the Securities or a continued Default in respect of a provision that cannot be
amended or supplemented without the consent of each Holder of the Securities affected) by the Holders of at least a majority in principal amount of the then outstanding Securities (or of all series of securities issued under the Original Indenture
acting as one class in the case of a Default or Event of Default with respect to all such series, as the case may be) in accordance with the terms of the Indenture. The Issuer and the Trustee may amend or supplement the Indenture or the Securities
or waive any provision of either without the consent of the Holders, to: 
 (1) cure any ambiguity, omission,
defect or inconsistency; 
 (2) evidence the assumption by a Successor of the Issuer’s obligations under the
Indenture and the Securities; 
 (3) provide for uncertificated Securities in addition to or in place of
certificated Securities or to provide for the issuance of bearer securities (with or without coupons); 
 (4)
provide any security for the Securities or to add guarantees of, or additional obligors on, the Securities; 

(5) comply with any requirement in order to effect or maintain the qualification of the Indenture under the TIA;

 (6) add to the covenants of the Issuer for the benefit of the Holders of the Securities, or to surrender any
right or power conferred by the Indenture upon the Issuer; 
 (7) add any additional Events of Default with
respect to the Securities; 
 (8) change or eliminate any of the provisions of the Indenture, provided
that any such change or elimination shall become effective only when there are no outstanding Securities that are adversely affected in any material respect by such changes in or elimination of such provisions; 

(9) supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the
defeasance and discharge of the Securities pursuant to Section 8.01 of the Indenture, provided, however, that any such action shall not adversely affect the interest of the Holders of the Securities or the holders of any other series of
securities issued under the Original Indenture in any material respect; 
 (10) evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder
by more than one Trustee, pursuant to the requirements of Section 7.08 of the Original Indenture; or 

  
 B-7

 (11) make any other change that does not adversely affect the rights of any
Holder of Securities. 
 The right of any Holder to participate in any consent required or sought pursuant to any provision of
the Indenture (and the obligation of the Issuer to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of Securities with respect to which such consent
is required or sought as of a date fixed in accordance with the terms of the Indenture. 
 Without the consent of each Holder
affected, the Issuer may not: 
 (1) reduce the amount of securities issued under the Original Indenture
(including the Securities) whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the
rate of or change the time for payment of interest, including default interest, on any Security; 
 (3) reduce
the principal of or any premium on or any mandatory sinking fund payment with respect to, or change the Stated Maturity of, any Security; 
 (4) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or shall be redeemed; 

(5) change the coin or currency or currencies (including composite currencies) in which any Security or any premium or
interest with respect thereto are payable; 
 (6) impair the right to institute suit for the enforcement of any
payment of principal of, premium (if any) or interest on any Security pursuant to Sections 6.07 and 6.08 of the Original Indenture, except as limited by Section 6.06 of the Original Indenture; 

(7) make any change in the percentage of principal amount of Securities necessary to waive compliance with certain
provisions of the Indenture pursuant to Section 6.04 or 6.07 of the Original Indenture or make any change in the fifth paragraph of Section 9.02 of the Original Indenture; or 

(8) waive a continuing Default or Event of Default in the payment of principal of, premium (if any) or interest on the
Securities. 
 A supplemental indenture that changes or eliminates any covenant or other provision of the Indenture which has
expressly been included solely for the benefit of one or more particular series of securities issued under the Original Indenture (including the Securities), or which modifies the rights of the holders of securities of such series of securities
issued under the Original Indenture (including the Securities) with respect to such covenant or other provision, shall be deemed not to affect the rights under the Indenture of the holders of the securities of any other series. 

  
 B-8

 9. Defaults and Remedies. Events of Default are defined in the Indenture and with
respect to the Securities generally include: 
 (1) default by the Issuer in the payment of interest on the
Securities when the same becomes due and payable and such default continues for a period of 30 days; 
 (2)
default by the Issuer in the payment of principal of the Securities at their Stated Maturity or premium (if any) on the Securities when the same becomes due and payable; 

(3) default by the Issuer in its compliance with any of its other covenants or agreements in, or provisions of, the
Securities or the Indenture which shall not have been remedied within 60 days after written notice to the Issuer by the Trustee or to the Issuer and Trustee by the holders of at least 25% in aggregate principal amount of the securities of all
series of securities issued under the Original Indenture (including the Securities) then outstanding affected by such default; 
 (4) default by the Issuer in a scheduled payment at maturity, upon redemption or otherwise, in the aggregate principal amount of $125 million or more, after the expiration of any applicable grace period,
of any Indebtedness or the acceleration of any Indebtedness of the Issuer in such aggregate principal amount, so that it becomes due and payable prior to the date on which it would otherwise have become due and payable and such payment default is
not cured or such acceleration is not rescinded within 30 days after notice to the Issuer in accordance with the terms of the Indebtedness; and 
 (5) certain events involving bankruptcy, insolvency or reorganization affecting the Issuer. 
 The Trustee shall not be deemed to know or have notice of any Default or Event of Default unless a Trust Officer at the Corporate Trust Office of the Trustee receives written notice at the Corporate Trust
Office of the Trustee of such Default or Event of Default with specific reference to such Default or Event of Default. 
 If an
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Securities affected by such Event of Default (or, in the case of an Event of Default described in clause (3)
above, if outstanding securities of other series of securities issued under the Original Indenture are affected by such Event of Default, then at least 25% in principal amount of the then outstanding securities of all series (including the
Securities) so affected), may declare the principal of and accrued and unpaid interest on all then outstanding Securities or securities of all such series, as the case may be, to be immediately due and payable, except that in the case of an Event of
Default arising from certain events of bankruptcy, insolvency or reorganization affecting the Issuer, all outstanding Securities become due and payable immediately without further action or notice by the Trustee or any Holder. The amount due and
payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus accrued and unpaid interest to the date of payment. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The
Trustee may require indemnity satisfactory to it before it enforces the Indenture 

  
 B-9

 
or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or may direct the Trustee in its exercise of any trust or power conferred on the Trustee. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of
principal, premium (if any) or interest) if it determines that withholding notice is in their interests. The Issuer must furnish an annual compliance certificate to the Trustee. 

10. Discharge Prior to Maturity. The Indenture with respect to the Securities shall be discharged and canceled upon the payment of
all of the Securities issued thereunder and shall be discharged under certain circumstances specified in the Indenture upon the irrevocable deposit with the Trustee of funds or Government Obligations sufficient for such payment and the satisfaction
of certain other conditions specified in the Indenture. 
 11. Defeasance. Subject to certain exceptions and conditions
specified in the Indenture, the Issuer at any time may terminate some or all of its obligations under the Securities and the Indenture upon the irrevocable deposit with the Trustee of funds or Government Obligations sufficient for the payment of all
the Securities on the dates those payments are due and payable. 
 12. Trustee Dealings with the Issuer. The Trustee, in
its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not Trustee. 

13. No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Issuer shall not have any liability
for any obligations of the Issuer under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the Securities. 
 14. Authentication. The
Securities shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 15.
CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No
representation is made as to the accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed thereon. 
 16. Indenture to Control; Governing Law. In the case of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control. The Indenture and the
Securities shall be governed by and construed in accordance with the laws of the State of New York. 
 17. Successor
Person. When a Successor assumes all the obligations of its predecessor under the Securities and the Indenture in accordance with the terms and conditions of the Indenture, the predecessor person will (except in certain circumstances specified
in the Indenture) be released from those obligations. 

  
 B-10

 18. Abbreviations and Definitions. Customary abbreviations may be used in the name of
a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
 The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Request may be
made to: 
 Halliburton Company 
 3000 North Sam Houston Parkway East 
 Houston, Texas 77032 

Telephone: (281) 871-2699 
 Attention: General Counsel 

  
 B-11

 SCHEDULE I5 
 The initial aggregate principal amount of Securities evidenced by the Certificate to which this Schedule is attached is $        . The notations on the following
table evidence decreases and increases in the aggregate principal amount of Securities evidenced by such Certificate. 
  

							
	 Decrease in Principal
 Amount of Securities
	 	
Increase in Principal
Amount of Securities
	 	
Principal Amount of
Securities Remaining
After Such Decrease or Increase
	 	
Notation by
Security Registrar

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
  

	5 	To be included in any Global Note. 

  
 B-12

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

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

 
  
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably
appoint                                        
                                         
                                         
                                         
              
 as agent to transfer this Security on the books of the
Issuer. The agent may substitute another to act for him. 
  

							
	Date:	 	  
	  	Your Signature:	 	  

		 		  		 	 (Sign exactly as your name appears on

the face of this Security)

  

			
	Signature Guarantee:	 	  

		 	 (Participant in a Recognized Signature

Guaranty Medallion Program)

 This assignment relates to
$        principal amount of 2.00% Senior Notes due 2018 of Halliburton Company held in6             book-entry or
            definitive form by             (the “Transferor”). 

The Transferor has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 

			
	
	  
 [INSERT NAME OF
TRANSFEROR]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

 Date:
                     
  

 

	6.	Fill in blank or check appropriate box, as applicable. 

  
 B-13

 EXHIBIT C 

FORM OF 2023 NOTE 
 [FACE OF SECURITY] 
 [Global Note] 

[Certificated Note] 
 [IF THIS SECURITY IS TO BE A GLOBAL NOTE, IT SHALL BEAR THE FOLLOWING LEGEND:] 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY. 
 [FOR AS LONG AS THIS GLOBAL SECURITY IS
DEPOSITED WITH OR ON BEHALF OF THE DEPOSITORY TRUST COMPANY IT SHALL BEAR THE FOLLOWING LEGEND:] 
 THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO HALLIBURTON COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 C-1

 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF. 

  
 C-2

 HALLIBURTON COMPANY 
 3.50% SENIOR NOTES DUE 2023 
  

			
	No.     	 	CUSIP No. 406216BD2
		 	ISIN No. US406216BD29
		 	 $         [, or such

greater or lesser amount as
 indicated on Schedule I
 hereto,]1

 Halliburton Company, a Delaware corporation (the “Issuer”), for value
received promises to pay to Cede & Co., or registered assigns, the principal sum of             Dollars[, or such greater or lesser amount as indicated on Schedule I
hereto,]7 on August 1, 2023. 

 

					
	Interest Payment Dates:	 	February 1 and August 1	 	
			
	Record Dates:	 	January 15 and July 15	 	

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 IN WITNESS WHEREOF, the
Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officers. 
 Dated:
                     
  

			
	HALLIBURTON COMPANY
		
	 By:
	 	  

	 Name:
	 	 Christian A. Garcia

	 Title:
	 	 Senior Vice President and Treasurer

		
	 By:
	 	  

	 Name:
	 	 Evelyn M. Angelle

	 Title:
	 	 Senior Vice President and

		 	 Chief Accounting Officer

 Attest: 

			
		
	By	 	 
	Name:	 	Bruce A. Metzinger
	 Title:
	 	Assistant Secretary

  
  

	7.	To be included in any Global Note. 

  
 C-3

 Certificate of Authentication: 
 This is one of the Securities of the series 
 designated therein referred to in the within-

 mentioned Indenture. 
 THE BANK OF
NEW YORK MELLON 
 TRUST COMPANY, N.A., as Trustee 
  

									
	By:	 	  
	 		 	Dated:	 	
		 	Authorized Signatory	 		 		 	

  
 C-4

 [REVERSE OF SECURITY] 

HALLIBURTON COMPANY 
 3.50% SENIOR NOTES DUE 2023 
 This Security is one of a duly authorized issue of
3.50% Senior Notes Due 2023 (the “Securities”) of Halliburton Company, a Delaware corporation (the “Issuer”). The Issuer issued the Securities under an Indenture dated as of October 17, 2003 (the “Original
Indenture”) between the Issuer and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee (the “Trustee”), as supplemented by the Seventh Supplemental Indenture dated as of August 5,
2013 (the “Seventh Supplemental Indenture” and, together with the Original Indenture, the “Indenture”). Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.

 1. Interest. The Issuer promises to pay interest on the principal amount of this Security at 3.50% per annum from
August 5, 2013 until maturity. The Issuer will pay interest semiannually on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Securities will accrue
from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from August 5, 2013; provided that if there is no existing Default in the payment of interest, and if this Security is authenticated
between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be
February 1, 2014. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of
Payment. The Issuer will pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the record date next preceding the Interest Payment Date, even if such
Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender this Security to a Paying Agent to collect principal payments. The Issuer will pay the principal of and interest on the Securities
in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at the option of the Issuer,
the Issuer may pay such amounts (1) by wire transfer with respect to Securities represented by a Global Note or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Security. 

3. Paying Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Issuer may change any Paying
Agent, Registrar, co-registrar or additional paying agent without notice to any Holder. The Issuer or any of the Issuer’s subsidiaries may act in any such capacity. 
 4. Indenture. The terms of the Securities include those stated in the Indenture and the provisions made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Seventh Supplemental Indenture; provided, that if any provision of the Indenture limits, qualifies or

  
 C-5

 
conflicts with the duties imposed by operation of TIA Section 318(c), the imposed duties shall control. Holders are referred to the Indenture and the TIA for a statement of such terms and
provisions. The Securities are unsecured senior obligations of the Issuer and rank equally with all of the Issuer’s existing and future unsecured indebtedness. The Indenture provides for the issuance of other series of debt securities
thereunder. 
 5. Denominations, Transfer, Exchange. The Securities are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not exchange or register the transfer of any Securities during the period between a
record date and the corresponding Interest Payment Date. 
 6. Redemption. No sinking fund is provided for the
Securities. At any time and from time to time before May 1, 2023, the Securities will be redeemable, in the Issuer’s sole discretion, in whole or in part, in principal amounts of $2,000 or any integral multiple of $1,000 in excess thereof
for an amount equal to the greater of: 
 (i) 100% of the principal amount of the Securities being redeemed; and 

(ii) as determined by an Independent Investment Banker, the sum of the present values of the Remaining Scheduled Payments on the
Securities, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points. 
 At any time and from time to time on or after May 1, 2023, the Securities will be redeemable, in the Issuer’s sole discretion, in whole or in part, in principal amounts of $2,000 or any integral
multiple of $1,000 in excess thereof for an amount equal to 100% of the principal amount of the Securities being redeemed. 
 In
the event of any such redemption, interest will accrue up to the date of redemption. Unless there is a default in payment of the redemption amount, on and after the Redemption Date, interest will cease to accrue on the Securities or portions thereof
called for redemption. 
 7. Persons Deemed Owners. The registered Holder of a Security shall be treated as its owner for
all purposes. 
 8. Amendments and Waivers. Subject to certain exceptions and limitations, the Indenture or the
Securities may be amended or supplemented by the Issuer and the Trustee with the written consent (including consents obtained in connection with a tender offer or exchange offer or a solicitation of consents, provided that in each case such offer or
solicitation is made to all Holders of then outstanding Securities) of the Holders of at least a majority in principal amount of the then outstanding Securities affected by such amendment or supplement (provided that if such amendment or supplement
affects holders of securities of other series issued under 

  
 C-6

 
the Original Indenture, the Holders of the Securities and such other series of securities shall act as one class), and any existing or past Default or Event of Default under, or compliance with
any provision of, the Indenture may be waived (other than any continuing Default or Event of Default in the payment of the principal of, premium (if any) or interest on the Securities or a continued Default in respect of a provision that cannot be
amended or supplemented without the consent of each Holder of the Securities affected) by the Holders of at least a majority in principal amount of the then outstanding Securities (or of all series of securities issued under the Original Indenture
acting as one class in the case of a Default or Event of Default with respect to all such series, as the case may be) in accordance with the terms of the Indenture. The Issuer and the Trustee may amend or supplement the Indenture or the Securities
or waive any provision of either without the consent of the Holders, to: 
 (1) cure any ambiguity, omission,
defect or inconsistency; 
 (2) evidence the assumption by a Successor of the Issuer’s obligations under the
Indenture and the Securities; 
 (3) provide for uncertificated Securities in addition to or in place of
certificated Securities or to provide for the issuance of bearer securities (with or without coupons); 
 (4)
provide any security for the Securities or to add guarantees of, or additional obligors on, the Securities; 

(5) comply with any requirement in order to effect or maintain the qualification of the Indenture under the TIA;

 (6) add to the covenants of the Issuer for the benefit of the Holders of the Securities, or to surrender any
right or power conferred by the Indenture upon the Issuer; 
 (7) add any additional Events of Default with
respect to the Securities; 
 (8) change or eliminate any of the provisions of the Indenture, provided
that any such change or elimination shall become effective only when there are no outstanding Securities that are adversely affected in any material respect by such changes in or elimination of such provisions; 

(9) supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the
defeasance and discharge of the Securities pursuant to Section 8.01 of the Indenture, provided, however, that any such action shall not adversely affect the interest of the Holders of the Securities or the holders of any other series of
securities issued under the Original Indenture in any material respect; 
 (10) evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder
by more than one Trustee, pursuant to the requirements of Section 7.08 of the Original Indenture; or 

  
 C-7

 (11) make any other change that does not adversely affect the rights of any
Holder of Securities. 
 The right of any Holder to participate in any consent required or sought pursuant to any provision of
the Indenture (and the obligation of the Issuer to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of Securities with respect to which such consent
is required or sought as of a date fixed in accordance with the terms of the Indenture. 
 Without the consent of each Holder
affected, the Issuer may not: 
 (1) reduce the amount of securities issued under the Original Indenture
(including the Securities) whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the
rate of or change the time for payment of interest, including default interest, on any Security; 
 (3) reduce
the principal of or any premium on or any mandatory sinking fund payment with respect to, or change the Stated Maturity of, any Security; 
 (4) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or shall be redeemed; 

(5) change the coin or currency or currencies (including composite currencies) in which any Security or any premium or
interest with respect thereto are payable; 
 (6) impair the right to institute suit for the enforcement of any
payment of principal of, premium (if any) or interest on any Security pursuant to Sections 6.07 and 6.08 of the Original Indenture, except as limited by Section 6.06 of the Original Indenture; 

(7) make any change in the percentage of principal amount of Securities necessary to waive compliance with certain
provisions of the Indenture pursuant to Section 6.04 or 6.07 of the Original Indenture or make any change in the fifth paragraph of Section 9.02 of the Original Indenture; or 

(8) waive a continuing Default or Event of Default in the payment of principal of, premium (if any) or interest on the
Securities. 
 A supplemental indenture that changes or eliminates any covenant or other provision of the Indenture which has
expressly been included solely for the benefit of one or more particular series of securities issued under the Original Indenture (including the Securities), or which modifies the rights of the holders of securities of such series of securities
issued under the Original Indenture (including the Securities) with respect to such covenant or other provision, shall be deemed not to affect the rights under the Indenture of the holders of the securities of any other series. 

  
 C-8

 9. Defaults and Remedies. Events of Default are defined in the Indenture and with
respect to the Securities generally include: 
 (1) default by the Issuer in the payment of interest on the
Securities when the same becomes due and payable and such default continues for a period of 30 days; 
 (2)
default by the Issuer in the payment of principal of the Securities at their Stated Maturity or premium (if any) on the Securities when the same becomes due and payable; 

(3) default by the Issuer in its compliance with any of its other covenants or agreements in, or provisions of, the
Securities or the Indenture which shall not have been remedied within 60 days after written notice to the Issuer by the Trustee or to the Issuer and Trustee by the holders of at least 25% in aggregate principal amount of the securities of all
series of securities issued under the Original Indenture (including the Securities) then outstanding affected by such default; 
 (4) default by the Issuer in a scheduled payment at maturity, upon redemption or otherwise, in the aggregate principal amount of $125 million or more, after the expiration of any applicable grace period,
of any Indebtedness or the acceleration of any Indebtedness of the Issuer in such aggregate principal amount, so that it becomes due and payable prior to the date on which it would otherwise have become due and payable and such payment default is
not cured or such acceleration is not rescinded within 30 days after notice to the Issuer in accordance with the terms of the Indebtedness; and 
 (5) certain events involving bankruptcy, insolvency or reorganization affecting the Issuer. 
 The Trustee shall not be deemed to know or have notice of any Default or Event of Default unless a Trust Officer at the Corporate Trust Office of the Trustee receives written notice at the Corporate Trust
Office of the Trustee of such Default or Event of Default with specific reference to such Default or Event of Default. 
 If an
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Securities affected by such Event of Default (or, in the case of an Event of Default described in clause (3)
above, if outstanding securities of other series of securities issued under the Original Indenture are affected by such Event of Default, then at least 25% in principal amount of the then outstanding securities of all series (including the
Securities) so affected), may declare the principal of and accrued and unpaid interest on all then outstanding Securities or securities of all such series, as the case may be, to be immediately due and payable, except that in the case of an Event of
Default arising from certain events of bankruptcy, insolvency or reorganization affecting the Issuer, all outstanding Securities become due and payable immediately without further action or notice by the Trustee or any Holder. The amount due and
payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus accrued and unpaid interest to the date of payment. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The
Trustee may require indemnity satisfactory to it before it enforces the Indenture 

  
 C-9

 
or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or may direct the Trustee in its exercise of any trust or power conferred on the Trustee. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of
principal, premium (if any) or interest) if it determines that withholding notice is in their interests. The Issuer must furnish an annual compliance certificate to the Trustee. 

10. Discharge Prior to Maturity. The Indenture with respect to the Securities shall be discharged and canceled upon the payment of
all of the Securities issued thereunder and shall be discharged under certain circumstances specified in the Indenture upon the irrevocable deposit with the Trustee of funds or Government Obligations sufficient for such payment and the satisfaction
of certain other conditions specified in the Indenture. 
 11. Defeasance. Subject to certain exceptions and conditions
specified in the Indenture, the Issuer at any time may terminate some or all of its obligations under the Securities and the Indenture upon the irrevocable deposit with the Trustee of funds or Government Obligations sufficient for the payment of all
the Securities on the dates those payments are due and payable. 
 12. Trustee Dealings with the Issuer. The Trustee, in
its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not Trustee. 

13. No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Issuer shall not have any liability
for any obligations of the Issuer under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the Securities. 
 14. Authentication. The
Securities shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 15.
CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No
representation is made as to the accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed thereon. 
 16. Indenture to Control; Governing Law. In the case of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control. The Indenture and the
Securities shall be governed by and construed in accordance with the laws of the State of New York. 
 17. Successor
Person. When a Successor assumes all the obligations of its predecessor under the Securities and the Indenture in accordance with the terms and conditions of the Indenture, the predecessor person will (except in certain circumstances specified
in the Indenture) be released from those obligations. 

  
 C-10

 18. Abbreviations and Definitions. Customary abbreviations may be used in the name of
a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
 The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Request may be
made to: 
 Halliburton Company 
 3000 North Sam Houston Parkway East 
 Houston, Texas 77032 

Telephone: (281) 871-2699 
 Attention: General Counsel 

  
 C-11

 SCHEDULE I8 
 The initial aggregate principal amount of Securities evidenced by the Certificate to which this Schedule is attached is $        . The notations on the following
table evidence decreases and increases in the aggregate principal amount of Securities evidenced by such Certificate. 
  

							
	 Decrease in Principal
 Amount of Securities
	 	
Increase in Principal
Amount of Securities
	 	
Principal Amount of
Securities Remaining
After Such Decrease or Increase
	 	
Notation by
Security Registrar

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
  

	8 	To be included in any Global Note. 

  
 C-12

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

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

 
  
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably
appoint                                        
                                         
                                         
                                         
              
 as agent to transfer this Security on the books of the
Issuer. The agent may substitute another to act for him. 
  

							
	Date:	 	  
	  	Your Signature:	 	  

		 		  		 	 (Sign exactly as your name appears on

the face of this Security)

  

			
	Signature Guarantee:	 	  

		 	 (Participant in a Recognized Signature

Guaranty Medallion Program)

 This assignment relates to
$        principal amount of 3.50% Senior Notes due 2023 of Halliburton Company held in9             book-entry or
            definitive form by             (the “Transferor”). 

The Transferor has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 

			
	
	  
 [INSERT NAME OF
TRANSFEROR]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

 Date:
                     
  

 

	9.	Fill in blank or check appropriate box, as applicable. 

  
 C-13

 EXHIBIT D 

FORM OF 2043 NOTE 
 [FACE OF SECURITY] 
 [Global Note] 

[Certificated Note] 
 [IF THIS SECURITY IS TO BE A GLOBAL NOTE, IT SHALL BEAR THE FOLLOWING LEGEND:] 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY. 
 [FOR AS LONG AS THIS GLOBAL SECURITY IS
DEPOSITED WITH OR ON BEHALF OF THE DEPOSITORY TRUST COMPANY IT SHALL BEAR THE FOLLOWING LEGEND:] 
 THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO HALLIBURTON COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 D-1

 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF. 

  
 D-2

 HALLIBURTON COMPANY 
 4.75% SENIOR NOTES DUE 2043 
  

			
	No.     	 	CUSIP No. 406216BE0
		 	ISIN No. US406216BE02
		 	 $         [, or such

greater or lesser amount as
 indicated on Schedule I
 hereto,]1

 Halliburton Company, a Delaware corporation (the “Issuer”), for value
received promises to pay to Cede & Co., or registered assigns, the principal sum of         Dollars[, or such greater or lesser amount as indicated on Schedule I hereto,]10 on August 1, 2043. 

 

					
	Interest Payment Dates:	 	February 1 and August 1	 	
			
	Record Dates:	 	January 15 and July 15	 	

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 IN WITNESS WHEREOF, the
Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officers. 
 Dated:
                     
  

			
	HALLIBURTON COMPANY
		
	By:	 	  

	Name:	 	Christian A. Garcia
	Title:	 	Senior Vice President and Treasurer
		
	By:	 	  

	Name:	 	Evelyn M. Angelle
	Title:	 	Senior Vice President and
		 	Chief Accounting Officer

 Attest: 
  

			
	By	 	  

	Name:	 	Bruce A. Metzinger
	Title:	 	Assistant Secretary

  
  

	10.	To be included in any Global Note. 

  
 D-3

 Certificate of Authentication: 
 This is one of the Securities of the series 
 designated therein referred to in the within-

 mentioned Indenture. 
 THE BANK OF
NEW YORK MELLON 
 TRUST COMPANY, N.A., as Trustee 
  

									
	By:	 	  
	 		 	Dated:	 	
		 	Authorized Signatory	 		 		 	

  
 D-4

 [REVERSE OF SECURITY] 

HALLIBURTON COMPANY 
 4.75% SENIOR NOTES DUE 2043 
 This Security is one of a duly authorized issue of
4.75% Senior Notes Due 2043 (the “Securities”) of Halliburton Company, a Delaware corporation (the “Issuer”). The Issuer issued the Securities under an Indenture dated as of October 17, 2003 (the “Original
Indenture”) between the Issuer and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee (the “Trustee”), as supplemented by the Seventh Supplemental Indenture dated as of August 5,
2013 (the “Seventh Supplemental Indenture” and, together with the Original Indenture, the “Indenture”). Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.

 1. Interest. The Issuer promises to pay interest on the principal amount of this Security at 4.75% per annum from
August 5, 2013 until maturity. The Issuer will pay interest semiannually on February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the Securities will accrue
from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from August 5, 2013; provided that if there is no existing Default in the payment of interest, and if this Security is authenticated
between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be
February 1, 2014. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of
Payment. The Issuer will pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the record date next preceding the Interest Payment Date, even if such
Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender this Security to a Paying Agent to collect principal payments. The Issuer will pay the principal of and interest on the Securities
in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at the option of the Issuer,
the Issuer may pay such amounts (1) by wire transfer with respect to Securities represented by a Global Note or (2) by check payable in such money mailed to a Holder’s registered address with respect to any Security. 

3. Paying Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Issuer may change any Paying
Agent, Registrar, co-registrar or additional paying agent without notice to any Holder. The Issuer or any of the Issuer’s subsidiaries may act in any such capacity. 
 4. Indenture. The terms of the Securities include those stated in the Indenture and the provisions made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Seventh Supplemental Indenture; provided, that if any provision of the Indenture limits, qualifies or

  
 D-5

 
conflicts with the duties imposed by operation of TIA Section 318(c), the imposed duties shall control. Holders are referred to the Indenture and the TIA for a statement of such terms and
provisions. The Securities are unsecured senior obligations of the Issuer and rank equally with all of the Issuer’s existing and future unsecured indebtedness. The Indenture provides for the issuance of other series of debt securities
thereunder. 
 5. Denominations, Transfer, Exchange. The Securities are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not exchange or register the transfer of any Securities during the period between a
record date and the corresponding Interest Payment Date. 
 6. Redemption. No sinking fund is provided for the
Securities. At any time and from time to time before February 1, 2043, the Securities will be redeemable, in the Issuer’s sole discretion, in whole or in part, in principal amounts of $2,000 or any integral multiple of $1,000 in excess
thereof for an amount equal to the greater of: 
 (i) 100% of the principal amount of the Securities being redeemed; and

 (ii) as determined by an Independent Investment Banker, the sum of the present values of the Remaining Scheduled Payments on
the Securities, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points. 
 At any time and from time to time on or after February 1, 2043, the Securities will be redeemable, in the Issuer’s sole discretion, in whole or in part, in principal amounts of $2,000 or any
integral multiple of $1,000 in excess thereof for an amount equal to 100% of the principal amount of the Securities being redeemed. 
 In the event of any such redemption, interest will accrue up to the date of redemption. Unless there is a default in payment of the redemption amount, on and after the Redemption Date, interest will cease
to accrue on the Securities or portions thereof called for redemption. 
 7. Persons Deemed Owners. The registered Holder
of a Security shall be treated as its owner for all purposes. 
 8. Amendments and Waivers. Subject to certain exceptions
and limitations, the Indenture or the Securities may be amended or supplemented by the Issuer and the Trustee with the written consent (including consents obtained in connection with a tender offer or exchange offer or a solicitation of consents,
provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities) of the Holders of at least a majority in principal amount of the then outstanding Securities affected by such amendment or supplement
(provided that if such amendment or supplement affects holders of securities of other series issued under 

  
 D-6

 
the Original Indenture, the Holders of the Securities and such other series of securities shall act as one class), and any existing or past Default or Event of Default under, or compliance with
any provision of, the Indenture may be waived (other than any continuing Default or Event of Default in the payment of the principal of, premium (if any) or interest on the Securities or a continued Default in respect of a provision that cannot be
amended or supplemented without the consent of each Holder of the Securities affected) by the Holders of at least a majority in principal amount of the then outstanding Securities (or of all series of securities issued under the Original Indenture
acting as one class in the case of a Default or Event of Default with respect to all such series, as the case may be) in accordance with the terms of the Indenture. The Issuer and the Trustee may amend or supplement the Indenture or the Securities
or waive any provision of either without the consent of the Holders, to: 
 (1) cure any ambiguity, omission,
defect or inconsistency; 
 (2) evidence the assumption by a Successor of the Issuer’s obligations under the
Indenture and the Securities; 
 (3) provide for uncertificated Securities in addition to or in place of
certificated Securities or to provide for the issuance of bearer securities (with or without coupons); 
 (4)
provide any security for the Securities or to add guarantees of, or additional obligors on, the Securities; 

(5) comply with any requirement in order to effect or maintain the qualification of the Indenture under the TIA;

 (6) add to the covenants of the Issuer for the benefit of the Holders of the Securities, or to surrender any
right or power conferred by the Indenture upon the Issuer; 
 (7) add any additional Events of Default with
respect to the Securities; 
 (8) change or eliminate any of the provisions of the Indenture, provided
that any such change or elimination shall become effective only when there are no outstanding Securities that are adversely affected in any material respect by such changes in or elimination of such provisions; 

(9) supplement any of the provisions of the Indenture to such extent as shall be necessary to permit or facilitate the
defeasance and discharge of the Securities pursuant to Section 8.01 of the Indenture, provided, however, that any such action shall not adversely affect the interest of the Holders of the Securities or the holders of any other series of
securities issued under the Original Indenture in any material respect; 
 (10) evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder
by more than one Trustee, pursuant to the requirements of Section 7.08 of the Original Indenture; or 

  
 D-7

 (11) make any other change that does not adversely affect the rights of any
Holder of Securities. 
 The right of any Holder to participate in any consent required or sought pursuant to any provision of
the Indenture (and the obligation of the Issuer to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of Securities with respect to which such consent
is required or sought as of a date fixed in accordance with the terms of the Indenture. 
 Without the consent of each Holder
affected, the Issuer may not: 
 (1) reduce the amount of securities issued under the Original Indenture
(including the Securities) whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the
rate of or change the time for payment of interest, including default interest, on any Security; 
 (3) reduce
the principal of or any premium on or any mandatory sinking fund payment with respect to, or change the Stated Maturity of, any Security; 
 (4) reduce the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or shall be redeemed; 

(5) change the coin or currency or currencies (including composite currencies) in which any Security or any premium or
interest with respect thereto are payable; 
 (6) impair the right to institute suit for the enforcement of any
payment of principal of, premium (if any) or interest on any Security pursuant to Sections 6.07 and 6.08 of the Original Indenture, except as limited by Section 6.06 of the Original Indenture; 

(7) make any change in the percentage of principal amount of Securities necessary to waive compliance with certain
provisions of the Indenture pursuant to Section 6.04 or 6.07 of the Original Indenture or make any change in the fifth paragraph of Section 9.02 of the Original Indenture; or 

(8) waive a continuing Default or Event of Default in the payment of principal of, premium (if any) or interest on the
Securities. 
 A supplemental indenture that changes or eliminates any covenant or other provision of the Indenture which has
expressly been included solely for the benefit of one or more particular series of securities issued under the Original Indenture (including the Securities), or which modifies the rights of the holders of securities of such series of securities
issued under the Original Indenture (including the Securities) with respect to such covenant or other provision, shall be deemed not to affect the rights under the Indenture of the holders of the securities of any other series. 

  
 D-8

 9. Defaults and Remedies. Events of Default are defined in the Indenture and with
respect to the Securities generally include: 
 (1) default by the Issuer in the payment of interest on the
Securities when the same becomes due and payable and such default continues for a period of 30 days; 
 (2)
default by the Issuer in the payment of principal of the Securities at their Stated Maturity or premium (if any) on the Securities when the same becomes due and payable; 

(3) default by the Issuer in its compliance with any of its other covenants or agreements in, or provisions of, the
Securities or the Indenture which shall not have been remedied within 60 days after written notice to the Issuer by the Trustee or to the Issuer and Trustee by the holders of at least 25% in aggregate principal amount of the securities of all
series of securities issued under the Original Indenture (including the Securities) then outstanding affected by such default; 
 (4) default by the Issuer in a scheduled payment at maturity, upon redemption or otherwise, in the aggregate principal amount of $125 million or more, after the expiration of any applicable grace period,
of any Indebtedness or the acceleration of any Indebtedness of the Issuer in such aggregate principal amount, so that it becomes due and payable prior to the date on which it would otherwise have become due and payable and such payment default is
not cured or such acceleration is not rescinded within 30 days after notice to the Issuer in accordance with the terms of the Indebtedness; and 
 (5) certain events involving bankruptcy, insolvency or reorganization affecting the Issuer. 
 The Trustee shall not be deemed to know or have notice of any Default or Event of Default unless a Trust Officer at the Corporate Trust Office of the Trustee receives written notice at the Corporate Trust
Office of the Trustee of such Default or Event of Default with specific reference to such Default or Event of Default. 
 If an
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Securities affected by such Event of Default (or, in the case of an Event of Default described in clause (3)
above, if outstanding securities of other series of securities issued under the Original Indenture are affected by such Event of Default, then at least 25% in principal amount of the then outstanding securities of all series (including the
Securities) so affected), may declare the principal of and accrued and unpaid interest on all then outstanding Securities or securities of all such series, as the case may be, to be immediately due and payable, except that in the case of an Event of
Default arising from certain events of bankruptcy, insolvency or reorganization affecting the Issuer, all outstanding Securities become due and payable immediately without further action or notice by the Trustee or any Holder. The amount due and
payable upon the acceleration of any Security is equal to 100% of the principal amount thereof plus accrued and unpaid interest to the date of payment. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The
Trustee may require indemnity satisfactory to it before it enforces the Indenture 

  
 D-9

 
or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or may direct the Trustee in its exercise of any trust or power conferred on the Trustee. The Trustee may withhold from Holders notice of any continuing default (except a default in payment of
principal, premium (if any) or interest) if it determines that withholding notice is in their interests. The Issuer must furnish an annual compliance certificate to the Trustee. 

10. Discharge Prior to Maturity. The Indenture with respect to the Securities shall be discharged and canceled upon the payment of
all of the Securities issued thereunder and shall be discharged under certain circumstances specified in the Indenture upon the irrevocable deposit with the Trustee of funds or Government Obligations sufficient for such payment and the satisfaction
of certain other conditions specified in the Indenture. 
 11. Defeasance. Subject to certain exceptions and conditions
specified in the Indenture, the Issuer at any time may terminate some or all of its obligations under the Securities and the Indenture upon the irrevocable deposit with the Trustee of funds or Government Obligations sufficient for the payment of all
the Securities on the dates those payments are due and payable. 
 12. Trustee Dealings with the Issuer. The Trustee, in
its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not Trustee. 

13. No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Issuer shall not have any liability
for any obligations of the Issuer under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issuance of the Securities. 
 14. Authentication. The
Securities shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 15.
CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No
representation is made as to the accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed thereon. 
 16. Indenture to Control; Governing Law. In the case of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control. The Indenture and the
Securities shall be governed by and construed in accordance with the laws of the State of New York. 
 17. Successor
Person. When a Successor assumes all the obligations of its predecessor under the Securities and the Indenture in accordance with the terms and conditions of the Indenture, the predecessor person will (except in certain circumstances specified
in the Indenture) be released from those obligations. 

  
 D-10

 18. Abbreviations and Definitions. Customary abbreviations may be used in the name of
a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
 The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Request may be
made to: 
 Halliburton Company 
 3000 North Sam Houston Parkway East 
 Houston, Texas 77032 

Telephone: (281) 871-2699 
 Attention: General Counsel 

  
 D-11

 SCHEDULE I11 
 The initial aggregate principal amount of Securities evidenced by the Certificate to which this Schedule is attached is $        . The notations on the following
table evidence decreases and increases in the aggregate principal amount of Securities evidenced by such Certificate. 
  

							
	 Decrease in Principal
 Amount of Securities
	 	
Increase in Principal
Amount of Securities
	 	
Principal Amount of
Securities Remaining
After Such Decrease or Increase
	 	
Notation by
Security Registrar

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
  

	11 	To be included in any Global Note. 

  
 D-12

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

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

 
  
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably
appoint                                        
                                         
                                         
                                         
              
 as agent to transfer this Security on the books of the
Issuer. The agent may substitute another to act for him. 
  

							
	Date:	 	  
	  	Your Signature:	 	  

		 		  		 	 (Sign exactly as your name appears on

the face of this Security)

  

			
	Signature Guarantee:	 	  

		 	 (Participant in a Recognized Signature

Guaranty Medallion Program)

 This assignment relates to
$        principal amount of 4.75% Senior Notes due 2043 of Halliburton Company held in12             book-entry or
            definitive form by             (the “Transferor”). 

The Transferor has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 

			
	
	  
 [INSERT NAME OF
TRANSFEROR]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

 Date:
                     
  

 

	12.	Fill in blank or check appropriate box, as applicable. 

  
 D-13EX-4.1

 Exhibit 4.1 
 PNK FINANCE CORP. 
 Company 

6.375% SENIOR NOTES DUE 2021 
  

 
 INDENTURE

 Dated as of August 5, 2013 
  

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

 CROSS-REFERENCE TABLE* 

 

			
	Trust Indenture Act Section	  	Indenture Section
	310(a)(1)	  	7.10
	      (a)(2)	  	7.10
	      (a)(3)	  	N.A.
	      (a)(4)	  	N.A.
	      (a)(5)	  	7.10
	      (b)	  	7.10
	      (c)	  	N.A.
	311(a)	  	7.11
	      (b)	  	7.11
	      (c)	  	N.A.
	312(a)	  	2.05
	      (b)	  	1203
	      (c)	  	12.03
	313(a)	  	7.06
	      (b)(2)	  	7.06; 7.07
	      (c)	  	7.06; 12.02
	      (d)	  	7.06
	314(a)	  	4.03;12.02; 12.05
	      (c)(1)	  	12.04
	      (c)(2)	  	12.04
	      (c)(3)	  	N.A.
	      (e)	  	12.05
	      (f)	  	N.A.
	315(a)	  	7.01
	      (b)	  	7.05; 11.02
	      (c)	  	7.01
	      (d)	  	7.01
	      (e)	  	6.11
	316(a) (last sentence)	  	2.09
	      (a)(1)(A)	  	6.05
	      (a)(1)(B)	  	6.04
	      (a)(2)	  	N.A.
	      (b)	  	6.07
	      (c)	  	2.12
	317(a)(1)	  	6.08
	      (a)(2)	  	6.09
	      (b)	  	2.04
	318(a)	  	12.01
	      (b)	  	N.A.
	      (c)	  	12.01

 N.A. means not applicable. 
  

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

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE 1	  			
	DEFINITIONS AND INCORPORATION	  			
	BY REFERENCE	  			
			
	 Section 1.01
	  	 Definitions
	  	 	1	  
	 Section 1.02
	  	 Other Definitions
	  	 	35	  
	 Section 1.03
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	36	  
	 Section 1.04
	  	 Rules of Construction
	  	 	37	  
		
	ARTICLE 2	  			
	THE NOTES	  			
			
	 Section 2.01
	  	 Form and Dating
	  	 	37	  
	 Section 2.02
	  	 Execution and Authentication
	  	 	38	  
	 Section 2.03
	  	 Registrar and Paying Agent
	  	 	38	  
	 Section 2.04
	  	 Paying Agent to Hold Money in Trust
	  	 	39	  
	 Section 2.05
	  	 Holder Lists
	  	 	39	  
	 Section 2.06
	  	 Transfer and Exchange
	  	 	39	  
	 Section 2.07
	  	 Replacement Notes
	  	 	51	  
	 Section 2.08
	  	 Outstanding Notes
	  	 	51	  
	 Section 2.09
	  	 Treasury Notes
	  	 	51	  
	 Section 2.10
	  	 Temporary Notes
	  	 	51	  
	 Section 2.11
	  	 Cancellation
	  	 	52	  
	 Section 2.12
	  	 Defaulted Interest
	  	 	52	  
	 Section 2.13
	  	 CUSIP Numbers
	  	 	52	  
		
	ARTICLE 3	  			
	REDEMPTION AND PREPAYMENT	  			
			
	 Section 3.01
	  	 Notices to Trustee
	  	 	52	  
	 Section 3.02
	  	 Selection of Notes to Be Redeemed or Purchased
	  	 	53	  
	 Section 3.03
	  	 Notice of Redemption
	  	 	53	  
	 Section 3.04
	  	 Effect of Notice of Redemption
	  	 	54	  
	 Section 3.05
	  	 Deposit of Redemption or Purchase Price
	  	 	54	  
	 Section 3.06
	  	 Notes Redeemed or Purchased in Part
	  	 	55	  
	 Section 3.07
	  	 Optional Redemption
	  	 	55	  
	 Section 3.08
	  	 Mandatory Redemption
	  	 	57	  
	 Section 3.09
	  	 Offer to Purchase by Application of Excess Proceeds
	  	 	57	  
	 Section 3.10
	  	 Special Mandatory Redemption
	  	 	59	  
		
	ARTICLE 4	  			
	COVENANTS	  			
			
	 Section 4.01
	  	 Payment of Notes
	  	 	59	  
	 Section 4.02
	  	 Maintenance of Office or Agency
	  	 	60	  
	 Section 4.03
	  	 Reports
	  	 	60	  
	 Section 4.04
	  	 Compliance Certificate
	  	 	61	  

  
 i 

							
	 Section 4.05
	  	 Taxes
	  	 	62	  
	 Section 4.06
	  	 Stay, Extension and Usury Laws
	  	 	62	  
	 Section 4.07
	  	 Restricted Payments
	  	 	62	  
	 Section 4.08
	  	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	68	  
	 Section 4.09
	  	 Incurrence of Indebtedness and Issuance of Preferred Stock
	  	 	70	  
	 Section 4.10
	  	 Asset Sales; Event of Loss
	  	 	71	  
	 Section 4.11
	  	 Transactions with Affiliates
	  	 	73	  
	 Section 4.12
	  	 Liens
	  	 	74	  
	 Section 4.13
	  	 Business Activities
	  	 	74	  
	 Section 4.14
	  	 Legal Existence
	  	 	74	  
	 Section 4.15
	  	 Offer to Repurchase Upon Change of Control
	  	 	75	  
	 Section 4.16
	  	 No Subordinated Debt Senior to The Notes or Guaranties
	  	 	76	  
	 Section 4.17
	  	 Additional Guaranties
	  	 	76	  
	 Section 4.18
	  	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	76	  
	 Section 4.19
	  	 Changes in Covenants when Notes Rated Investment Grade
	  	 	77	  
	 Section 4.20
	  	 Activities Prior to the Acquisition Date
	  	 	78	  
		
	ARTICLE 5	  			
	SUCCESSORS	  			
			
	 Section 5.01
	  	 Merger, Consolidation, or Sale of Assets
	  	 	78	  
	 Section 5.02
	  	 Successor Person Substituted
	  	 	80	  
		
	ARTICLE 6	  			
	DEFAULTS AND REMEDIES	  			
			
	 Section 6.01
	  	 Events of Default
	  	 	80	  
	 Section 6.02
	  	 Acceleration
	  	 	81	  
	 Section 6.03
	  	 Other Remedies
	  	 	82	  
	 Section 6.04
	  	 Waiver of Past Defaults
	  	 	83	  
	 Section 6.05
	  	 Control by Majority
	  	 	83	  
	 Section 6.06
	  	 Limitation on Suits
	  	 	83	  
	 Section 6.07
	  	 Rights of Holders of Notes to Receive Payment
	  	 	84	  
	 Section 6.08
	  	 Collection Suit by Trustee
	  	 	84	  
	 Section 6.09
	  	 Trustee May File Proofs of Claim
	  	 	84	  
	 Section 6.10
	  	 Priorities
	  	 	84	  
	 Section 6.11
	  	 Undertaking for Costs
	  	 	85	  
	 Section 6.12
	  	 Remedies Subject to Applicable Law
	  	 	85	  
		
	ARTICLE 7	  			
	TRUSTEE	  			
			
	 Section 7.01
	  	 Duties of Trustee
	  	 	85	  
	 Section 7.02
	  	 Rights of Trustee
	  	 	86	  
	 Section 7.03
	  	 Individual Rights of Trustee
	  	 	87	  
	 Section 7.04
	  	 Trustee’s Disclaimer
	  	 	87	  
	 Section 7.05
	  	 Notice of Defaults
	  	 	87	  
	 Section 7.06
	  	 Reports by Trustee to Holders of the Notes
	  	 	88	  
	 Section 7.07
	  	 Compensation and Indemnity
	  	 	88	  
	 Section 7.08
	  	 Replacement of Trustee
	  	 	89	  
	 Section 7.09
	  	 Successor Trustee by Merger, etc.
	  	 	90	  

  
 ii 

							
	 Section 7.10
	  	 Eligibility; Disqualification
	  	 	90	  
	 Section 7.11
	  	 Preferential Collection of Claims Against Company
	  	 	90	  
		
	ARTICLE 8	  			
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	 Section 8.01
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	90	  
	 Section 8.02
	  	 Legal Defeasance and Discharge
	  	 	90	  
	 Section 8.03
	  	 Covenant Defeasance
	  	 	91	  
	 Section 8.04
	  	 Conditions to Legal or Covenant Defeasance
	  	 	91	  
	 Section 8.05
	  	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	 	93	  
	 Section 8.06
	  	 Repayment to Company
	  	 	93	  
	 Section 8.07
	  	 Reinstatement
	  	 	93	  
		
	ARTICLE 9	  			
	AMENDMENT, SUPPLEMENT AND WAIVER	  			
			
	 Section 9.01
	  	 Without Consent of Holders of Notes
	  	 	94	  
	 Section 9.02
	  	 With Consent of Holders of Notes
	  	 	94	  
	 Section 9.03
	  	 Compliance with Trust Indenture Act
	  	 	96	  
	 Section 9.04
	  	 Revocation and Effect of Consents
	  	 	96	  
	 Section 9.05
	  	 Notation on or Exchange of Notes
	  	 	96	  
	 Section 9.06
	  	 Trustee to Sign Amendments, etc.
	  	 	96	  
		
	ARTICLE 10	  			
	NOTE GUARANTIES	  			
			
	 Section 10.01
	  	 Guaranty
	  	 	97	  
	 Section 10.02
	  	 Limitation on Guarantor Liability
	  	 	98	  
	 Section 10.03
	  	 Execution and Delivery of Guaranty
	  	 	98	  
	 Section 10.04
	  	 Releases
	  	 	98	  
		
	ARTICLE 11	  			
	SATISFACTION AND DISCHARGE	  			
			
	 Section 11.01
	  	 Satisfaction and Discharge
	  	 	99	  
	 Section 11.02
	  	 Application of Trust Money
	  	 	100	  
		
	ARTICLE 12	  			
	MISCELLANEOUS	  			
			
	 Section 12.01
	  	 Trust Indenture Act Controls
	  	 	101	  
	 Section 12.02
	  	 Notices
	  	 	101	  
	 Section 12.03
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	 	102	  
	 Section 12.04
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	102	  
	 Section 12.05
	  	 Statements Required in Certificate or Opinion
	  	 	102	  
	 Section 12.06
	  	 Rules by Trustee and Agents
	  	 	103	  
	 Section 12.07
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	103	  
	 Section 12.08
	  	 Governing Law
	  	 	103	  

  
 iii

							
	 Section 12.09
	  	 No Adverse Interpretation of Other Agreements
	  	 	103	  
	 Section 12.10
	  	 Successors
	  	 	103	  
	 Section 12.11
	  	 Severability
	  	 	103	  
	 Section 12.12
	  	 Counterpart Originals
	  	 	104	  
	 Section 12.13
	  	 Table of Contents, Headings, etc.
	  	 	104	  
	 Section 12.14
	  	 Waiver of Jury Trial
	  	 	104	  
	 Section 12.15
	  	 Force Majeure
	  	 	104	  

 EXHIBITS 
  

			
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	  	FORM OF NOTATION OF GUARANTY
	Exhibit E	  	FORM OF SUPPLEMENTAL INDENTURE

  
 iv 

 INDENTURE dated as of August 5, 2013 between PNK Finance Corp., a Delaware corporation
and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee. 
 The Company and the Trustee
agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 6.375% Senior Notes due 2021 (the “Notes”): 

ARTICLE 1 

DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
  

	Section 1.01	Definitions. 

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

 “7.5% Notes” means the 7.5% Senior Subordinated Notes due 2015 issued pursuant to an indenture, dated as of
June 8, 2007, between Pinnacle, the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended and supplemented from time to time. 

“7.75% Notes” means the 7.75% Senior Subordinated Notes due 2022 issued pursuant to an indenture, dated as
of March 19, 2012, between Pinnacle, the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended and supplemented from time to time. 

“8.625% Notes” means the 8.625% Senior Notes due 2017 issued pursuant to an indenture, dated as of
August 10, 2009, between Pinnacle, the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended and supplemented from time to time. 

“8.75% Notes” means the 8.75% Senior Subordinated Notes due 2020 issued pursuant to an indenture, dated as
of May 6, 2010, between Pinnacle, the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, as amended and supplemented from time to time. 

“ACDL Entity” means any of (i) Asian Coast Development (Canada) Ltd., a British Columbia corporation,
(ii) Ho Tram Project Company Limited, a Vietnamese limited liability company, (iii) any Person that is an Affiliate of the foregoing, and (iv) successors to any of the foregoing. 

“ACDL Investment” means any Investment (i) in an ACDL Entity (whether made directly or through one or more
Unrestricted Subsidiaries) or (ii) in any other Person (including without limitation any Vietnam Subsidiary) made in connection with any development, construction, acquisition, management, operation, licensing or other business activity with,
involving or relating to any ACDL Entity. 
 “Acquired Debt” means, with respect to any specified Person,
Indebtedness of another Person and any of such other Person’s Subsidiaries existing at the time such other Person becomes a Subsidiary of such Person or at the time it merges or consolidates with such Person or any of such Person’s
Subsidiaries or is assumed by such Person or any Subsidiary of such Person in connection with the acquisition of assets from such other Person and in each case not Incurred by such Person or any Subsidiary of such Person or such other Person in
connection with, or in anticipation or contemplation of, such other Person becoming a Subsidiary of such Person or such acquisition, merger or consolidation. 

  
 1 

 “Acquisition” means the acquisition by Pinnacle of Ameristar
pursuant to the Merger Agreement. 
 “Acquisition Date” means the date of the acquisition of
Ameristar by Pinnacle pursuant to the Merger Agreement. 
 “Additional Interest” means all
amounts, if any, payable (i) pursuant to the provisions relating to additional interest described under Section 6.02 hereof as the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations
described under Section 4.03 hereof, and for any failure to comply with the requirements of Section 314(a) of the TIA and/or (ii) pursuant to the provisions relating to additional interest described in the Registration Rights
Agreement in the event of a Registration Default (as defined in the Registration Rights Agreement). 
 “Additional
Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof, as part of the same series as the Initial Notes. 

“Affiliate” means, when used with reference to any Person: 

(1) any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with,
the referent Person or such other Person, as the case may be, or 
 (2) any director, officer or partner of such
Person or any Person specified in clause (1) above. 
 For the purposes of this definition, the term “control” when used with
respect to any specified Person means the power to direct or cause the direction of management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“affiliated,” “controlling,” and “controlled” have meanings correlative of the foregoing. None of the Initial Purchasers nor any of their respective Affiliates shall be deemed to be an Affiliate of any Obligor or of any
of their respective Affiliates. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying
agent. 
 “Ameristar” means Ameristar Casinos, Inc., a Nevada corporation. 

“Ameristar Notes” means Ameristar’s 7.50% Senior Notes due 2021 issued pursuant to an indenture,
dated as of April 14, 2011, among Ameristar, the guarantors named therein and Wilmington Trust, National Association (as successor by merger to Wilmington Trust FSB), as trustee, as amended and supplemented from time to time. 

“Applicable Premium” means with respect to any Note on any redemption date, as determined by the Company,
the greater of: 
 (1) 1.0% of the principal amount of the Note; or 

(2) the excess of: 
 (a) the present value at such redemption date of (i) the redemption price of the Note at August 1, 2016 (such redemption price being set forth in the table appearing under Section 3.07
hereof) plus (ii) all required interest payments due on the Note through August 1, 2016 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date
plus 50 basis points; over 

  
 2 

 (b) the principal amount of the Note. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Asset Acquisition” means: 
 (1) an Investment by any Obligor in any other Person pursuant to which such Person shall become an Obligor or a Restricted Subsidiary of an Obligor or shall be merged into, or with any Obligor or
Restricted Subsidiary of an Obligor, or 
 (2) the acquisition by any Obligor of assets of any Person comprising
a division or line of business of such Person or all or substantially all of the assets of such Person. 
 “Asset
Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered into in the ordinary course of business), assignment or other disposition (for purposes of this definition, each a
“disposition”) by any Obligor (including, without limitation, pursuant to any sale and leaseback transaction or any merger or consolidation of any Restricted Subsidiary of the Company with or into another Person (other than another
Obligor) whereby such Restricted Subsidiary shall cease to be a Restricted Subsidiary of the Company) to any Person of: 
 (1) any property or assets of any Obligor (other than Capital Stock of any Unrestricted Subsidiary) to the extent that any such disposition is not in the ordinary course of business of such Obligor, or

 (2) any Capital Stock of any Restricted Subsidiary (other than directors’ qualifying shares or shares
required by law to be held by a Person other than the Company or a Restricted Subsidiary), 
 other than, in both
cases: 
 (A) any disposition to the Company, 

(B) any disposition to any Obligor or Restricted Subsidiary, 

(C) any disposition that constitutes a Restricted Payment or a Permitted Investment that is made in accordance with
Section 4.07 hereof, 
 (D) any transaction or series of related transactions resulting in Net Cash Proceeds
to such Obligor (or involving assets or property having a fair market value, as determined in good faith by the Company) of $75.0 million or less, 
 (E) any transaction that is consummated in accordance with Section 5.01 hereof, 
 (F) the sale or discount, in each case without recourse (direct or indirect), of accounts receivable arising in the ordinary course of business of the Company or such Restricted Subsidiary, as the case
may be, but only in connection with the compromise or collection thereof, 

  
 3 

 (G) any Permitted Lien or any other pledge, assignment by way of collateral
security, grant of security interest, hypothecation or mortgage, permitted by this Indenture or any foreclosure, judicial or other sale, public or private, by the pledgee, assignee, mortgagee or other secured party of the subject assets, 

(H) a disposition of assets constituting a Permitted Investment, 

(I) any disposition of undeveloped or substantially undeveloped real estate, provided that in such disposition:

 (i) the Obligor making such disposition receives consideration at the time of such disposition at least equal
to the fair market value of the real estate assets disposed of (as determined reasonably and in good faith by the Board of such Obligor), and 
 (ii) at least 60% of the consideration received from such disposition by the Obligor making such disposition is cash or Cash Equivalents and is received at the time of the consummation of such disposition
(for purposes of this provision, each of the following shall be deemed to be cash: (A) any liabilities as shown on such Obligor’s most recent balance sheet (or in the notes thereto) (other than (i) Indebtedness subordinate in right of
payment to the Notes, (ii) contingent liabilities, (iii) liabilities or Indebtedness to Affiliates of the Company and (iv) Non-Recourse Indebtedness) that are assumed by the transferee of any such assets, and (B) to the extent of
the cash received, any notes or other obligations received by the Obligor making the disposition from such transferee that are converted by such Obligor into cash within 60 days of receipt), 

(J) any disposition, relinquishment or transfer of assets or licenses in connection with a sale, disposition or a partial
or complete shutdown of the President Riverboat Casino (also known as the Admiral), 
 (K) any exchange of like
Property pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended, for use in a Related Business, 
 (L) any grant of a non-exclusive license of trademarks, know-how, patents and any other intellectual property or intellectual property rights, 

(M) any sale of inventory or other assets or any disposition of any obsolete, damaged or worn out property or equipment,

 (N) the disposition of receivables in connection with the compromise, settlement or collection thereof, or

 (O) any surrender or waiver of contractual rights or the settlement, release, recovery on or surrender of
contract, tort or other claims of any kind that occur in the ordinary course of the Company’s or any Restricted Subsidiary’s business. 
 “Atlantic City Entities” means PNK Development 13, LLC, ACE Gaming, LLC, Mitre Associates, LLC and Brighton Park Maintenance Corp. 

  
 4 

 “Atlantic City Group Investment” means the amount of cash used to make the
Restricted Investments of the Company and its Restricted Subsidiaries in the Atlantic City Entities as of the dates originally made prior to the issuance of the 7.5% Notes, irrespective of the fair market value or net book value of such Restricted
Investments in the Atlantic City Entities as of the dates they were originally made or at the time of designation or redesignation of such entities as Restricted Subsidiaries. 
 “Bank Credit Agreement” means the credit facility provided to Pinnacle pursuant to the Fourth Amended and Restated Credit Agreement, dated as of August 2, 2011, as
amended, by and among Pinnacle, the financial institutions from time to time party thereto, and Barclays Bank PLC, as Administrative Agent thereunder, outstanding on the Issue Date, as amended, restated, modified, renewed, refunded, replaced
(whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors or other purchasers) in whole or in part from time to time. 

“Bankruptcy Law” means the United States Bankruptcy Code and any other bankruptcy, insolvency, receivership,
reorganization, moratorium or similar law providing relief to debtors, in each case, as from time to time amended and applicable to the relevant case. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any
particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by
conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 “Board” means (1) with respect to a corporation, the board of directors of the
corporation or any committee thereof duly authorized to act on behalf of such board; (2) with respect to a partnership, the board of directors (or any committee thereof duly authorized to act on behalf of such board) or other similar governing
body of the controlling general partner of the partnership; (3) with respect to a limited liability company, the Person or Persons who are the managing member, members or managers or any controlling committee or managing member, members or
managers thereof; and (4) with respect to any other Person, the board or committee or other body of such Person serving a similar function. 
 “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Stock” means: 

(1) with respect to any Person that is a corporation, any and all shares, rights, interests, participations or other
equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and preferred stock of such Person, and 
 (2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person. 

“Capitalized Lease Obligation” means, as to any Person, the discounted rental stream payable by such
Person that is required to be classified and accounted for as a capital lease obligation under GAAP and, for purposes of this definition, the amount of such obligation at any date shall be the capitalized amount of such obligation at such date,
determined in accordance with GAAP. The final maturity of any such obligation shall be the date of the last payment of rent or any other amount due under such lease 

  
 5 

 
prior to the first date upon which such lease may be terminated by the lessee without penalty. For the avoidance of doubt, any lease obligation that would not be required to be classified and
accounted for as a capital lease obligation under GAAP as in effect as of the Issue Date shall not be treated as a Capitalized Lease Obligation even if such lease obligation would be required to be classified and accounted for as a capital lease
obligation under generally accepted accounting principles in the United States as in effect at any time after the Issue Date, whether such lease obligation was entered into before or after the Issue Date. 

“Cash Equivalents” means: 

(1) Government Securities; 
 (2) certificates of deposit, eurodollar time deposits and bankers acceptances maturing within 12 months from the date of acquisition thereof by any Obligor or Domestic Restricted Subsidiary and issued by
any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having, at the date of acquisition of the applicable Cash Equivalent,
(A) combined capital and surplus of not less than $500.0 million and (B) a commercial paper rating of at least A-1 from S&P or at least P-1 from Moody’s; 

(3) repurchase obligations with a term of not more than seven days after the date of acquisition thereof by any Obligor or
Domestic Restricted Subsidiary for underlying securities of the types described in clauses (1), (2) and (4) hereof, entered into with any financial institution meeting the qualifications specified in clause (2) above; 

(4) commercial paper having a rating of at least P-1 from Moody’s or a rating of at least A-1 from S&P on the
date of acquisition thereof by any Obligor or Domestic Restricted Subsidiary; 
 (5) debt obligations of any
corporation maturing within 12 months after the date of acquisition thereof by any Obligor or Domestic Restricted Subsidiary, having a rating of at least P-1 or aaa from Moody’s or A-1 or AAA from S&P on the date of such acquisition; and

 (6) mutual funds and money market accounts investing at least 90% of the funds under management in instruments
of the types described in clauses (1) through (5) above and, in each case, maturing within the period specified above for such instrument after the date of acquisition thereof by any Obligor or Domestic Restricted Subsidiary. 

“Casino” means any gaming establishment and other property or assets directly ancillary thereto or used in
connection therewith, including any building, restaurant, hotel, theater, parking facilities, retail shops, land, golf courses and other recreation and entertainment facilities, marina, vessel, barge, ship and equipment. 

“Change of Control” means the occurrence of any of the following after the Acquisition Date: 

(1) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
transaction or a series of related transactions, of all or substantially all of the assets of Pinnacle, or Pinnacle and its Restricted Subsidiaries taken as a whole, to any “person” (as such term is used in Section 13(d)(3) of the
Exchange Act), 

  
 6 

 (2) the adoption, or, if applicable, the approval of any requisite
percentage of Pinnacle stockholders of a plan relating to the liquidation or dissolution of Pinnacle, 
 (3) the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as defined above) becomes the “beneficial owner” (as such term is defined in Rule 13d-3 and
Rule 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the
occurrence of a subsequent condition), directly or indirectly, of more than 50% of the Voting Stock of Pinnacle (measured by voting power rather than number of shares), or 

(4) during any consecutive two-year period, individuals who at the beginning of such period constituted the Board of
Pinnacle (together with any new directors whose election to such Board or whose nomination for election by the stockholders of Pinnacle was approved by a vote of a majority of the directors of Pinnacle then still in office who were either directors
at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Pinnacle then in office. 

provided, however, that, for the avoidance of doubt, a “Change of Control” shall not occur solely as a result of
the merger of PNK Finance Corp. with and into Pinnacle that is consummated in accordance with Section 5.01 hereof. 

“Clearstream” means Clearstream Banking, S.A. 
 “Company” means PNK Finance Corp., a Delaware corporation, and any and all successors thereto, including, for the avoidance of doubt, Pinnacle upon completion of the Acquisition
and the merger of PNK Finance Corp. with and into Pinnacle in accordance with Section 5.01 hereof. 
 “Completion
Guarantee and Keep-Well Agreement” means (i) the guarantee by the Company or a Guarantor of the completion of the development, construction and opening of a new gaming facility or related or ancillary amenities or businesses by one or
more Unrestricted Subsidiaries of the Company, (ii) any Indebtedness of an Unrestricted Subsidiary guaranteed by the Company or any Guarantor pursuant to a Completion Guarantee and Keep-Well Agreement, prior to the time the Company or such
Guarantor makes any principal, interest or comparable debt service payment with respect to such guaranteed Indebtedness, and/or (iii) the agreement by the Company or a Guarantor to advance funds, property or services on behalf of one or more
Unrestricted Subsidiaries of the Company in order to maintain the financial condition of such Unrestricted Subsidiaries in connection with the development, construction, opening and operation of a new gaming facility or related or ancillary
amenities or businesses by such Unrestricted Subsidiaries; provided that, in the case of clauses (i), (ii) and (iii) above, such guarantee or agreement is entered into in connection with obtaining financing for such gaming facility
or related or ancillary amenities or businesses or is required by a Gaming Authority. 
 “Completion Guarantee/Keep-Well
Indebtedness” of the Company or any Guarantor means (i) any Indebtedness Incurred for money borrowed by the Company or any Guarantor in connection with the performance of any Completion Guarantee and Keep-Well Agreement or
(ii) any Indebtedness of one or more Unrestricted Subsidiaries of the Company that is guaranteed by the Company or a Guarantor pursuant to a Completion Guarantee and Keep-Well Agreement, in the case of guaranteed Indebtedness under this clause
(ii), on and after the time the Company or such Guarantor makes any principal, interest or comparable debt service payment with respect to such guaranteed Indebtedness. 

  
 7 

 “Consolidated Coverage Ratio” means, with respect to any Person on any
Determination Date, the ratio of: 
 (1) Consolidated EBITDA for the period of four fiscal quarters most recently
ended prior to such date for which internal financial reports are available, ended not more than 135 days prior to such date, to 
 (2) (A) Consolidated Interest Expense during such period plus (B) dividends on or in respect of any Capital Stock of any such Person paid in cash during such period; 

provided, that the Consolidated Coverage Ratio shall be calculated giving pro forma effect, as of the beginning of the applicable period, to any
acquisition, Incurrence or redemption of Indebtedness (including the Notes), issuance or redemption of Disqualified Capital Stock, Asset Sale, purchases of assets that were previously leased or re-designation of a Restricted Subsidiary as an
Unrestricted Subsidiary, at any time during or subsequent to such period, but on or prior to the applicable Determination Date. 

In making such computation, Consolidated Interest Expense: 

(1) attributable to any Indebtedness bearing a floating interest rate shall be computed on a pro forma basis as if the
rate in effect on the date of computation had been the applicable rate for the entire period, or 
 (2)
attributable to interest on any Indebtedness under a revolving credit facility shall be computed on a pro forma basis based upon the average daily balance of such Indebtedness outstanding during the applicable period. 

It is understood that the Company may rely on internal or publicly reported financial reports even though there may be subsequent
adjustments (including review and audit adjustments) to such financial statements. For avoidance of doubt, any action taken or not taken in compliance with a covenant in this Indenture which is based upon or made in reliance on a computation of the
Consolidated Coverage Ratio by the Company based on such internal or publicly reported financial statements, shall be deemed to continue to comply with the applicable covenant, notwithstanding any subsequent adjustments that may result in changes to
such internal or publicly reported financial statements. 
 For purposes of calculating Consolidated EBITDA of the Company for
the most recently completed period of four full fiscal quarters ending on the last day of the last quarter for which internal financial statements are available (such period of four fiscal quarters, the “Measurement Period”), not
more than 135 days prior to the transaction or event giving rise to the need to calculate the Consolidated EBITDA, 
 (1) any Person that is a Restricted Subsidiary on such Determination Date (or would become a Restricted Subsidiary on such Determination Date in connection with the transaction that requires the
determination of the Consolidated Coverage Ratio) shall be deemed to have been a Restricted Subsidiary at all times during such Measurement Period, 
 (2) any Person that is not a Restricted Subsidiary on such Determination Date (or would cease to be a Restricted Subsidiary on such Determination Date in connection with the transaction that requires the
determination of the Consolidated Coverage Ratio) will be deemed not to have been a Restricted Subsidiary at any time during such Measurement Period, 

  
 8 

 (3) if the Company or any Restricted Subsidiary shall have in any manner

 (A) acquired (including through an Asset Acquisition or the commencement of activities constituting such
operating business) any operating business or commenced operation of any Project during such Measurement Period or after the end of such Measurement Period and on or prior to the Determination Date, or 

(B) disposed of (including by way of an Asset Sale or the termination or discontinuance of activities constituting such
operating business) any operating business during such Measurement Period or after the end of such Measurement Period and on or prior to the Determination Date, such calculation shall be made on a pro forma basis in accordance with GAAP as if, in
the case of an Asset Acquisition or the commencement of activities constituting such operating business or operation of such Project, all such transactions had been consummated or effected on the first day of such Measurement Period and, in the case
of an Asset Sale or termination or discontinuance of activities constituting such operating business, all such transactions had been consummated prior to the first day of such Measurement Period (except to the extent of any Estimated Business
Interruption Insurance taken into account in computing Consolidated EBITDA for such Measurement Period); provided, however, that (i) such pro forma adjustment shall not give effect to the Consolidated EBITDA of any acquired Person to the
extent that such Person’s net income would be excluded pursuant to clause (6) of the definition of Consolidated Net Income and (ii) such pro forma adjustment shall give effect to any pro forma expense and cost reductions that have
occurred or are reasonably expected to occur within the 12-month period following the consummation of the transaction in the reasonable judgment of the chief financial officer or chief accounting officer of the Company, provided that such
adjustments are set forth in an Officers’ Certificate signed by the chief financial officer or chief accounting officer and another Officer of the Company which states (A) the amount of such adjustment or adjustments, and (B) that
such adjustment or adjustments are based on the reasonable good faith belief of the Company at the time of such execution; and 

(4) any Indebtedness Incurred and proceeds thereof received and applied as a result of the transaction giving rise to the need to
calculate the Consolidated Coverage Ratio will be deemed to have been so Incurred, received and applied on the first day of such Measurement Period. 
 “Consolidated EBITDA” means, with respect to any Person for any period, the sum (without duplication) of: 

(1) the Consolidated Net Income of such Person for such period, plus 

(2) to the extent that any of the following shall have been taken into account in determining such Consolidated Net
Income, and without duplication: 
 (A) all income taxes of such Person and its Restricted Subsidiaries paid or
accrued in accordance with GAAP for such period (other than income taxes attributable to extraordinary, unusual or nonrecurring gains or losses or taxes attributable to sales or dispositions of assets outside the ordinary course of business),

 (B) the Consolidated Interest Expense of such Person for such period, 

  
 9 

 (C) the amortization expense (including the amortization of deferred
financing charges) and depreciation expense for such Person and its Restricted Subsidiaries for such period, 

(D) other non-cash items (other than non-cash interest) of such Person or any of its Restricted Subsidiaries decreasing
such Consolidated Net Income for such period (including any non-cash compensation expense attributable to stock option or other equity compensation arrangements), other than any non-cash item for such period that requires the accrual of or a reserve
for cash charges for any future period (except as otherwise provided in clause (E) below) and other than any non-cash charge for such period constituting an extraordinary item of loss, 

(E) any non-recurring costs or expenses of an acquired company or business incurred in connection with the purchase or
acquisition of such acquired company or business by such Person including related integration costs and professional and consulting fees and expenses and any fees associated with the cancellation of lease obligations and any non-recurring
adjustments necessary to conform the accounting policies of the acquired company or business to those of such Person, 
 (F) any extraordinary, unusual or non-recurring expenses, including, for the avoidance of doubt, severance costs, relocation costs and curtailments or modifications to pension and post-retirement employee
benefit plans and expenses directly related thereto, 
 (G) any losses, charges, costs or expenses incurred in
connection with the partial or complete shutdown of the President Riverboat Casino (also known as the Admiral), 

(H) losses resulting from any temporary business interruption resulting from integration of facilities or systems relating
to the Acquisition, and 
 (I) any customary and reasonable fees and expenses incurred during such period, or any
amortization thereof for such period, in connection with any acquisition, investment, recapitalization, disposition, issuance or repayment of Indebtedness (and related Hedging Obligations), issuance of Equity Interests, refinancing transaction or
amendment or modification of any debt instrument (in each case, including any such transaction undertaken but not completed), 

less 
 (3) (A) all non-cash items of such Person or any of its Restricted Subsidiaries increasing such Consolidated Net Income for such period other than the accrual of revenue in the ordinary course of business
and (B) all cash payments during such period relating to non-cash items that were added back in determining Consolidated EBITDA in any prior period, plus 
 (4) (i) amounts expended towards the development of businesses not prohibited by the covenant “Lines of business,” not to exceed $20.0 million in any fiscal year and (ii) pre-opening
expenses related to the Projects, plus 
 (5) the Estimated Business Interruption Insurance for such period
(notwithstanding any classification of the affected operations as discontinued operations or any disposal of such operations), less 

  
 10 

 (6) any business interruption insurance received or expected to be received
and included in the calculation of Consolidated Net Income in accordance with GAAP for such period; 
 provided that, with respect to
each Project, for each of the first full three fiscal quarters following the date of any Project Opening, that portion of Consolidated EBITDA which is attributable to the applicable Project owned and operated by the Company or any of its Restricted
Subsidiaries for such full fiscal quarters shall be annualized (ignoring any stub period). In computing such annualization, such full fiscal quarters shall be treated together as one accounting period and annualized. 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum of: 

(1) the consolidated interest expense of such Person and its Restricted Subsidiaries for such period (including, without
limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capitalized Lease Obligations, commissions, discounts
and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if any) pursuant to Hedging Obligations), and 

(2) the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such period, and

 (3) any interest accruing on Indebtedness of another Person that is guaranteed by such Person or one of its
Restricted Subsidiaries (excluding any Investment Guarantee and any Completion Guarantee and Keep-Well Agreement, but including any interest expense or interest component of any comparable debt service payments with respect to any Investment
Guarantee Indebtedness or any Completion Guarantee/Keep-Well Indebtedness to the extent such Investment Guarantee Indebtedness or such Completion Guarantee/Keep-Well Indebtedness is actually being serviced by such Person or any Restricted Subsidiary
of such Person) or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries (whether or not such Lien is called upon), and 
 (4) the product of: 
 (A) all dividend payments on any series of
preferred stock of such Person or any of its Restricted Subsidiaries, times 
 (B) a fraction, the numerator of
which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, 
 minus (x) interest income and (y) interest expense in connection with the accretion of any earn-out obligation, in each case, of such Person and its Restricted Subsidiaries, 

in each case, on a consolidated basis and in accordance with GAAP. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate net income (or loss) of such Person and its Restricted Subsidiaries for such period
on a consolidated basis, determined in accordance with GAAP; provided, however, that there shall be excluded therefrom: 

  
 11 

 (1) net after-tax gains and losses from all sales or dispositions of assets
outside of the ordinary course of business, 
 (2) net after-tax extraordinary or non-recurring gains or losses
and losses on early extinguishment of debt, 
 (3) the effect of marking to market Interest Swap Obligations and
Hedging Obligations permitted to be Incurred by clause (9) of Permitted Indebtedness, 
 (4) the cumulative
effect of a change in accounting principles, 
 (5) any net income of any other Person if such other Person is
not a Restricted Subsidiary (other than an Unrestricted Subsidiary) and is accounted for by the equity method of accounting, except that such Person’s equity in the net income of any such other Person for such period shall be included in such
Consolidated Net Income up to the aggregate amount of cash actually distributed by such other Person during such period to such Person or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other
distribution to a Restricted Subsidiary, to the limitation that such amount so paid to a Restricted Subsidiary shall be excluded to the extent that such amount could not at that time be paid to the Company due to the restrictions set forth in clause
(6) below (regardless of any waiver of such conditions)), 
 (6) any net income of any Restricted Subsidiary
if such Restricted Subsidiary is subject to restrictions, directly or indirectly, by contract, operation of law, pursuant to its charter or otherwise on the payment of dividends or the making of distributions by such Restricted Subsidiary to such
Person except that: 
 (A) such Person’s equity in the net income of any such Restricted Subsidiary for such
period shall be included in such Consolidated Net Income up to the aggregate amount of cash that could have been paid or distributed during such period to such Person as a dividend or other distribution (provided that such ability is not due to a
waiver of such restriction), and 
 (B) such Person’s equity in a net loss of any such Restricted Subsidiary
for such period shall be included in determining such Consolidated Net Income regardless of any such restriction, 
 (7) any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following September 25,
2003, 
 (8) income or loss attributable to discontinued operations (including, without limitation, operations
disposed of during such period whether or not such operations were classified as discontinued), 
 (9) any
non-cash charges related to fair value adjustments, 
 (10) in the case of a successor to such Person by
consolidation or merger or as a transferee of such Person’s assets, any net income or loss of the successor corporation prior to such consolidation, merger or transfer of assets, and 

  
 12 

 (11) the net income (or loss) of any Unrestricted Subsidiary, except that
the Company’s or any Restricted Subsidiary’s equity in the net income of any Unrestricted Subsidiary (other than the Vietnam Subsidiaries during periods in which they are Unrestricted Subsidiaries) or other Person for such period shall be
included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Unrestricted Subsidiary or Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution;
provided, however, that all Reclassified Vietnam Receipts may be included in determining Consolidated Net Income in the period in which the reclassification is made. 

“Consolidated Total Assets” means, with respect to any Determination Date, the total amount of assets that would appear
on a consolidated balance sheet of the Company and its Restricted Subsidiaries as of the most recent date on or prior to such Determination Date for which internal financial statements are available, determined on a consolidated basis in accordance
with GAAP. 
 “Contribution Indebtedness” means Indebtedness of the Company, any Guarantor or any
Domestic Restricted Subsidiary that is not an Obligor in an aggregate principal amount on any date of Incurrence not greater than twice the aggregate amount of any net cash proceeds received by the Company from any Equity Offerings of the Company
after the Issue Date; provided, that: 
 (1) such net cash proceeds can be the basis of
Contribution Indebtedness on such date of Incurrence only to the extent that such net cash proceeds have not then been used to make a Restricted Payment under the second clause (3) of Section 4.07(a) hereof, where such net cash proceeds
shall not be considered to have been used to make a Restricted Payment unless the amount available to make such Restricted Payment under such clause (3) at such time excluding such net cash proceeds would not be sufficient to permit such
Restricted Payment and then only to the extent such net cash proceeds are necessary to permit such Restricted Payment at such time (and any restoration of the amount available for Restricted Payments under such clause (3) pursuant to subclauses
(D) and (E) of such clause (3) of an amount of net cash proceeds considered to have been used to make a Restricted Payment, to the extent the Restricted Investment involved in such restoration was considered made using such net cash
proceeds, shall also result in such net cash proceeds not being considered used to make a Restricted Payment), and 
 (2) if, on the date of Incurrence of any Contribution Indebtedness, after giving pro forma effect to the Incurrence thereof, the aggregate outstanding principal amount of Contribution Indebtedness would
exceed the aggregate amount of such net cash proceeds, the amount of such excess then being Incurred shall be Indebtedness (i) that is not secured Indebtedness, (ii) that does not rank senior in right of payment to the Notes, and
(iii) with a final maturity date no earlier than the final maturity date of the Notes, and 
 (3) such
Contribution Indebtedness is so designated as Contribution Indebtedness pursuant to an Officers’ Certificate on the Incurrence date thereof; 
 provided, that a Domestic Restricted Subsidiary that is not an Obligor may not Incur Contribution Indebtedness described in clause (2) above. 

“Core Businesses” means (a) the gaming, card club, racing, sports, entertainment, lodging,
restaurant, riverboat operations, real estate development and all other businesses and activities necessary for or reasonably related or incident thereto, including, without limitation, related acquisition, construction, development or operation of
related truck stop, transportation, retail and other facilities designed to enhance any of the foregoing and (b) any of the types of pre-existing businesses being 

  
 13 

 
operated on land acquired (whether by purchase, lease or otherwise) by an Obligor, or similar types of businesses conducted by such Obligor after such acquisition of land, and all other
businesses and activities necessary for or reasonably related or incident thereto, provided, that such land was acquired by such Obligor for the purpose, determined in good faith by the Company, of ultimately conducting a business or activity
described in clause (a) above at some time in the future. 
 “Corporate Trust Office of the Trustee” will
be at the address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Company. 
 “Credit Facilities” means, with respect to any Obligor, one or more debt facilities (including, without limitation, the Bank Credit Agreement and the New Credit Facility) or
commercial paper facilities with any combination of banks, other institutional lenders and other Persons extending financial accommodations or holding corporate debt obligations in the ordinary course of their business, providing for revolving
credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended,
restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time by the same or different institutional investors or other purchasers. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Default” means any event that is or with the passage of time or the giving of notice or both would be an Event of
Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued
in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture.

 “Determination Date” means, with respect to any calculation, the date on which such
calculation is made in accordance with the terms hereof. 
 “Disqualified Capital Stock” means
any Capital Stock which by its terms (or by the terms of any security into which it is, by its terms, convertible or for which it is, by its terms, exchangeable at the option of the holder thereof), or upon the happening of any specified event, is
required to be redeemed or is redeemable (at the option of the holder thereof) at any time prior to the stated maturity of the Notes or is exchangeable at the option of the holder thereof for Indebtedness at any time prior to the stated maturity of
the Notes. 
 “Domestic Restricted Subsidiary” means any Restricted Subsidiary that is a Person organized under
the laws of the United States or any state thereof. 
 “Equity Interests” means Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

  
 14 

 “Equity Offering” means any public or private sale of
Qualified Capital Stock. 
 “Escrow Agent” means The Bank of New York Mellon Trust Company, N.A.,
until a successor escrow agent shall have become such pursuant to the applicable provisions of the Escrow Agreement, and thereafter means the successor serving thereunder. 
 “Escrow Agreement” means the Escrow and Security Agreement, dated the Issue Date, among the PNK Finance Corp., the Trustee and the Escrow Agent. 

“Estimated Business Interruption Insurance” means an estimate of the amount (determined in good faith by
senior management of the Company, notwithstanding the failure of any designation by applicable insurance carriers as to how much of any expected recovery is attributable to business interruption coverage as opposed to other types of coverage) of
business interruption insurance the Company expects to collect with respect to any applicable period; provided, that such amount, which shall not be taken in account for any period after two years following the date of the event giving rise
to the claim under the relevant business interruption insurance, shall not exceed the sum of (A) the excess of (x) such property’s historical quarterly Consolidated EBITDA for the previous four fiscal quarters most recently ended
prior to such date for which internal financial reports are available for that property ending prior to the date the damage occurred (or annualized if such property has less than four full quarters of operations) over (y) the actual
Consolidated EBITDA generated by such property for such four fiscal quarter period, and (B) the amount of business interruption insurance proceeds not reflected in clause (A) that the Company expects to collect as a reimbursement in
respect of other expenses incurred at that property with respect to such period (provided that the amount included pursuant to this clause (B) shall not exceed the amount of the other expenses incurred at that property that are actually
included in calculating Consolidated Net Income for such fiscal quarter). 
 “Euroclear” means Euroclear Bank,
S.A./N.V., as operator of the Euroclear system. 
 “Event of Loss” means, with respect to any
Property with a fair market value (as determined in good faith by the Company) of more than $75.0 million, any loss, destruction or damage of such Property, or any condemnation, seizure or taking, by exercise of the power of eminent domain or
otherwise, of such Property, or confiscation or requisition of the use of such Property. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 “Exchange Notes” means the Notes issued in the
Exchange Offer pursuant to Section 2.06(f) hereof. 
 “Exchange Offer” has the meaning set forth in the
Registration Rights Agreement. 
 “Exchange Offer Registration Statement” has the meaning set forth in the
Registration Rights Agreement. 
 “Foreign Restricted Subsidiary” means any Restricted Subsidiary that is not a
Domestic Restricted Subsidiary. 
 “GAAP” means generally accepted accounting principles 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 may be approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date. 

  
 15 

 “Gaming Approval” means any governmental approval, license,
registration, qualification or finding of suitability relating to any gaming business, operation or enterprise. 

“Gaming Authority” means any governmental authority with regulatory oversight of, authority to regulate or
jurisdiction over any gaming businesses, operations or enterprises, including, without limitation, the Nevada State Gaming Control Board, Nevada Gaming Commission, Iowa Racing and Gaming Commission, Indiana Gaming Commission, Louisiana Gaming
Control Board, Mississippi Gaming Commission, New Jersey Casino Control Commission, Missouri Gaming Commission, Ohio State Racing Commission, Ohio Lottery Commission, the Texas Racing Commission and Colorado Limited Gaming Control Commission, with
regulatory oversight of, authority to regulate or jurisdiction over any existing or proposed gaming business, operation or enterprise owned, managed or operated by any Obligor. 

“Gaming Laws” means all applicable provisions of all: 

(1) constitutions, treaties, statutes or laws governing gaming operations (including without limitation card club casinos
and pari mutuel race tracks) and rules, regulations and ordinances of any Gaming Authority, 
 (2) Gaming
Approvals, and 
 (3) orders, decisions, judgments, awards and decrees of any Gaming Authority. 

“Global Note” means a permanent global note in registered form deposited with the Trustee, as a custodian for The
Depositary Trust Company or any other designated depositary, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto,
issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(1), 2.06(d)(2), 2.06(d)(3) or 2.06(f) hereof. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 
 “Government Securities” means marketable direct obligations issued
by, or unconditionally guaranteed by, the United States government or issued by any agency or instrumentality thereof and backed by the full faith and credit of the United States, in each case maturing within 12 months from the date of acquisition
thereof by any Obligor or any Domestic Restricted Subsidiary. 
 “Guarantor” means any existing or future
Subsidiary of the Company, which has guaranteed the obligations of the Company arising under or in connection with the Notes, as required by this Indenture. 
 “Guaranty” means a guaranty by a Guarantor of the Obligations of the Company arising under or in connection with the Notes (including, without limitation, the Exchange
Notes). 
 “Hedging Obligations” means all obligations of the Obligors or any Domestic Restricted Subsidiary
that is not an Obligor arising under or in connection with any rate or basis swap, forward contract, commodity swap or option, equity or equity index swap or option, bond, note or bill option, interest rate option, foreign currency exchange
transaction, cross currency rate swap, currency option, cap, collar or floor transaction, swap option, synthetic trust product, synthetic lease or any similar transaction or agreement. 

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

  
 16 

 “Incur” means, with respect to any Indebtedness of any Person
or any Lien, to create, issue, incur (by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in respect of such Indebtedness or Lien or the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness
on the balance sheet of such Person (and “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have meanings correlative to the foregoing). 

“Indebtedness” means with respect to any Person, without duplication, whether contingent or otherwise,

 (1) any obligations for money borrowed, 

(2) any obligation evidenced by bonds, debentures, notes, or other similar instruments, 

(3) Letter of Credit Obligations and obligations in respect of other similar instruments other than any such obligations
to the extent not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following payment under the Letter of Credit Obligation or similar obligation, 

(4) any obligations to pay the deferred purchase price of property or services, including Capitalized Lease Obligations,

 (5) the maximum fixed redemption or repurchase price of Disqualified Capital Stock, 

(6) Indebtedness of other Persons of the types described in clauses (1) through (5) above, secured by a Lien on
the assets of such Person or its Restricted Subsidiaries, valued, in such cases where the recourse thereof is limited to such assets, at the lesser of the principal amount of such Indebtedness or the fair market value of the subject assets (as
determined in good faith by the Company), 
 (7) Indebtedness of other Persons of the types described in clauses
(1) through (5) above, guaranteed by such Person or any of its Restricted Subsidiaries, and 
 (8) the
net obligations of such Person under Hedging Obligations, 
 provided, that the amount of any Indebtedness at any date shall be
calculated as the outstanding balance of all unconditional obligations and the maximum liability supported by any contingent obligations at such date. 
 Notwithstanding the foregoing, (i) neither an Investment Guarantee nor a Completion Guarantee and Keep-Well Agreement shall constitute Indebtedness, (ii) Investment Guarantee Indebtedness and
Completion Guarantee/Keep-Well Agreement Indebtedness shall constitute Indebtedness, and (iii) “Indebtedness” shall not be construed to include trade payables, credit on open account, accrued liabilities, provisional credit, daylight
overdrafts or similar items. For purposes of this definition, the “maximum fixed redemption or repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms
of such Disqualified Capital Stock as if such Disqualified Capital Stock were repurchased on the date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair
market value of such Disqualified Capital Stock, such fair market value shall be determined reasonably and in good faith by the Board of the issuing Person. Unless otherwise specified in this 

  
 17 

 
Indenture, the amount outstanding at any time of any Indebtedness issued with original issue discount is the full amount of such Indebtedness less the remaining unamortized portion of the
original issue discount of such Indebtedness at such time as determined in conformity with GAAP. 

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

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a
Participant. 
 “Initial Notes” means the first $850,000,000 aggregate principal amount of Notes
issued under this Indenture on the date hereof. 
 “Initial Purchasers” means J.P. Morgan
Securities LLC, Goldman, Sachs & Co., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Credit Agricole Securities (USA) Inc., Barclays Capital Inc., UBS Securities LLC,
Fifth Third Securities, Inc., RBS Securities Inc., and SMBC Nikko Securities America, Inc. 
 “Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 

“Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes. 

“Interest Swap Obligations” means the net obligations of any Person under any interest rate protection
agreement, interest rate future, interest rate option, interest rate swap, interest rate cap, collar or floor transaction or other interest rate Hedging Obligation. 
 “Investment” by any Person means, without duplication, any direct or indirect: 
 (1) loan, advance or other extension of credit or capital contribution (valued at the fair market value thereof as of the date of contribution or transfer) (by means of transfers of cash or other property
or services for the account or use of other Persons, or otherwise, other than a Permitted Lien under clause (14) of the definition of Permitted Lien); 
 (2) purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by any other Person (whether by merger, consolidation, amalgamation or
otherwise and whether or not purchased directly from the issuer of such securities or evidences of Indebtedness); 
 (3) guarantee or assumption of any Indebtedness or any other obligation of any other Person (except for any assumption of Indebtedness for which the assuming Person receives consideration at the time of
such assumption in the form of property or assets with a fair market value at least equal to the principal amount of the Indebtedness assumed); 
 (4) the making by such Person or any Subsidiary of such Person of any Investment Guarantee Payment or of any payment pursuant to any Completion Guarantee and Keep-Well Agreement or in respect of any
Completion Guarantee/Keep-Well Indebtedness (without duplication of amounts taken into account under clause (3) above); and 
 (5) all other items that would be classified as investments (including, without limitation, purchases of assets outside the ordinary course of business) on a balance sheet of such Person prepared in
accordance with GAAP. 

  
 18 

 Notwithstanding the foregoing, the purchase or acquisition of any securities, Indebtedness
or Productive Assets of any other Person solely with Qualified Capital Stock shall not be deemed to be an Investment. The term “Investments” shall also exclude extensions of trade credit and advances to customers and suppliers to the
extent made in the ordinary course of business on ordinary business terms. The amount of any non-cash Investment shall be the fair market value of such Investment, as determined conclusively in good faith by management of the Company or the affected
Restricted Subsidiary, as applicable, unless the fair market value of such Investment exceeds $25.0 million, in which case the fair market value shall be determined conclusively in good faith by the Board of such Person as of the time such
Investment is made or such other time as specified in this Indenture. Unless otherwise required by this Indenture, the amount of any Investment shall not be adjusted for increases or decreases in value, or write-ups, write-downs or write-offs
subsequent to the date such Investment is made with respect to such Investment. 
 “Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s (or any successor to the rating agency business thereof) and BBB– (or the equivalent) by S&P (or any successor to the rating agency business thereof).

 “Investment Grade Status” means any time at which the ratings of the Notes by each of Moody’s (or any
successor to the rating agency business thereof) and S&P (or any successor to the rating agency business thereof) are Investment Grade Ratings. 
 “Investment Guarantee” means any guarantee, directly or indirectly, by the Company or any Guarantor of Indebtedness of a Permitted Joint Venture, provided, that at the time such
guarantee is Incurred, the Company is permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Coverage Ratio under Section 4.09(b) hereof. 

“Investment Guarantee Indebtedness” of the Company or any Guarantor means any Indebtedness of another Person guaranteed
by the Company or such Guarantor pursuant to an Investment Guarantee, on and after the time the Company or such Guarantor makes any principal, interest or comparable debt service payment with respect to such guaranteed Indebtedness. 

“Investment Guarantee Payments” means, without duplication, (1) any payments made pursuant to any Investment
Guarantee, including any payment in respect of any Investment Guarantee Indebtedness, or (2) the full amount of any Investment Guarantee if, at any time, the Person whose Indebtedness is guaranteed by such Investment Guarantee ceases to
constitute a Permitted Joint Venture as a result of a decline in the Company’s or Guarantor’s ownership interest to less than 20% as a result of a sale, transfer or other disposition of Capital Stock of such Person by the Company or such
Guarantor. 
 “Issue Date” means August 5, 2013. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place
of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue on such payment for the intervening period. 
 “Letter of Credit Obligations” means Obligations of
an Obligor arising under or in connection with letters of credit. 
 “Letter of Transmittal” means the letter
of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 

  
 19 

 “Lien” means, with respect to any assets, any mortgage, lien, pledge,
charge, security interest or other similar encumbrance (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof, any option or other agreement to sell, and any filing of or agreement to
give, any security interest). 
 “Limited Real Estate Development” means the development or improvement of
(1) any undeveloped or substantially undeveloped real estate held by Pinnacle or a Subsidiary of Pinnacle on the date of this Indenture or (2) any undeveloped or substantially undeveloped real estate that is acquired by the Company or a
Subsidiary in an acquisition of a company that is primarily in the Casino business. 
 “Merger Agreement” means
that certain Agreement and Plan of Merger by and among Pinnacle, Ameristar, PNK Holdings, Inc. and PNK Development 32, dated as of December 20, 2012, as amended. 
 “Moody’s” means Moody’s Investors Services, Inc., and its successors. 
 “Net Cash Proceeds” means with respect to any Asset Sale or Event of Loss, the proceeds in the form of cash or Cash Equivalents including payments in respect of deferred payment
obligations when received in the form of cash or Cash Equivalents received by any Obligor from such Asset Sale or Event of Loss, net of: 
 (1) reasonable out-of- pocket expenses, fees and other direct costs relating to such Asset Sale or Event of Loss (including, without limitation, brokerage, legal, accounting and investment banking fees
and sales commissions), 
 (2) taxes paid or payable after taking into account any reduction in tax liability due
to available tax credits or deductions and any tax sharing arrangements, 
 (3) repayment of Indebtedness (other
than any intercompany Indebtedness) that is required by the terms thereof to be repaid or pledged as cash collateral, or the holders of which otherwise have a contractual claim that is legally superior to any claim of the holders (including a
restriction on transfer) to the proceeds of the subject assets, in connection with such Asset Sale or Event of Loss, and 
 (4) appropriate amounts to be provided by any applicable Obligor, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale or Event of Loss and retained by any
applicable Obligor including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale or Event of
Loss and any reserve for adjustment to the sale price received in such Asset Sale or Event of Loss for so long as such reserve is held. 
 “New Credit Facility” means the credit facility to be provided to Pinnacle pursuant to the Amended and Restated Credit Agreement, to be made effective as of the Acquisition Date, by and
among Pinnacle and J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., Wells Fargo Securities, LLC, Barclays Bank PLC, Credit Agricole Corporate
and Investment Bank, and UBS Securities LLC, as Joint Lead Arrangers and Joint Bookrunning Managers, J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, Merrill Lynch, Pierce Fenner & Smith Incorporated, Deutsche Bank
Securities, Inc., Wells Fargo Securities, LLC, Barclays Bank PLC, Credit Agricole Corporate and Investment Bank, UBS Securities LLC, US Bank National Association and Fifth Third Bank, as Co-Documentation Agents, Fifth Third Bank, as Junior Arranger,
The Royal Bank of Scotland PLC, and Sumitomo Mitsui Banking 

  
 20 

 
Corporation, as Co-Managers, and JPMorgan Chase Bank, N.A., as Administrative Agent and the several banks and other financial institutions or entities from time to time parties to such agreement
as lenders, as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors or other purchasers) in whole or in
part from time to time. 
 “Non-Material Foreign Restricted Subsidiaries” means all Foreign Restricted
Subsidiaries designated as Non-Material Foreign Restricted Subsidiaries by the Company; provided, that all such Foreign Restricted Subsidiaries may not, in the aggregate at any time have assets (attributable to the Company’s and its
Restricted Subsidiaries’ equity interest in such entity) constituting more than 1.5% of the Company’s total assets on a consolidated basis based on the Company’s most recent internal financial statements. As of the Acquisition Date,
the Non-Material Foreign Restricted Subsidiaries shall be all of Pinnacle’s Foreign Restricted Subsidiaries existing as of the Acquisition Date. 
 “Non-Recourse Indebtedness” means Indebtedness of an Unrestricted Subsidiary 
 (1) as to which none of the Obligors: 
 (A) provides credit support
of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), 
 (B) is
directly or indirectly liable (as a guarantor or otherwise), or 
 (C) constitutes the lender; 

(2) no default with respect to which (including any rights that the holders thereof may have to take enforcement action
against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness (other than the Notes) of any Obligor to declare a default on such other Indebtedness or cause the payment thereof to be
accelerated or payable prior to its stated maturity, and 
 (3) as to which the lenders have been notified in
writing that they will not have any recourse to the stock or assets of any Obligor. 
 The foregoing notwithstanding, if an
Obligor or a Restricted Subsidiary (x) makes a loan to an Unrestricted Subsidiary that is permitted under Section 4.07 hereof or is a Permitted Investment and is otherwise permitted to be Incurred under this Indenture or (y) executes
an Investment Guarantee or a Completion Guarantee and Keep-Well Agreement for the benefit of an Unrestricted Subsidiary for the purpose of developing, constructing, opening and operating a new gaming facility or related or ancillary amenities or
businesses or Incurs Investment Guarantee Indebtedness or Completion Guarantee/Keep-Well Indebtedness, such actions referred to in the foregoing clauses (x) and (y) shall not prevent the Indebtedness of an Unrestricted Subsidiary to which
such actions relate from being considered Non-Recourse Indebtedness. 
 “Non-U.S. Person” means a Person who is
not a U.S. Person. 
 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial
Notes and any Additional Notes (and any Exchange Notes issued in the Exchange Offer in exchange for such Initial Notes and Additional Notes) shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise
requires, all references to Notes shall include the Initial Notes and any 

  
 21 

 
Additional Notes (and any Exchange Notes issued in the Exchange Offer in exchange for such Initial Notes and Additional Notes). 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities, whether absolute or contingent, payable under the documentation governing any Indebtedness. 

“Obligor” means the Company or any Guarantor and any Foreign Restricted Subsidiary that is not a Non-Material Foreign
Restricted Subsidiary. 
 “Offering Memorandum” means the Company’s Offering Memorandum dated
July 30, 2013, relating to the initial offering of the Notes. 
 “Officer” means, (i) with respect to
any Person that is a corporation, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, the Assistant
Secretary or any Vice-President of such Person and (ii) with respect to any other Person, the individuals selected by the Board or corresponding governing or managing body of such Person to perform functions similar to those of the officers
listed in clause (i). 
 “Officers’ Certificate” means a certificate signed on behalf of the Company by
two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 12.05 hereof.

 “Opinion of Counsel” means a written opinion from legal counsel that meets the requirements of
Section 12.05 hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Paying Agent” means the Person so designated by the Company in accordance with this Indenture, initially the Trustee.

 “Permitted Indebtedness” means, without duplication, each of the following: 

(1) Indebtedness of Pinnacle or any Restricted Subsidiary of Pinnacle outstanding on the Issue Date (other than
Indebtedness under the Bank Credit Agreement and the New Credit Facility) as reduced by the amount of any scheduled amortization payments or mandatory prepayments when actually paid or permanent reductions thereof; 

(2) Indebtedness Incurred by the Company under the Notes and by the Guarantors under the Guaranties; 

(3) Indebtedness Incurred by the Company or any Restricted Subsidiary pursuant to the Bank Credit Agreement, the New
Credit Facility or other Indebtedness; provided, that the aggregate principal amount of all such Indebtedness outstanding under this clause (3) as of any date of Incurrence (after giving pro forma effect to the application of the
proceeds of such Incurrence), including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, 

  
 22 

 
refinance, renew, replace, defease or refund any Indebtedness Incurred pursuant to this clause (3), shall not exceed the greater of (x) $3.0 billion and (y) 3.5 times the Company’s
Consolidated EBITDA for the period of four fiscal quarters most recently ended prior to such date for which internal financial reports are available, ended not more than 135 days prior to such date (using the pro forma and calculation conventions
for Consolidated EBITDA referenced in the definition of Consolidated Coverage Ratio), in each case, to be reduced dollar-for-dollar by the amount of the aggregate amount of all Net Cash Proceeds of Asset Sales applied by an Obligor to permanently
prepay or repay Indebtedness under the Bank Credit Agreement or the New Credit Facility pursuant to Section 4.10 hereof; provided, however, that the aggregate amount of all Net Cash Proceeds of any Asset Sale completed to satisfy
regulatory requirements in respect of the Acquisition that are applied by an Obligor to repay Indebtedness under the Bank Credit Agreement, the New Credit Facility or other Credit Facilities pursuant to Section 4.10 hereof shall reduce
dollar-for-dollar the amount set forth in the immediately preceding subclause (x) but not subclause (y) of this clause (3) for purposes of determining the amount of Indebtedness permitted to be Incurred by the Company or any
Restricted Subsidiary under this clause (3); 
 (4) Indebtedness of the Company to any Obligor or of any
Guarantor to any other Obligor for so long as such Indebtedness is held by the Company or by another Obligor; provided, that: 
 (A) any Indebtedness of the Company to any other Obligor that is not a Guarantor is unsecured and evidenced by an intercompany promissory note that is subordinated, pursuant to a written agreement, to the
Company’s obligations under this Indenture and the Notes, and 
 (B) if as of any date any Person other than
the Company or a Guarantor owns or holds any such Indebtedness or holds a Lien in respect of such Indebtedness (other than such a Lien in favor of the lenders under the Bank Credit Agreement, the New Credit Facility, or holders of other Indebtedness
not subordinate in right of payment to the Notes or the Guaranties), such date shall be deemed to be an Incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (4) by the issuer of such Indebtedness; 

(5) Indebtedness of a Restricted Subsidiary to the Company for so long as such Indebtedness is held by an Obligor;
provided, that if as of any date any Person other than an Obligor acquires any such Indebtedness or holds a Lien in respect of such Indebtedness (other than such a Lien in favor of the lenders under the Bank Credit Agreement, the New Credit
Facility or holders of other Indebtedness not subordinate in right of payment to the Notes or the Guaranties), such acquisition shall be deemed to be an Incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (5) by
the issuer of such Indebtedness; 
 (6) Permitted Refinancing Indebtedness; 

(7) the Incurrence by Unrestricted Subsidiaries of Non-Recourse Indebtedness; provided, that, if any such
Indebtedness ceases to be Non-Recourse Indebtedness of an Unrestricted Subsidiary, such event shall be deemed to constitute an Incurrence of Indebtedness that is not permitted by this clause (7); 

(8) (a) Indebtedness Incurred by the Company or any Restricted Subsidiary solely to finance the construction or
acquisition or improvement of, or consisting of Capitalized Leased Obligations Incurred to acquire rights of use in, capital assets useful in the Company’s or such 

  
 23 

 
Subsidiary’s business, as applicable, and, in any such case, Incurred prior to or within 270 days after the construction, acquisition, improvement or leasing of the subject assets, not to
exceed $350.0 million in aggregate principal amount outstanding at any time (including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any Indebtedness Incurred pursuant to this
clause (8)) for all of the Company and its Restricted Subsidiaries, and (b) additional Indebtedness of the kind described in this clause (8) with respect to which neither the Company nor any Restricted Subsidiary is directly or
indirectly liable, and which is expressly made non-recourse to all of such Person’s assets, except the asset so financed; 
 (9) Hedging Obligations and Interest Swap Obligations entered into not as speculative Investments but as hedging transactions designed to protect the Company and its Restricted Subsidiaries against
fluctuations in interest rates in connection with Indebtedness otherwise permitted hereunder or against exchange rate risk or commodity pricing risk; 
 (10) Indebtedness of the Company or any Restricted Subsidiary arising in respect of performance bonds and completion guaranties, workers compensation claims, payment obligations with respect to
self-insurance and other similar obligations (to the extent that the Incurrence thereof does not result in the Incurrence of any obligation for the payment of borrowed money of others), in the ordinary course of business, in amounts and for the
purposes customary in such Person’s industry; provided, that such Indebtedness shall be Incurred solely in connection with the development, construction, improvement or enhancement of assets useful in such Person’s business;

 (11) Completion Guarantee/Keep-Well Indebtedness or Investment Guarantee Indebtedness up to a maximum of
$200.0 million in aggregate principal amount (or accreted value, as applicable) outstanding at any time (including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any
Indebtedness Incurred pursuant to this clause (11)); 
 (12) the guarantee by a Guarantor of Indebtedness of the
Company, or the guarantee by a Restricted Subsidiary of Indebtedness not subordinate in right of payment to the Notes or the Guarantees of the Company, provided such Indebtedness was outstanding on the Issue Date or was, at the time it was
Incurred, permitted to be Incurred by the Company under this Indenture; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the guarantee may only be Incurred by a Guarantor and
shall be subordinated to, or pari passu with, as applicable, the Notes to the same extent as the Indebtedness guaranteed; 
 (13) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however, that:

 (A) any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being
held by a Person other than the Company or a Restricted Subsidiary; and 
 (B) any sale or other transfer of any
such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of the Company; 
 will be deemed, in
each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (13); 

  
 24 

 (14) Indebtedness in an amount not to exceed $100.0 million under a junior
pay-in-kind note Incurred in order to redeem or repurchase Capital Stock of the Company upon a final determination by any Gaming Authority of the unsuitability of a holder or beneficial owner of Capital Stock of the Company or upon any other
requirement or order by any Gaming Authority having jurisdiction over the Company prohibiting a holder from owning, beneficially or otherwise, the Company’s Capital Stock, provided that the Company has used its reasonable best efforts to
effect a disposition of such Capital Stock to a third party and has been unable to do so; provided, further, that such junior pay-in-kind note: 
 (A) is expressly subordinated to the Notes, 
 (B) provides that no
installment of principal matures (whether by its terms, by optional or mandatory redemption or otherwise) earlier than three months after the maturity of the Notes, 

(C) provides for no cash payments of interest, premium or other distributions earlier than six months after the maturity
of the Notes and provides that all interest, premium or other distributions may only be made by distributions of additional junior pay-in-kind notes, which such in-kind distributions shall be deemed Permitted Indebtedness, and 

(D) contains provisions whereby the holder thereof agrees that prior to the maturity or payment in full in cash of the
Notes, regardless of whether any insolvency or liquidation has occurred against any Obligor, such holder will not exercise any rights or remedies or institute any action or proceeding with respect to such rights or remedies under such junior
pay-in-kind note; 
 (15) Contribution Indebtedness; 

(16) Indebtedness of the Company or Indebtedness or preferred stock of a Guarantor Incurred or issued to finance an
acquisition or the Incurrence of Acquired Debt of Persons that are acquired by the Company or any Restricted Subsidiary (whether by merger or otherwise) in accordance with the terms of this Indenture; provided, that after giving effect to
such acquisition, either (a) the Company would be permitted to Incur at least $1.00 of Indebtedness (other than Permitted Indebtedness) pursuant to the Consolidated Coverage Ratio test set forth in Section 4.09(b) hereof or (b) the
Company’s Consolidated Coverage Ratio immediately following such acquisition and Incurrence or issuance would be no less than the Company’s Consolidated Coverage Ratio immediately prior to such acquisition and Incurrence or issuance;

 (17) [Intentionally Omitted]; 

(18) the Incurrence by the Company or any Restricted Subsidiary of additional Indebtedness in an aggregate principal
amount (or accreted value, as applicable) outstanding under this clause (18) as of any date of Incurrence, including all Permitted Refinancing Indebtedness Incurred to repay, redeem, extend, refinance, renew, replace, defease or refund any
Indebtedness Incurred pursuant to this clause (18), not to exceed the greater of (i) 5% of Consolidated Total Assets and (ii) $500.0 million; 
 (19) Indebtedness arising from agreements of the Company or any of its Restricted Subsidiaries providing for indemnification, adjustment of purchase price or similar obligations, in

  
 25 

 
each case, Incurred or assumed with the disposition or acquisition of any business or assets otherwise permitted by the Indenture; and 

(20) Indebtedness representing deferred compensation of employees of the Company or any of its Restricted Subsidiaries
Incurred in the ordinary course of business. 
 For purposes of this definition, it is understood that the Company may rely on
internal or publicly reported financial reports even though there may be subsequent adjustments (including review and audit adjustments) to such financial statements. For avoidance of doubt, any Incurrence of Permitted Indebtedness which is based
upon or made in reliance on a computation based on such internal or publicly reported financial statements, shall be deemed to continue to comply with the applicable covenant, notwithstanding any subsequent adjustments that may result in changes to
such internal or publicly reported financial statements. 
 “Permitted Investments” means, without duplication,
each of the following: 
 (1) Investments in cash (including deposit accounts with major commercial banks) and
Cash Equivalents; 
 (2) Investments by the Company or a Restricted Subsidiary in the Company or any Restricted
Subsidiary or any Person that is or will immediately become upon giving effect to such Investment, or as a result of which, such Person is merged, consolidated or liquidated into, or conveys substantially all of its assets to, an Obligor or a
Restricted Subsidiary; provided, that Investments in any such Person (other than the Company or any Restricted Subsidiary) made prior to such Investment shall not be “Permitted Investments” under this clause (2); and
provided, further, that for purposes of calculating at any date the aggregate amount of Investments made since September 25, 2003 pursuant to Section 4.07 hereof, such Investment shall be a Permitted Investment only so long
as any Subsidiary in which any such Investment has been made continues to be an Obligor or a Restricted Subsidiary; 
 (3) Investments existing or committed on the Issue Date or an Investment consisting of any extension, modification or renewal of any Investment existing or committed on the Issue Date so long as such
extension, modification or renewal does not increase the Investment as in effect at the Issue Date or is not materially adverse to the interests of the Holders of the Notes; 

(4) accounts receivable created or acquired in the ordinary course of business of the Company or any Restricted Subsidiary
on ordinary business terms; 
 (5) Investments arising from transactions by the Company or a Restricted
Subsidiary with trade creditors or customers in the ordinary course of business (including any credit extended to customers and any such Investment received pursuant to any plan of reorganization or similar arrangement pursuant to the bankruptcy or
insolvency of such trade creditors or customers or otherwise in settlement of a claim); 
 (6) Investments made
as the result of non-cash consideration received from an Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof; 
 (7) Investments consisting of advances to officers, directors and employees of the Company or a Restricted Subsidiary for travel, entertainment, relocation, purchases of Capital Stock of the Company or a
Restricted Subsidiary permitted by this Indenture and analogous ordinary business purposes; 

  
 26 

 (8) Hedging Obligations and Interest Swap Obligations consisting of
Permitted Indebtedness under clause (9) thereof; 
 (9) Transfers by the Company or a Restricted Subsidiary
to an Unrestricted Subsidiary of operational agreements (including, without limitation, slot machine leases, technical assistance services agreements, trademark and trade name licenses, management services agreements and royalty agreements) or other
agreements (or rights under agreements) entered into in the ordinary course of business between the Company or a Restricted Subsidiary, on the one hand, and the Vietnam Subsidiaries or any ACDL Entity, on the other hand; provided that any
such transfer is made in connection with the payment of any dividend or other distribution by Pinnacle or its Restricted Subsidiaries of Equity Interests in the Vietnam Subsidiaries that are Unrestricted Subsidiaries or the Equity Interests of any
ACDL Entity; 
 (10) other Investments in any Person having an aggregate fair market value (measured on the date
each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (10) that are at the time outstanding, not to exceed $150.0 million; and

 (11) the provision of management and related services (including intellectual property rights and the use of
corporate aircraft in providing such management services) to any Unrestricted Subsidiary or Permitted Joint Venture in the ordinary course of business; provided, however, that the Company or any Restricted Subsidiary shall not be
required to allocate employee compensation for management services provided by employees of the Company or any Restricted Subsidiary to Unrestricted Subsidiaries or Permitted Joint Ventures in connection with such employees’ services to the
Company or any Restricted Subsidiary. 
 “Permitted Joint Venture” means a Person primarily engaged or
preparing to engage in a Related Business or related or ancillary business thereto as to which the Company or a Guarantor owns at least 20% of the shares of Capital Stock (including at least 20% of the total voting power thereof) of such Person.

 “Permitted Liens” means: 

(1) Liens securing Indebtedness under the Bank Credit Agreement, the New Credit Facility or other Indebtedness not
subordinate in right of payment to the Notes or the Guarantees, in either case, that was permitted by the terms of this Indenture to be Incurred pursuant to clause (3) of the definition of Permitted Indebtedness (“Basket
Debt”), including Basket Debt reclassified by the Company as Indebtedness Incurred under the Consolidated Coverage Ratio test set forth in Section 4.09(b) hereof (such reclassified Indebtedness being referred to as
“Reclassified Secured Indebtedness”); provided, that for purposes of determining the maximum aggregate principal amount of Indebtedness that may be secured by Liens under this clause (1), the Reclassified Secured Indebtedness
will continue to be treated as if it were Indebtedness outstanding under the Basket Debt for that purpose only; provided further, that reclassification of Basket Debt to Reclassified Secured Indebtedness shall not be considered the creation,
Incurrence, or assumption of a Lien for purposes of the obligations described under Section 4.12 hereof. 

(2) Liens in favor of the Company or Liens on the assets of any Guarantor so long as such Liens are held by another
Obligor; 

  
 27 

 (3) Liens on property of a Person existing at the time such Person is merged
into or consolidated with the Company or a Restricted Subsidiary; provided, that such Liens were not Incurred in anticipation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or
consolidated with the Company or such Restricted Subsidiary, as applicable; 
 (4) Liens on property existing at
the time of acquisition thereof by any Obligor or Restricted Subsidiary; provided that such Liens were not Incurred in anticipation of such acquisition; 
 (5) Liens Incurred to secure Indebtedness permitted by clause (8) of the definition of Permitted Indebtedness, attaching to or encumbering only the subject assets and directly related property such
as proceeds (including insurance proceeds) and products thereof and accessions, replacements and substitutions thereof; 
 (6) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature Incurred in the ordinary course of business; 

(7) Liens created by “notice” or “precautionary” filings or other Uniform Commercial Code financing
statements in connection with operating leases or other transactions pursuant to which no Indebtedness is Incurred by the Company or any Restricted Subsidiary; 
 (8) Liens existing on the Issue Date and Liens existing on the Acquisition Date; 
 (9) Liens for taxes, assessments or governmental charges or claims (including, without limitation, Liens securing the performance of workers compensation, social security, or unemployment insurance
obligations) that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided, that any reserve or other appropriate provision as shall be required in
conformity with GAAP shall have been made therefor; 
 (10) Liens on shares of any equity security or any warrant
or option to purchase an equity security or any security which is convertible into an equity security issued by any Obligor that holds, directly or indirectly through a holding company or otherwise, a license under any applicable Gaming Laws;
provided that this clause (10) shall apply only so long as such Gaming Laws provide that the creation of any restriction on the disposition of any of such securities shall not be effective and, if such Gaming Laws at any time cease to so
provide, then this clause (10) shall be of no further effect; 
 (11) Liens on securities constituting
“margin stock” within the meaning of Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System, to the extent that (i) prohibiting such Liens would result in the classification of the obligations of the
Company under the Notes as a “purpose credit” and (ii) the Investment by any Obligor in such margin stock is permitted by this Indenture; 
 (12) Liens securing Permitted Refinancing Indebtedness; provided, that any such Lien attaches only to the assets encumbered by the predecessor Indebtedness, unless the Incurrence of such Liens is
otherwise permitted under this Indenture; 

  
 28 

 (13) Liens securing stay and appeal bonds or judgment Liens in connection
with any judgment not giving rise to an Event of Default under Section 6.01(5) hereof; 
 (14) statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by law Incurred in the ordinary course of business, in respect of obligations not constituting Indebtedness and not past due
more than 30 days or that are being contested in good faith by appropriate proceedings; provided that adequate reserves shall have been established therefor in accordance with GAAP; 

(15) easements, rights-of-way, zoning restrictions, reservations, encroachments and other similar charges or encumbrances
in respect of real property which do not, individually or in the aggregate, materially interfere with the conduct of business by any Obligor; 
 (16) any interest or title of a lessor under any Capitalized Lease Obligation permitted to be Incurred hereunder; 
 (17) Liens upon specific items of inventory or equipment and proceeds thereof, Incurred to secure obligations in respect of bankers’ acceptances issued or created for the account of any Obligor or
Restricted Subsidiary in the ordinary course of business to facilitate the purchase, shipment, or storage of such inventory or equipment; 
 (18) Liens securing Letter of Credit Obligations permitted to be Incurred hereunder Incurred in connection with the purchase of inventory or equipment by an Obligor or Restricted Subsidiary in the
ordinary course of the business and secured only by such inventory or equipment, the documents issued in connection therewith and the proceeds thereof; 
 (19) Liens securing the Notes or the Guaranties or in favor of the Trustee arising under this Indenture. 
 (20) Liens Incurred in the ordinary course of business of any Obligor with respect to obligations that do not exceed, in the aggregate for all Obligors, $20.0 million at any one time outstanding;

 (21) Liens on cash collateral required to be deposited pursuant to the terms of any Credit Facility to secure
the funding obligations of any defaulting lender, including cash collateral deposited with respect to any unreimbursed drawing under a letter of credit; 
 (22) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary
course of business; 
 (23) bankers’ Liens, rights of setoff and other similar Liens existing solely with
respect to cash and Cash Equivalents on deposit in one or more accounts maintained by the Company or any of its Restricted Subsidiaries, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts
are maintained, securing amounts owing to such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; 

(24) Liens on cash, Cash Equivalents or other Property arising in connection with the defeasance, discharge or redemption
of Indebtedness; 

  
 29 

 (25) Liens in connection with or related to any Hedging Obligations; and

 (26) grants of software, intellectual property, and other technology licenses. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any Restricted Subsidiary issued in
exchange for, or the net proceeds of which are used to repay, redeem, extend, refinance, renew, replace, defease or refund other Permitted Indebtedness of such Person arising under clauses (1), (2), (3), (6), (8), (10), (11), (15), (16) or
(18) of the definition of “Permitted Indebtedness” or Indebtedness Incurred under the Consolidated Coverage Ratio test set forth in Section 4.09(b) hereof (any such Indebtedness, “Existing Indebtedness”);
provided that: 
 (1) the principal amount of such Permitted Refinancing Indebtedness does not exceed the
principal amount and accrued interest of such Existing Indebtedness (plus the amount of prepayment penalties, fees, premiums and expenses incurred or paid in connection therewith), except to the extent that the Incurrence of such excess is otherwise
permitted by this Indenture; 
 (2) if such Existing Indebtedness is subordinated to, or pari passu in
right of payment with, the Notes, such Permitted Refinancing Indebtedness has a final maturity date on or later than the final maturity date of, and has a Weighted Average Life to Maturity that is (a) equal to or greater than the Weighted
Average Life to Maturity of, such Existing Indebtedness or (b) more than 90 days after the final maturity of the Notes; provided this clause (2) shall not apply to Permitted Refinancing Indebtedness to repay, redeem, refinance,
retire for value, replace, defease or refund the Ameristar Notes, 8.625% Notes, 7.75% Notes or 8.75% Notes outstanding on the Issue Date; 
 (3) if such Existing Indebtedness is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date on or later than the final maturity date of, and is
subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being repaid, redeemed, extended, refinanced, renewed, replaced, defeased or
refunded; provided, that this clause (3) shall not apply to Permitted Refinancing Indebtedness to repay, redeem, refinance, retire for value, replace, defease or refund the 7.75% Notes or 8.75% Notes outstanding on the Issue Date; and

 (4) such Permitted Refinancing Indebtedness shall be Indebtedness solely of an Obligor or a Restricted
Subsidiary obligated under such Existing Indebtedness, unless otherwise permitted by this Indenture. 

“Person” means any individual, corporation, partnership, joint venture, association, limited liability company,
joint-stock company, trust, unincorporated organization, or government agency or political subdivision thereof (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity, subdivision or
business). 
 “Pinnacle” means Pinnacle Entertainment Inc., a Delaware corporation and any and all successors
thereto. 
 “Plan of Liquidation” means, with respect to any Person, a plan (including by operation of law)
that provides for, contemplates or the effectuation of which is preceded or accomplished by (whether or not substantially contemporaneously): 

  
 30 

 (1) the sale, lease or conveyance of all or substantially all of the assets
of such Person otherwise than as an entirety or substantially as an entirety, and 
 (2) the distribution of all
or substantially all of the proceeds of such sale, lease, conveyance, or other disposition and all or substantially all of the remaining assets of such Person to holders of Capital Stock of such Person. 

“PNK Finance Corp.” means PNK Finance Corp., a Delaware corporation. 

“PNK Finance Merger” means the merger of PNK Finance Corp. with and into Pinnacle on the Acquisition Date, with Pinnacle
surviving the merger and becoming the successor to, and assuming all obligations of PNK Finance Corp. under, this Indenture, the Notes and the Registration Rights Agreement. 
 “Private Placement Legend” means the legend set forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the
provisions of this Indenture. 
 “Productive Assets” means assets (including assets owned directly or
indirectly through Capital Stock of a Restricted Subsidiary) of a kind used or usable in the businesses of the Obligors as they are conducted on the date of the Asset Sale or on any other determination date. 

“Project” means any new facility developed or being developed by the Company or one of its Restricted Subsidiaries and
any expansion, renovation or refurbishment of a facility owned by the Company or one of its Restricted Subsidiaries which expansion, renovation or refurbishment costs $40.0 million or more. 

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

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible, including, without limitation, Capital Stock. 
 “QIB” means a “qualified
institutional buyer” as defined in Rule 144A. 
 “Qualified Capital Stock” means any Capital Stock that is
not Disqualified Capital Stock. 
 “Reclassified Vietnam Receipts” means all Vietnam Receipts which, as
determined in good faith by the Company, will no longer be deemed available for contributions, distributions, or other payments to any Vietnam Subsidiary that is an Unrestricted Subsidiary under Section 4.07(b)(20) hereof, provided,

  
 31 

 
that such amount does not exceed the balance of the Vietnam Contribution Amount immediately prior to such reclassification. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of August 5, 2013, among the
Company and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration rights agreements among the Company,
the Guarantors and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the
Securities Act. 
 “Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of
Regulation S. 
 “Related Business” means the gaming (including pari-mutuel betting) business and/or any and
all reasonably related businesses necessary for, in support or anticipation of or ancillary to or in preparation for (or required by a Gaming Authority to be developed, constructed, improved or acquired in connection with the licensing approval of
such Casino or Casinos), the gaming business including, without limitation, the development, expansion or operation of any Casino (including any land-based, dockside, riverboat or other type of Casino). 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust
Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

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

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.
If no referent Person is specified, “Restricted Subsidiary” means a Subsidiary of the Company. 
 “Rule
144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated
under the Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 

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

  
 32 

 “S&P” means Standard & Poor’s Financial Services LLC, a
division of The McGraw-Hill Industries, Inc., and its successors. 
 “SEC” means the Securities and Exchange
Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Shared Amenities” means facilities and amenities that serve both the L’Auberge Lake Charles resort and golf course
and the Ameristar Casinos Lake Charles, LLC development project and golf course (currently under contract to be sold to GNLC Holdings, Inc.) (collectively, the “Resorts”), including without limitation a golf course clubhouse, golf
driving range (including the existing golf driving range), tennis courts, gift shop, restaurants, parking lots, helistop, administrative offices for the manager of the Shared Space, retail, recreation and entertainment venues, maintenance areas and
improvements and other businesses and activities that the Company determines would be desirable to be operated for the benefit of both Resorts. 
 “Shared Space” means (i) the real property described as the “Festival Grounds” in the Confidential Privileged Settlement Agreement dated April 22, 2011 among the Lake
Charles Harbor & Terminal District (the “Port”), PNK (Lake Charles), L.L.C., PNK (SCB), L.L.C., Pinnacle, Creative Casinos, LLC, Creative Casinos, Inc. and Creative Casinos of Louisiana, L.L.C. (now Ameristar Casinos Lake
Charles, LLC), as such area of real property may be modified or enlarged by mutual agreement of the Company or any Restricted Subsidiary and the owner of the Ameristar Casinos Lake Charles, LLC development project (currently under contract to be
sold to GNLC Holdings, Inc.) and the Port to encompass the Shared Amenities and (ii) any other real property and improvements in the Lake Charles, Louisiana area (other than land which the primary elements of the L’Auberge Lake Charles
hotel and casino currently occupy) that the Company determines would be desirable to contribute to the area of the Shared Amenities. 
 “Shared Space Interests” means the interests (whether in fee, leasehold, co-leasehold, subleasehold, co-subleasehold, co-ownership, servitude, tenancy-in-common or otherwise) of the
Company or any Restricted Subsidiary in the Shared Space. 
 “Shelf Registration Statement” means the Shelf
Registration Statement as defined in the Registration Rights Agreement. 
 “Significant Subsidiary” means any
Obligor, other than the Company, that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.

 “Stated Maturity” means, with respect to any installment of interest or principal on any series of
Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such
interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subsidiary,” with
respect to any Person, means: 
 (1) any corporation or comparably organized entity, a majority of whose voting
stock (defined as any class of capital stock having voting power under ordinary circumstances to elect a majority of the Board of such Person) is owned, directly or indirectly, by any one or more of the Obligors, and 

  
 33 

 (2) any other Person (other than a corporation) in which any one or more of
the Obligors, directly or indirectly, has at least a majority ownership interest entitled to vote in the election of directors, managers or trustees thereof or of which such Obligor is the managing general partner. 

“Temporary Cash Investments” has the meaning set forth in the Escrow Agreement. 

“TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 

“Transactions” means, collectively, (i) the issuance of the Notes hereunder, (ii) the closing of the New
Credit Facility, (iii) the consummation of the Acquisition and the PNK Finance Merger, (iv) the reclassification adjustment to reflect the Disposition Properties (as defined in the Offering Memorandum) as discontinued operations,
(v) the anticipated redemption of the 8.625% Notes as soon as practicable following the consummation of the Acquisition and (vi) the application of the estimated net proceeds from the issuance of the Notes hereunder and the initial
borrowings under the New Credit Facility as described under the caption titled “Use of proceeds” in the Offering Memorandum. 
 “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source
of similar market data)) most nearly equal to the period from the redemption date to August 1, 2016; provided, however, that if the period from the redemption date to August 1, 2016 is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means The Bank of New York Mellon Trust Company, N.A. until a successor replaces it in accordance with the
applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 

“Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement
Legend. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of the
Company as its Unrestricted Subsidiary pursuant to a Board resolution; but only to the extent that such Subsidiary: 
 (A) has, or will have after giving effect to such designation, no Indebtedness other than Non-Recourse Indebtedness, and 

(B) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of any Obligor;

 provided, however, that the Company or any of its Guarantors may execute an Investment Guarantee or Completion Guarantee and
Keep-Well Agreement for the benefit of an Unrestricted Subsidiary, or may Incur Investment Guarantee Indebtedness or Completion Guarantee/Keep-Well Indebtedness, for the purpose of such Unrestricted Subsidiary developing, constructing, opening and
operating a new gaming facility or related or ancillary amenities or businesses, and the execution and performance (if such 

  
 34 

 
performance is permitted under Section 4.07 hereof) of such Investment Guarantee, Completion Guarantee and Keep-Well Agreement, Investment Guarantee Indebtedness, or Completion
Guarantee/Keep-Well Indebtedness shall not prevent a Subsidiary from becoming or remaining an Unrestricted Subsidiary. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Vietnam Contribution Amount” means all amounts received after the Issue Date by Pinnacle or any Restricted Subsidiary
as Vietnam Receipts less (i) all Reclassified Vietnam Receipts and (ii) all amounts previously distributed, paid or contributed by Pinnacle or any Restricted Subsidiary to a Vietnam Subsidiary after the Issue Date under
Section 4.07(b)(20) hereof. 
 “Vietnam Receipts” means any dividend, distribution, payment, reimbursement
or other amounts received after the Issue Date from a Vietnam Subsidiary by Pinnacle or any Restricted Subsidiary, in each case during any time such Vietnam Subsidiary is an Unrestricted Subsidiary. 

“Vietnam Subsidiary” means (i) any Subsidiary of Pinnacle that directly or indirectly has made an Investment in an
ACDL Entity, or any Subsidiary of Pinnacle that has any contract or arrangement in connection with any development, construction, acquisition, management, operation, licensing or other business activity with, involving or relating to an ACDL Entity
and (ii) any ACDL Entity to the extent it is a Subsidiary of Pinnacle. For the avoidance of doubt, the term “Vietnam Subsidiary” shall include, without limitation, PNK Development 11, LLC, PNK Development 18, LLC and PNK (VN), Inc.
and their respective successors. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such
Person that is at the time entitled to vote in the election of the Board of such Person. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the Company’s calculations of the number of years obtained by dividing: 
 (1) the then outstanding aggregate principal amount of such Indebtedness into, 
 (2) the total of the products obtained by multiplying: 
 (A) the
amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect thereof, by 

(B) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such
payment. 
  

	Section 1.02	Other Definitions. 

  

			
	 Term
	  	 Defined
in
Section

	 “Affiliate Transaction”
	  	4.11
	 “Applicable Issuer”

“Amount Limitation”
	  	5.01
 4.07

	 “Amount Limitation Restoration”
	  	4.07

  
 35 

			
	 Term
	  	 Defined
in
Section

	 “Authentication Order”
	  	2.02
	 “Basket Debt”
	  	4.15
	 “Change of Control Offer”
	  	4.15
	 “Change of Control Payment”
	  	4.15
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Effective Covenants”
	  	4.19
	 “Event of Default”
	  	6.01
	 “Existing Indebtedness”
	  	1.01
	 “Legal Defeasance”

“Measurement Period”
	  	8.02
 1.01

	 “Net Proceeds Offer”
	  	4.10
	 “Net Proceeds Offer Amount”
	  	4.10
	 “Net Proceeds Offer Payment Date”
	  	4.10
	 “Net Proceeds Offer Trigger Date”
	  	4.10
	 “Offer Period”
	  	3.09
	 “Payment Default”
	  	6.01
	 “Payment Restriction”
	  	4.08
	 “Port”
	  	1.01
	 “Reclassified Secured Indebtedness”
	  	1.01
	 “Redemption Date”
	  	3.07
	 “Registrar”
	  	2.03
	 “Release”
	  	3.10
	 “Restricted Payments”
	  	4.07
	 “Special Mandatory Redemption”
	  	3.10
	 “Special Mandatory Redemption Date”
	  	3.10
	 “Special Mandatory Redemption Event”
	  	3.10
	 “Special Mandatory Redemption Price”
	  	3.10
	 “Suspended Covenants”
	  	4.19

  

	Section 1.03	Incorporation by Reference of Trust Indenture Act. 

 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 
 “indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

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

“obligor” on the Notes and the Guaranties means the Company and the Guarantors, respectively, and any successor obligor
upon the Notes and the Guaranties, respectively. 

  
 36 

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

	Section 1.04	Rules of Construction. 

Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not
exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the SEC from time to time; and 
 (8) references to any contract,
instrument or agreement shall be deemed to include any amendments, modifications or supplements thereto or restatements thereof not prohibited hereby, through the date of reference thereto. 

ARTICLE 2 

THE NOTES 
  

	Section 2.01	Form and Dating. 

 (a)
General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will
be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.

 (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the
Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of 

  
 37 

 
outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount
of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as
required by Section 2.06 hereof. 
 (c) Euroclear and Clearstream Procedures Applicable. The provisions of the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be
applicable to transfers of beneficial interests in the Regulation S Global Note that are held by Participants through Euroclear or Clearstream. 
  

	Section 2.02	Execution and Authentication. 

 At least one Officer must sign the Notes for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid. 

A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the
Note has been authenticated under this Indenture. 
 All Notes shall be dated the date of their authentication. 

The Trustee will, upon receipt of a written order of the Company signed by two Officers (an “Authentication Order”),
authenticate Notes for original issue up to the aggregate principal amount that may be validly issued under this Indenture, including any Additional Notes. 
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company. 

 

	Section 2.03	Registrar and Paying Agent. 

 The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented
for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as
Paying Agent or Registrar. 
 The Company initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes. 
 The Company initially appoints the Trustee to act as the Registrar and Paying
Agent and to act as Custodian with respect to the Global Notes. 

  
 38 

	Section 2.04	Paying Agent to Hold Money in Trust. 

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

	Section 2.05	Holder Lists. 

 The
Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the
Company will furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the
names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 
  

	Section 2.06	Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be
exchanged by the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the
Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after
the date of such notice from the Depositary; 
 (2) the Company in its sole discretion determines that the Global
Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there has occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or
Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof. 

  
 39 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject
to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act or by the provisions of this Indenture. Transfers of beneficial interests in the Global Notes also will require compliance with either
subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial
interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in
the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 

(B) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in
an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 

Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(2)
shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for 

  
 40 

 
transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
 (3) Transfer of Beneficial
Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 
 (A)
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 
 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be
exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies
with the requirements of Section 2.06(b)(2) above and: 
 (A) such exchange or transfer is effected pursuant
to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

  
 41 

 
and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note.

 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in
a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial
interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred to an Institutional Accredited Investor or other Person in reliance
on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (C) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates
and Opinion of Counsel required by item (3) thereof, if applicable; or 
 (E) if such beneficial interest is
being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall
authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate 

  
 42 

 
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and
in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall
be subject to all restrictions on transfer contained therein. 
 (2) Beneficial Interests in Restricted Global
Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note only if: 
 (A) such exchange or transfer is
effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in
Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the 

  
 43 

 
conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a
beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from
or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 
 (d) Transfer and Exchange of
Definitive Notes for Beneficial Interests. 
 (1) Restricted Definitive Notes to Beneficial Interests in
Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in
the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being
transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor or other Person in reliance on an exemption from the registration requirements of the Securities Act
other than those listed in subparagraphs (B) and (C) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; or

 (E) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof, 
 the Trustee
will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global
Note, and, in the case of clause (C) above, the Regulation S Global Note. 
 (2) Restricted Definitive
Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 

  
 44 

 (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

(C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

(i) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
 (ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate
from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such
case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel
the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an
Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the
Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs
(2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate
one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

  
 45 

 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

(1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred
to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will
be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable. 
 (2) Restricted Definitive Notes to Unrestricted
Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if:

 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

(C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance
with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

(i) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

  
 46 

 (ii) if the Holder of such Restricted Definitive Notes proposes to transfer
such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes.
A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the
occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate: 

(1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a distribution of
the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company; and 
 (2)
Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that
(A) they are not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company. 

Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global
Notes to be reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount.

 (g) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this
Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private
Placement Legend. 
 (A) Except as permitted by subparagraph (B) below, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, 

  
 47 

 
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING ITS NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT PRIOR TO (X) THE DATE WHICH IS ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER)
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS NOTE) OR THE LAST DAY ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) AND (Y) SUCH LATER DATE, IF
ANY, AS MAY BE REQUIRED BY APPLICABLE LAW (THE “RESALE RESTRICTION TERMINATION DATE”), OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE
THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM
THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE COMPANY, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION, ALL IN FORM AND SUBSTANCE SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED
HEREIN, THE TERMS “OFFSHORE TRANSACTION”, “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2),
(c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS 

  
 48 

 
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(3) Gaming Law Legend. Each Global Note and Definitive Note (and all Notes issued in exchange therefor or in substitution
thereof) shall bear the legend in substantially the following form: 
 “THE NOTES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO RESTRICTIONS ON OWNERSHIP AND TRANSFER IMPOSED BY APPLICABLE GAMING LAWS, THE PROVISIONS OF ARTICLE XIII OF THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION (DEALING WITH GAMING LAWS AND GAMING-RELATED RESTRICTIONS ON OWNERSHIP
AND TRANSFER), INCLUDING ANY AMENDMENTS THERETO OR ANY SUCCESSOR PROVISIONS THERETO, AND SECTION 3.07(e) OF THE INDENTURE (WHICH IS SUMMARIZED ON THIS CERTIFICATE). A COPY OF ARTICLE XIII OF THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION
IS ON FILE AT THE OFFICE OF THE COMPANY, AND MADE A PART HEREOF AS FULLY AS THOUGH THE PROVISIONS OF SAID PROVISIONS OF THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION WERE PRINTED IN FULL ON THIS CERTIFICATE, TO ALL OF WHICH THE HOLDER OF
THIS CERTIFICATE, BY ACCEPTANCE HEREOF, ASSENTS AND AGREES TO BE BOUND. ANY HOLDER OF A NOTE MAY OBTAIN, UPON REQUEST AND WITHOUT CHARGE, A COPY OF SUCH PROVISIONS OF THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION. ANY SUCH REQUEST SHALL
BE ADDRESSED TO THE SECRETARY OF THE COMPANY.” 
 (h) Cancellation and/or Adjustment of Global Notes. At such time
as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained
and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an 

  
 49 

 
endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for
or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase. 
 (i) General Provisions Relating to Transfers and
Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Company will execute and the
Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof). 
 (3) The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes
or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 (5) Neither the Registrar nor the Company will be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15
days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
 (B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 

(C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.

 (6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the
Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any
Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee will authenticate Global
Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 

  
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 (8) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
  

	Section 2.07	Replacement Notes. 

 If
any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order,
will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect
the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
  

	Section 2.08	Outstanding Notes. 

 The
Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the
provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however,
Notes held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(a)(1) hereof. 
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.

 If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and
interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

 

	Section 2.09	Treasury Notes. 

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

	Section 2.10	Temporary Notes. 

 Until
certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but
may have variations that the Company considers 

  
 51 

 
appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in
exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture.

  

	Section 2.11	Cancellation. 

 The
Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will
cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of such canceled Notes (subject to the record retention requirement of the Exchange Act) in its customary manner. The Company
may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  

	Section 2.12	Defaulted Interest. 

 If
the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record
date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The
Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before
the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) will mail or cause to be mailed to Holders a notice that states the special record date, the related
payment date and the amount of such interest to be paid. 
  

	Section 2.13	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; 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 3 

REDEMPTION AND PREPAYMENT 
  

	Section 3.01	Notices to Trustee. 

 If
the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 15 days but not more than 60 days before a redemption date, an Officers’ Certificate setting
forth: 
 (1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

  
 52 

 (3) the principal amount of Notes to be redeemed; 

(4) the redemption price; and 
 (5) the applicable CUSIP numbers. 
  

	Section 3.02	Selection of Notes to Be Redeemed or Purchased. 

 If less than all of the Notes are to be redeemed or purchased pursuant to this Indenture (except as provided in Section 3.07(e) hereof) at any time, the Notes will be selected to be redeemed or
purchased among the holders of Notes as follows: 
 (1) if the Notes are listed, in compliance with the
requirements of the principal national securities exchange on which the Notes are listed, or 
 (2) if the Notes
are not so listed, on a pro rata basis, by lot or in accordance with the Depositary or any other applicable depository for the Notes. 
 In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 10 nor more than 60 days prior to
the redemption or purchase date from the outstanding Notes not previously called for redemption or purchase. 
 In the case of
Notes not held through the Depositary, the Trustee will promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to
be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess of $2,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount
of Notes held by such Holder, even if not $2,000 or a multiple of $1,000 in excess of $2,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or
purchase also apply to portions of Notes called for redemption or purchase. 
  

	Section 3.03	Notice of Redemption. 

Subject to the provisions of Sections 3.09 and 3.10 hereof, at least 15 days but not more than 60 days before a redemption date, the
Company will deliver or cause to be delivered a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is
issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof. 
 The notice will identify the Notes to be redeemed and will state: 

(1) the redemption date; 
 (2) the redemption price; 
 (3) if any Note is being redeemed in
part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note 

  
 53 

 
or Notes (if certificated) in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

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

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

(6) that, unless the Company defaults in making such redemption payment, interest and Additional Interest, if any, on
Notes called for redemption ceases to accrue on and after the redemption date, subject to the satisfaction of any condition to such redemption; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 

(8) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or
printed on the Notes. 
 At the Company’s request, the Trustee will give the notice of redemption in the Company’s
name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter period is acceptable to the Trustee), an Officers’ Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
  

	Section 3.04	Effect of Notice of Redemption. 

 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price, subject to
the satisfaction of any conditions to such redemption. A notice of redemption may be conditional in that the Company may, notwithstanding the giving of the notice of redemption, condition the redemption of the Notes specified in the notice of
redemption upon the completion of other transactions or other conditions as determined by the Company, such as refinancings or acquisitions (whether of the Company or by the Company). 

 

	Section 3.05	Deposit of Redemption or Purchase Price. 

 On or before 10:00 a.m. New York City time on the redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price
of and accrued and unpaid interest and Additional Interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent
by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Additional Interest, if any, on, all Notes to be redeemed or purchased. 

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, subject to the
satisfaction of any conditions to such redemption, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon
surrender for redemption or purchase because of the failure of the Company to comply 

  
 54 

 
with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid
on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  

	Section 3.06	Notes Redeemed or Purchased in Part. 

 Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the
Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 
  

	Section 3.07	Optional Redemption. 

 (a)
At any time prior to August 1, 2016, the Company may redeem up to 35% of the initially outstanding aggregate principal amount of Notes issued under this Indenture at a redemption price in cash of 106.375% of the principal amount thereof, plus
accrued and unpaid interest and Additional Interest, if any, to the date of redemption (the “Redemption Date”) (subject to the rights of Holders on the relevant record dates occurring prior to the Redemption Date to receive interest
due on the relevant interest payment date), with the net cash proceeds of one or more Equity Offerings of the Company; provided that: 
 (1) at least 65% of the initially outstanding aggregate principal amount of Notes (excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such
redemption; 
 (2) notice of any such redemption shall be given by the Company to the Holders and the Trustee
within 15 days after the consummation of any such Equity Offering; and 
 (3) such redemption shall occur within
60 days of the date of such notice. 
 (b) Except pursuant to Section 3.10 hereof, the preceding paragraph or paragraphs
(d) or (e) below, the Notes will not be redeemable at the Company’s option prior to August 1, 2016. 
 (c)
On or after August 1, 2016, the Company may redeem the Notes, in whole or in part, upon not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount thereof) set forth below plus
accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on August 1 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2016
	  	 	104.781	% 
	 2017
	  	 	103.188	% 
	 2018
	  	 	101.594	% 
	 2019 and thereafter
	  	 	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest and Additional Interest, if
any, will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date, subject to the satisfaction of any condition to such redemption. 

(d) At any time prior to August 1, 2016, the Company may also redeem all or a part of the Notes upon not less than 15 nor more than
60 days’ prior notice mailed by first-class mail to each Holder’s 

  
 55 

 
registered address, at a redemption price equal to 100% of the principal amount of notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if
any, to the Redemption Date, subject to the rights of holders of Notes on the relevant record dates occurring prior to the Redemption Date to receive interest due on the relevant interest payment date. 

(e) In addition to the foregoing, if: 
 (1) any Gaming Authority makes a determination of unsuitability of a Holder or beneficial owner of Notes (or of an Affiliate of such Holder or beneficial owner), or 

(2) any Gaming Authority requires that a Holder or beneficial owner of Notes (or an Affiliate thereof) must either
(i) be licensed, qualified or found suitable under any applicable Gaming Laws or (ii) reduce its position in the Notes to below a level that would require licensure, qualification or a finding of suitability, and such Holder or beneficial
owner (or Affiliate thereof): 
 (A) fails to apply for a license, qualification or a finding of suitability
within 30 days (or such shorter period as may be required by the applicable Gaming Authority) after being requested to do so by the Gaming Authority; 
 (B) fails to reduce its position in the Notes appropriately; or 

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

the Company shall have the right, at any time from or after the Issue Date, at its option: 

(1) to require any such Holder or beneficial owner to dispose of all or a portion of its Notes within 30 days (or such
earlier date as may be required by the applicable Gaming Authority) of receipt of such notice or finding by such Gaming Authority; or 
 (2) to call for the redemption of all or a portion of the Notes of such Holder or beneficial owner at a redemption price equal to the least of: 

(A) the principal amount thereof; 
 (B) the price at which such Holder or beneficial owner acquired the Notes, in the case of either clause (A) above or this clause (B), together with accrued and unpaid interest and Additional
Interest, if any, to the earlier of the date of redemption or the date of the denial of license or qualification or of the finding of unsuitability by such Gaming Authority (subject to the rights of Holders of Notes on the relevant record dates
occurring prior to such redemption date to receive interest on the relevant interest payment date); or 
 (C)
such other lesser amount as may be required by any Gaming Authority. 
 Immediately upon a determination by a Gaming Authority
that a Holder or beneficial owner of the Notes (or an Affiliate thereof) will not be licensed, qualified or found suitable or is denied a license, qualification or finding of suitability, the Holder or beneficial owner will not have any further
rights with respect to the Notes to: 
 (1) exercise, directly or indirectly, through any Person, any right
conferred by the Notes; 

  
 56 

 (2) receive any interest or Additional Interest, if any, or any other
distribution or payment with respect to the Notes; or 
 (3) receive any remuneration in any form from the
Company or its Affiliates for services rendered or otherwise, except the redemption price of the Notes. 
 The Company shall
notify the Trustee in writing of any such redemption as soon as practicable. The Holder or beneficial owner (or an Affiliate thereof) applying for a license, qualification or a finding of suitability must pay all costs of the licensure or
investigation for such qualification or finding of suitability. 
 In addition, by accepting a Note, each Holder or beneficial
owner of a Note will be agreeing to comply with all requirements of the Gaming Laws and Gaming Authorities in each jurisdiction where the Company and its Affiliates are licensed or registered under applicable Gaming Laws or conduct gaming
activities. Each Holder or beneficial owner will also be agreeing that the Notes held by such Holder or beneficial owner shall be subject to the provisions of Article XIII of the Company’s Restated Certificate of Incorporation (dealing with
Gaming Laws and gaming-related restrictions on ownership and transfer), including any amendments thereto or any successor provisions thereto. 
 (f) Any redemption pursuant to this Section 3.07 (other than any redemption pursuant to Section 3.07(e)) shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

  

	Section 3.08	Mandatory Redemption. 

 The Company is not
required to make mandatory redemption or sinking fund payments with respect to the Notes other than in accordance with Section 3.10 hereof. 
  

	Section 3.09	Offer to Purchase by Application of Excess Proceeds. 

 In the event that, pursuant to Section 4.10 hereof, the Company is required to commence a Net Proceeds Offer, it will follow the procedures specified below. 

The Net Proceeds Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30
Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). 

The Net Proceeds Offer Payment Date shall be no later than five Business Days after the termination of the Offer Period. On the Net
Proceeds Offer Payment Date, the Company shall purchase the principal amount of Notes and any other Indebtedness Incurred by the Company or an Obligor which is pari passu with the Notes, in each case to the extent required to be purchased
pursuant to Section 4.10 hereof or the terms of such other Indebtedness or, if less than the Net Proceeds Offer Amount has been tendered, all Notes and such other Indebtedness tendered in response to the Net Proceeds Offer. Payment for any
Notes so purchased shall be made in the same manner as interest payments are made. 
 If the Net Proceeds Offer Payment Date is
on or after an interest record date and on or before the related Interest Payment Date, any accrued and unpaid interest and Additional Interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such
record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Net Proceeds Offer. 
 Upon
the commencement of an Net Proceeds Offer, the Company will send, by electronic mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all 

  
 57 

 
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Net Proceeds Offer. The notice, which will govern the terms of the Net Proceeds Offer, will state:

 (1) that the Net Proceeds Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof
and the length of time the Net Proceeds Offer will remain open; 
 (2) the Net Proceeds Offer Amount, the
purchase price and the Net Proceeds Offer Payment Date; 
 (3) that any Note not tendered or accepted for payment
will continue to accrue interest; 
 (4) that, unless the Company defaults in making such payment, any Note
accepted for payment pursuant to the Net Proceeds Offer will cease to accrue interest and Additional Interest, if any, after the Net Proceeds Purchase Date; 
 (5) that Holders electing to have a Note purchased pursuant to an Net Proceeds Offer may elect to have Notes purchased in $2,000 or integral multiples of $1,000 in excess of $2,000 only; 

(6) that Holders electing to have Notes purchased pursuant to any Net Proceeds Offer will be required to surrender the
Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in
the notice at least three Business Days before the Net Proceeds Purchase Date; 
 (7) that Holders will be
entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(8) that, if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by Holders
thereof exceeds the Net Proceeds Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness
surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in the amount of $2,000 or denominations of $1,000 in excess of $2,000, or integral multiples thereof, will be purchased); and 

(9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the Net Proceeds Offer
Payment Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Net Proceeds Offer Amount of Notes or portions thereof and other pari passu Indebtedness tendered pursuant to
the Net Proceeds Offer, or if less than the Net Proceeds Offer Amount has been tendered, all Notes and such other Indebtedness tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating that such Notes and such other Indebtedness or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company,

  
 58 

 
the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than three Business Days after the Net Proceeds Offer Payment Date) mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will
authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered
by the Company to the Holder thereof. The Company will publicly announce the results of the Net Proceeds Offer on the Net Proceeds Offer Payment Date. 
 Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

 

	Section 3.10	Special Mandatory Redemption. 

 (a) In the event that (i) the Escrow Agent and the Trustee have not received a certificate in accordance with Section 6.2 of the Escrow Agreement prior to 10:00 a.m. (New York City time) on the
Outside Date (as defined in the Escrow Agreement) or (ii) the Escrow Agent and the Trustee receive, at any time prior to 10:00 a.m.. (New York City time) on the Outside Date, a certificate from the Company executed by an authorized
representative of the Company and certifying that the Merger Agreement has been terminated in accordance with its terms (any such event being a “Special Mandatory Redemption Event”), the Company shall deliver or cause to be delivered
electronically or mail or cause to be mailed by first-class mail, a notice of redemption (with a copy to the Escrow Agent) within three Business Days of such event to each Holder of Notes at such Holder’s registered address or otherwise in
accordance with Applicable Procedures and with the second paragraph of Section 3.03 hereof that the entire principal amount outstanding of the Notes shall be redeemed at a redemption price equal to 100% of the initial issue price of the Notes
plus accrued and unpaid interest from the Issue Date, to and including the date of the Special Mandatory Redemption (the “Special Mandatory Redemption Price”), automatically and without any further action by such Holder (the “Special
Mandatory Redemption”). At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided, that the Company shall have delivered to the Trustee, within one
Business Day of the occurrence of a Special Mandatory Redemption Event (unless a shorter time has been agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be
stated in such notice as provided in Section 3.03 hereof. Within five Business Days (or such other minimum period as required by the Depositary) after such notice has been given, the Special Mandatory Redemption shall occur (the “Special
Mandatory Redemption Date”). 
 (b) Upon release of the proceeds from the sale of the Notes to the Company or Pinnacle in
accordance with the Escrow Agreement (the “Release”), the Notes shall no longer be subject to a Special Mandatory Redemption pursuant to this Section 3.10. 

ARTICLE 4 

COVENANTS 
  

	Section 4.01	Payment of Notes. 

 The
Company will pay or cause to be paid the principal of, premium, if any, and interest and Additional Interest, if any, on, the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Additional
Interest, if any will be considered paid on the date due if the 

  
 59 

 
Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated
for and sufficient to pay all principal, premium, if any, and interest then due. The Company will pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 

The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the
rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

	Section 4.02	Maintenance of Office or Agency. 

 The Company will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where
Notes may be surrendered for registration of transfer or for exchange 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 fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the office of the Trustee’s affiliate, The Bank of New York Mellon, as designated below. 

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

The Company hereby designates the office of the Trustee’s affiliate, The Bank of New York Mellon, located at 101 Barclay Street,
Floor 8 West, New York, New York 10286, Attention: Corporate Trust Administration as one such office or agency of the Company in accordance with Section 2.03 hereof; provided that any notices or demands sent to the above New York address
shall also be sent to the Trustee at its address listed in Section 12.02 hereof. 
  

	Section 4.03	Reports. 

 (a) Whether or
not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to the Trustee for mailing to the Holders of Notes: 

(1) all quarterly and annual financial information that would be required to be contained in a filing or filings by
Pinnacle with the SEC on Forms 10-Q and 10-K if Pinnacle were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information
only, a report thereon by Pinnacle’s certified independent accountants, and 
 (2) all current reports that
would be required to be filed by Pinnacle with the SEC on Form 8-K if Pinnacle were required to file such reports, 

  
 60 

 
in each case within 15 days after the time periods specified in the SEC’s rules and regulations. 
 In addition, whether or not required by the rules and regulations of the SEC, the Company will file or cause to be filed a copy of all such information and reports with the SEC for public availability
(unless the SEC will not accept such a filing) and make such information available to securities analysts and prospective investors upon request. The Company may deliver the consolidated reports or financial information of Pinnacle to comply with
the foregoing requirements. The Company will at all times comply with TIA § 314(a). 
 If, at any time, the Company is
no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless continue filing the reports specified in the preceding paragraph with the SEC within the time periods specified above unless
the SEC will not accept such a filing. The Company will not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the
Company will post the reports referred to in the preceding paragraph on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 

Notwithstanding the foregoing, Pinnacle will be deemed to have furnished such reports referred to above to the Trustee and the Holders of
the Notes if Pinnacle has filed (or, in the case of a Form 8-K, furnished) such reports with the SEC via the EDGAR filing system and such reports are publicly available. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(b) For so long as any Notes remain outstanding, if at any time the Company is not required to file with the SEC the reports required by
paragraphs (a)(1) and (a)(2) of this Section 4.03, the Company and the Guarantors will furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act. 
  

	Section 4.04	Compliance Certificate. 

(a) The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within
120 days after the end of each fiscal year, beginning April 30, 2014, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his
or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or,
if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her
knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company
is taking or proposes to take with respect thereto. 

  
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 (b) So long as not contrary to the then current recommendations of the American Institute of
Certified Public Accountants, as determined by the Company and its independent public accountants, the year-end financial statements delivered pursuant to Section 4.03 above shall be accompanied by a written statement of the Company’s
independent public accountants (who shall be a firm of established national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that
the Company has violated any provisions of Article 4 hereof or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any
Person for any failure to obtain knowledge of any such violation. 
 (c) So long as any of the Notes are outstanding, the
Company will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take
with respect thereto. 
  

	Section 4.05	Taxes. 

 The Company will
pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment
is not adverse in any material respect to the Holders of the Notes. 
  

	Section 4.06	Stay, Extension and Usury Laws. 

 The Company and each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors (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, by resort to any such law, 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 has been enacted. 
  

	Section 4.07	Restricted Payments. 

 (a)
Neither the Company nor any Restricted Subsidiary will, directly or indirectly: 
 (1) declare or pay any
dividend or make any other payment or distribution (other than dividends or distributions payable solely in Qualified Capital Stock of the Company or dividends or distributions payable to the Company or a Restricted Subsidiary) in respect of the
Company’s or any Restricted Subsidiary’s Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or such Restricted Subsidiary, as applicable) or to the direct or
indirect holders of the Company’s or such Restricted Subsidiary’s Equity Interests in their capacity as such, 
 (2) purchase, redeem or otherwise acquire or retire for value (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any Restricted Subsidiary)
Equity Interests of the Company or any Restricted Subsidiary or of any direct or indirect parent or Affiliate of the Company or any Restricted Subsidiary (other than any such Equity Interests owned by the Company or any Restricted Subsidiary),

  
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 (3) make any payment on or with respect to, or purchase, defease, redeem,
prepay, decrease or otherwise acquire or retire for value any Indebtedness that is subordinate in right of payment to the Notes, except a payment of principal, interest or other amounts at or within 365 days of the Stated Maturity thereof (other
than any such payment in respect of senior subordinated Indebtedness of Pinnacle or any Restricted Subsidiary of Pinnacle on the Issue Date made prior to the Issue Date), or 

(4) make any Investment (other than Permitted Investments) 
 (each of the foregoing prohibited actions set forth in clauses (1), (2), (3) and (4) being referred to as a “Restricted Payment”), 

if at the time of such proposed Restricted Payment or immediately after giving effect thereto, 

(1) a Default or an Event of Default has occurred and is continuing or would result therefrom, 

(2) the Company is not, or would not be, able to Incur at least $1.00 of additional Indebtedness under the Consolidated
Coverage Ratio test set forth in Section 4.09(b)(2) hereof, or 
 (3) the aggregate amount of Restricted
Payments (including such proposed Restricted Payment) made subsequent to September 25, 2003 (the amount expended for such purposes, if other than in cash, being the fair market value of such property as determined reasonably and in good faith
by the Company) exceeds or would exceed the sum, without duplication, of: 
 (A) 50% of the cumulative
Consolidated Net Income (or if cumulative Consolidated Net Income shall be a loss, minus 100% of such loss) of the Company and the Restricted Subsidiaries during the period (treating such period as a single accounting period) beginning on
September 25, 2003 and ending on the last day of the most recent fiscal quarter of the Company ending immediately prior to the date of the making of such Restricted Payment for which internal financial statements are available ending not more
than 135 days prior to the date of determination, plus 
 (B) 100% of the fair market value of the aggregate net
proceeds received by the Company from any Person (other than from a Subsidiary of the Company) from the issuance and sale of Qualified Capital Stock of the Company or the conversion of debt securities or Disqualified Capital Stock into Qualified
Capital Stock (to the extent that proceeds of the issuance of such Qualified Capital Stock would have been includable in this clause if such Qualified Capital Stock had been initially issued for cash) subsequent to September 25, 2003 and on or
prior to the date of the making of such Restricted Payment (excluding any Qualified Capital Stock of the Company the purchase price of which has been financed directly or indirectly using funds (i) borrowed from the Company or any Restricted
Subsidiary, unless and until and to the extent such borrowing is repaid, or (ii) contributed, extended, guaranteed or advanced by the Company or any Restricted Subsidiary (including, without limitation, in respect of any employee stock
ownership or benefit plan)); provided that such aggregate net proceeds are limited to cash, Cash Equivalents and other assets used or useful in a Related Business or the Capital Stock of a Person engaged in a Related Business, plus

  
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 (C) 100% of the aggregate cash received by the Company subsequent to
September 25, 2003 and on or prior to the date of the making of such Restricted Payment upon the exercise of options or warrants (whether issued prior to or after September 25, 2003) to purchase Qualified Capital Stock of the Company, plus

 (D) to the extent that any Restricted Investment that was made after September 25, 2003 is sold for cash
or Cash Equivalents or otherwise liquidated or repaid for cash or Cash Equivalents, or any dividends, distributions, principal repayments, or returns of capital or subrogation recovery are received by the Company or any Restricted Subsidiary in
respect of any Restricted Investment, the proceeds of such sale, liquidation, repayment, dividend, distribution, principal repayment or return of capital or subrogation recovery, in each such case (i) reduced by the amount of any Amount
Limitation Restoration (as defined below) for such Restricted Investment and (ii) valued at the cash or marked-to-market value of Cash Equivalents received with respect to such Restricted Investment (less the cost of disposition, if any), and
to the extent that any Restricted Investment consisting of a guarantee or other contingent obligation that was made after September 25, 2003 is terminated or cancelled, the excess, if any of (x) the amount by which such Restricted
Investment reduced the sum otherwise available for making Restricted Payments under this paragraph, over (y) the aggregate amount of payments made (including costs incurred) in respect of such guarantee or other contingent obligation, plus

 (E) to the extent that any Person becomes a Restricted Subsidiary or an Unrestricted Subsidiary is
redesignated as a Restricted Subsidiary after September 25, 2003, the fair market value of the Restricted Investment of the Company and its Restricted Subsidiaries in such Person as of the date it becomes a Restricted Subsidiary or in such
Unrestricted Subsidiary on the date of redesignation as a Restricted Subsidiary; provided that any amount so determined shall be reduced to the extent that such Restricted Investment shall have been recouped as an Amount Limitation
Restoration to the Amount Limitations of clauses (4), (6), (16), (18) or (19) below. Notwithstanding the other provisions of this subparagraph (E), for purposes of this subparagraph (E) the amount of such Restricted Investments of the
Company and its Restricted Subsidiaries in the Atlantic City Entities made prior to the issuance of the 7.50% Notes shall be deemed to be equal to the Atlantic City Group Investment; provided, however, that any such amount shall be reduced to
the extent that such Restricted Investment shall have been recouped as an Amount Limitation Restoration to the Amount Limitations of clauses (4), (6), (16), (18) or (19) below. 

For the avoidance of doubt, upon consummation of the Acquisition, the provisions of clause (3) above shall not include any amounts
attributable to Ameristar or any of its Subsidiaries prior to the Acquisition Date. 
 (b) Notwithstanding the foregoing, the
provisions set forth in Section 4.07(a) hereof will not prohibit: 
 (1) the payment of any dividend or the
making of any distribution within 60 days after the date of declaration of such dividend or distribution if the making thereof would have been permitted on the date of declaration; provided such dividend or distribution will be deemed to have been
made as of its date of declaration or the giving of such notice for purposes of this clause (1); 

  
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 (2) the redemption, repurchase, retirement or other acquisition of Capital
Stock of the Company or warrants, rights or options to acquire Capital Stock of the Company either (A) solely in exchange for shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of
the Company, or (B) through the application of net proceeds of a sale for cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of
the Company within 45 days of such sale; provided that no Default or Event of Default shall have occurred and be continuing at the time of such Restricted Payment or would result therefrom; 

(3) the redemption, repurchase, retirement, defeasance or other acquisition of Indebtedness of any Obligor that is
subordinate or junior in right of payment to the Notes or the Guaranties either (A) solely in exchange for shares of Qualified Capital Stock of the Company or for Permitted Refinancing Indebtedness, or (B) through the application of the
net proceeds of (i) a sale for cash (other than to an Obligor) of shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of the Company within 45 days of such sale or
(ii) Permitted Refinancing Indebtedness; provided that no Default or Event of Default shall have occurred and be continuing at the time of such Restricted Payment pursuant to this clause (3) or would result therefrom; 

(4) Restricted Payments in an amount not in excess of $300.0 million in the aggregate for all such Restricted Payments
made in reliance upon this clause (4), for the purpose of (A) Limited Real Estate Development or (B) developing, constructing, improving or acquiring (i) a Casino or Casinos or, if applicable, any Related Business in connection with a
Casino or Casinos or (ii) a Related Business to be used primarily in connection with an existing Casino or Casinos; 
 (5) redemptions, repurchases or repayments to the extent required by any Gaming Authority having jurisdiction over the Company or any Restricted Subsidiary or deemed necessary by the Board of the Company
in order to avoid the suspension, revocation or denial of a gaming license by any Gaming Authority; 
 (6) other
Restricted Payments not to exceed $200.0 million in the aggregate for all such Restricted Payments made in reliance on this clause (6); provided no Default or Event of Default then exists or would result therefrom; 

(7) repurchases by the Company of its common stock, options, warrants or other securities exercisable or convertible into
such common stock from employees and directors of the Company or any of its respective Subsidiaries upon death, disability or termination of employment or directorship of such employees or directors; 

(8) the payment of any amounts in respect of Equity Interests by any Restricted Subsidiary organized as a partnership or a
limited liability company or other pass-through entity: 
 (A) to the extent of capital contributions made to
such Restricted Subsidiary (other than capital contributions made to such Restricted Subsidiary by the Company or any Restricted Subsidiary), 
 (B) to the extent required by applicable law, or 
 (C) to the
extent necessary for holders thereof to pay taxes with respect to the net income of such Restricted Subsidiary, the payment of which amounts under this 

  
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clause (C) is required by the terms of the relevant partnership agreement, limited liability company operating agreement or other governing document; 

provided, that except in the case of clause (B) and (C), no Default or Event of Default has occurred and is continuing at the
time of such Restricted Payment or would result therefrom, and provided further that, except in the case of clause (B) or (C), such distributions are made pro rata in accordance with the respective Equity Interests contemporaneously with
the distributions paid to the Company or a Restricted Subsidiary or their Affiliates holding an interest in such Equity Interests; 
 (9) Investments in Unrestricted Subsidiaries, Permitted Joint Ventures, partnerships or limited liability companies consisting of conveyances of substantially undeveloped real estate in a number of acres
which, after giving effect to any such conveyance, would not exceed in the aggregate for all such conveyances after September 25, 2003, 50% of the sum of (A) the acres of substantially undeveloped real estate held by the Company and its
Restricted Subsidiaries on the date of such conveyance plus (B) the acres of substantially undeveloped real estate previously so conveyed by the Company and its Restricted Subsidiaries after September 25, 2003; provided, that no
Default or Event of Default has occurred and is continuing at the time of such Restricted Payment or would result therefrom; 
 (10) Investments, not to exceed $70.0 million in the aggregate for all such Restricted Payments made in reliance on this clause (10), in any combination of (A) readily marketable equity securities
and (B) assets of the kinds described in the definition of “Cash Equivalents”; provided, that for the purposes of this clause (10), such Investments may be made without regard to the rating requirements or the maturity
limitations set forth in such definition; 
 (11) the payment of any dividend or distributions by a Restricted
Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis; 
 (12) the repurchase of
Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options; 

(13) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of
Disqualified Capital Stock of the Company or any Restricted Subsidiary of the Company issued on or after September 25, 2003 in accordance with the Consolidated Coverage Ratio test set forth in Section 4.09(b) hereof; 

(14) the repurchase of Equity Interests upon the vesting of stock options, restricted stock, restricted stock units or
performance share units to the extent necessary to satisfy tax withholding obligations attributable to such vesting; 
 (15) the payment of any dividend or other distribution by the Company or its Restricted Subsidiaries of Equity Interests in the Vietnam Subsidiaries that are Unrestricted Subsidiaries or of Equity
Interests in any ACDL Entity and the termination of any agreements or arrangements with such entities in connection therewith; provided that no Default or Event of Default shall have occurred and be continuing at the time of such Restricted
Payment or would result therefrom; 
 (16) Investment Guarantees and Completion Guarantee and Keep-Well
Agreements in a principal or other similar amount not to exceed $200.0 million in the aggregate for all such 

  
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Restricted Payments made in reliance on this clause (16); provided that no Default or Event of Default shall have occurred and be continuing at the time of entering into such Investment
Guarantee or Completion Guarantee and Keep-Well Agreement or would result therefrom; 
 (17) any Investment
Guarantee Payments in respect of Investment Guarantees permitted under clause (16) or the making of any payments pursuant to any Completion Guarantee and Keep-Well Agreements permitted under clause (16) or in respect of any Completion
Guarantee/Keep-Well Indebtedness Incurred pursuant to any Completion Guarantee and Keep-Well Agreements permitted under clause (16); 
 (18) the provision of goods or services to any Unrestricted Subsidiary in the ordinary course of business with a fair market value as determined reasonably and in good faith by the Company not to exceed
$15.0 million in the aggregate in any fiscal year for all such Restricted Payments made in reliance on this clause (18); 
 (19) Restricted Payments in an amount not in excess of $100.0 million in the aggregate for all such Restricted Payments made in reliance upon this clause (19), for the purpose of making ACDL Investments;

 (20) contributions, payments, loans or remittances from the Company or a Restricted Subsidiary of the Vietnam
Contribution Amount to a Vietnam Subsidiary at a time when such Vietnam Subsidiary is an Unrestricted Subsidiary; 
 (21) cash payments in lieu of fractional shares issuable as dividends on Equity Interests of Pinnacle or any of its Restricted Subsidiaries or upon the exercise of options or warrants or the conversion or
exchange of Equity Interests of Pinnacle or any Restricted Subsidiary; 
 (22) dividends on the Company’s
Capital Stock not to exceed $30.0 million in any fiscal year; 
 (23) so long as no Default or Event of Default
has occurred and is continuing, the repurchase of Indebtedness subordinated in right of payment to the Notes or any Guaranty with any Net Proceeds Offer Amount as provided under Sections 3.09 and 4.10 hereof or pursuant to provisions requiring such
repurchase similar to those described in Section 4.15 hereof; provided that all Notes tendered by holders in connection with a Change of Control Offer or Net Proceeds Offer, as applicable, have been repurchased, redeemed or acquired for
value; or 
 (24) conveyances of Shared Space Interests and intellectual property related to the Shared Amenities
to, and an Investment of up to $20 million in cash in, Unrestricted Subsidiaries, joint ventures, partnerships, limited liability companies or other Persons in connection with the ownership (whether in fee, leasehold, subleasehold, co-ownership,
servitude or otherwise), development, construction, operation, and/or management of the Shared Space and Shared Amenities. 
 In
determining the aggregate amount of Restricted Payments made subsequent to September 25, 2003, Restricted Payments made pursuant to clauses (2), (3), (4), (6), (8), (9), (11), (12), (14), (15), (16), (18), (19), (20), (21), (22), (23) and
(24) of this Section 4.07(b) (and Restricted Payments made prior to the Issue Date permitted under clauses (2), (3), (4), (6), (8), (9), (11), (12), (14), (15), (16), (18) and (19) of Section 4.07(b) (Restricted Payments
covenant) of the indenture governing the 7.5% Notes and comparable clauses of all indentures entered into after the indenture governing the 7.5% Notes (regardless 

  
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of whether the indenture governing the 7.5% Notes or such other indentures are no longer in effect) as in effect on the Issue Date, shall, in each case, be excluded from such calculation;
provided, that any amounts expended or liabilities incurred in respect of fees, premiums or similar payments (but not including any related interest payments related to any Indebtedness utilized for or repaid under any such Restricted
Payments) in connection therewith shall be included in such calculation. Restricted Payments under clauses (4), (6), (10), (16) , (18) and (19) of this Section 4.07(b) shall be limited to the respective amounts of $300.0 million,
$200.0 million, $70.0 million, $200.0 million, $15.0 million and $100.0 million set forth in such clauses (each, an “Amount Limitation”). The Amount Limitation for each clause shall be permanently reduced at the time of any
Restricted Payment made under such clause; provided, however, that to the extent that a Restricted Investment made under such clause is sold for cash or Cash Equivalents or otherwise liquidated or repaid for cash or Cash Equivalents, or
principal repayments, returns of capital or subrogation recoveries are received by the Company or any Restricted Subsidiary in respect of such Restricted Investment, valued, in each such case at the cash or marked-to-market value of Cash Equivalents
received with respect to such Restricted Investment (less the cost of disposition, if any), or to the extent that any Restricted Investment consisting of a guarantee or other contingent obligation that was made after the date of this Indenture is
terminated or cancelled, the excess, if any of (x) the amount by which such Restricted Investment counted toward the Amount Limitation, over (y) the aggregate amount of payments made (including costs incurred) in respect of such guarantee
or other contingent obligation, then the Amount Limitation for such clause shall be increased by the amount so received by the Company or a Restricted Subsidiary or the amount of such excess of (x) over (y) (an “Amount Limitation
Restoration”). In no event shall the aggregate Amount Limitation Restorations for a Restricted Investment exceed the original amount of such Restricted Investment. 
 With respect to clauses (4), (6), (16), (18) and (19) of this Section 4.07(b), the respective Amount Limitation under each such clause, as applicable, shall also be increased when any
Person becomes a Restricted Subsidiary or an Unrestricted Subsidiary is redesignated as a Restricted Subsidiary (each such increase also referred to as an “Amount Limitation Restoration”) by the fair market value of the Restricted
Investment made under clause (4), (6), (16), (18) or (19) of this Section 4.07(b), as the case may be, in such Person as of the date it becomes a Restricted Subsidiary or in such Unrestricted Subsidiary as of the date of
redesignation, as the case may be. 
 For purposes of this Section 4.07, it is understood that the Company may rely on
internal or publicly reported financial statements even though there may be subsequent adjustments (including review and audit adjustments) to such financial statements. For avoidance of doubt, any Restricted Payment that complied with the
conditions of this Section 4.07 made in reliance on such calculation by the Company based on such internal or publicly reported financial statements, shall be deemed to continue to comply with the conditions of this Section 4.07,
notwithstanding any subsequent adjustments that may result in changes to such internal financial or publicly reported statements. 
  

	Section 4.08	Dividend and Other Payment Restrictions Affecting Subsidiaries. 

 (a) No Obligor will, directly or indirectly, create or otherwise cause or permit or suffer to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to:

 (1) pay dividends or make any other distributions on its Capital Stock, 

(2) make loans or advances to or pay any Indebtedness or other obligations owed to any Obligor or to any Restricted
Subsidiary, or 
 (3) transfer any of its property or assets to any Obligor or to any Restricted Subsidiary

  
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(each such encumbrance or restriction in clause (1), (2) or (3), a “Payment Restriction”). 
 However, the preceding restrictions will not apply to encumbrances or restrictions existing under or by reason of: 
 (A) applicable law or required by any Gaming Authority; 
 (B) this
Indenture; 
 (C) customary non-assignment provisions of any purchase money financing contract, license or lease
of any Restricted Subsidiary entered into in the ordinary course of business of such Restricted Subsidiary; 

(D) any instrument governing Acquired Debt Incurred in connection with an acquisition by any Obligor or Restricted
Subsidiary in accordance with this Indenture as the same was in effect on the date of such Incurrence; provided that such encumbrance or restriction is not, and will not be, applicable to any Person, or the properties or assets of any Person,
other than the Person and its Subsidiaries or the property or assets, including directly-related assets, such as replacements, accessions and proceeds so acquired or leased; 

(E) any restriction or encumbrance contained in contracts for the sale of assets to be consummated in accordance with this
Indenture solely in respect of the assets to be sold pursuant to such contract; 
 (F) any restrictions of the
nature described in clause (3) above with respect to the transfer of assets secured by a Lien that was permitted by this Indenture to be Incurred; 
 (G) any encumbrance or restriction contained in Permitted Refinancing Indebtedness; provided that the provisions relating to such encumbrance or restriction contained in any such Permitted
Refinancing Indebtedness are not less favorable to the Holders of the Notes, taken as a whole, in the good faith judgment of the Company, than the provisions relating to such encumbrance or restriction contained in the Indebtedness being refinanced;

 (H) agreements governing Indebtedness of Pinnacle or its Restricted Subsidiaries existing on the Issue Date,
including any Credit Facility, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacement or refinancings are no more restrictive, taken as a whole, in the good faith judgment of the Board of the Company, with respect to such dividend and other payment restrictions than those
contained in those agreements on the date of this Indenture, taken as a whole; 
 (I) agreements governing
Indebtedness permitted to be Incurred by the Company or its Restricted Subsidiaries pursuant to Section 4.09 hereof and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of
such Indebtedness; provided, that neither such Indebtedness nor any such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings are more restrictive, taken as a

  
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whole, in the good faith judgment of the Board of the Company, with respect to the Notes, the Indenture and the Guaranties, taken as a whole; 

(J) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that
Restricted Subsidiary pending the sale or other disposition; or 
 (K) provisions limiting the disposition or
distribution of assets in joint venture (including Permitted Joint Venture) agreements entered into in the ordinary course of business with the approval of the Board of the Company, which limitation is applicable only to the assets that are the
subject of such agreements. 
  

	Section 4.09	Incurrence of Indebtedness and Issuance of Preferred Stock. 

 (a) The Company will not, directly or indirectly: 
 (1) Incur any
Indebtedness or issue any Disqualified Capital Stock, other than Permitted Indebtedness, or 
 (2) cause or
permit any of its Restricted Subsidiaries to Incur any Indebtedness or issue any Disqualified Capital Stock or preferred stock, in each case, other than Permitted Indebtedness. 

(b) Notwithstanding the foregoing limitations, the Company may issue Disqualified Capital Stock and may Incur Indebtedness (including,
without limitation, Acquired Debt), and any Guarantor may issue preferred stock or Incur Indebtedness (including without limitation, Acquired Debt), if: 
 (1) no Default or Event of Default shall have occurred and be continuing on the date of the proposed Incurrence or issuance or would result as a consequence of such proposed Incurrence or issuance, and

 (2) immediately after giving pro forma effect to such proposed Incurrence or issuance and the receipt and
application of the net proceeds therefrom, the Company’s Consolidated Coverage Ratio would not be less than 2.00:1.00. 

Any Indebtedness of any Person existing at the time it becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition of
capital stock or otherwise) shall be deemed to be Incurred as of the date such Person becomes a Restricted Subsidiary. 
 (c)
For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (1) through (20) of such
definition or is entitled to be Incurred pursuant to Section 4.09(b), the Company will, in its sole discretion, classify such item of Indebtedness in any manner that complies with this Section and such item of Indebtedness will be treated as
having been Incurred pursuant to only one of such clauses or pursuant to Section 4.09(b). The Company may classify any item of Indebtedness in part under one or more of the categories of Permitted Indebtedness and/or in part as Indebtedness
entitled to be Incurred pursuant to Section 4.09(b) and may reclassify any outstanding Indebtedness in whole or in part from time to time in its sole discretion. Accrual of interest, the accretion of principal amount and the payment of interest
on any Indebtedness in the form of additional Indebtedness with the same terms will not be deemed to be an Incurrence of Indebtedness for purposes of this Section. 

  
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	Section 4.10	Asset Sales; Event of Loss. 

 Other than in the case of an Event of Loss, no Obligor will, directly or indirectly,: 
 (1) consummate an Asset Sale unless such Obligor, receives consideration at the time of such Asset Sale (or at such earlier time as such Obligor becomes obligated to complete such Asset Sale) at least
equal to the fair market value of the assets sold or of which other disposition is made (as determined reasonably and in good faith by the Board of such Obligor), and 

(2) consummate an Asset Sale unless at least 75% of the consideration received by such Obligor from such Asset Sale
consists of cash or Cash Equivalents and will be received at the time of the consummation of any such Asset Sale. For purposes of this provision, each of the following shall be deemed to be cash: 

(A) any liabilities as shown on the Obligor’s most recent balance sheet (or in the notes thereto) (other than
(i) Indebtedness subordinate in right of payment to the Notes, (ii) contingent liabilities, (iii) liabilities or Indebtedness to Affiliates of the Company and (iv) Non-Recourse Indebtedness) that are assumed by the transferee of
any such assets, and 
 (B) to the extent of the cash received or any securities, notes or other obligations
received by any Obligor from such transferee that are converted by such Obligor into cash within 90 days of receipt. 

Notwithstanding the foregoing, an Obligor may consummate an Asset Sale without complying with the foregoing provisions if: 

(1) such Obligor receives consideration at the time of such Asset Sale at least equal to the fair market value of the
assets or other property sold, issued or otherwise disposed of (as evidenced by a resolution of the Board of such Obligor), and 
 (2) the consideration for such Asset Sale constitutes Productive Assets; provided that any non-cash consideration not constituting Productive Assets received by such Obligor in connection with such
Asset Sale that is converted into or sold or otherwise disposed of for cash or Cash Equivalents at any time within 360 days after such Asset Sale and any Productive Assets constituting cash or Cash Equivalents received by such Obligor in connection
with such Asset Sale shall constitute Net Cash Proceeds subject to the provisions set forth above. 
 Upon the consummation of
an Asset Sale, the Company or the affected Obligor will be required to apply an amount equal to all Net Cash Proceeds that are received from such Asset Sale within 360 days of the receipt thereof either: 

(1) to reinvest (or enter into a binding commitment to invest, if such investment is effected within 360 days after the
date of such commitment) in Productive Assets or in Asset Acquisitions not otherwise prohibited by this Indenture, or 
 (2) to permanently prepay or repay Indebtedness of any Obligor other than Indebtedness that is subordinate in right of payment to the Notes or any Guaranty. 

  
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 Pending the final application of any such Net Cash Proceeds, the Obligors may temporarily
reduce revolving Indebtedness or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 
 Upon
an Event of Loss incurred by any Obligor, the Net Cash Proceeds received from such Event of Loss shall be applied in the same manner as proceeds from Asset Sales described above and pursuant to the procedures set forth below. 

On the 361st day after an Asset Sale or Event of Loss (or related binding commitment, as described above) or such earlier date, if any,
as the Board of the Company or the affected Obligor determines not to apply the Net Cash Proceeds relating to such Asset Sale or Event of Loss (or related binding commitment, as described above) as set forth in clauses (1) or (2) of the
third paragraph of this Section 4.10 (each a “Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses
(1) or (2) of the third paragraph of this Section 4.10 (each a “Net Proceeds Offer Amount”), will be applied by the Company to make an offer to purchase (the “Net Proceeds Offer”), in accordance with
the procedures set forth in Section 3.09 hereof, on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, on a pro rata basis
(A) Notes at a purchase price in cash equal to 100% of the aggregate principal amount of Notes, in each case, plus accrued and unpaid interest thereon and Additional Interest, if any, on the Net Proceeds Offer Payment Date and (B) other
Indebtedness Incurred by the Company or an Obligor which is pari passu with the Notes, in each case to the extent required by the terms thereof; provided that if at any time within 360 days after an Asset Sale any non-cash
consideration received by the Company or the affected Obligor in connection with such Asset Sale is converted into or sold or otherwise disposed of for cash, then such conversion or disposition will be deemed to constitute an Asset Sale hereunder
and the Net Cash Proceeds thereof will be applied in accordance with this Section. To the extent that the aggregate principal amount of Notes or other pari passu Indebtedness tendered pursuant to the Net Proceeds Offer is less than the Net
Proceeds Offer Amount, the Obligors may use any remaining proceeds of such Asset Sales for general corporate purposes (but subject to the other terms of this Indenture). Upon completion of a Net Proceeds Offer, the Net Proceeds Offer Amount relating
to such Net Proceeds Offer will be deemed to be zero for purposes of any subsequent Asset Sale. In the event that a Restricted Subsidiary consummates an Asset Sale, only that portion of the Net Cash Proceeds therefrom (including any Net Cash
Proceeds received upon the sale or other disposition of any noncash proceeds received in connection with an Asset Sale) that are distributed to or received by any Obligor will be required to be applied by the Obligors in accordance with the
provisions of this paragraph. 
 Notwithstanding the foregoing, if a Net Proceeds Offer Amount is $75.0 million or less, the
application of the Net Cash Proceeds constituting such Net Proceeds Offer Amount to a Net Proceeds Offer may be deferred until such time as such Net Proceeds Offer Amount plus the aggregate amount of all Net Proceeds Offer Amounts arising subsequent
to the date of this Indenture from all Asset Sales by the Obligors in respect of which a Net Proceeds Offer has not been made aggregate more than $75.0 million, at which time the affected Obligor will apply all Net Cash Proceeds constituting all Net
Proceeds Offer Amounts that have been so deferred to make a Net Proceeds Offer (each date on which the aggregate of all such deferred Net Proceeds Offer Amounts is more than $75.0 million will be deemed to be a Net Proceeds Offer Trigger Date). In
connection with any Asset Sale with respect to assets having a book value in excess of $75.0 million or as to which it is expected that the aggregate consideration therefor to be received by the affected Obligor will exceed $75.0 million in value,
such Asset Sale will be approved, prior to the consummation thereof, by the Board of the applicable Obligor. 
 The Company will
comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in 

  
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connection with each repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of
Section 3.09 hereof or this Section 4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this Section 4.10 by
virtue of such compliance. 
  

	Section 4.11	Transactions with Affiliates. 

 (a) No Obligor may make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any
transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate involving aggregate consideration in excess of $20.0 million (each of the foregoing, an “Affiliate Transaction”),
unless: 
 (1) such Affiliate Transaction is, considered in light of any series of related transactions of which
it comprises a part, on terms that are no less favorable to such Obligor than those that might reasonably have been obtained at such time in a comparable transaction or series of related transactions on an arms-length basis from a Person that is not
such an Affiliate; 
 (2) with respect to any Affiliate Transaction involving the transfer of aggregate
consideration with a fair value of $50.0 million or more from the affected Obligor, a majority of the disinterested members of the Board of the Company (and of any other affected Obligor, where applicable) shall, prior to the consummation of any
portion of such Affiliate Transaction, have approved such Affiliate Transaction; and 
 (3) with respect to any
Affiliate Transaction involving the transfer of aggregate consideration with a fair value of $75.0 million or more from the affected Obligor, the Board of the applicable Obligor shall have received prior to the consummation of any portion of such
Affiliate Transaction, a written opinion from an independent investment banking, accounting or appraisal firm of recognized national standing that such Affiliate Transaction is on terms that are fair to such Obligor from a financial point of view.

 (b) The foregoing restrictions will not apply to: 

(1) reasonable fees and compensation (including any such compensation in the form of Equity Interests not derived from
Disqualified Capital Stock, together with loans and advances, the proceeds of which are used to acquire such Equity Interests) paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Obligors as determined
in good faith by the Board or senior management, 
 (2) any transaction solely between or among Obligors and
Restricted Subsidiaries to the extent any such transaction is otherwise in compliance with, or not prohibited by, this Indenture, 
 (3) any Restricted Payment permitted by the terms of the covenant described above under Section 4.07 or any Permitted Investment, 

(4) provision of management and related services (including intellectual property rights and the use of corporate aircraft
in providing such management services) (including any agreements therefor) to an Unrestricted Subsidiary, Permitted Joint Venture or an ACDL Entity in connection with the development, construction and operation of gaming facilities or any Related

  
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Business, provided the Obligor is reimbursed for all non-ordinary course costs and expenses it incurs in providing such services and, provided further, that such Obligor shall not be required to
allocate employee compensation for management services provided by employees of Obligors to Unrestricted Subsidiaries in connection with such employees’ services to Obligors, 

(5) transactions pursuant to agreements existing on the Issue Date or any amendment thereto or any transaction
contemplated thereby (including pursuant to any amendment thereto) or by any replacement agreement thereto so long as any such amendment or replacement agreement is not more disadvantageous to the Holders in any material respect than the original
agreement as in effect on the Issue Date as determined in good faith by the Company’s Board, 
 (6) sales of
Equity Interests (other than Disqualified Capital Stock) to any of the Company’s Affiliates, 
 (7) the
pledge of Equity Interests of Unrestricted Subsidiaries or joint ventures (including Permitted Joint Ventures) to support the indebtedness thereof, and 
 (8) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of the
Indenture which are fair to the Company and its Restricted Subsidiaries taken as a whole, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party. 

 

	Section 4.12	Liens. 

 No Obligor may,
directly or indirectly, create, Incur or assume any Lien, except a Permitted Lien, securing Indebtedness on or with respect to any of its property or assets including any shares of stock or Indebtedness of any Restricted Subsidiary, whether owned on
the Issue Date or thereafter acquired, or any income, profits or proceeds therefrom, unless: 
 (1) in the case
of any Lien securing Indebtedness that is pari passu in right of payment with the Notes or the Guaranties, the Notes or the Guaranties are secured by a Lien on such property, assets or proceeds that is senior in priority to or pari
passu with such Lien, and 
 (2) in the case of any Lien securing Indebtedness that is subordinate in right
of payment to the Notes or the Guaranties, the Notes or the Guaranties are secured by a Lien on such property, assets or proceeds that is senior in priority to such Lien. 
 Any Lien created for the benefit of the Holders pursuant to the preceding paragraph shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the
release and discharge of the Lien securing such Indebtedness that gave rise to the obligation to secure the Notes or such Guaranty under this Section 4.12. 
  

	Section 4.13	Business Activities. 

 The
Obligors will not engage in any lines of business other than the Core Businesses, except to the extent, in the reasonable opinion of the Company, as would not be material to the Company and its Restricted Subsidiaries taken as a whole. 

 

	Section 4.14	Legal Existence. 

  
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 Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary
to preserve and keep in full force and effect: 
 (1) its corporate existence, and the corporate, partnership or
other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; and 

(2) the corporate or entity franchises and rights (charter and statutory) of the Company and its Restricted Subsidiaries;

 provided, however, that the Company shall not be required to preserve any such franchise or right, or the corporate,
partnership or other existence of any of its Restricted Subsidiaries, if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 
  

	Section 4.15	Offer to Repurchase Upon Change of Control. 

 (a) Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
of $2,000) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) at an offer price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal
amount of Notes plus accrued and unpaid interest thereon and Additional Interest, if any, to the date of repurchase. Not more than 30 days following any Change of Control, the Company will deliver a notice to the Trustee and each Holder describing
the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the date specified in such notice, which date shall be no earlier than 30 days nor later than 60 days from the date such notice is sent (the
“Change of Control Payment Date”), pursuant to the procedures required by this Indenture and described in such notice. The Change of Control Offer may be made prior to the occurrence of a Change of Control, conditional upon such
Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. The Company will comply with all applicable laws, including, without limitation, Section 14(e) of the Exchange
Act and the rules thereunder and all applicable federal and state securities laws, and will include all instructions and materials necessary to enable Holders to tender their Notes. 

To the extent that the provisions of any securities laws or regulations conflict with the provisions of Sections 3.09 or 4.15 hereof, the
Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this Section 4.15 by virtue of such compliance. 

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

(1) accept for payment all Notes or portions thereof validly tendered pursuant to the Change of Control Offer, 

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions
thereof so tendered, and 
 (3) deliver or cause to be delivered to the Trustee the Notes so accepted, together
with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 

  
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 The Paying Agent will promptly pay to each Holder of Notes so tendered the Change of Control
Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered by such Holder, if any;
provided that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after
the Change of Control Payment Date. 
 The Change of Control provisions described above will be applicable whether or not any
other provisions of this Indenture are applicable. 
 (c) Notwithstanding anything to the contrary in this Section 4.15,
the Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this
Section 4.15 and Section 3.09 hereof and purchases all Notes validly tendered and not withdrawn under the Change of Control Offer or (2) notice of redemption with respect to all of the Notes has been given pursuant to
Section 3.07 hereof, unless and until there is a default in payment of the applicable redemption price. 
  

	Section 4.16	No Subordinated Debt Senior to The Notes or Guaranties. 

 No Obligor will Incur any Indebtedness that is subordinate or junior in right of payment to any unsubordinated debt and senior in any respect in right of payment to the Notes or the Guaranties. No such
Indebtedness will be considered to be senior by virtue of being secured on a first or junior priority basis. 
  

	Section 4.17	Additional Guaranties. 

Prior to the Acquisition Date, the Notes will not be guaranteed. On the Acquisition Date, each existing Subsidiary of Pinnacle that is a
guarantor under the New Credit Facility, including each existing Subsidiary of Ameristar, and ACE Gaming, LLC and PNK Development 13, LLC, will guarantee the Notes. After the Acquisition Date, if the Company or any of its Subsidiaries acquires or
creates a Subsidiary that is required to become a guarantor under any of Pinnacle’s Credit Facilities (including the New Credit Facility) then, subject to the applicable Gaming Laws, the Company will cause that newly acquired or created
Subsidiary to become a Guarantor and execute a Notation of Guaranty pursuant to a supplemental indenture in substantially the form of Exhibit E hereto and deliver an Opinion of Counsel to the Trustee within 30 Business Days of the date on which it
was acquired or created or such longer period as may be required to obtain any necessary approvals under applicable Gaming Laws or other regulatory requirements to the effect that such supplemental indenture has been duly authorized, executed and
delivered by that Subsidiary and constitutes a valid and binding agreement of that Subsidiary, enforceable in accordance with its terms (subject to customary exceptions). The form of such Notation of Guaranty is attached as Exhibit D hereto. The
Company shall use its best efforts to obtain all Gaming Approvals necessary to permit its Subsidiaries that are required to become Guarantors to become Guarantors as promptly as practicable. 

 

	Section 4.18	Designation of Restricted and Unrestricted Subsidiaries. 

 (a) The Board of the Company may designate any of its Restricted Subsidiaries to be Unrestricted Subsidiaries if such designation would not cause a Default. For purposes of making such determination, all
outstanding Investments by the Obligors (except to the extent repaid in cash or in kind) in the Subsidiary so designated will be deemed to be Restricted Payments at the time of such designation and will reduce the amount available for Restricted
Payments under Section 4.07(a) hereof to the extent 

  
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that such deemed Restricted Payments would not be excluded from such calculation under Section 4.07(b) hereof or will reduce the amount available under one or more clauses of the definition
of Permitted Investments, as determined by the Company. All such outstanding Investments will be deemed to constitute Investments in an amount equal to the fair market value of such Investments at the time of such designation as determined in good
faith by the Company. 
 Such designation will only be permitted if such Restricted Payment would be permitted at such time and if such
Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 Any designation of a Subsidiary as an
Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee within 30 days of such designation a certified copy of the Board resolution giving effect to such designation and an Officers’ Certificate certifying that such
designation complied with the foregoing conditions and was permitted by Section 4.07 hereof. If at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to
be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary as of such date and, if such Indebtedness is not permitted to be Incurred as of such date
under Section 4.09 hereof, the Company shall be in default of such Section 4.09. The Board of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation shall be
deemed to be an Incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if: 

(1) such Indebtedness is permitted under Section 4.09 hereof, and, if applicable, calculated on a pro forma basis as
if such designation had occurred at the beginning of the reference period, and 
 (2) no Default or Event of
Default would be caused by such designation. 
 As of the Issue Date, the following entities shall be Unrestricted Subsidiaries:
Casino Magic (Europe), B.V., Casino Magic Hellas Management Services, S.A., Landing Condominium, LLC, Pinnacle Retama Partners, LLC, PNK Development 10, LLC, PNK Development 11, LLC, PNK Development 17, LLC, PNK Development 18, LLC, PNK Development
28, LLC, PNK Development 29, LLC, PNK Development 30, LLC, PNK Development 31, LLC, PNK (Kansas), LLC, PNK (SA), LLC, PNK (VN), Inc., and Port St. Louis Condominium, LLC. 

 

	Section 4.19	Changes in Covenants when Notes Rated Investment Grade. 

 During any period of time that: 
 (1) the Notes have Investment
Grade Status, and 
 (2) no Default or Event of Default has occurred and is continuing under this Indenture with
respect to the Notes, 
 the Company and its Restricted Subsidiaries will not be subject to Sections 4.07, 4.09 or 4.10 of this Indenture
(collectively, the “Suspended Covenants”); provided, that with respect to those covenants that will remain in effect (the “Effective Covenants”), references in such Effective Covenants to clauses in the
Suspended Covenants will be deemed to continue to exist for purposes of interpretation of the Effective Covenants. 

  
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 In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants
with respect to the Notes for any period of time as a result of the preceding sentence and, subsequently, at least one of the two designated rating agencies withdraws its rating or assigns the Notes a rating below the required Investment Grade
Ratings, then the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants for the benefit of the Notes. Calculations under the reinstated Section 4.07 hereof will be made as if such covenant had been
in effect since the date of this Indenture except that no default by the Company will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended. 

 

	Section 4.20	Activities Prior to the Acquisition Date. 

 Notwithstanding anything in this Indenture to the contrary, prior to the Acquisition Date and the PNK Finance Merger, PNK Finance Corp.’s primary activities shall be restricted to (a) issuing
the Notes, (b) issuing capital stock to, and receiving capital contributions from, Pinnacle, (c) performing its obligations in respect of the Notes under this Indenture, the Escrow Agreement and the Registration Rights Agreement,
(d) consummating the Transactions and the Release substantially in accordance with the description of the Transactions set forth in the Offering Memorandum, and (e) conducting such other activities as are necessary or appropriate to carry
out the activities described above. Prior to the Acquisition Date, PNK Finance Corp. will not incur any Indebtedness other than the Notes, own, hold or otherwise have any interest in any material assets other than the Escrow Account (as defined in
the Escrow Agreement) and cash and Temporary Cash Investments and will not have any Subsidiaries. 
 ARTICLE 5 

SUCCESSORS 
  

	Section 5.01	Merger, Consolidation, or Sale of Assets. 

 Neither Pinnacle nor PNK Finance Corp. (in either case, the “Applicable Issuer”) may, in a single transaction or a series of related transactions, consolidate or merge with or into any Person,
or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any Person or adopt a Plan of Liquidation unless: 

(1) either 
 (A) in the case of a consolidation or merger the Applicable Issuer is the surviving or continuing corporation, or 
 (B) the Person (if other than the Applicable Issuer) formed by such consolidation or into which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other
disposition of the properties and assets of the Applicable Issuer and its Subsidiaries, taken as a whole, or in the case of a Plan of Liquidation, the Person to which assets of the Applicable Issuer and its Subsidiaries have been transferred
(i) shall be a corporation organized and validly existing under the laws of the United States or any State thereof or the District of Columbia and (ii) shall expressly assume, by supplemental indenture (in form and substance satisfactory
to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest and Additional Interest, if any, on all of the 

  
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Notes and the performance of every covenant of the Notes and this Indenture and the Registration Rights Agreement on the part of the Company to be performed or observed; 

(2) in the event that such transaction involves (A) the Incurrence by the Applicable Issuer or any Restricted
Subsidiary, directly or indirectly, of additional Indebtedness (and treating any Indebtedness not previously an obligation of the Applicable Issuer or any of its Restricted Subsidiaries Incurred in connection with or as a result of such transaction
as having been Incurred at the time of such transaction) and/or (B) the assumption contemplated by clause (1)(B)(ii) above (including giving effect to any Indebtedness and Acquired Debt Incurred or anticipated to be Incurred in connection
with or in respect of such transaction), then immediately after giving effect to such Incurrence and/or assumption under clauses (A) and (B), (i) the Applicable Issuer, or any such other Person assuming the obligations of the Applicable
Issuer through the operation of clause (1)(B) above, could Incur at least $1.00 of Indebtedness (other than Permitted Indebtedness) pursuant to the Consolidated Coverage Ratio test set forth in Section 4.09(b)(2) hereof or (ii) the
Consolidated Coverage Ratio of the Applicable Issuer (or such other Person assuming the obligations of the Applicable Issuer through the operation of clause (1)(B) above) is no less than the Applicable Issuer’s Consolidated Coverage Ratio
immediately prior to such transaction or series of transactions; 
 (3) immediately before and immediately after
giving effect to such transaction and the assumption contemplated by clause (1)(B)(ii) above (including, without limitation, giving effect to any Indebtedness and Acquired Debt Incurred or anticipated to be Incurred and any Lien granted in
connection with or in respect of the transaction) no Default and no Event of Default shall have occurred or be continuing; and 
 (4) the Applicable Issuer or such other Person shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment,
transfer, lease, conveyance, other disposition or Plan of Liquidation and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with the applicable provisions of this Indenture and that all
conditions precedent in this Indenture relating to such transaction have been satisfied. 
 Notwithstanding the foregoing:

 (A) any Restricted Subsidiary may consolidate with, or merge with or into, or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its assets to the Applicable Issuer, 
 (B) the
Applicable Issuer or any Subsidiary may consolidate with or merge with or into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets to any Person that has conducted no business and Incurred no
Indebtedness or other liabilities if such transaction is solely for the purpose of effecting a change in the state of incorporation or form of organization of the Applicable Issuer, 

(C) PNK Finance Corp. may merge with and into Pinnacle in connection with the Acquisition, and 

(D) Ameristar may merge with and into Pinnacle in connection with the Acquisition. 

  
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 For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a
single transaction or series of transactions) of all or substantially all of the properties and assets of one or more Subsidiaries of the Applicable Issuer, the Capital Stock of which constitutes all or substantially all of the properties and assets
of the Applicable Issuer, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Applicable Issuer. 
  

	Section 5.02	Successor Person Substituted. 

 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Applicable Issuer in a
transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Applicable Issuer is merged or to which such sale, assignment, transfer,
lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this
Indenture referring to the Applicable Issuer shall refer instead to the successor Person and not to the Applicable Issuer), and may exercise every right and power of the Applicable Issuer under this Indenture with the same effect as if such
successor Person had been named as the Applicable Issuer herein; provided, however, that the predecessor Applicable Issuer shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a
sale of all or substantially all of the properties and assets of such predecessor Applicable Issuer and its Subsidiaries, taken as a whole, in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof.

 On the Acquisition Date, Pinnacle shall expressly assume, by supplemental indenture satisfactory to the Trustee, executed and
delivered to the Trustee by Pinnacle, the due and punctual payment of the principal, premium, if any, and interest and Additional Interest, if any, on all of the Notes, and the due and punctual performance and observance of all the covenants and
obligations under the Notes and this Indenture to be performed by the Applicable Issuer. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 
  

	Section 6.01	Events of Default. 

 Each
of the following is an “Event of Default”: 
 (1) default for 30 days in the payment when due of
interest (including any Additional Interest) on the Notes or the Guaranties; 
 (2) default in payment of the
principal of or premium, if any, on the Notes or the Guaranties when due and payable, at maturity, upon acceleration, redemption or otherwise; 
 (3) failure by any Obligor to comply with any of its other agreements in this Indenture, the Notes or the Guaranties for 60 days after written notice to the Company by the Trustee or by Holders of not
less than 25% in aggregate principal amount of the Notes then outstanding voting as a single class; 
 (4)
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by any Obligor (or the payment of which is guaranteed by any Obligor) whether such
Indebtedness or guarantee now exists, or is created after the Issue Date, which default: 

  
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 (A) is caused by a failure to pay principal of or premium, if any, or
interest, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”), or 

(B) results in the acceleration of such Indebtedness prior to its express maturity 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under
which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million or more; 
 (5) failure by any Obligor to pay final judgments aggregating in excess of $50.0 million, net of any applicable insurance, the carrier or underwriter with respect to which has acknowledged liability in
writing, which judgments are not paid, discharged or stayed for a period of 60 days after such judgment or judgments become final and non-appealable; 
 (6) any Obligor pursuant to or within the meaning of Bankruptcy Law: 
 (A) commences a voluntary case, 
 (B) consents to the entry of an
order for relief against it in an involuntary case, 
 (C) consents to the appointment of a custodian of it or
for all or substantially all of its property, or 
 (D) makes a general assignment for the benefit of its
creditors, and 
 (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 (A) is for relief against any Obligor in an involuntary case; 

(B) appoints a custodian of any Obligor or for all or substantially all of the property of any Obligor; or 

(C) orders the liquidation of any Obligor; 

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

 

	Section 6.02	Acceleration. 

 If an
Event of Default (other than an Event of Default with respect to clauses (6) and (7) of Section 6.01 hereof with respect to the Company or any of its Significant Subsidiaries or any group of Obligors that, taken together as a whole,
would constitute a Significant Subsidiary), including, without limitation, an Event of Default specified in clauses (6) and (7) of Section 6.01 hereof, with respect to a single Obligor that does not constitute a Significant Subsidiary
or a group of Obligors that taken together as a whole would not constitute a Significant Subsidiary, occurs and is continuing, then and in every such case, the Trustee or the Holders of not less than 25% in aggregate principal amount of the then
outstanding Notes may declare the principal amount, together with any accrued and unpaid interest and premium and Additional Interest, if any, on all the Notes and Guaranties then outstanding to be due and

  
 81 

 
payable, by a notice in writing to the Company (and to the Trustee, if given by Holders) specifying the Event of Default and that it is a “notice of acceleration” and on the fifth
Business Day after delivery of such notice the principal amount, in either case, together with any accrued and unpaid interest and premium and Additional Interest, if any, on all the Notes or the Guaranties then outstanding will become immediately
due and payable, notwithstanding anything contained in this Indenture, the Notes or the Guaranties to the contrary. Upon the occurrence of specified Events of Default specified in clause (6) or (7) of Section 6.01 hereof with respect
to the Company or any of its Significant Subsidiaries or any group of Obligors that, taken together as a whole, would constitute a Significant Subsidiary, the principal amount, together with any accrued and unpaid interest and premium and Additional
Interest, if any, will immediately and automatically become due and payable, without the necessity of notice or any other action by any Person. Holders of the Notes may not enforce this Indenture, the Notes or the Guaranties except as provided in
this Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee shall be under no obligation to exercise any of the
rights or powers at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or Additional
Interest, if any) if it determines that withholding notice is in their interest. 
 Upon any such declaration of acceleration,
the Notes shall become due and payable immediately. 
 Notwithstanding any other provision of this
Indenture, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations described under Section 4.03 hereof, and for any failure to comply with the requirements of Section 314(a) of the TIA, will
for the 365 days after the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest on the principal amount of the Notes at a rate equal to 0.50% per annum. This Additional Interest will be
payable in the same manner and subject to the same terms as other interest payable under this Indenture. The Additional Interest will accrue on all outstanding Notes from and including the date on which an Event of Default relating to a failure to
comply with the reporting obligations described under Section 4.03 hereof or Section 314(a) of the TIA first occurs to but not excluding the 365th day thereafter (or such earlier date on which the Event of Default relating to the reporting obligations described
under Section 4.03 hereof or Section 314(a) of the TIA shall have been cured or waived). On such
365th day (or earlier, if the Event of Default relating to
such reporting obligations is cured or waived prior to such 365th day), such Additional Interest will cease to accrue and the Notes will be subject to the other remedies as provided under this Section 6.02 if the Event of Default is continuing. For the avoidance
of doubt, the provisions of this paragraph will not affect the rights of Holders of Notes in the event of the occurrence of any other Event of Default. 
 The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders, rescind an acceleration and its consequences,
if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium or Additional Interest, if any, that has become due solely because of the acceleration) have
been cured or waived. 
  

	Section 6.03	Other Remedies. 

 If an
Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium and Additional Interest, if any, and interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture. 

  
 82 

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

	Section 6.04	Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of principal of, premium, if any, or interest, on the Notes or the
Guaranties (including in connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including
any related payment default that resulted solely from such acceleration). The waiver by the holders of any Indebtedness described in clause (4) of Section 6.01 hereof of the predicating default under such Indebtedness shall be deemed a
waiver of such Default or Event of Default arising under, and a rescission of any acceleration resulting from the application of clause (4), from the effective date, during the effective period and to the extent of, the waiver by the holders of such
other Indebtedness. Upon any waiver granted or deemed granted in accordance with the terms hereof, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured and waived for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

	Section 6.05	Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
  

	Section 6.06	Limitation on Suits. 

 A
Holder may pursue a remedy with respect to this Indenture or the Notes only if: 
 (1) such Holder gives to the
Trustee written notice that an Event of Default is continuing; 
 (2) Holders of at least 25% in aggregate
principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
 (3)
such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 

(4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or
indemnity; and 
 (5) during such 60-day period, Holders of a majority in aggregate principal amount of the then
outstanding Notes do not give the Trustee a direction inconsistent with such request. 

  
 83 

 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a
Note or to obtain a preference or priority over another Holder of a Note. 
  

	Section 6.07	Rights of Holders of Notes to Receive Payment. 

 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and Additional Interest, if any, and interest on the Note, on or after the
respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder. 
  

	Section 6.08	Collection Suit by Trustee. 

 If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal of, premium and Additional Interest, if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

 

	Section 6.09	Trustee May File Proofs of Claim. 

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

	Section 6.10	Priorities. 

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

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment
of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

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

	Section 6.11	Undertaking for Costs. 

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

	Section 6.12	Remedies Subject to Applicable Law. 

 All rights, remedies and powers provided by this Article 6 may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this
Indenture are intended to be subject to all applicable laws, including applicable Gaming Laws, and to be limited to the extent necessary so that they will not render this Indenture invalid, unenforceable or not entitled to be recorded, registered or
filed under the provisions of any applicable law. 
 ARTICLE 7 

TRUSTEE 
  

	Section 7.01	Duties of Trustee. 

 (a)
If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default:

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

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of certificates or opinions specifically required by any provision
hereof to 

  
 85 

 
be furnished to it, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities
for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be
liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.

 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The
Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or
expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) The Trustee shall reasonably cooperate with any Gaming Authority of any jurisdiction in which the Company or any of its Subsidiaries conducts or proposes to conduct gaming and shall produce any
document or information as any of them may reasonably request. 
  

	Section 7.02	Rights of Trustee. 

 (a)
The Trustee may conclusively rely upon any document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the
document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its own selection and the advice of
such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent or
attorney appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

  
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 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will 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 unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against the
losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 
 (g) In no event
shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action. 
 (h) The Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and this Indenture. 
 (i) The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(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 7.03	Individual Rights of Trustee. 

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

	Section 7.04	Trustee’s Disclaimer. 

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

	Section 7.05	Notice of Defaults. 

  
 87 

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

	Section 7.06	Reports by Trustee to Holders of the Notes. 

 (a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee will mail to the Holders of the
Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted).
The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 
 (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which the Notes
are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee when the Notes are listed on any stock exchange or delisted therefrom. 

 

	Section 7.07	Compensation and Indemnity. 

 (a) The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation will not be limited by any
law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such
expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b)
The Company and the Guarantors, jointly and severally, will indemnify the Trustee against any and all losses, claims, damages, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties
under this Indenture, including the costs and expenses of enforcing this Indenture against the Company and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Company, the Guarantors, any
Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be determined to have been caused by its negligence or bad
faith. The Trustee will notify the Company promptly of any claim of which a Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company or any of the
Guarantors of their obligations hereunder. The Company or such Guarantors will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses of such
counsel. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
 (c) The obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee.

 (d) To secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will
have a Lien prior to the Notes on all money or property held or collected by the Trustee, 

  
 88 

 
except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 

(e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(6) or (7) hereof
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

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

 

	Section 7.08	Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any
time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing.
The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof;

 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its
property; or 
 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly
appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed
by the Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the
Company. 
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to
comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become
effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property
held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. 

  
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Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee.

  

	Section 7.09	Successor Trustee by Merger, etc. 

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

	Section 7.10	Eligibility; Disqualification. 

 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws
to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of
condition. 
 This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b). 
  

	Section 7.11	Preferential Collection of Claims Against Company. 

 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA
§ 311(a) to the extent indicated therein. 
  

	Section 7.12.	Authority to Enter Escrow Agreement. 

 The Trustee is authorized and directed to execute, deliver and perform its duties, if any, under the Escrow Agreement. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

 

	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance. 

 The Company may at any time, at the option of its Board evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all
outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
  

	Section 8.02	Legal Defeasance and Discharge. 

 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Guaranties) on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Guaranties),
which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other
obligations under such Notes, the Guaranties and this 

  
 90 

 
Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until
otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of outstanding Notes to receive
payments in respect of the principal of, or interest or premium and Additional Interest, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 

(2) the Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 

(3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in
connection therewith; and 
 (4) this Article 8. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof. 
  

	Section 8.03	Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each
of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16,
4.17 and 4.18 hereof and clauses (2) and (3) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to
the outstanding Notes and Guaranties, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Guaranties will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable
to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(5) hereof will not constitute Events of Default. 

 

	Section 8.04	Conditions to Legal or Covenant Defeasance. 

 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as
will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest and Additional Interest, if any, on the outstanding Notes on the stated maturity or on the
applicable 

  
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redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 

(2) in the case of an election under Section 8.02 hereof, the Company shall have delivered to the Trustee an Opinion
of Counsel reasonably acceptable to the Trustee confirming that: 
 (A) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling, or 
 (B) since the date of this Indenture, there
has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3)
in the case of an election under Section 8.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had
not occurred; 
 (4) no Default or Event of Default shall have occurred and be continuing either: 

(A) on the date of such deposit (other than a Default or Event of Default resulting from transactions occurring
contemporaneously with the borrowing of funds, or the borrowing of funds, to be applied to such deposit); or 

(B) insofar as Events of Default resulting from bankruptcy or insolvency events are concerned, at any time in the period
ending on the 91st day after the date of deposit (in which case such defeasance shall have been effective on the date of deposit until the time of such occurrence and, upon such occurrence, shall immediately cease to be effective); 

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

(6) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the
Company with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 

(7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

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

Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in
accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including any Obligor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due
and to become due thereon in respect of principal, premium and Additional Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or
non-callable Government Securities deposited pursuant to Section 8.04 hereof 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. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company
from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in
a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance
or Covenant Defeasance. 
  

	Section 8.06	Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of,
premium or Additional Interest, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Additional Interest, if any, or interest has become due and payable shall be paid to the Company on its request
or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  

	Section 8.07	Reinstatement. 

 If the
Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Guarantors’ obligations under this Indenture and the Notes and the Guaranties will be revived and reinstated as though no deposit had occurred
pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company
makes any payment of principal of, premium or Additional Interest, if any, or interest on, any Note 

  
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following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying
Agent. 
 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
  

	Section 9.01	Without Consent of Holders of Notes. 

 Notwithstanding Section 9.02 of this Indenture, the Obligors, the Trustee and the Escrow Agent may amend or supplement this Indenture, the Notes, the Guaranties or the Escrow Agreement without the
consent of any Holder of Note: 
 (1) to cure any ambiguity, defect or inconsistency; 

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

(3) to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes and
Guaranties by a successor to the Company or such Guarantor pursuant to Article 5 or Article 10 hereof; 
 (4) to
make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder; 

(5) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
TIA; 
 (6) to comply with requirements of applicable Gaming Laws or to provide for requirements imposed by
applicable Gaming Authorities; 
 (7) to conform the text of this Indenture, the Notes or the Escrow Agreement to
any provision of the “Description of Notes” section of the Offering Memorandum, to the extent that such provision in that “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the
Guaranties, the Notes or the Escrow Agreement; 
 (8) to provide for the issuance of Additional Notes in
accordance with the limitations set forth in this Indenture as of the date hereof; or 
 (9) to allow any
Guarantor to execute a supplemental indenture and/or a Notation of Guaranty with respect to the Notes. 
 Upon the request of
the Company accompanied by a resolution of its Board authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee and the Escrow Agent
(as applicable) will join with the Company and the Guarantors in the execution of any amended or supplemental indenture or amended escrow agreement authorized or permitted by the terms of this Indenture and to make any further appropriate agreements
and stipulations that may be therein contained, but neither the Trustee nor the Escrow Agent (as applicable) shall be obligated to enter into such amended or supplemental indenture or amended escrow agreement that affects its own rights, duties or
immunities under this Indenture or otherwise. 
  

	Section 9.02	With Consent of Holders of Notes. 

  
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 Except as provided below in this Section 9.02, the Obligors, the Trustee and the Escrow
Agent (with respect to the Escrow Agreement only) may amend or supplement this Indenture (including, without limitation, Sections 3.09, 4.10 and 4.15 hereof and the defined terms used therein) and the Notes, Escrow Agreement, and the Guaranties with
the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in
connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of,
premium or Additional Interest, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes or the Escrow Agreement or the
Guaranties may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Without the consent of at least 66-2/3% in aggregate principal amount of the Notes then outstanding (including consents obtained in connection
with a tender offer or exchange offer for, or purchase of, such Notes), no waiver or amendment to this Indenture may make any change in the provisions of Article 10 hereof that releases any Guarantor from its obligations under any Guaranty, that
adversely affects the rights of any Holder of Notes. Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 

Upon the request of the Company accompanied by a resolution of its Board authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee and the Escrow Agent (to the extent the Escrow Agreement has not been terminated prior to such time) of evidence satisfactory to the Trustee and the Escrow Agent (if applicable) of the consent of the
Holders of Notes as aforesaid, and upon receipt by the Trustee and the Escrow Agent (if applicable) of the documents described in Section 7.02 hereof, the Trustee and the Escrow Agent (if applicable) will join with the Obligors in the execution
of such amended or supplemental indenture or amended escrow agreement unless such amended or supplemental indenture directly affects the Trustee’s or the Escrow Agent’s own rights, duties or immunities under this Indenture or otherwise, in
which case the Trustee or the Escrow Agent may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 
 It is not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such
consent approves the substance thereof. 
 After an amendment, supplement or waiver under this Section 9.02 becomes
effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or
affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive
compliance in a particular instance by any Obligor with any provision of this Indenture or the Notes or the Guaranties. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not
(with respect to any Notes held by a non-consenting Holder): 
 (1) reduce the principal amount of Notes whose
Holders must consent to an amendment, supplement or waiver, 

  
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 (2) reduce the principal of or change the fixed maturity of any Note or
alter the provisions with respect to the redemption of the Notes (other than provisions relating to Sections 3.09, 4.10 and 4.15 hereof), 
 (3) reduce the rate of or change the time for payment of interest on any Note, including default interest, 
 (4) waive a Default or Event of Default in the payment of principal of or premium, if any, or interest or Additional Interest, if any, on the Notes (except a rescission of acceleration of the Notes by the
Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration), 

(5) make any Note payable in money other than that stated in the Notes, 

(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of
Notes to receive payments of principal of or premium, if any, or interest or Additional Interest, if any, on the Notes, 
 (7) waive a redemption payment with respect to any Note (other than a payment required by one of the conditions in Sections 3.09, 4.10 and 4.15 hereof), or 

(8) make any change in the foregoing amendment and waiver provisions. 

 

	Section 9.03	Compliance with Trust Indenture Act. 

 Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 

 

	Section 9.04	Revocation and Effect of Consents. 

 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee
receives written notice of revocation before the date upon which the requisite consents for the applicable amendment, supplement or waiver have been obtained. An amendment, supplement or waiver becomes effective in accordance with its terms and
thereafter binds every Holder. 
  

	Section 9.05	Notation on or Exchange of Notes. 

 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon
receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make
the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 
  

	Section 9.06	Trustee to Sign Amendments, etc. 

  
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 The Trustee will sign any amended or supplemental indenture authorized pursuant to this
Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of the Company approves it. In executing
any amended or supplemental indenture, the Trustee will be provided with and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’
Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
 ARTICLE 10 
 NOTE GUARANTIES 

 

	Section 10.01	Guaranty. 

 (a) Subject to
this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 

(1) the principal of, premium and Additional Interest, if any, and interest on, the Notes will be promptly paid in full
when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or
thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

(2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each
Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree that
their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to
any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor
hereby waives diligence, 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, protest, notice and all demands whatsoever
and covenant that this Guaranty will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either
the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Guaranty, to the extent theretofore discharged, will be reinstated in full force and effect. 

  
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 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Guaranty, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and
payable by the Guarantors for the purpose of this Guaranty. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Guaranty.

  

	Section 10.02	Limitation on Guarantor Liability. 

 Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guaranty of such Guarantor not constitute a fraudulent transfer or
conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guaranty. To effectuate the foregoing intention, the Trustee,
the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such
Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under
this Article 10, result in the obligations of such Guarantor under its Guaranty not constituting a fraudulent transfer or conveyance. 
  

	Section 10.03	Execution and Delivery of Guaranty. 

 To evidence its Guaranty set forth in Section 10.01 hereof, each Guarantor hereby agrees that a notation of such Guaranty substantially in the form attached as Exhibit D hereto will be endorsed by an
Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers. 
 Each Guarantor hereby agrees that its Guaranty set forth in Section 10.01 hereof will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guaranty.

 If an Officer whose signature is on this Indenture or on the Guaranty no longer holds that office at the time the Trustee
authenticates the Note on which a Guaranty is endorsed, the Guaranty will be valid nevertheless. 
 The delivery of any Note by
the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guaranty set forth in this Indenture on behalf of the Guarantors. 
 In the event that the Company or any of its Subsidiaries creates or acquires any Subsidiary on or after the Acquisition Date that is required to become a guarantor under any of Pinnacle’s Credit
Facilities (including the New Credit Facility), if required by Section 4.17 hereof, the Company will cause such Subsidiary to comply with the provisions of Section 4.17 hereof and this Article 10, to the extent applicable. 

 

	Section 10.04	Releases. 

  
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 (a) In the event of any sale or other disposition of all or substantially all of the assets
of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition (including by way of liquidation permitted hereunder) of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or
after giving effect to such transactions) the Company or a Restricted Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such
Guarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Guaranty; provided that the
Net Cash Proceeds, if any, of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 hereof. Upon delivery by the Company to the Trustee of an
Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10 hereof, the Trustee
will execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Guaranty. 
 (b) Upon designation of any Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor will be released and relieved of any obligations under its Guaranty.

 (c) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance
with Article 11 hereof, each Guarantor will be released and relieved of any obligations under its Guaranty. 
 Any Guarantor not
released from its obligations under its Guaranty as provided in this Section 10.04 will remain liable for the full amount of principal of and interest and premium and Additional Interest, if any, on the Notes and for the other obligations of
any Guarantor under this Indenture as provided in this Article 10. 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 
  

	Section 11.01	Satisfaction and Discharge. 

 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
 (1) either: 
 (a) all Notes that have been authenticated, except
lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 

(b) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
mailing of a notice of redemption (and all conditions to such redemption have been satisfied or waived) or otherwise will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be
sufficient, without consideration of any reinvestment of interest (in the opinion of a nationally recognized firm of independent public accountants), to pay and discharge the entire Indebtedness on the Notes not delivered to the

  
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Trustee for cancellation for principal, premium and Additional Interest, if any, and accrued interest to the date of maturity or redemption; 

(2) no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or
Event of Default resulting from transactions occurring contemporaneously with the borrowing of funds, or the borrowing of funds, to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default
under, any other material instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
 (3) the Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 
 (4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case
may be. 
 In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all
conditions precedent to satisfaction and discharge have been satisfied. 
 Upon compliance with the foregoing, the Trustee shall
execute proper instrument(s) acknowledging the satisfaction and discharge of all the Company’s and the Guarantors’ obligations under the Notes, the Guaranties and this Indenture. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. 
  

	Section 11.02	Application of Trust Money. 

 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof 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 and Additional Interest, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 hereof by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Company has made any payment of principal of, premium or Additional Interest, if any, or
interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

  
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 ARTICLE 12 
 MISCELLANEOUS 
  

	Section 12.01	Trust Indenture Act Controls. 

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

 

	Section 12.02	Notices. 

 Any notice or
communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier
guaranteeing next day delivery, to the others’ address: 
 If to the Company and/or any Guarantor: 

Pinnacle Entertainment, Inc. 
 8918 Spanish Ridge Avenue 
 Las Vegas, Nevada 89148 

Facsimile No.: (702) 784-7778 
 Attention: John A. Godfrey, Esq. 
 With a copy to: 

Morrison & Foerster LLP 
 2000 Pennsylvania Ave., NW 
 Washington, DC 20006 

Facsimile No.: (202) 785-7522 
 Attention: David Slotkin, Esq. 
 If to the Trustee: 

The Bank of New York Mellon Trust Company, N.A. 
 400 South Hope Street, Suite 400 
 Los Angeles, California 90071 

Facsimile No.: (213) 630-6298 
 Attention: Corporate Unit 
 The Company, any Guarantor, or the
Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 

All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery. 
 The Trustee agrees to accept and act upon instructions or directions pursuant to
this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written
instructions, shall provide the originally executed instructions or directions to the Trustee in a timely 

  
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manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If the party
elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be
deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address
shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect
in it will not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Company mails a
notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 
  

	Section 12.03	Communication by Holders of Notes with Other Holders of Notes. 

 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, any Guarantor, the Trustee, the Registrar and
anyone else shall have the protection of TIA § 312(c). 
  

	Section 12.04	Certificate and Opinion as to Conditions Precedent. 

 Upon any request or application by the Company to the Trustee to take any action under this Indenture, except the initial authentication and delivery of the Notes on the Issue Date, the Company shall
furnish to the Trustee: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been
satisfied; and 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. Such counsel may rely on representations, warranties and certificates
of other Persons as to matters of fact, and may qualify the Opinion of Counsel with customary assumptions and exceptions. 
  

	Section 12.05	Statements Required in Certificate or Opinion. 

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

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

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

	Section 12.06	Rules by Trustee and Agents. 

 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

 

	Section 12.07	No Personal Liability of Directors, Officers, Employees and Stockholders. 

 No past, present or future director, officer, employee, agent, manager, partner, member, incorporator or stockholder of any Obligor, in such capacity, will have any liability for any obligations of any
Obligor under the Notes, this Indenture or the Guaranties or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes and the Guaranties. 
  

	Section 12.08	Governing Law. 

 THE
INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTIES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 
  

	Section 12.09	No Adverse Interpretation of Other Agreements. 

 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be
used to interpret this Indenture. 
  

	Section 12.10	Successors. 

 All
agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as
otherwise provided in Section 10.04 hereof. 
  

	Section 12.11	Severability. 

  
 103

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

	Section 12.12	Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the
same agreement. 
  

	Section 12.13	Table of Contents, Headings, etc. 

 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
  

	Section 12.14	Waiver of Jury Trial. 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
  

	Section 12.15	Force Majeure 

 In no
event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(Signatures on following page) 

  
 104

 SIGNATURES 
 Dated as of August 5, 2013 
  

			
	PNK FINANCE CORP.
		
	By:	 	 /s/ John A. Godfrey

	Name:	 	John A. Godfrey
	Title:	 	Executive Vice President and Secretary

  
 S-1

									
		 		 	THE TRUSTEE
	Dated as of August 5, 2013	 		 	
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A.,
		 		 	AS TRUSTEE
				
		 		 	By:	 	 /s/ Julie Hoffman-Ramos

		 		 		 	Name:	 	Julie Hoffman-Ramos
		 		 		 	Title:	 	Vice President

  
 S-2

 EXHIBIT A 
 [Face of Note] 
  
 CUSIP/CINS              

6.375% Senior Notes due 2021 
  

			
	No.     	  	$            

 PNK FINANCE CORP. 
 promises to pay to [            ] or registered assigns, 
 the principal sum of          DOLLARS on August 1, 2021 
 Interest Payment Dates: February 1 and August 1 
 Record Dates: January 15 and
July 15 
 Dated:             , 201     

 

			
	PNK FINANCE CORP.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

  
 A-1

 [Back of Note] 
 6.375% Senior Notes due 2021 
 [Insert the Global Note Legend, if applicable pursuant to the
provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

 THE NOTES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON OWNERSHIP AND TRANSFER IMPOSED BY APPLICABLE
GAMING LAWS, THE PROVISIONS OF ARTICLE XIII OF THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION (DEALING WITH GAMING LAWS AND GAMING-RELATED RESTRICTIONS ON OWNERSHIP AND TRANSFER), INCLUDING ANY AMENDMENTS THERETO OR ANY SUCCESSOR
PROVISIONS THERETO, AND SECTION 3.07(e) OF THE INDENTURE (WHICH IS SUMMARIZED ON THIS CERTIFICATE). A COPY OF ARTICLE XIII OF THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION IS ON FILE AT THE OFFICE OF THE COMPANY, AND MADE A PART HEREOF AS
FULLY AS THOUGH THE PROVISIONS OF SAID PROVISIONS OF THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION WERE PRINTED IN FULL ON THIS CERTIFICATE, TO ALL OF WHICH THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, ASSENTS AND AGREES TO BE
BOUND. ANY HOLDER OF A NOTE MAY OBTAIN, UPON REQUEST AND WITHOUT CHARGE, A COPY OF SUCH PROVISIONS OF THE COMPANY’S RESTATED CERTIFICATE OF INCORPORATION. ANY SUCH REQUEST SHALL BE ADDRESSED TO THE SECRETARY OF THE COMPANY. 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 (1) INTEREST. PNK Finance Corp., a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 6.375% per annum from             ,      until maturity and shall pay
the Additional Interest, if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on February 1 and August 1
of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding
Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be             ,
    . The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess
of the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any
applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

(2) METHOD OF PAYMENT. The Company will pay interest on
the Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the January 15 or July 15 next preceding the Interest Payment Date, even if such Notes
are canceled after such record date and on or before such Interest 

  
 A-2

 
Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional Interest, if any, and
interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest and Additional Interest, if any, may be made by check mailed to the
Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on,
all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
 (3) PAYING AGENT
AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 (4)
INDENTURE. The Company issued the Notes under an Indenture dated as of August 5, 2013 (the “Indenture”) between the Company and the Trustee. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. Prior to the Acquisition Date, the Notes will be senior secured obligations of the Company, secured only by the escrow proceeds
deposited pursuant to the Escrow Agreement. From and after the Acquisition Date, the Notes will be unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of the Notes that may be issued thereunder.

 (5) OPTIONAL REDEMPTION. 

(a) Except as set forth in Section 3.10 of the Indenture and in subparagraphs (b), (c), (d) and (e) of this
Paragraph 5, the Company will not have the option to redeem the Notes prior to August 1, 2016. On or after August 1, 2016, the Company will have the option to redeem the Notes, in whole or in part, upon not less than 15 nor more than 60
days’ notice, at the redemption prices (expressed as percentages of principal amount thereof) set forth below plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed (subject to the rights of Holders of Notes on
the relevant record dates occurring prior to the redemption date to receive interest due on the relevant interest payment date), to the applicable redemption date, if redeemed during the twelve-month period beginning on August 1 of the years
indicated below: 
  

					
	 Year
	  	Percentage	 
	 2016
	  	 	104.781	% 
	 2017
	  	 	103.188	% 
	 2018
	  	 	101.594	% 
	 2019 and thereafter
	  	 	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest and the Additional Interest,
if any, will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 

  
 A-3

 (b) Notwithstanding the provisions of subparagraph (a) of this
Paragraph 5, at any time prior to August 1, 2016, the Company may redeem up to 35% of the initially outstanding aggregate principal amount of Notes issued under the Indenture at a redemption price in cash of 106.375% of the principal amount
thereof, plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the redemption date, with the net cash proceeds of one or more Equity Offerings of the Company (subject to the rights of Holders of Notes on the
relevant record dates occurring prior to the redemption date to receive interest due on the relevant interest payment date); provided that at least 65% of the initially outstanding aggregate principal amount of Notes (excluding Notes held by
the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption, notice of any such redemption shall be given by the Company to the Holders and the Trustee within 15 days after the consummation of any such
Equity Offering, and such redemption shall occur within 60 days of the date of such notice. 
 (c) At any time
prior to August 1, 2016 the Company may also redeem all or a part of the Notes upon not less than 15 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at a redemption price equal to
100% of the principal amount of notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the Redemption Date, subject to the rights of Holders of Notes on the relevant record dates
occurring prior to the Redemption Date to receive interest due on the relevant interest payment date. 
 (d) In
addition to the foregoing, if (1) any Gaming Authority makes a determination of unsuitability of a Holder or beneficial owner of Notes (or of an Affiliate of such Holder or beneficial owner), or (2) any Gaming Authority requires that a
Holder or beneficial owner of Notes (or an Affiliate thereof) must (i) be licensed, qualified or found suitable under any applicable Gaming Laws or (ii) reduce its position in the Notes to below a level that would require licensure,
qualification or a finding of suitability, and such Holder or beneficial owner (or Affiliate thereof): (A) fails to apply for a license, qualification or a finding of suitability within 30 days (or such shorter period as may be required by the
applicable Gaming Authority) after being requested to do so by the Gaming Authority, (B) fails to reduce its position in the Notes appropriately, or (C) is denied such license or qualification or not found suitable, the Company shall have
the right at any time from or after August 5, 2013, at its option: (1) to require any such Holder or beneficial owner to dispose of all or a portion of its Notes within 30 days (or such earlier date as may be required by the applicable
Gaming Authority) of receipt of such notice or finding by such Gaming Authority, or (2) to call for the redemption of all or a portion of the Notes of such Holder or beneficial owner at a redemption price equal to the least of: (A) the
principal amount thereof, (B) the price at which such Holder or beneficial owner acquired the Notes, in the case of either clause (A) above or this clause (B), together with accrued and unpaid interest and Additional Interest, if any, to
the earlier of the date of redemption or the date of the denial of license or qualification or of the finding of unsuitability by such Gaming Authority (subject to the rights of Holders of Notes on the relevant record dates occurring prior to such
redemption date to receive interest on the relevant interest payment date), or (C) such other lesser amount as may be required by any Gaming Authority. Immediately upon a determination by a Gaming Authority that a Holder or beneficial owner of
the Notes (or an Affiliate thereof) will not be licensed, qualified or found suitable or is denied a license, qualification or finding of suitability, the Holder or beneficial owner will not have any further rights with respect to the Notes to:
(1) exercise, directly or indirectly, through any Person, any right conferred by the Notes; or (2) receive any interest or Additional Interest, if any, or any other distribution or payment with respect to the Notes; or (3) receive any
remuneration in any form from the Company or its Affiliates for services rendered or otherwise, except the redemption price of the 

  
 A-4

 
Notes. The Company shall notify the Trustee in writing of any such redemption as soon as practicable. The Holder or beneficial owner (of an Affiliate thereof) applying for a license,
qualification or a finding of suitability must pay all costs of the licensure or investigation for such qualification or finding of suitability. 
 (e) In addition, by accepting a Note, each Holder or beneficial owner of a Note will be agreeing to comply with all requirements of the Gaming Laws and Gaming Authorities in each jurisdiction
where the Company and its Affiliates are licensed or registered under applicable Gaming Laws or conduct gaming activities. Each Holder or beneficial owner will also be agreeing that the Notes held by such Holder or beneficial owner shall be subject
to the provisions of Article XIII of the Company’s Restated Certificate of Incorporation (dealing with Gaming Laws and gaming-related restrictions on ownership and transfer), including any amendments thereto or any successor provisions thereto,
a copy of which is on file at the office of the Company, and made a part hereof as fully as though the provisions of said provisions of the Company’s Restated Certificate of Incorporation were printed in full on this certificate, to all of
which the Holder of this certificate, by acceptance hereof, assents and agrees to be bound. Any Holder of a Note may obtain, upon request and without charge, a copy of such provisions of the Company’s Restated Certificate of Incorporation. Any
such request shall be addressed to the Secretary of the Company. 
 (6) MANDATORY
REDEMPTION. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes other than in accordance with Section 3.10 of the Indenture. 

(7) ESCROW OF PROCEEDS; SPECIAL MANDATORY REDEMPTION. The Notes are subject to the provisions of an Escrow
Agreement between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee and Escrow Agent. In the event that (i) the Escrow Agent and the Trustee have not received a certificate in accordance with Section 6.2 of the
Escrow Agreement prior to 10:00 a.m. (New York City time) on the Outside Date (as defined in the Escrow Agreement) or (ii) the Escrow Agent and the Trustee receive, at any time prior to 10:00 a.m. (New York City time) on the Outside Date, a
certificate from the Company executed by an authorized representative of the Company and certifying that the Merger Agreement has been terminated in accordance with its terms (any such event being a “Special Mandatory Redemption
Event”), the Company shall deliver or cause to be delivered electronically, or mail or cause to be mailed by first-class mail, a notice of redemption (with a copy to the Escrow Agent) within three Business Days of such event to each Holder
of Notes at such Holder’s registered address or otherwise in accordance with Applicable Procedures and with the second paragraph of Section 3.03 of the Indenture that the entire principal amount outstanding of the Notes shall be redeemed
at a redemption price equal to 100% of the initial issue price of the Notes plus accrued and unpaid interest from the Issue Date, to and including the date of the Special Mandatory Redemption (the “Special Mandatory Redemption
Price”), automatically and without any further action by such Holder (the “Special Mandatory Redemption”). At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name
and at its expense, provided, that the Company shall have delivered to the Trustee, within one Business Day of the occurrence of a Special Mandatory Redemption Event (unless a shorter time has been agreed to by the Trustee), an Officers’
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.03 of the Indenture. Within five Business Days (or such other minimum period as required by the
Depositary) after such notice has been given, the Special Mandatory Redemption shall occur. Upon release of the proceeds from the sale of the Notes to the Company in accordance with the Escrow Agreement,

  
 A-5

 
the Notes shall no longer be subject to a Special Mandatory Redemption pursuant to Section 3.10 of the Indenture. 

(8) REPURCHASE AT THE OPTION OF
HOLDER. 
 (a) Upon the occurrence of a Change of Control, each Holder of Notes
will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of such Holder’s Notes pursuant to the offer described in Section 4.15 of the Indenture (the
“Change of Control Offer”) at an offer price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of Notes plus accrued and unpaid interest thereon and Additional Interest, if
any, to the date of repurchase. Not more than 30 days following any Change of Control, the Company will deliver a notice to the Trustee and each Holder describing the transaction or transactions that constitute the Change of Control and offering to
repurchase Notes on the date specified in such notice, which date shall be no earlier than 30 days nor later than 60 days from the date such notice is sent (the “Change of Control Payment Date”), pursuant to the procedures required
by the Indenture and described in such notice. The Change of Control Offer may be made prior to the occurrence of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the
time of making the Change of Control Offer. 
 (b) Upon the consummation of an Asset Sale, the Company or the
affected Obligor will be required to apply an amount equal to all Net Cash Proceeds that are received from such Asset Sale within 360 days of the receipt thereof either (1) to reinvest (or enter into a binding commitment to invest, if such
investment is effected within 360 days after the date of such commitment) in Productive Assets or in Asset Acquisitions not otherwise prohibited by the Indenture or (2) to permanently prepay or repay Indebtedness of any Obligor other than
Indebtedness that is subordinate in right of payment to the Notes or any Guaranty. Upon an Event of Loss incurred by the Company or any of its Restricted Subsidiaries, the Net Cash Proceeds received from such Event of Loss shall be applied in the
same manner as proceeds from Asset Sales described above and pursuant to Section 4.10 of the Indenture. 

On the 361st day after an Asset Sale or Event of Loss (or related binding commitment) or such earlier date, if any, as the
Board of the Company or the affected Obligor determines not to apply the Net Cash Proceeds relating to such Asset Sale or Event of Loss (or related binding commitment) as set forth in clauses (1) or (2) of the preceding paragraph (each a
“Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (1) or (2) of the preceding paragraph
(each a “Net Proceeds Offer Amount”), will be applied by the Company to make an offer to purchase (the “Net Proceeds Offer”), on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor
more than 60 days following the applicable Net Proceeds Offer Trigger Date, on a pro rata basis (A) Notes at a purchase price in cash equal to 100% of the aggregate principal amount of Notes, in each case, plus accrued and unpaid interest
thereon and Additional Interest, if any, on the Net Proceeds Offer Payment Date and (B) other Indebtedness Incurred by the Company or an Obligor which is pari passu with the Notes, in each case to the extent required by the terms
thereof; provided that if at any time within 360 days after an Asset Sale any non-cash consideration received by the Company or the affected Obligor in connection with such Asset Sale is converted into or sold or otherwise disposed of for
cash, then such conversion or disposition will be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof will be applied in accordance with this covenant. To the extent that the aggregate principal amount of Notes or other
pari passu Indebtedness tendered pursuant to the Net Proceeds Offer is less than the Net Proceeds Offer Amount, the Obligors may use any 

  
 A-6

 
remaining proceeds of such Asset Sales for general corporate purposes (but subject to the other terms of the Indenture). Upon completion of a Net Proceeds Offer, the Net Proceeds Offer Amount
relating to such Net Proceeds Offer will be deemed to be zero for purposes of any subsequent Asset Sale. In the event that a Restricted Subsidiary consummates an Asset Sale, only that portion of the Net Cash Proceeds therefrom (including any Net
Cash Proceeds received upon the sale or other disposition of any noncash proceeds received in connection with an Asset Sale) that are distributed to or received by any Obligor will be required to be applied by the Obligors in accordance with the
provisions of this paragraph. 
 Notwithstanding the foregoing, if a Net Proceeds Offer Amount is $75.0 million
or less, the application of the Net Cash Proceeds constituting such Net Proceeds Offer Amount to a Net Proceeds Offer may be deferred until such time as such Net Proceeds Offer Amount plus the aggregate amount of all Net Proceeds Offer Amounts
arising subsequent to the date of the Indenture from all Asset Sales by the Obligors in respect of which a Net Proceeds Offer has not been made aggregate more than $75.0 million, at which time the affected Obligor will apply all Net Cash Proceeds
constituting all Net Proceeds Offer Amounts that have been so deferred to make a Net Proceeds Offer (each date on which the aggregate of all such deferred Net Proceeds Offer Amounts is more than $75.0 million or more will be deemed to be a Net
Proceeds Offer Trigger Date). In connection with any Asset Sale with respect to assets having a book value in excess of $75.0 million or as to which it is expected that the aggregate consideration therefor to be received by the affected Obligor will
exceed $75.0 million in value, such Asset Sale will be approved, prior to the consummation thereof, by the Board of the applicable Obligor. 
 (9) NOTICE OF REDEMPTION. Except as set forth in Section 3.10 of the Indenture, notice of redemption will be mailed at least 15 days
but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. A notice of redemption may be conditional in that the Company may, notwithstanding the giving of the notice of redemption, condition the redemption of the Notes specified in the notice of redemption upon the completion of other
transactions or other conditions as determined by the Company, such as refinancings or acquisitions (whether of the Company or by the Company). 
 (10) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons of $2,000 and integral multiples of $1,000 in
excess of $2,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and
the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding
Interest Payment Date. 
 (11) PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

  
 A-7

 (12) AMENDMENT, SUPPLEMENT
AND WAIVER. Subject to certain exceptions, the Indenture or the Notes or the Escrow Agreement or the Guaranties may be amended or supplemented with the consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class, and any existing Default or Event or Default or compliance with any provision of the Indenture or the Notes or the Escrow
Agreement or the Guaranties may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of a
Note, the Indenture or the Notes or the Escrow Agreement or the Guaranties may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to
provide for the assumption of the Company’s or a Guarantor’s obligations to Holders of the Notes and Guaranties in case of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of
the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, to comply with the
requirements of applicable Gaming Laws or to provide for requirements imposed by applicable Gaming Authorities, to conform the text of the Indenture, the Escrow Agreement or the Notes to any provision of the “Description of notes” section
of the Company’s Offering Memorandum dated July 30, 2013, relating to the initial offering of the Notes, to the extent that such provision in that “Description of notes” was intended to be a verbatim recitation of a provision of
the Indenture, the Guaranties, the Escrow Agreement or the Notes, to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of August 5, 2013, or to allow any Guarantor to execute a
supplemental indenture to the Indenture and/or a Guaranty with respect to the Notes. 
 (13)
DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest (including any Additional Interest) on the Notes or the Guaranties;
(ii) default in payment of the principal of or premium, if any, on the Notes or the Guaranties when due and payable, at maturity, upon acceleration, redemption or otherwise; (iii) failure by any Obligor to comply with any of its other
agreements in the Indenture, the Notes or the Guaranties for 60 days after written notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding voting as a single class; (iv) default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by any Obligor (or the payment of which is guaranteed by any Obligor) whether such
Indebtedness or guarantee now exists, or is created after the Issue Date, which default is caused by a failure to pay principal of or premium, if any, or interest, if any, on such Indebtedness prior to the expiration of the grace period provided in
such Indebtedness on the date of such default (a “Payment Default”), or results in the acceleration of such Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together with
the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million or more; (v) certain final judgments for the payment of money that
remain undischarged for a period of 60 days after such judgment or judgments become final and non-appealable; and (vi) certain events of bankruptcy or insolvency with respect to any Obligor. If any Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain
events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain
limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes 

  
 A-8

 
may direct the Trustee in its exercise of any trust or power. The Trustee shall be under no obligation to exercise any of the rights or powers at the request or direction of any of the Holders
unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. The Trustee may withhold
from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium or Additional Interest, if any,) if it determines that withholding
notice is in their interest. Notwithstanding any other provision of the Indenture, the sole remedy for an Event of Default relating to the failure to comply with the reporting obligations described under the Indenture, and for any failure to comply
with the requirements of section 314(a) of the TIA, will for the 365 days after the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest on the principal amount of the Notes at a rate equal to
0.50% per annum. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of
Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium or Additional Interest, if any, on, or the principal of, the Notes. The Company is required to deliver to the
Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

(14) TRUSTEE DEALINGS WITH OBLIGORS. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Obligors or their Affiliates, and may otherwise deal with the Obligors or their Affiliates, as if it were not the Trustee.

 (15) NO RECOURSE AGAINST
OTHERS. A director, officer, employee, incorporator or stockholder of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the Company or the Guarantors under the Notes,
the Guaranties or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes. 
 (16) AUTHENTICATION. This
Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

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

(18) ADDITIONAL RIGHTS OF HOLDERS OF
RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders of Notes under the
Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have all the rights set forth in the Registration Rights Agreement dated as of August 5, 2013, among the Company and the other parties named on the signature
pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, among the Company, the Guarantors and the
other parties thereto, relating to rights given by the Company and the Guarantors to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). 

  
 A-9

 (19) CUSIP NUMBERS. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(20) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE,
THIS NOTE AND THE GUARANTIES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture, the Escrow Agreement and/or the
Registration Rights Agreement. Requests may be made to: 
 Pinnacle Entertainment, Inc. 

8918 Spanish Ridge Avenue 
 Las Vegas, Nevada 89148 
 Attention: John A. Godfrey, Esq. 

  
 A-10

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

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

		 	(Insert assignee’s legal name)

  
  

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

 
  

 
  

 
  

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

			
	and irrevocably appoint	 	  

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

  

			
	Date:	 	  

  

			
	Your Signature:	 	  

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

  

			
	Signature Guarantee*:	 	  

  

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

  
 A-11

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 
  

													
		 	¬	  	Section 4.10	 		 	¬	  	Section 4.15	  	

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10
or Section 4.15 of the Indenture, state the amount you elect to have purchased: 

$         
  

			
	Date:	 	  

  

			
	Your Signature:	 	  

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

 
			
		
	Tax Identification No.:	 	  

	
                        
                                         
                    

  

			
	Signature Guarantee*:	 	  

  

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

  
 A-12

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following
exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of
decrease in
Principal Amount
of
this
Global Note	  	Amount of
increase in
Principal Amount
of
this
Global Note	  	Principal Amount
of this Global Note
following such
decrease
(or increase)	  	Signature of
authorized officer
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-13

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Pinnacle Entertainment, Inc. 

8918 Spanish Ridge Avenue 
 Las Vegas, Nevada
89148 
 [Registrar address block] 
  

	 	Re:	6.375% Senior Notes due 2021 

 Reference is hereby made to the Indenture, dated as of August 5, 2013 (the “Indenture”), between PNK Finance Corp., as issuer (the “Company”) and The Bank of New
York Mellon Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
             , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A
hereto, in the principal amount of $         in such Note[s] or interests (the “Transfer”), to              (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
 1.     ̈    Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is
being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion,
and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities
laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 2.      ̈     Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note
or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that
(i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed
and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows
that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject
to the 

  
 B-1

 
restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

 3.     ̈    Check and complete
if Transferee will take delivery of a beneficial interest in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one): 

(a)   ̈  such Transfer is being effected to the Company or a
subsidiary thereof; 
 or 
 (b)   ̈  such Transfer is being effected to an Institutional Accredited Investor or other Person and pursuant to an exemption from the
registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the
Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by
(1) a certificate executed by the Transferee and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance
with the Securities Act, all in form and substance satisfactory to the Company, the Trustee and the Registrar. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act. 

4.     ̈    Check if Transferee will take
delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 

(a)   ̈  Check if Transfer is pursuant to Rule 144.
(i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture. 
 (b)   ̈  Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

  
 B-2

 (c)   ̈  Check if
Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
 (d)   ̈  Check if Transfer is Pursuant to Registration Statement. (i) The Transfer is being effected pursuant to an effective
registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

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

 

			
	  

	      [Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

  

					
	Dated:	 	  
	  	

  
 B-3

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

									
	1.	  		  	The Transferor owns and proposes to transfer the following:
	
	[CHECK ONE OF (a) OR (b)]
			
	(a)	  		  	 ̈ a beneficial interest in the:
					
		  		  	(i)	    	 ̈	 	144A Global Note (CUSIP             ), or
					
		  		  	(ii)	    	 ̈	 	Regulation S Global Note (CUSIP             ), or
			
	(b)	  	 ̈	  	a Restricted Definitive Note.
			
	2.	  		  	After the Transfer the Transferee will hold:
	
	[CHECK ONE]
			
	(a)	  	 ̈	  	a beneficial interest in the:
					
		  		  	(i)	    	 ̈	 	144A Global Note (CUSIP             ), or
					
		  		  	(ii)	    	 ̈	 	Regulation S Global Note (CUSIP             ), or
					
		  		  	(iii)	    	 ̈	 	Unrestricted Global Note (CUSIP             ); or
			
	(b)	  	 ̈	  	a Restricted Definitive Note; or
			
	(c)	  	 ̈	  	an Unrestricted Definitive Note,
	
	in accordance with the terms of the Indenture.

  
 B-4

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Pinnacle Entertainment, Inc. 

8918 Spanish Ridge Avenue 
 Las Vegas, Nevada
89148 
 [Registrar address block] 
  

	 	Re:	6.375% Senior Notes due 2021 

 (CUSIP             ) 

Reference is hereby made to the Indenture, dated as of August 5, 2013 (the “Indenture”), between PNK Finance Corp.,
as issuer (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

            , (the “Owner”) owns and proposes to exchange
the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that: 
 1.          Exchange of Restricted Definitive Notes
or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
 (a)   ̈  Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global
Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities
Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and
(iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)   ̈  Check if Exchange is from beneficial interest in a
Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
 (c)   ̈  Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note
for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the

  
 C-1

 
Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States. 

(d)   ̈  Check if Exchange is from Restricted Definitive Note to
Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 

2.          Exchange of Restricted Definitive Notes or Beneficial Interests in
Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 

(a)   ̈  Check if Exchange is from beneficial interest in a
Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies
that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to
be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b)   ̈  Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection
with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global
Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and
the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company. 
  

			
		 	  

		 	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 C-2

 EXHIBIT D 
 [FORM OF NOTATION OF GUARANTY] 
 For value received, each Guarantor (which term
includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of August 5, 2013 (the
“Indenture”) between PNK Finance Corp., (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), (a) the due and punctual payment of the principal of,
premium and Additional Interest, if any, and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and
the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders
of Notes and to the Trustee pursuant to the Guaranty and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guaranty. Each Holder of a Note, by accepting
the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee, on behalf of such Holder, to take such action as may be necessary or appropriate to effectuate the subordination as provided in the
Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for such purpose; provided, however, that the Indebtedness evidenced by this Guaranty shall cease to be so subordinated and subject in right of payment upon any
defeasance of this Note in accordance with the provisions of the Indenture. 
 Capitalized terms used but not defined herein
have the meanings given to them in the Indenture. 
  

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-1

 EXHIBIT E 
 [FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
            ,     , among              (the “Guarantying Subsidiary”), a subsidiary of PNK
Finance Corp. (or its permitted successor), a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and The Bank of New York Mellon Trust Company, N.A., as trustee
under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of
August 5, 2013 providing for the issuance of 6.375% Senior Notes due 2021 (the “Notes”); 
 WHEREAS, the
Indenture provides that under certain circumstances the Guarantying Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guarantying Subsidiary shall unconditionally guarantee all of the Company’s
Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Guaranty”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Guarantying Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO GUARANTY. The Guarantying Subsidiary hereby agrees to provide an
unconditional Guaranty on the terms and subject to the conditions set forth in the Guaranty and in the Indenture including but not limited to Article 10 thereof. 
 4. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guarantying
Subsidiary, as such, shall have any liability for any obligations of the Company or any Guarantying Subsidiary under the Notes, any Guaranties, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
 5.
NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 E-1

 6. COUNTERPARTS. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 7.
EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 8. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in
respect of the recitals contained herein, all of which recitals are made solely by the Guarantying Subsidiary and the Company. 

  
 E-2

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
            , 20     
  

			
	[GUARANTYING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	PNK FINANCE CORP. [OR ITS PERMITTED SUCCESSOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[EXISTING GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
 as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 E-3

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