Document:

Registration Rights Agreement, dated February 25,2003

 
Exhibit 4.2

 
THE OLD EVANGELINE DOWNS, L.L.C.

THE OLD EVANGELINE DOWNS CAPITAL CORP. 
 
$123,200,000 13% Senior Secured Notes due 2010 
With Contingent Interest 
 
REGISTRATION RIGHTS AGREEMENT 
 
February 25, 2003 
 
JEFFERIES & COMPANY, INC. 
11100 Santa Monica Boulevard

10th Floor 
Los Angeles, California 90025 
 
Ladies and Gentlemen: 
 
The Old Evangeline Downs, L.L.C., a Louisiana limited liability company (the “Company”), and The Old Evangeline Downs Capital Corp., a Delaware corporation (“Capital,” and together with the Company, the
“Issuers”), are issuing and selling to Jefferies & Company, Inc. (the “Initial Purchaser”), upon the terms set forth in a purchase agreement, dated as of February 19, 2003 (the “Purchase Agreement”), by and among
the Initial Purchaser, the Issuers and OED Acquisition, LLC, a Delaware limited liability company and the direct parent of the Company, $123,200,000 aggregate principal amount at maturity of the Issuers’ 13% Senior Secured Notes due 2010 With
Contingent Interest, Series A, including any Guarantees (as defined below) endorsed thereon (the “Notes”). As an inducement to the Initial Purchaser to enter into the Purchase Agreement, each of the Issuers jointly and severally agrees
with the Initial Purchaser, for the benefit of the holders of the Securities (as defined below) (including, without limitation, the Initial Purchaser), as follows: 
 
1. Definitions. 
 
Capitalized terms used herein without definition shall have their respective meanings set forth in the
Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
 
“Advice”: See the last paragraph of Section 6. 
 
“Agreement”: This Registration Rights Agreement. 
 
“Applicable Period”: See Section 2(f).

 
“Business Day”: Any day, other than 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 or obligated by law, regulation or executive order to be
closed. 
 
“Closing Date:”
February 25, 2003. 
 
“controlling
person”: See Section 8(a). 
 
“DTC:” See Section 6(i). 
 
“Effectiveness Date:” The 180th day following the Closing Date; provided, however, that if the Effectiveness Date would otherwise fall on a day that is not a Business Day, then the Effectiveness Date
shall be the next succeeding Business Day. 
 
“Effectiveness Period:” See Section 3(a). 
 
“Event:” See Section 4(a). 
 
“Event Date:” See Section 4(a). 
 
“Exchange Act:” The Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder. 
 
“Exchange Offer:” See Section 2(a). 
 
“Exchange Offer Registration Statement:” See Section 2(a). 
 
“Exchange Securities:” The 13% Senior Secured Notes due 2010 With Contingent Interest, Series B, of the Issuers,
including the guarantees endorsed or to be endorsed thereon, substantially identical to the Notes and the Guarantees, except (i) that such securities shall have been registered pursuant to an effective registration statement under the Securities
Act, (ii) that such securities shall not contain a restrictive legend thereon, (iii) that such securities shall not contain provisions relating to the accrual or payment of Liquidated Damages and (iv) as described in the first sentence of Section
2(e). 
 
“Filing Date:” The 90th
day following the Closing Date; provided, however, that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day. 
 
“Guarantees:” The full and unconditional
guarantee, on a senior secured basis by the Guarantors, as to payment of principal, interest, premium, if any, and the Weekly Liquidated Damages Amount, if any, with respect to the Notes. 
 
“Guarantor:” Each subsidiary of either of the Issuers that has executed or in the future
executes a Guarantee in accordance with the Indenture. 
 
“Holder:” Each holder of Registrable Securities. 
 
“Holder Indemnified Parties:” See Section 8(a). 
 

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“indemnified party:” See Section 8(c). 
 
“indemnifying parties:” See Section 8(c). 
 
“Indenture:” The Indenture, dated as of the date hereof, by and among the Issuers, the Guarantors and U.S. Bank National
Association, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time, in accordance with the terms thereof. 
 
“Initial Shelf Registration:” See Section 3(a). 
 
“Losses:” See Section 8(a). 
 
“Maximum Contribution Amount:” See Section
8(d). 
 
“NASD:” The National
Association of Securities Dealers, Inc. 
 
“Participating Broker-Dealer:” See Section 2(f). 
 
“Person:” An individual, trustee, corporation, limited liability company, partnership, limited liability partnership, joint stock company, joint venture, trust, unincorporated
organization or association, government or any agency or political subdivision thereof, union, business association, firm or other entity. 
 
“Private Exchange:” See Section 2(g). 
 
“Private Exchange Securities:” See Section 2(g). 
 
“Prospectus:” The prospectus included in a
Registration Statement at the time that such Registration Statement is declared effective (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A under the Securities Act), as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Securities covered by such Registration Statement, and all other
amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 
“Registrable Securities:” The Notes (together with the Guarantees); provided,
however, that any such security shall cease to be a Registrable Security when (i) it has been exchanged for an Exchange Security in the Exchange Offer as contemplated in Section 2(a) (provided, that any Exchange Security that is
included in a Prospectus for use in connection with resales by Participating Broker-Dealers shall be deemed to be a Registrable Security with respect to Sections 8 and 11 until resale of such Registrable Security has been effected pursuant to a
“Plan of Distribution” within the Applicable Period; (ii) a Shelf Registration registering such security under the Securities Act has been declared or becomes effective and such security has been sold or otherwise transferred by the holder
thereof pursuant to and in a manner contemplated by such effective Shelf Registration; (iii) such security is sold pursuant to Rule 144 under the Securities Act under circumstances in which any legend borne by such security relating to restrictions
on 

 

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transferability thereof, under the Securities Act or otherwise, is removed by the Issuers or pursuant to the Indenture; (iv) such security is
eligible to be sold pursuant to paragraph (k) of Rule 144 under the Securities Act; or (v) such security shall cease to be outstanding. 
 
“Registration Statement:” Any registration statement of the Issuers that covers any of the Securities and that is filed
pursuant to the provisions of this Agreement, including the Prospectus included therein, all amendments and supplements to such registration statement and Prospectus (including post-effective amendments), all exhibits thereto and all material
incorporated by reference or deemed to be incorporated by reference therein. 
 
“Rule 144:” Rule 144 under the Securities Act, as such rule may be amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the SEC.

 
“Rule 144A:” Rule 144A under
the Securities Act, as such rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC. 
 
“Rule 415:” Rule 415 under the Securities Act, as such rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 
 
“SEC:” The Securities and Exchange Commission. 
 
“Securities:” The Notes, the Private Exchange Securities and the Exchange Securities, collectively. 
 
“Securities Act:” The Securities Act of 1933, as amended, and the rules and regulations of
the SEC promulgated thereunder. 
 
“Shelf
Effectiveness Date:” With respect to a Shelf Registration, the 60th day after the filing of such Shelf Registration. 
 
“Shelf Filing Date:” With respect to a Shelf Registration, the 30th day following (i) in the case of an Initial Shelf
Registration, delivery of the Shelf Notice triggering the obligation to file such Initial Shelf Registration, and (ii) in the case of a Subsequent Shelf Registration, the cessation of effectiveness of the prior Shelf Registration; provided,
however, that if the Shelf Filing Date would otherwise fall on a day that is not a Business Day, then the Shelf Filing Date shall be the next succeeding Business Day. 
 
“Shelf Notice:” See Section 2(i). 
 
“Shelf Registration:” The Initial Shelf
Registration and any Subsequent Shelf Registration. 
 
“Special Counsel:” Counsel chosen by the holders of a majority in aggregate principal amount of Securities. 
 
“Subsequent Shelf Registration:” See Section 3(b). 
 

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“TIA:” The Trust Indenture Act of 1939, as amended. 
 
“Trustee:” The trustee under the Indenture and, if any, the trustee under any indenture governing the Exchange Securities or the Private Exchange Securities. 
 
“Underwritten Registration or Underwritten
Offering:” A registration in which securities of the Issuers are sold to an underwriter for reoffering to the public. 
 
“Weekly Liquidated Damages Amount”: With respect to any Event, an amount per week per $1,000 principal amount of
Registrable Securities equal to $0.05 for the first 90-day period immediately following the applicable Event Date, increasing by an additional $0.05 per week per $1,000 principal amount of Registrable Securities with respect to each subsequent
90-day period, up to a maximum amount of $0.25 per week per $1,000 principal amount of Registrable Securities. 
 
2. Exchange Offer. 
 
(a) The Issuers and the Guarantors shall: 
 
(i) prepare and file with the SEC promptly after the date hereof, but in no event later than
the Filing Date, a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the Securities Act with respect to a proposed offer (the “Exchange Offer”) to the Holders to
exchange any and all of the Notes for a like principal amount of Exchange Securities; 
 
(ii) use their respective reasonable best efforts to cause the Exchange Offer Registration Statement to become effective
under the Securities Act as promptly as practicable after the filing thereof, but in no event later than the Effectiveness Date; 
 
(iii) keep the Exchange Offer Registration Statement effective until the consummation of the Exchange Offer pursuant to
its terms; and 
 
(iv) unless the
Exchange Offer would not be permitted by a policy of the SEC, use their respective reasonable best efforts to commence the Exchange Offer and to, on or prior to 45 days after the Exchange Offer Registration Statement is declared effective,
consummate the Exchange Offer and issue Exchange Securities in exchange for all Notes validly tendered and not withdrawn prior thereto in the Exchange Offer. 
 
The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange Offer does not violate Applicable Law or any
applicable interpretation of the staff of the SEC, and (ii) no action or proceeding shall have been instituted in any court or by any governmental agency which might materially impair the ability of the Issuers or the Guarantors to proceed with the
Exchange Offer or, if required to be made pursuant to Section 2(g), the Private Exchange. 
 

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(b) The Exchange Securities shall be issued under, and entitled to the benefits of, the Indenture or a trust indenture that is substantially identical to the Indenture (other than such changes as are necessary to comply with any
requirements of the SEC to effect or maintain the qualification thereof under the TIA). 
 
(c) In connection with the Exchange Offer, the Issuers and the Guarantors shall: 
 
(i) mail, or cause to be mailed, to each
Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal that is an exhibit to the Exchange Offer
Registration Statement, and any related documents; 
 
(ii) use their respective reasonable best efforts to keep the Exchange Offer open for not less than 20 Business Days after the date notice thereof is mailed to the Holders (or longer if required by Applicable Law);

 
(iii) utilize the services of a
depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York; 
 
(iv) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last
Business Day on which the Exchange Offer shall remain open; and 
 
(v) otherwise comply in all material respects with all laws applicable to the Exchange Offer. 
 
(d) As soon as practicable after the close of the Exchange Offer, the Issuers and the Guarantors shall: 
 
(i) subject to Section 2(i) hereof,
accept for exchange all Notes validly tendered and not validly withdrawn pursuant to the Exchange Offer and the Private Exchange, if any; 
 
(ii) deliver to the Trustee for cancellation all Notes so accepted for exchange; and 
 
(iii) cause the Trustee promptly to
authenticate and deliver to each Holder of Notes, Exchange Securities equal in aggregate principal amount to the Notes of such Holder so accepted for exchange; provided, that, in the case of any Notes held in global form by a depositary,
authentication and delivery to such depositary of one or more replacement Exchange Securities in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication
and delivery requirement. 
 
(e)
Interest on each Exchange Security and each Private Exchange Security will accrue from the last interest payment date on which interest was paid on the Notes surrendered in exchange therefor or, if no interest has been paid on the Notes, from the
date of original issue of the Notes. Each Exchange Security and each Private Exchange Security shall bear interest at the 

 

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rate set forth thereon; provided, that interest with respect to the period prior to the issuance thereof shall accrue at the rate or
rates borne by the Notes surrendered in exchange therefor from time to time during such period. 
 
(f) The Issuers and the Guarantors shall include a “Plan of Distribution” section in the Prospectus contained in
the Exchange Offer Registration Statement and indicate therein that (i) any broker or dealer registered under the Exchange Act that holds Notes that were acquired for its own account as a result of market-making activities or other trading
activities (other than Notes acquired directly from the Issuers or any Affiliate of the Issuers) (a “Participating Broker-Dealer”) may exchange such Notes pursuant to the Exchange Offer, however, such Participating Broker-Dealer may
be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with its initial sale of any Exchange Securities received by
such Participating Broker-Dealer in the Exchange Offer and (ii) the Prospectus contained in the Exchange Offer Registration Statement may be used to satisfy such prospectus delivery requirement. Such “Plan of Distribution” section shall
also contain all other information with respect to such sales by such Participating Broker-Dealers that the SEC may require in order to permit such sales pursuant thereto, but such “Plan of Distribution” shall not name any such
Participating Broker-Dealer or disclose the amount of Notes held by any such Participating Broker-Dealer, except to the extent required by the SEC. See the Shearman & Sterling no-action letter (available July 2, 1993). Such “Plan of
Distribution” section shall also allow, to the extent and in the manner permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all other Persons subject to the prospectus delivery requirements of the
Securities Act. The Issuers and the Guarantors shall use their respective reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective and to amend and supplement the Prospectus in order to permit such Prospectus
to be lawfully delivered by all Participating Broker-Dealers and other Persons subject to the prospectus delivery requirement of the Securities Act for such period of time as such Participating Broker-Dealers and Persons must comply with such
requirements in order to resell the Exchange Securities (the “Applicable Period”). 
 
(g) If, prior to consummation of the Exchange Offer, the Initial Purchaser holds any Notes acquired by it and having the
status as an unsold allotment in the initial distribution of the Notes, the Issuers and the Guarantors shall, upon the request of the Initial Purchaser, simultaneously with the delivery of the Exchange Securities in the Exchange Offer, issue
(pursuant to the same indenture as the Exchange Securities and subject to transfer restrictions thereon) and deliver to the Initial Purchaser, in exchange for such Notes held by the Initial Purchaser (the “Private Exchange”), a like
principal amount of debt securities of the Issuers, including guarantees endorsed thereon (the “Private Exchange Securities”), that are substantially identical to the Exchange Securities except for the placement of a restrictive
legend on such Private Exchange Securities. The Private Exchange Securities shall be issued pursuant to the same Indenture as the Exchange Securities and shall bear the same CUSIP number as the Exchange Securities. 
 
(h) Each Person (including, without
limitation, each Participating Broker-Dealer) participating in the Exchange Offer will be required to represent to the Issuers and the Guarantors in writing (which may be contained in the applicable letter of transmittal) prior to consummation of
the Exchange Offer that: (i) any Exchange Securities acquired by such Person 

 

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in the Exchange Offer will be acquired in its ordinary course of business; (ii) at the time of commencement and at the time of consummation
of the Exchange Offer, such Person had and will have no arrangement or understanding with any other Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities to be received in the Exchange Offer
in violation of the Securities Act; (iii) if such Person is not a Participating Broker-Dealer, it is not engaged in and does not intend to engage in, the distribution of the Exchange Securities; (iv) if such Person is a Participating Broker-Dealer,
(A) it acquired the Notes for its own account as a result of market-making activities or other trading activities, (B) it may be deemed to be a statutory underwriter under the Securities Act and (C) will comply with the applicable provisions of the
Securities Act (including, without limitation, the prospectus delivery requirements thereunder) in connection with any resale of Exchange Securities to be received in the Exchange Offer in exchange for such Notes; and (v) such Person is not an
“affiliate” (as defined in Rule 405 of the Securities Act) of either of the Issuers or, if it is an “affiliate” (as defined in Rule 405 of the Securities Act) of either of the Issuers, that it will comply with the registration
and prospectus delivery requirements of the Securities Act applicable to it. See the Exxon Holdings Capital Corp. no-action letter (available May 13, 1988), the Morgan Stanley & Co. Incorporated no-action letter (available June 5,
1991) and the Shearman & Sterling no-action letter (available July 2, 1993). 

 
(i) If: (i) prior to the consummation of the Exchange Offer, either of the Issuers or the Holders of a majority in
aggregate principal amount of Registrable Securities determines in its or their reasonable judgment that (A) the Exchange Securities would not, upon receipt, be tradeable by the Holders thereof without restriction under the Securities Act and the
Exchange Act and without material restrictions under applicable Blue Sky or state securities laws, or (B) the interests of the Holders under this Agreement, taken as a whole, would be materially adversely affected by the consummation of the Exchange
Offer; (ii) applicable interpretations of the staff of the SEC would not permit the consummation of the Exchange Offer prior to the Effectiveness Date; (iii) subsequent to the consummation of the Private Exchange, any Holder of Private Exchange
Securities so requests; (iv) the Exchange Offer is not consummated within 225 days of the Closing Date for any reason; or (v) in the case of (A) any Holder not permitted to participate in the Exchange Offer (including any broker-dealer that holds
Notes acquired directly from the Issuers or any of their respective affiliates that is not permitted to participate in the Exchange Offer), or (B) any Holder participating in the Exchange Offer that receives Exchange Securities that may not be sold
without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of either of the Issuers within the meaning of the Securities Act) and, in each such case contemplated by this clause
(v), such Holder notifies the Issuers within six months of consummation of the Exchange Offer, then the Issuers shall promptly deliver to the Holders (or in the case of an occurrence of any event described in clause (v) of this Section 2(i),
to any such Holder) and the Trustee notice thereof (the “Shelf Notice”) and shall as promptly as practicable thereafter (but in no event later than the Shelf Filing Date) file an Initial Shelf Registration pursuant to Section
3. 
 
3. Shelf Registration.

 
If a Shelf Notice is required to be delivered
pursuant to clause (i), (ii), (iii) or (iv) of Section 2(i), then this Section 3 shall apply to all Registrable Securities. Otherwise, upon consummation of the Exchange Offer in accordance with Section
2, the provisions of this 
 

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Section 3 shall apply
solely with respect to (i) Notes held by any Holder thereof not permitted to participate in the Exchange Offer, (ii) Notes held by any broker-dealer that acquired such Notes directly from the Issuers or any of their respective affiliates, and (iii)
Exchange Securities that are not freely tradeable, in each case, as contemplated by clause (v) of Section 2(i), provided that the relevant Holder has duly notified the Issuers within six months of consummation of the Exchange
Offer as required by clause (v) of Section 2(i). 
 
(a) Initial Shelf Registration. The Issuers and the Guarantors shall prepare and file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415
covering all of the Registrable Securities (the “Initial Shelf Registration”). If the Issuers and the Guarantors have not filed an Exchange Offer Registration Statement, the Issuers and the Guarantors shall file with the SEC the
Initial Shelf Registration on or prior to the Filing Date. Otherwise, the Issuers and the Guarantors shall file with the SEC the Initial Shelf Registration as promptly as practicable following the delivery of the Shelf Notice, but in no event later
than the Shelf Filing Date. The Initial Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Securities for resale by such Holders in the manner or manners designated by them (including,
without limitation, one or more underwritten offerings). The Issuers and the Guarantors (i) shall not permit any securities other than the Registrable Securities to be included in any Shelf Registration, and (ii) shall use their respective
reasonable best efforts to cause the Initial Shelf Registration to be declared effective under the Securities Act no later than the Shelf Effectiveness Date and to keep the Initial Shelf Registration continuously effective under the Securities Act
until the date that is 24 months after the date it is declared effective (subject to extension pursuant to the last paragraph of Section 6) (the “Effectiveness Period”), or such shorter period ending when (i) all Registrable
Securities covered by the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration, or (ii) a Subsequent Shelf Registration covering all of the Registrable Securities has been declared
effective under the Securities Act or (iii) there cease to be any outstanding Registrable Securities; provided, however, that the Effectiveness Period shall be reduced to the extent that the applicable provisions of Rule 144(k) under
the Securities Act are amended or revised to reduce the two year holding period set forth therein. 
 
(b) Subsequent Shelf Registrations. If any Shelf Registration ceases to be effective for any reason at any time
during the Effectiveness Period (other than because of the sale of all of the Registrable Securities registered thereunder), the Issuers and the Guarantors shall use their respective reasonable best efforts to obtain the prompt withdrawal of any
order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness file an amendment to the Shelf Registration in a manner reasonably expected to obtain the withdrawal of the order suspending the
effectiveness thereof, or file an additional “shelf” Registration Statement pursuant to Rule 415 covering all of the Registrable Securities (a “Subsequent Shelf Registration”). If a Subsequent Shelf Registration is filed,
the Issuers and the Guarantors shall use their respective reasonable best efforts to cause the Subsequent Shelf Registration to be declared effective as promptly as practicable after such filing and to keep such Subsequent Shelf Registration
continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration, and any previously filed Subsequent Shelf Registration, was previously
effective. 
 

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4.
Liquidated Damages. 
 
(a)
The Issuers and the Guarantors acknowledge and agree that the Holders will suffer damages, and that it would not be feasible to ascertain the extent of such damages with precision, if the Issuers and the Guarantors fail to fulfill their respective
obligations under Sections 2 and 3. Accordingly, in the event of such failure, the Issuers and the Guarantors jointly and severally agree to pay liquidated damages to each Holder under the circumstances and to the extent set forth
below: 
 
(i) if the Exchange
Offer Registration Statement has not been filed with the SEC on or prior to the Filing Date; 
 
(ii) if the Exchange Offer Registration Statement is not declared effective by the SEC on or prior to the Effectiveness
Date; or 
 
(iii) if obligated to
make the Exchange Offer pursuant to this Agreement, if the Issuers and the Guarantors have not exchanged Exchange Securities for all Notes validly tendered in accordance with the terms of the Exchange Offer within 45 days after the date on which the
Exchange Offer Registration Statement is declared effective by the SEC; 
 
(iv) if obligated to file an Initial Shelf Registration and the Issuers and the Guarantors fail to file such Initial Shelf Registration with the SEC on or prior to Shelf Filing Date; 
 
(v) if an Initial Shelf Registration is filed
and such Initial Shelf Registration is not declared effective on or prior to the Shelf Effectiveness Date; or 
 
(vi) if a Shelf Registration is filed and declared effective by the SEC but thereafter shall either be withdrawn by the
Issuers or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such Registration Statement without being succeeded within 30 days by a Subsequent Shelf Registration
filed and declared effective; 
 
(each of the foregoing an
“Event,” and the date on which the Event occurs being referred to herein as an “Event Date”). 
 
Upon the occurrence of any Event, the Issuers shall pay, or cause to be paid (and the Guarantors hereby guarantee the payment of), in
addition to amounts otherwise due under the Indenture and the Registrable Securities, as liquidated damages, and not as a penalty, to each Holder for each weekly period beginning on the Event Date an amount equal to the Weekly Liquidated Damages
Amount per $1,000 principal amount of Registrable Securities held by such Holder, it being understood that the Issuers shall in no event be required to pay the Weekly Liquidated Damages Amount for more than one Event at any given time;
provided, that such liquidated damages will, in each case, cease to accrue (subject to the occurrence of another Event) on the date on which all Events have been cured. An Event under clause (i) above shall be cured on the date that
the Exchange Offer Registration Statement (or, if an Initial Shelf Registration is required to be filed pursuant to clause (i), (ii) or (iii) of Section 2(i), the date that such Initial Shelf Registration) is filed with
the SEC; an Event under clause (ii) above shall be 

 

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cured on the date that the Exchange Offer Registration Statement (or, if an Initial Shelf Registration is required to be filed pursuant to
clause (i), (ii) or (iii) of Section 2(i), the date that such Initial Shelf Registration) is declared effective by the SEC; an Event under clause (iii) above shall be cured on the earlier of the date (A) the
Exchange Offer is consummated with respect to all Notes validly tendered and not withdrawn or (B) the Issuers deliver a Shelf Notice to the Holders and the Trustee pursuant to clause (i), (ii) or (iii) of Section 2(i); an Event
under clause (iv) above shall be cured on the date that such Initial Shelf Registration is filed with the SEC; an Event under clause (v) above shall be cured on the date that such Initial Shelf Registration is declared effective by the
SEC; and an Event under clause (vi) above shall be cured on the earlier of (1) the date on which the applicable Shelf Registration is no longer subject to an order suspending the effectiveness thereof or proceedings relating thereto or (2) a
new Subsequent Shelf Registration is declared effective. 
 
(b) The Issuers shall notify the Trustee within five Business Days after each Event Date. The Issuers shall pay the liquidated damages due on the Registrable Securities by depositing with the Trustee, in trust, for the
benefit of the Holders thereof, by 12:00 noon, New York City time, on or before the applicable semi-annual interest payment date for the Registrable Securities, immediately available funds in sums sufficient to pay the liquidated damages then due.
The liquidated damages amount due shall be payable in the same manner as interest payments on the Notes on each interest payment date to the record Holder entitled to receive the interest payment to be made on such date as set forth in the
Indenture. 
 
5. Gaming Consents.

 
Prior to consummating the Exchange Offer or
filing the Initial Shelf Registration, as the case may be, the Issuers and the Guarantors shall make or obtain all Permits necessary in the Issuers’ reasonable judgment for the consummation of the transactions contemplated hereby. 
 
6. Registration Procedures. 
 
In connection with the registration of any Securities
pursuant to Section 2 or 3, the Issuers and the Guarantors shall effect such registrations to permit the sale of such Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Issuers
and the Guarantors shall: 
 
(a)
Prepare and file with the SEC, as soon as practicable after the date hereof but in any event on or prior to the Filing Date, with respect to an Exchange Offer Registration Statement, and on or prior to the Shelf Filing Date, with respect to a Shelf
Registration, as prescribed by Sections 2 and 3, respectively, and use their respective reasonable best efforts to cause each such Registration Statement to become effective and remain continuously effective as provided in this
Agreement; provided, that if (i) such filing is pursuant to Section 3 or (ii) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, (A) the Issuers shall notify the Holders of the
Registrable Securities covered by such Registration Statement, their Special Counsel (if 

 

11 

the Issuers have been notified of the identity of such Special Counsel), each Participating Broker-Dealer, the managing underwriters, if any,
and their counsel (if the Issuers have been notified of the identity of such counsel) of such filing at least five Business Days prior to making such filing, (B) if requested, the Issuers and the Guarantors shall furnish to and afford the Holders of
the Registrable Securities covered by such Registration Statement, their Special Counsel, each Participating Broker-Dealer, the managing underwriters, if any, and their counsel a reasonable opportunity to review, and shall make available for
inspection by such Persons, copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed and such financial and other information and books and records of the
Issuers and the Guarantors, as shall be reasonably necessary, in the opinion of Special Counsel and the respective counsels to such Participating Broker-Dealers and underwriters, to conduct a reasonable due diligence investigation within the meaning
of the Securities Act, and (C) the Issuers and the Guarantors shall use their respective reasonable best efforts to cause the members, managers, officers, directors and employees of the Issuers and the Guarantors, and counsel and independent
certified public accountants of the Issuers and the Guarantors, to respond to such inquiries, as shall be necessary, in the opinion of Special Counsel and the respective counsels to such Participating Broker-Dealers and underwriters, to conduct a
reasonable due diligence investigation within the meaning of the Securities Act. The Issuers and the Guarantors may require each Holder, and each of such Holder’s agents and representatives to agree to keep confidential any non-public
information relating to the Issuers and the Guarantors received by such Holder or such agent or representative and not to disclose such information (other than to an affiliate or prospective purchaser who agrees to respect the confidentiality
provisions of this Section 6(a)) until such information has been made generally available to the public unless the release of such information is required by law or necessary to respond to inquiries of regulatory authorities. The Issuers and
the Guarantors shall not file any Registration Statement or Prospectus or any amendments or supplements thereto which the Holders must be afforded an opportunity to review prior to the filing of such document, if the Holders of a majority in
aggregate principal amount of the Registrable Securities covered by such Registration Statement, their Special Counsel, any Participating Broker-Dealer or the managing underwriters, if any, or their counsel shall reasonably object to such filing
within five Business Days after receipt of the Issuers’ notice of filing described above in this Section 6(a). 
 
(b) Provide an indenture trustee for the Registrable Securities or the Exchange Securities, as the case may be, and cause
the Indenture (or other indenture relating to the Registrable Securities) to be qualified under the TIA not later than the effective date of the first Registration Statement; in connection therewith, effect such changes to such indenture as may be
required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use their respective reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all
other forms and documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner. 
 
(c) Prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement as may be
necessary in order to cause the 

 

12 

	 	 
Registration Statement to become effective and to keep such Registration Statement continuously effective for the time periods required
hereby; cause the related Prospectus to be supplemented by any prospectus supplement required by Applicable Law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act, and comply
fully with Rules 424, 430A and 462, as applicable, under the Securities Act in a timely manner; and comply in all material respects with the provisions of the Securities Act and the Exchange Act applicable thereto with respect to the disposition of
all securities covered by such Registration Statement, as so amended, or in such Prospectus, as so supplemented, in accordance with the intended methods of distribution set forth in such Registration Statement, as so amended, and such Prospectus, as
so supplemented. 

 
(d) Furnish to such selling Holders and Participating Broker-Dealers who so request (i) upon the Issuers’ receipt, a copy of the order of the SEC declaring such Registration Statement and any post-effective amendment thereto
effective, (ii) such reasonable number of copies of such Registration Statement and of each amendment and supplement thereto (in each case including any documents incorporated therein by reference and all exhibits (including exhibits incorporated by
reference) to such Registration Statement and each such amendment and supplement), (iii) such reasonable number of copies of the Prospectus included in such Registration Statement (including each preliminary prospectus and each supplement thereto),
and such reasonable number of copies of the final Prospectus as filed by the Issuers and the Guarantors pursuant to Rule 424(b) under the Securities Act, in conformity with the requirements of the Securities Act, and (iv) any amendments and
supplements required to be filed pursuant to Section 6(c) and any documents incorporated therein by reference and all exhibits thereto, including exhibits incorporated by reference, as such Person may reasonably request. Subject to the last
paragraph of this Section 6, the Issuers and the Guarantors hereby consent to the use of the Prospectus by each of the selling Holders of Registrable Securities and by each such Participating Broker-Dealer, as the case may be, and the
underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Securities covered by, or the sale by Participating Broker-Dealers of the Exchange Securities pursuant to, such Prospectus and any
amendment or supplement thereto. 
 
(e) If (A) a Shelf Registration is filed pursuant to Section 3 or (B) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act
by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, notify the selling Holders of Registrable Securities, their Special Counsel (if the Issuers have been notified of the identity of such Special
Counsel), each Participating Broker-Dealer and the managing underwriters, if any, promptly (but in any event within two Business Days), and, if requested by such Person, confirm such notice in writing, (i) when a Prospectus or any prospectus
supplement or Registration Statement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act, (ii) of the issuance by the
SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any Prospectus or the 

 

13 

initiation of any proceedings for that purpose, (iii) if, at any time when a Prospectus is required by the Securities Act to be delivered in
connection with sales of the Registrable Securities, the representations and warranties of the Issuers and the Guarantors contained in any agreement (including any underwriting agreement) contemplated by Section 6(n) below cease to be true
and correct in any material respect, (iv) of the receipt by the Issuers or any of the Guarantors of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the
Registrable Securities or the Exchange Securities to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the contemplation, initiation or threatening of any proceeding for such purpose, (v) of the happening of any
event that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference to be untrue in any material respect or that requires the making of any additions
to or changes in such Registration Statement, Prospectus or documents so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which such statements were made, not misleading, (vi) of the Issuers’ and the Guarantors’ reasonable determination that a post-effective amendment to a Registration Statement would be appropriate, and
(vii) of any written request by the SEC for post-effective amendments to the Registration Statement or supplements to the Prospectus. 
 
(f) Use their respective reasonable best efforts to register or qualify, and, if applicable, to cooperate with the selling
Holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of, Registrable Securities to be included in a
Registration Statement for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer or the managing underwriters reasonably request in writing; and, if
Securities are offered other than through an Underwritten Offering, the Issuers and the Guarantors shall cause their respective counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to
this Section 6(f) at the expense of the Issuers and the Guarantors; keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and
all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Securities covered by the applicable Registration Statement; provided, however, that none of the Issuers or the Guarantors shall be
required to (i) register or qualify generally to do business in any jurisdiction where it is not then so qualified, (ii) take any action that would subject it to general service of process in any jurisdiction where it is not then so subject or (iii)
take any action that would subject it to general taxation in respect of doing business in any such jurisdiction where it is not then so subject. 
 
(g) Use their respective reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a
Registration Statement or preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Securities for sale in any jurisdiction, and, if any such order is 

 

14 

issued, use their respective reasonable best efforts to obtain the withdrawal or lifting of any such order at the earliest possible time.

 
(h) If (i) a Shelf Registration
is filed pursuant to Section 3 or (ii) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Securities during the Applicable Period, and if requested by the managing underwriters, if any, such Participating Broker-Dealer or the Holders of a majority in aggregate principal amount of the Registrable Securities, (A) promptly
incorporate in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, or such Holders reasonably request to be included therein as required to comply with any Applicable Law and (B) make all
required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Issuers and the Guarantors have received notification of such matters required by Applicable Law to be incorporated in such Prospectus
supplement or post-effective amendment. 
 
(i) If (i) a Shelf Registration is filed pursuant to Section 3 or (ii) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act
by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, cooperate with the selling Holders, such Participating Broker-Dealer and the managing underwriters, if any, to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company (“DTC”); and enable
such Registrable Securities to be in such denominations and registered in such names as the managing underwriters, if any, such Participating Broker-Dealer or the Holders may request. 
 
(j) If (i) a Shelf Registration is filed pursuant to Section 3 or (ii) a Prospectus
contained in an Exchange Offer Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, upon
the occurrence of any event contemplated by Section 6(e)(v), 6(e)(vi) or 6(e)(vii), as promptly as practicable prepare a post-effective amendment to the Registration Statement, a supplement to the related Prospectus or a
supplement or amendment to any such document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder
or to the purchasers of the Exchange Securities to whom such Prospectus will be delivered by a Participating Broker-Dealer, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and, if SEC review is required, use their respective reasonable best efforts to cause such post-effective amendment
to be declared effective as soon as practicable. 
 

15 

 
(k) Use their respective reasonable best efforts to cause the Securities covered by a Registration Statement to be rated with the appropriate rating agencies, if appropriate, and if so requested by the Holders of a majority in
aggregate principal amount of Securities covered by such Registration Statement or the managing underwriters, if any. 
 
(l) Prior to the effective date of the first Registration Statement relating to the Securities, (i) provide the applicable
trustee with printed certificates for the Securities in a form eligible for deposit with DTC and (ii) provide a CUSIP number for each of the Securities. 
 
(m) Use their respective commercially reasonable efforts to cause all Securities covered by such Registration Statement to
be listed on each securities exchange, if any, on which similar debt securities issued by the Issuers are then listed. 
 
(n) If a Shelf Registration is filed pursuant to Section 3, enter into such agreements (which, if such Shelf Registration
is an Underwritten Offering, shall include an underwriting agreement in form, scope and substance as is customary in Underwritten Offerings) and take all such other reasonable actions in connection therewith (including those reasonably requested by
the managing underwriters, if the offering is an Underwritten Offering, or the Holders of a majority in aggregate principal amount of Registrable Securities being sold, if the offering is not an Underwritten Offering) in order to expedite or
facilitate the registration or the disposition of such Registrable Securities, and in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, (i) make such
representations and warranties to the Holders, if the offering is not an Underwritten Offering, or the underwriters, if the offering is an Underwritten Offering, with respect to the business of the Issuers and their respective subsidiaries, if any,
and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by Issuers to underwriters in Underwritten Offerings
of debt securities similar to the Securities, and confirm the same if and when reasonably requested; (ii) obtain opinions of counsel to the Issuers and the Guarantors and updates thereof (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to the managing underwriters, if the offering is an Underwritten Offering, or the Holders of a majority in aggregate principal amount of the Registrable Securities being sold, if the offering is not an Underwritten
Offering, provided, that with respect to the Holders of a majority in aggregate principal amount of the Registrable Securities being sold, such opinion shall be deemed to be reasonably satisfactory to such Holders if such Holders do not
provide to the Issuers written notice of their objection to such opinion within five Business Days after their receipt of such opinion), addressed to each selling Holder and each of the underwriters, if any, covering the matters customarily covered
in opinions requested in Underwritten Offerings of debt securities similar to the Securities; (iii) obtain “cold comfort” letters and updates thereof (which letters and updates (in form, scope and substance) shall be reasonably
satisfactory to the managing underwriters) from the independent certified public accountants of the Issuers and the Guarantors (and, if necessary, any other independent certified public accountants of any subsidiary of the 

 

16 

Issuers or of any business acquired by the Issuers for which financial statements and financial data are, or are required to be, included in
the Registration Statement), addressed to each selling Holder and each of the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with
Underwritten Offerings of debt securities similar to the Securities; and (iv) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold, if the
offering is not an Underwritten Offering, or the managing underwriters, if the offering is an Underwritten Offering, to evidence the continued validity of the representations and warranties of the Issuers and the Guarantors and their respective
subsidiaries, if any, made pursuant to clause (i) above and to evidence compliance with any conditions contained in the underwriting agreement or other similar agreement entered into by the Issuers and the Guarantors. 
 
(o) Comply with all applicable rules and
regulations of the SEC and make generally available to their respective security holders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the
Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing on the first day of the fiscal quarter following each fiscal quarter in which
Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Issuers after the
effective date of a Registration Statement, which statements shall cover said 12-month periods. 
 
(p) Upon consummation of an Exchange Offer or Private Exchange, obtain an opinion of counsel to the Issuers and the
Guarantors (in form, scope and substance reasonably satisfactory to the Initial Purchaser), addressed to the Trustee for the benefit of all Holders participating in the Exchange Offer or Private Exchange, as the case may be, to the effect that (i)
the Issuers and the Guarantors have duly authorized, executed and delivered the Exchange Securities or the Private Exchange Securities, as the case may be, and the Indenture, (ii) the Exchange Securities or the Private Exchange Securities, as the
case may be, and the Indenture constitute legal, valid and binding obligations of the Issuers and the Guarantors, enforceable against the Issuers and the Guarantors in accordance with their respective terms and (iii) all obligations of the Issuers
and the Guarantors under the Exchange Securities or the Private Exchange Securities, as the case may be, and the Indenture are secured by Liens (as defined in the Indenture) on the assets securing the obligations of the Issuers and the Guarantors
under the Notes and the Indenture immediately prior to the consummation of such Exchange Offer or Private Exchange, as the case may be, in the case of each of clauses (i), (ii) and (iii), subject to customary exceptions, assumptions and
qualifications. 
 
(q) If an
Exchange Offer or Private Exchange is to be consummated, upon delivery of the Registrable Securities by such Holders to the Issuers and the Guarantors (or to such other Person as directed by the Issuers and the Guarantors) in exchange for the
Exchange Securities or the Private Exchange Securities, as the case may be, the Issuers and the Guarantors shall request the Issuers’ exchange agent or transfer agent to mark on 

 

17 

such Registrable Securities that such Registrable Securities are being cancelled in exchange for the Exchange Securities or the Private
Exchange Securities, as the case may be, and that such Registrable Securities not be marked as paid or otherwise satisfied. 
 
(r) Cooperate with each seller of Registrable Securities covered by any Registration Statement and each underwriter, if
any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the NASD. 
 
(s) Use their respective reasonable best efforts to take all other steps necessary to effect
the registration of the Registrable Securities covered by a Registration Statement contemplated hereby. 
 
The Issuers and the Guarantors may require each selling Holder of Registrable Securities as to which any registration is being effected
(including, without limitation, any Shelf Registration) to furnish to the Issuers and Guarantors in writing such information regarding such selling Holder and the distribution of such Registrable Securities as the Issuers or the Guarantors may, from
time to time, reasonably request, including the information specified in Item 507 or 508 of Regulation S-K, as applicable, under the Securities Act and any other information regarding such selling Holder and the distribution of such Registrable
Securities required, in the opinion of counsel to the Issuers, under the securities laws to be included in the Registration Statement (the “SEC Required Information”). The Issuers and the Guarantors may exclude from any registration
of Registrable Securities (including, without limitation, any Shelf Registration) the Registrable Securities of any selling Holder who fails to furnish to the Issuers, within 20 days after receipt of a written request therefor, the SEC Required
Information. No such selling Holder shall be entitled to liquidated damages pursuant to Section 4 unless and until such selling Holder shall have provided the SEC Required Information. Each Holder whose Registrable Securities are to be included in a
Shelf Registration Statement agrees to promptly furnish to the Issuers all additional information required to be disclosed in order to make the information previously furnished to the Issuers by such Holder not materially misleading. 
 
Each Holder and each Participating Broker-Dealer agrees by
acquisition of such Registrable Securities or Exchange Securities that, upon receipt of written notice from the Issuers and the Guarantors of the happening of any event of the kind described in Section 6(e)(ii), 6(e)(iv),
6(e)(v), 6(e)(vi) or 6(e)(vii), such Holder will forthwith discontinue disposition (in the jurisdictions specified in a notice of a 6(e)(iv) event, and elsewhere in a notice of a 6(e)(ii), 6(e)(v), 6(e)(vi) or 6(e)(vii) event)
of such Securities covered by such Registration Statement or Prospectus until the earlier of (i) such Holder’s receipt of the copies of the amended or supplemented Prospectus contemplated by Section 6(j); or (ii) the time such Holder is
advised in writing (the “Advice”) by the Issuers and the Guarantors that offers or sales in a particular jurisdiction may be resumed, or that the use of the applicable Prospectus may be resumed, as the case may be, and has received
copies of any amendments or supplements thereto. If the Issuers and the Guarantors shall give such notice, each of the Effectiveness Period and the Applicable Period shall be extended by the number of days during such periods from and including the
date of the giving of such notice to and including the date when each seller of such Securities covered by such Registration Statement shall have received (x) the copies of the amended or supplemented Prospectus contemplated by Section 6(j)
or (y) the Advice. 
 

18 

 
7.
Registration Expenses. 
 
(a) All fees and
expenses incident to the performance of or compliance with this Agreement by the Issuers and the Guarantors shall be borne by the Issuers and the Guarantors whether or not the Exchange Offer is consummated or the Exchange Offer Registration
Statement or a Shelf Registration is filed or becomes effective, including, without limitation: 
 
(i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made
with the NASD and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Securities or
Exchange Securities and determination of the eligibility of the Registrable Securities or Exchange Securities for investment under the laws of such jurisdictions (x) where the Holders are located, in the case of the Exchange Securities, or (y) as
provided in Section 6(f), in the case of Registrable Securities or Exchange Securities to be sold by a Participating Broker-Dealer during the Applicable Period)); 
 
(ii) printing expenses (including, without limitation, expenses of printing certificates for
Registrable Securities or Exchange Securities in a form eligible for deposit with DTC and of printing prospectuses if the printing of prospectuses is requested by the managing underwriters, if any, or, in respect of Registrable Securities or
Exchange Securities to be sold by a Participating Broker-Dealer during the Applicable Period, by the Holders of a majority in aggregate principal amount of the Registrable Securities included in any Registration Statement or of such Exchange
Securities, as the case may be); 
 
(iii) messenger, telephone, duplication, word processing and delivery expenses incurred by the Issuers and the Guarantors in the performance of their obligations hereunder; 
 
(iv) fees and disbursements of counsel for
the Issuers, the Guarantors and, subject to Section 7(b), the Holders; 
 
(v) fees and disbursements of all independent certified public accountants referred to in Section 6(n)(iii) (including, without limitation, the expenses of any special audit and “cold
comfort” letters required by or incident to such performance); 
 
(vi) fees and expenses of any “qualified independent underwriter” or other independent appraiser participating in an offering pursuant to Section 3 of Schedule E to the By-laws of the NASD,
but only where the need for such a “qualified independent underwriter” arises due to a relationship with the Issuers and the Guarantors; 
 
(vii) Securities Act liability insurance, if the Issuers and the Guarantors so desire such insurance 
 
(viii) fees and expenses of all other
Persons, including special experts, retained by the Issuers or the Guarantors; internal expenses of the Issuers and the Guarantors 
 

19 

(including, without limitation, all salaries and expenses of their respective officers and
employees performing legal or accounting duties), and the expenses of any annual audit; and 
 
(ix) rating agency fees and the fees and expenses incurred in connection with the listing (if any) of the Securities to be
registered on any securities exchange. 
 
(b) The Issuers and the Guarantors shall reimburse the Holders for the reasonable fees and disbursements of not more than one counsel (in addition to appropriate local counsel) chosen by the Holders of a majority in aggregate
principal amount of the Registrable Securities to be included in any Registration Statement and other reasonable and necessary out-of-pocket expenses of the Holders incurred in connection with the registration of the Registrable Securities.

 
8. Indemnification. 
 
(a) Indemnification by the Issuers and the
Guarantors. The Issuers and the Guarantors, jointly and severally, shall, without limitation as to time, indemnify and hold harmless each Holder and each Participating Broker-Dealer, each Person who controls (within the meaning of Section 15 of
the Securities Act or Section 20(a) of the Exchange Act (any of such persons being hereinafter referred to as a “controlling person”)) each such Holder and any such Participating Broker-Dealer and the members, managers, officers,
directors, partners, employees, representatives and agents of each such Holder, Participating Broker-Dealer and controlling person (collectively, the “Holder Indemnified Parties”), to the fullest extent lawful, from and against any
and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and reasonable attorneys’ fees) and expenses (including, without limitation, costs and expenses incurred in connection with investigating,
preparing, pursuing or defending against any of the foregoing) (collectively, “Losses”), as incurred, arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement,
preliminary prospectus, Prospectus or form of prospectus, or in any amendment or supplement thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading, except that neither the Issuers nor the Guarantors shall be obligated to indemnify or hold harmless any Person pursuant to this Section 8 for any Losses insofar as
such Losses arise out of or are based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, Prospectus or form of prospectus, or in any amendment or
supplement thereto, in reliance upon or in conformity with information relating to such Holder or Participating Broker-Dealer and furnished in writing to the Issuers and the Guarantors by such Holder or Participating Broker-Dealer expressly for use
therein. The Issuers and each of the Guarantors shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their members, managers, officers, directors, agents
and employees and each of their respective controlling persons to the same extent as provided above with respect to the indemnification of the Holder Indemnified Parties. 
 

20 

 
(b) Indemnification by Holders of Registrable Securities. In connection with any Registration Statement, preliminary prospectus, Prospectus or form of prospectus, or any amendment or supplement thereto, in which a Holder is
participating, such Holder shall furnish to the Issuers and the Guarantors in writing such information as the Issuers and the Guarantors reasonably request for use in connection with any such Registration Statement, preliminary prospectus,
Prospectus or form of prospectus, any amendment or supplement thereto, and shall, severally and not jointly, without limitation as to time, indemnify and hold harmless the Issuers and the Guarantors, their respective members, managers, directors,
officers, agents and employees, each controlling person of the Issuers or any of the Guarantors and the members, managers, directors, officers, partners, representatives, agents or employees of such controlling persons, to the fullest extent lawful,
from and against any and all Losses, as incurred, arising out of or based upon any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, preliminary prospectus, Prospectus or form of prospectus, or any
amendment or supplement thereto, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading to the extent, but only to the extent, that such untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact is contained in or omitted from any information so furnished in writing by
such Holder to the Issuers and the Guarantors expressly for use in any Registration Statement, preliminary prospectus, Prospectus or form of prospectus, or any amendment or supplement thereto. In no event shall the liability of any selling Holder be
greater in amount than such Holder’s Maximum Contribution Amount (as defined below). 
 
(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person
entitled to indemnification hereunder (an “indemnified party”), such indemnified party shall promptly notify the party or parties from which such indemnification is sought (the “indemnifying parties”) in writing;
provided, that the failure to so notify the indemnifying parties shall not relieve the indemnifying parties from any obligation or liability except to the extent (but only to the extent) that it shall be finally determined by a court of
competent jurisdiction (which determination is not subject to appeal) that the indemnifying parties have been prejudiced materially by such failure. 
 
The indemnifying parties shall have the right, exercisable by giving written notice to an indemnified party, within 20 Business Days after
receipt of written notice from such indemnified party of such Proceeding, to assume, at their expense, the defense of any such Proceeding; provided, that an indemnified party shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the indemnifying parties have agreed to pay such fees and expenses; (ii) the
indemnifying parties shall have failed promptly to assume the defense of such Proceeding or shall have failed to employ counsel reasonably satisfactory to such indemnified party; or (iii) the named parties to any such Proceeding (including any
impleaded parties) include both such indemnified party and one or more indemnifying parties (or any affiliates or controlling persons of any of the indemnifying parties), and such indemnified party shall have been advised by counsel that there may
be one or more defenses available to such indemnified party that are in addition to, or in conflict with, those defenses available to the indemnifying party or such affiliate or controlling person (in which case, if such indemnified party notifies
the indemnifying parties in writing that it elects to 

 

21 

employ separate counsel at the expense of the indemnifying parties, the indemnifying parties shall not have the right to assume the defense
thereof and the reasonable fees and expenses of such counsel shall be at the expense of the indemnifying parties; it being understood, however, that, the indemnifying parties shall not, in connection with any one such Proceeding or separate but
substantially similar or related Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (together with appropriate local
counsel) at any time for such indemnified party). 
 
No indemnifying party shall be liable for any settlement of any such Proceeding effected without its written consent, but if settled with its written consent, or if there be a final judgment for the plaintiff in any such Proceeding,
each indemnifying party jointly and severally agrees, subject to the exceptions and limitations set forth above, to indemnify and hold harmless each indemnified party from and against any and all Losses by reason of such settlement or judgment. The
indemnifying party shall not consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified party of a release, in form and
substance reasonably satisfactory to the indemnified party, from all liability in respect of such Proceeding for which such indemnified party would be entitled to indemnification hereunder (whether or not any indemnified party is a party thereto).

 
(d) Contribution. If the
indemnification provided for in this Section 8 is unavailable to an indemnified party or is insufficient to hold such indemnified party harmless for any Losses in respect of which this Section 8 would otherwise apply by its terms
(other than by reason of exceptions provided in this Section 8), then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall have a joint and several obligation to contribute to the amount paid or payable by
such indemnified party as a result of such Losses, (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party, on the one hand, and such indemnified party, on the other hand, from the sale of
Registrable Securities, or (ii) if the allocation provided by clause (i) above is not permitted by Applicable Law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative
fault of the indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The
relative fault of such indemnifying party, on the one hand, and indemnified party, on the other hand, shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such statement or
omission. The amount paid or payable by an indemnified party as a result of any Losses shall be deemed to include any legal or other fees or expenses incurred by such party in connection with any Proceeding, to the extent such party would have been
indemnified for such fees or expenses if the indemnification provided for in Section 8(a) or 8(b) was available to such party. 
 

22 

 
The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred
to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 8(d), an indemnifying party that is a selling Holder shall not be required to contribute, in the aggregate, any amount in excess of such Holder’s
Maximum Contribution Amount. A selling Holder’s “Maximum Contribution Amount” shall equal the excess, if any, of (i) the aggregate proceeds received by such Holder pursuant to the sale of the Registrable Securities giving rise
to such indemnification obligation over (ii) the aggregate amount of damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this
Section 8(d) are several in proportion to the respective principal amount of the Registrable Securities held by each Holder hereunder and not joint. The Issuers’ obligations to contribute pursuant to this Section 8(d) are joint and
several. 
 
The indemnity and contribution
agreements contained in this Section 8 are in addition to any liability that the indemnifying parties otherwise may have to the indemnified parties. 
 
9. Rule 144 and Rule 144A. 
 
Each of the Issuers covenants that (a) during any period that it is required to file reports under the Securities Act or the Exchange Act,
it shall file all reports required to be filed by it in a timely manner in order to comply with the current public information requirements of Rule 144 under the Securities Act and (b) during any period that it is not required to file such reports,
it shall, upon the request of any Holder, make available to each Holder or beneficial owner of Registrable Securities and to any prospective purchaser of Registrable Securities designated by such Holder or beneficial owner the information required
by Rule 144A(d)(4) under the Securities Act. Each of the Issuers shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without
registration under the Securities Act pursuant to the exemptions provided by Rule 144 and Rule 144A, subject to the expiration of the holding period required for sales under Rule 144(k) under the Securities Act. Upon the written request of any
Holder, each of the Issuers and the Guarantors shall deliver to such Holder a written statement as to whether such Issuer or Guarantor has complied with such information requirements. Nothing in this Section 9 shall be deemed to require the Issuers
to register any Securities pursuant to the Exchange Act. 
 
10. Underwritten Registrations. 
 
If any of the Registrable Securities covered by any Shelf Registration are to be sold in an Underwritten Offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by
the Holders of a majority in aggregate principal amount of such Registrable Securities included in such offering and shall be reasonably acceptable to the Issuers. 
 

23 

 
No Holder may
participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of attorney, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
 
11. Miscellaneous. 
 
(a) Remedies. In the event of a breach
by either of the Issuers or any of the Guarantors of any of their respective obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights provided herein, in the Indenture or, in the case of the Initial
Purchaser, in the Purchase Agreement, or granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Issuers and the Guarantors agree that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by either of the Issuers or any of the Guarantors of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific performance in respect of
such breach, the Issuers and the Guarantors shall waive the defense that a remedy at law would be adequate. 
 
(b) No Inconsistent Agreements. The Issuers and the Guarantors have not entered into, as of the date hereof, and
shall not enter into, after the date of this Agreement, any agreement with respect to any of their respective securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.

 
(c) Amendments and
Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, without the written consent of
(i) the Issuers and (ii) the Holders of at least a majority of the then outstanding aggregate principal amount of Registrable Securities; provided, that Sections 4(a) and 8 shall not be amended, modified or supplemented, and
waivers or consents to departures from this proviso may not be given, unless the Issuers have obtained the written consent of each Holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a
matter that relates exclusively to the rights of Holders whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by Holders of at least a majority
in aggregate principal amount of the Registrable Securities being sold by such Holders pursuant to such Registration Statement; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance
with the provisions of the immediately preceding sentence. 
 
(d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing
by hand-delivery, certified first-class mail with return receipt requested, next-day air courier or facsimile: 
 
(i) if to a Holder, at the most current address of such Holder as set forth on the register kept by the Registrar (as
defined in the Indenture), with a copy to Skadden, 
 

24 

Arps, Slate, Meagher & Flom LLP, 300 South Grand Avenue, Suite 3400, Los Angeles, California 90071, facsimile number (213) 687-5600,
Attention: Nicholas P. Saggese, Esq.; and 
 
(ii) if to either of the Issuers or any of the Guarantors, initially at P.O. Box 90270, Lafayette, Louisiana 80509-0270, facsimile number: (702) 247-6822, Attention: Michael S. Luzich, with a copy to Peninsula Gaming Partners, LLC,
7137 Mission Hills Drive, Las Vegas, Nevada 89113, facsimile number: (702) 247-6822, Attention: Michael S. Luzich, and an additional copy to Mayer, Brown, Rowe & Maw, 1675 Broadway, New York, New York 10019-5820, facsimile number: (212)
262-1910, Attention: Nazim Zilkha, Esq., and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 11(d). 
 
All such notices and communications shall be deemed to have been duly given: when delivered by hand, if
personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier, if sent by next-day air courier; and when receipt is acknowledged by the
addressee, if sent by facsimile. 
 
Copies of all
such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee under the Indenture at the address specified in the Indenture. 
 
(e) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties hereto, including without limitation and without the need for an express assignment, subsequent Holders. 
 
(f) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 
(g) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. When a reference is made in this Agreement to a Section, paragraph, subparagraph, Schedule or Exhibit, such reference shall mean a Section, paragraph, subparagraph, Schedule or Exhibit to this
Agreement unless otherwise indicated. The words “include,” “includes,” and “including” when used in this Agreement shall be deemed in each case to be followed by the words “without
limitation.” The phrases “the date of this Agreement,” “the date hereof,” and terms of similar import, unless the context otherwise requires, shall be deemed to refer to February 25, 2003. The words
“hereof,” “herein,” “herewith,” “hereby” and “hereunder” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a
whole and not to any particular provision of this Agreement. 
 
(h) GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND INTERPRETED, AND THE RIGHTS OF THE PARTIES SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING 

 

25 

 
WITHOUT
LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF NEW YORK CIVIL PRACTICE LAWS AND RULES. EACH ISSUER AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. EACH ISSUER AND EACH GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TRIAL BY
JURY AND ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. EACH ISSUER AND EACH GUARANTOR IRREVOCABLY CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE
MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH ISSUER OR SUCH GUARANTOR, AS THE CASE MAY BE, AT ITS ADDRESS SET FORTH HEREIN, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL
AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER PARTY TO THIS AGREEMENT IN ANY OTHER JURISDICTION. 
 
(i) Severability. If any term,
provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their respective reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of
such that may be hereafter declared invalid, illegal, void or unenforceable. 
 
(j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the registration rights granted
by the Issuers and the Guarantors in respect of securities sold pursuant to the Purchase Agreement. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 

26 

 
(k) Securities Held By Either of the Issuers or their Respective Affiliates. Whenever the consent or approval of Holders of a specified percentage of the principal amount of Registrable Securities is required hereunder,
Registrable Securities held by either of the Issuers or their respective affiliates (as such term is defined in Rule 405 under the Securities Act) (other than Holders deemed to be such affiliates solely by reason of their holdings of such
Registrable Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 
[signature pages follow this page] 
 
 

27 

 
IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written above. 
 
 

	 The Old Evangeline Downs, L.L.C.

	
	 By:
	 	 /s/    M. BRENT
STEVENS    

	 Name:
	 	 M. Brent Stevens

	 Title:
	 	 Chief Executive Officer

 

	 The Old Evangeline Downs Capital Corp.

	
	 By:
	 	 /s/    M. BRENT
STEVENS    

	 Name:
	 	 M. Brent Stevens

	 Title:
	 	 Chief Executive Officer

ACCEPTED AND AGREED TO: 
 

	 Jefferies & Company, Inc.

	
	 By:
	 	 /s/    STEVE
CROXTON    

	 Name:
	 	 Steve Croxton

	 Title:
	 	 Managing DirectorForm of New 13% Senior Secured Note due 2010

 
Exhibit 4.3

 
EXHIBIT A 
 
[FORM OF NOTE] 
 
THE OLD EVANGELINE DOWNS, L.L.C. 
 
THE OLD EVANGELINE DOWNS CAPITAL CORP. 
 
13% [SERIES A] [SERIES B]1 SENIOR SECURED NOTE  
DUE 2010 WITH CONTINGENT INTEREST 
 
CUSIP:              
 

	 No.
	 	 $                        

 
The Old
Evangeline Downs, L.L.C., a Louisiana limited liability company (the Company”) and The Old Evangeline Downs Capital Corp., a Delaware corporation (“Capital” and, together with the Company, the “Issuers”
which term includes any successors under the Indenture hereinafter referred to), for value received, hereby promise to pay to Cede& Co, or registered assigns, the principal sum of
             Dollars, on March 1, 2010. 
 
Interest Payment Dates: March 1 and September 1, commencing September 1, 2003. 
 
Record Dates: February 15 and August 15 
 
Reference is made to the further provisions of this Note on
the reverse side, which will, for all purposes, have the same effect as if set forth at this place. 
 
Upon request, the Issuers will promptly make available to a holder of this Note information regarding the issue price, the amount of
original issue discount, the issue date, and the yield to maturity of this Note. Holders should contact The Old Evangeline Downs, L.L.C., P.O. Box 90270, Lafayette, LA 70509-0270, Attention: Michael S. Luzich. 

	1.	 	Series A should be replaced with Series B in the Exchange Notes. 

 

A-1 

 
IN WITNESS
WHEREOF, the Issuers have caused this instrument to be duly executed. 
 
 

	 THE OLD EVANGELINE DOWNS, L.L.C.,
 a Louisiana limited liability company

	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 THE OLD EVANGELINE DOWNS CAPITAL CORP.,

 a Delaware
corporation

	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 
This is one of the Notes described in the within-mentioned Indenture. 
 

	 U.S. BANK NATIONAL ASSOCIATION

	
	 By:
	 	

	 	 	 Authorized Signatory

 
Dated:                 
 

A-2 

 
(Reverse of
Note) 
 
13% [Series A] [Series B]2 Senior Secured Note due 2010 with Contingent Interest 
 
[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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS.]3 
 
[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 

	2.	 	Series A should be replaced with Series B in the Exchange Notes. 

	3.	 	To be included only on Global Notes deposited with DTC as Depositary. 

 

A-3 

AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS 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.]4 
 
[THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS
SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE CASH PAYMENTS OF INTEREST DURING THE PERIOD WHICH SUCH HOLDER HOLDS THIS NOTE.
NOTHING IN THIS LEGEND SHALL BE DEEMED TO PREVENT INTEREST FROM ACCRUING ON THIS NOTE.]5 

	4.	 	To be included only on Global Notes deposited with DTC as Depositary. 

	5.	 	To be included only on Reg S Temporary Global Notes. 

 

A-4 

 
[THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY,
PRIOR TO THE DATE WHICH IS TWO YEARS (OR SUCH OTHER PERIOD THAT MAY HEREAFTER BE PROVIDED UNDER RULE 144(k) UNDER THE SECURITIES ACT AS PERMITTING RESALES OF RESTRICTED SECURITIES BY NON-AFFILIATES WITHOUT RESTRICTION) AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH EITHER OF THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF THIS SECURITY) (THE “RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO EITHER
OF THE ISSUERS, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, 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 

 

A-5 

THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE
SECURITIES ACT, (D) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH
AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE AND IN EACH CASE IN ACCORDANCE
WITH APPLICABLE SECURITIES LAWS OF ANY U.S. STATE OR ANY OTHER APPLICABLE JURISDICTION.]6 
 
Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated. 

	6.	 	To be included only on Transfer Restricted Notes. 

 

A-6 

 
1.
Interest. The Old Evangeline Downs, L.L.C., a Louisiana limited liability company (the “Company”) and The Old Evangeline Downs Capital Corp., a Delaware corporation (“Capital” and, together with the Company,
the “Issuers”), promise to pay Fixed Interest on the principal amount of this Note at 13% per annum from the Issue Date until maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 4 of the Registration
Rights Agreement referred to below. The Issuers will pay Fixed Interest and Liquidated Damages, if any, semi-annually on March 1 and September 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”). The first Interest Payment Date shall be September 1, 2003. Fixed Interest on the Notes will accrue from the most recent date to which Fixed Interest has been paid or, if no Fixed Interest has been paid,
from the Issue Date; provided that if there is no existing Default in the payment of Fixed Interest, and if this Note is authenticated between an Interest Record Date (defined below) referred to on the face hereof and the next succeeding
Interest Payment Date, Interest shall accrue from such next succeeding Interest Payment Date. The Issuers shall pay Fixed Interest (including Accrued Bankruptcy Interest in any proceeding under any Bankruptcy Law) on overdue principal and premium,
if any, from time to time on demand at the rate then in effect; it shall pay Fixed Interest (including Accrued Bankruptcy Interest in any proceeding under any Bankruptcy Law) on overdue installments of Interest and Liquidated Damages, 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 calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 
In addition, the Notes will bear Contingent Interest after the
Casino begins Operating. Contingent Interest will be payable semi-annually in arrears on each Interest Payment Date to the Persons in whose names such Notes are registered at the close of business on the associated Interest Record Date, unless a
portion of such Contingent Interest is permitted to be deferred. The Issuers may defer payment of a portion of accrued Contingent Interest otherwise due and payable and may continue to defer the payment of a portion of accrued Contingent Interest
which has already been deferred (the aggregate amount of deferred Contingent Interest at any particular time “Deferred Contingent Interest”) if, and only to the extent that: 
 
(a) the payment of that Deferred Contingent
Interest on the applicable Interest Payment Date will cause the Issuers’ Adjusted Consolidated Coverage Ratio for the Reference Period immediately prior to the applicable Interest Payment Date, after giving effect on a pro forma basis to
the payment of such Contingent Interest, to be less than 1.5 to 1.0; and 
 
(b) the principal amount of the Notes corresponding to that Deferred Contingent Interest has not then matured and become due and payable, whether at Stated Maturity, upon acceleration, upon redemption,
upon maturity of repurchase obligation or otherwise. 
 
Deferred Contingent Interest will become due and payable, in whole or in part, upon the earlier of: 
 

A-7 

 
(1) the next succeeding Interest Payment Date on which all or a portion of that Deferred Contingent Interest is not permitted to be deferred; and 
 
(2) the maturity of the corresponding principal amount of the Notes, whether at Stated
Maturity, upon acceleration, upon redemption or otherwise. 
 
The amount of Contingent Interest payable for any period will be reduced pro rata for reductions in the outstanding principal amount of the Notes prior to the immediately preceding Interest
Record Date. No interest will accrue on any Deferred Contingent Interest which does not become due and payable. Contingent Interest will accrue daily on the principal amount of each Note outstanding and shall be pro rated, based on a period of 180
days, for any partial semi-annual periods. 
 
Each
installment of Contingent Interest will be calculated to accrue: 
 
(a) from, but not including, the most recent Interest Payment Date for which Contingent Interest has been paid or through which Contingent Interest had been calculated and deferred; or 
 
(b) if no installment of Contingent Interest
has been paid or deferred, from and including the date on which the Casino begins Operating, in the case of each of the preceding clauses (a) and (b) to, and including, the earlier of: 
 
(i) the next Interest Payment Date if the corresponding principal amount of the Notes has not
become due and payable; or 
 
(ii)
the date of payment if the corresponding principal amount of the Notes has become due and payable, whether at Stated Maturity, upon acceleration, upon redemption or otherwise. 
 
2. Method of Payment. The Issuers will pay Interest on the Notes and Liquidated Damages, if any, to
the Persons who are registered Holders of Notes at the close of business on the February 15 or August 15 next preceding the Interest Payment Date (each an “Interest Record Date”), even if such Notes are cancelled after such Interest
Record Date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture (as defined below) with respect to defaulted interest. The Notes will be payable as to principal, Interest, premium, if any, and Liquidated
Damages, if any, at the office or agency of the Issuers maintained within the City and State of New York for such purpose, or, at the option of the Issuers, payment of Interest and Liquidated Damages, if any, may be made by check mailed to the
Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds to an account within the United States will be required with respect to principal of and Interest, premium, if
any, and Liquidated Damages, if any, on all Global Notes. Such payment shall 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. 
 

A-8 

 
3. Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers 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 Issuers issued the Notes under an Indenture, dated as of the Issue Date (“Indenture”), by and among the Issuers, the Guarantors party thereto 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 Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for
a statement of such terms. 
 
The Obligations under
the Indenture, the Intercreditor Agreement, the Notes and the Guarantees thereof are secured by the Collateral described in the Collateral Agreements, subject to the provisions of such agreements. Holders are referred to the Collateral Agreements
for a statement of such terms. 
 
5. Optional
Redemption. 
 
(a) Except as
set forth in clause (b) of this paragraph, the Issuers shall not have the right to redeem any Notes pursuant to this paragraph 5 prior to March 1, 2007. The Notes will be redeemable for cash at the option of the Issuers, in whole or in part, at any
time on or after March 1, 2007 at the following redemption prices (expressed as percentages of the principal amount) if redeemed during the 12-month period commencing March 1 of the years indicated below, in each case together with accrued and
unpaid Interest and Liquidated Damages, if any, thereon to the date of redemption of the Notes (the “Redemption Date”): 
 

	 Year

	  	 Percentage

	 
	 2007
	  	 106.50
	 %

	 2008
	  	 103.25
	 %

	 2009 and thereafter
	  	 100.00
	 %

 
(b) Notwithstanding the provisions of clause (a) of this paragraph, at any time on or prior to March 1, 2006, upon a Qualified Equity Offering, up to 35% of the aggregate principal amount of the Notes may be redeemed at the
Issuers’ option within 120 days of such Qualified Equity Offering, with cash received by the Issuers from the Net Cash Proceeds of such Qualified Equity Offering, at a redemption price equal to 113% of principal amount thereof, together with
accrued and unpaid Interest and Liquidated Damages, if any, thereon to the Redemption Date; provided, however, that immediately following such redemption not less than 65% of the aggregate principal amount of the Notes issued on the Issue
Date remain outstanding. 
 

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(c) Notice of redemption will be mailed by first class mail at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger
than $1,000 may be redeemed in part but only in integral multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date, Interest ceases to accrue on Notes or portions thereof called for redemption
unless the Issuers default in such payments due on the redemption date. 
 
6. Regulatory Redemption. Notwithstanding any other provision of the Indenture, if any Gaming Authority or Racing Authority requires that a Holder or beneficial owner of Notes must be licensed, qualified or found
suitable under any applicable Gaming Law or Racing Law and such Holder or beneficial owner fails to apply for a license, qualification or a finding of suitability within 30 days after being requested to do so by the Gaming Authority or Racing
Authority (or such lesser period that may be required by such Gaming Authority or Racing Authority), or if such Holder or such beneficial owner is not so licensed, qualified or found suitable, the Issuers shall have the right, at their option, (1)
to require such Holder or beneficial owner to dispose of such Holder’s or beneficial owner’s Notes within 30 days of receipt of notice of such finding by the applicable Gaming Authority or Racing Authority or such earlier date as may be
ordered by such Gaming Authority or Racing Authority or (2) to call for the redemption (a “Regulatory Redemption”) of the Notes of such Holder or beneficial owner at the principal amount thereof or, if required by such Gaming
Authority or Racing Authority, the lesser of (a) the price at which such Holder or beneficial owner acquired the Notes, and (b) the fair market value of such Notes on the date of redemption, together with, in either case, accrued and unpaid Interest
and, if permitted by such Gaming Authority or Racing Authority, Liquidated Damages, to the earlier of the date of redemption or such earlier date as may be required by such Gaming Authority or Racing Authority or the date of the finding of
unsuitability by such Gaming Authority or Racing Authority, which may be less than 30 days following the notice of redemption, if so ordered by such Gaming Authority or Racing Authority. The Issuers shall notify the Trustee in writing of any such
redemption as soon as practicable and the redemption price of each Note to be redeemed. 
 
7. Mandatory Redemption. The Issuers shall not be required to make mandatory redemption payments with respect to the Notes (except for a Required Regulatory Redemption). The Notes shall not have
the benefit of any sinking fund. 
 
8. Offers to
Purchase. 
 
(a) Change of
Control. In the event that a Change of Control has occurred, each Holder of Notes will have the right, at such Holder’s option, pursuant to an offer (subject only to conditions required by applicable law, if any) by the Issuers (the
“Change of Control Offer”), to require the Issuers to repurchase all or any part of such Holder’s Notes (provided, that the principal amount of such Notes must be $1,000 or an integral multiple thereof) on a date (the
“Change of Control Purchase Date”) earlier than 30 days and no later than 45 days after the date on which notice of a Change of Control Offer is mailed to the Holders (or such other time period as may be required by 

 

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applicable law), at a cash price equal to 101% of the principal amount thereof (the “Change of Control Purchase Price”),
together with accrued and unpaid Interest and Liquidated Damages, if any, to the Change of Control Purchase Date. Holders electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice of Change of Control Offer prior to the close of business on the third Business Day prior to the
Change of Control Purchase Date. The Change of Control Offer shall be made within 30 days following a Change of Control and shall remain open for at least 20 Business Days following its commencement (the “Change of Control Offer
Period”). Upon expiration of the Change of Control Offer Period, the Issuers shall promptly purchase all Notes properly tendered pursuant to the Change of Control Offer. 
 
On or before the Change of Control Purchase Date, the Issuers shall: (i) accept for payment
Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent an amount in cash sufficient to pay the Change of Control Purchase Price (together with accrued and unpaid Interest and
Liquidated Damages, if any, to the Change of Control Purchase Date) of all Notes so tendered, and (iii) deliver to the Trustee the Notes so accepted together with an Officers’ Certificate listing the Notes or portions thereof being purchased by
the Issuers. The Paying Agent promptly will pay the Holders of Notes so accepted an amount equal to the Change of Control Purchase Price (together with accrued and unpaid Interest and Liquidated Damages, if any to the Change of Control Purchase
Date), and the Trustee promptly will authenticate and deliver to such Holders a new Note equal in principal amount to any unpurchased portion of the Note surrendered. Any Notes not so accepted will be delivered promptly by the Issuers to the Holder
thereof. The Issuers publicly will announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase Date. 
 
(b) Asset Sale. Subject to certain exceptions set forth in the Indenture, the Issuers shall not, and the Guarantors
shall not, and neither the Issuers nor the Guarantors shall permit any of the Restricted Subsidiaries to make any Asset Sale unless, (i) at least 75% of the total consideration received for such Asset Sale or series of related Asset Sales consists
of cash or Cash Equivalents and (ii) the Managers of the Company determine in good faith that the Issuers will receive or such Restricted Subsidiary will receive, as applicable, consideration at the time of such Asset Sale at least equal to the fair
market value of the property, assets or Equity Interests issued or sold or otherwise disposed of in such Asset Sale; provided, however, that the 75% limitation set forth in clause (i) above shall not apply to any proposed Asset Sale for which
an independent certified accounting firm shall certify to the Managers of the Company and the Trustee that the after-tax cash portion of the consideration to be received by the Company or such Restricted Subsidiary in such proposed Asset Sale is
equal to or greater than what the net after-tax cash proceeds would have been had such proposed Asset Sale complied with the 75% limitation set-forth in clause (i) above. Solely for purposes of clause (i) of the preceding sentence, total
consideration received means the total consideration received for such Asset Sale minus the amount of, (i) any liabilities (other than liabilities that are by 

 

A-11 

their terms subordinated to the Notes and the Guarantees) of the Company or any Restricted Subsidiary that are assumed by a transferee;
provided, that the Issuers and the Restricted Subsidiaries are fully released from obligations in connection therewith and (ii) property that within 30 days of such Asset Sale is converted into cash or Cash Equivalents; and further
provided, that such cash and Cash Equivalents shall be treated as Net Cash Proceeds attributable to the original Asset Sale for which such property was received). 
 
Within 360 days after receipt any Net Cash Proceeds from an Asset Sale, the Company may apply
such Net Cash Proceeds at its option: (a) (i) to repay any Purchase Money Indebtedness secured by the asset which was the subject of the Asset Sale; or (ii) to retire and permanently reduce Indebtedness incurred under the Credit Agreement;
provided, that in the case of a revolver or similar arrangement that makes credit available, such commitment is permanently reduced by such amount; (b) (i) to make an investment or capital expenditure in, or otherwise acquire, (A) assets or
properties that replace the assets or properties that were the subject of such Asset Sale, or (B) assets and property (other than notes, bonds, obligations and securities, except in connection with the acquisition of a Restricted Subsidiary which is
a Guarantor in a Related Business) which are used or useful in a Related Business, or (ii) to acquire (A) all or substantially all of the assets of any Person engaged in a Related Business or (B) a majority of the Voting Equity Interests of a Person
engaged in a Related Business that becomes a Restricted Subsidiary; provided, in each case, that such investment, capital expenditure or acquisition is made in compliance with the other provisions of the Indenture, including Section 4.9 of
the Indenture; or (c) any combination of the foregoing clauses (a) and (b). 
 
All Net Cash Proceeds from an Event of Loss shall be used as follows: (i) first, the Company shall use such Net Cash Proceeds to the extent necessary to rebuild, repair, replace or restore the assets
subject to such Event of Loss with comparable assets and (ii) then, to the extent any Net Cash Proceeds from an Event of Loss are not used as described in the preceding clause (i), all such remaining Net Cash Proceeds shall be reinvested or used as
provided in the immediately preceding clause (a), (b) or (c). 
 
The accumulated Net Cash Proceeds from Asset Sales not applied as set forth in clauses (a) and (b) of the immediately preceding paragraphs within such 360 day period and the accumulated Net Cash
Proceeds from any Event of Loss not applied as set forth in clauses (1) and (2) of the immediately preceding paragraph within such 360 day period shall constitute “Excess Proceeds.” Pending the final application of any Net Cash
Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise temporarily invest or use for general corporate purposes (other than Restricted Payments that are not solely Restricted Investments) the Net Cash Proceeds in any
manner that is not prohibited by the Indenture. When the Excess Proceeds equal or exceed $10,000,000, the Issuers shall offer to repurchase the Notes and any other Indebtedness ranking on a parity with the Notes and with similar provisions requiring
the Issuers to make an offer to purchase such Indebtedness with the proceeds from such Asset Sale pursuant to a cash offer (subject only to conditions required by applicable law, if any), not later than 30 days following the applicable Asset Sale
Offer Trigger Date, the maximum principal amount of Notes and such other pari passu Indebtedness (or accreted values in the case of 

 

A-12 

Indebtedness issued with an original issue discount) that may be purchased out of the Excess Proceeds (the “Asset Sale
Offer”) on a pro rata basis in proportion to the respective principal amounts of the Notes and such other pari passu Indebtedness (or accreted values in the case of Indebtedness issued with an original issue discount) at a
purchase price of 100% of the principal amount (or accreted value in the case of Indebtedness issued with an original issue discount) (the “Asset Sale Offer Price”) together with accrued and unpaid interest and Liquidated Damages,
if any, to the date of payment. The Asset Sale Offer shall remain open for at least 20 Business Days following its commencement (the “Asset Sale Offer Period”). Upon receiving notice of the Asset Sale Offer, Holders may elect to
tender their Notes in whole or in part in integral multiples of $1,000. Upon expiration of the Asset Sale Offer Period, the Issuers shall apply an amount equal to the Excess Proceeds (the “Asset Sale Offer Amount”) plus an amount
equal to accrued and unpaid Interest and Liquidated Damages, if any, to the purchase of all Indebtedness properly tendered in accordance with the provisions hereof (on a pro rata basis if the Excess Proceeds are insufficient to purchase all
Indebtedness so tendered) at the Asset Sale Offer Price (together with accrued and unpaid Interest and Liquidated Damages, if any, to the date of payment). The principal amount of Notes and such other pari passu Indebtedness to be purchased
pursuant to an Asset Sale Offer may be reduced by the principal amount of Notes and such other pari passu Indebtedness, respectively, acquired by the Issuers through purchase or redemption (other than pursuant to a Change of Control Offer)
subsequent to the date of the Asset Sale and surrendered to the Trustee for cancellation. To the extent that the aggregate amount of Notes and such other pari passu Indebtedness tendered or to be purchased pursuant to an Asset Sale Offer is less
than the Excess Proceeds are, the Issuers may use any remaining Net Cash Proceeds for any purpose not otherwise prohibited by the Indenture. Following the consummation of each Asset Sale Offer in accordance with the provisions of this paragraph, the
Excess Proceeds amount shall be reset to zero. 
 
(c) Excess Cash Flow Offers. Not later than 60 days after each Operating Six Months of the Company, beginning with the first Operating Six Months after the Casino becomes Operating, the Company will make an offer to all
Holders (the “Initial Excess Cash Flow Offer”) to purchase the maximum principal amount of Notes that is an integral multiple of $1,000 that may be purchased with an amount equal to the sum (such sum, the “Excess Cash Flow
Offer Amount”) of (i) 50% of the Company’s Excess Cash Flow in respect of the Operating Six Months then ended (less all transaction costs and expenses incurred by the Issuers in connection with such Excess Cash Flow Offer) (the
“Applicable Excess Cash Flow Amount”) and (ii) the then available Excess Cash Flow Balance (as defined below), at a purchase price in cash equal to 101% of the principal amount of the Notes to be purchased, plus accrued and unpaid
interest and Liquidated Damages, if any, thereon to the date fixed for the closing of the Excess Cash Flow Offer (the “Excess Cash Flow Purchase Price”), in accordance with the Indenture. Notwithstanding the foregoing, the Company
will not be required to make an Initial Excess Cash Flow Offer to purchase Notes pursuant to this covenant if the then available Excess Cash Flow Offer Amount is less than $2,500,000; provided, that in such event any Applicable Excess Cash Flow
Offer Amount (if positive) will be added to the Excess Cash Flow Offer Amount for each subsequent Operating Six Months until an Initial 

 

A-13 

Excess Cash Flow Offer is made. If the aggregate principal amount of Notes tendered pursuant to any Initial Excess Cash Flow Offer is less
than the Excess Cash Flow Offer Amount with respect thereto, Notes purchased pursuant to such Initial Excess Cash Flow Offer shall be purchased (i) first, from the Applicable Excess Cash Flow Amount and (ii) second, if such Applicable Excess Cash
Flow Amount is not sufficient to purchase all Notes tendered in such Initial Excess Cash Flow Offer, from the then available Excess Cash Flow Balance. If the aggregate principal amount of Notes tendered pursuant to any Initial Excess Cash Flow Offer
is less than the Applicable Excess Cash Flow Amount with respect thereto (such difference, the “Unapplied Excess Cash Flow Amount”), the Company shall as soon as practicable following the expiration of such Initial Excess Cash Flow
Offer deposit into an account (the “Excess Cash Flow Account”) an amount equal to the lesser of (i) the Unapplied Excess Cash Flow Amount with respect to such Initial Excess Cash Flow Offer and (ii) the difference between
$10,000,000 and the then available Excess Cash Flow Balance (as defined below) immediately preceding such deposit. The balance at any particular time in the Excess Cash Flow Account is referred to herein as the “Excess Cash Flow
Balance.” The Company shall make a public announcement of the results of each Initial Excess Cash Flow Offer, including the then available Excess Cash Flow Balance taking into account any use of such funds to purchase Notes in such Initial
Excess Cash Flow Offer, as soon as practicable after the expiration of such Initial Excess Cash Flow Offer. For 45 days following the expiration date with respect to each Initial Excess Cash Flow Offer, each Holder shall have the right, at such
Holder’s option, to request (by providing written notice to the Trustee) that the Company make an offer to all Holders (the “Subsequent Excess Cash Flow Offer”) to purchase the maximum principal amount of Notes that is an
integral multiple of $1,000 that may be purchased with then available Excess Cash Flow Balance (if any) (less all transaction costs and expenses incurred by the Issuers in connection with such Excess Cash Flow Offer) at the Excess Cash Flow Offer
Price. No later than 30 days following the receipt of such a request, the Company shall make a Subsequent Excess Cash Flow Offer in accordance with this covenant. Each Initial Excess Cash Flow Offer and each Subsequent Excess Cash Flow Offer are
referred to herein, collectively, as an “Excess Cash Flow Offer.” Notwithstanding the foregoing, the Company will not be required to make a Subsequent Excess Cash Flow Offer to purchase Notes pursuant to this covenant if the then
available Excess Cash Flow Balance is less than $2,500,000. If the aggregate principal amount of Notes tendered pursuant to any Excess Cash Flow Offer exceeds, in the case of an Initial Excess Cash Flow Offer, the Excess Cash Flow Offer Amount or,
in the case of a Subsequent Excess Cash Flow Offer, the then available Excess Cash Flow Balance, the Trustee will select the Notes to be repurchased in the manner described below under Section 3.2 of the Indenture. Each Excess Cash Flow Offer will
be required to remain open for 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law. Upon the expiration of that period, the Company will apply the Excess Cash Flow Offer
Amount, in the case of an Initial Excess Cash Flow Offer, or Excess Cash Flow Balance, in the case of a Subsequent Excess Cash Flow Offer, to the purchase of all Notes tendered at the Excess Cash Flow Offer Purchase Price. Notwithstanding anything
to the contrary set forth above, the Company shall not be required (i) to make any Subsequent Excess Cash Flow Offer pursuant to this covenant if the Company does not reasonably believe (taking into 

 

A-14 

account all applicable notice periods in this covenant) that it can consummate such Subsequent Excess Cash Flow Offer prior to the first day
of the next Operating Six Months period, or (ii) to make an Initial Excess Cash Flow Offer pursuant to this covenant if, on the first day of the applicable Operating Six Months period with respect to which such Initial Excess Cash Flow Offer is to
be made, the immediately preceding Initial Excess Cash Flow Offer or Subsequent Excess Cash Flow Offer is still outstanding and has not yet been consummated; provided, that, in the case of an Initial Excess Cash Flow Offer, any amount of Excess Cash
Flow Offer Amount with respect to such Operating Six Months period will be added to the Excess Cash Flow Offer Amount for each subsequent Operating Six Months period until an Initial Excess Cash Flow Offer is made. 
 
9. Denominations, Transfer, Exchange. The Notes are in
registered form without coupons in denominations of $1,000 and integral multiples of $1,000. 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 Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuers 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, it 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 an Interest Record Date and the corresponding Interest Payment Date. 
 
10. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 
11. Amendment, Supplement, Modification and Waiver.
Subject to certain exceptions, the Indenture, the Notes or the Guarantees may be amended, modified or supplemented with the consent of the Holders of a majority in principal amount of the then outstanding Notes, and any existing Default or
compliance with any provision of the Indenture, the Notes or the Guarantees may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture,
the Notes, the Guarantees or the Collateral Agreements 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 Issuers’ obligations to Holders of the Notes in case of a merger or consolidation, or sale of all or substantially all of the Issuers’ assets in accordance with the Indenture and the Collateral Agreements, to evidence the release
any Guarantor permitted to be released under the terms of the Indenture and the Collateral Agreements or to evidence the addition of any new Guarantor, to make any change that would provide any additional rights or benefits to the Holders of the
Notes (including the addition of any Guarantor) or that does not adversely affect the rights under the Indenture, the Notes, the Guarantees, the Registration Rights Agreement, the Collateral Agreements or the Intercreditor Agreement of any such
Holder, to comply with the provisions of the Depositary, Euroclear or Clearstream or the Trustee with respect to the provisions of the Indenture or the Notes relating to transfers and exchanges of Notes or beneficial interests 

 

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therein, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, or to
provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture, to comply with applicable Gaming Laws and Racing Laws, or to enter into additional or supplemental Collateral Agreements. 
 
12. Defaults and Remedies. The Indenture provides that
each of the following constitutes an Event of Default: (a) the failure of the Issuers to pay any installment of Interest (or Liquidated Damages, if any) on the Notes as and when the same becomes due and payable and the continuance of any such
failure for 30 days; (b) the failure of the Issuers to pay all or any part of the principal, or premium, if any, on the Notes when and as the same becomes due and payable at maturity, redemption, by acceleration or otherwise, including, without
limitation, payment of the Change of Control Purchase Price or the Asset Sale Offer Price, on Notes validly tendered and not properly withdrawn pursuant to a Change of Control Offer or Asset Sale Offer, as applicable; (c) the failure of the Issuers
or the failure by any of the Restricted Subsidiaries to comply with the requirement to make the Asset Sale Offer, Excess Cash Flow Offer or Change of Control Offer as described under Sections 4.13, 4.14 and 4.15, respectively, of the Indenture or to
comply with Section 5.1 of the Indenture; (d) the failure of the Issuers or the failure by any of the Restricted Subsidiaries to observe or perform any other covenant, condition or agreement contained in the Notes or this Indenture and the
continuance of such failure for a period of 60 days after written notice is given to the Issuers by the Trustee or to the Issuers and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes outstanding; (e) an event of
default occurs (after giving effect to any waivers, amendments, applicable grace periods applicable notice periods or any extension of any maturity date) under the Indebtedness of the Issuers or the Indebtedness of any of the Guarantors or any of
the Restricted Subsidiaries with an aggregate amount outstanding in excess of $5,000,000 (i) resulting from the failure to pay principal of or interest on such Indebtedness; or (ii) as a result of such default, the maturity of such Indebtedness has
been accelerated prior to its stated maturity; (f) failure by the Issuers or any Restricted Subsidiary to pay final judgments not covered by insurance aggregating in excess of $5,000,000, at any one time rendered against the Issuers or any of the
Restricted Subsidiaries and which judgments are not stayed, bonded or discharged within 60 days; (g) any Guarantee of a Guarantor which is a Significant Subsidiary ceases to be in full force and effect or shall be held in any judicial proceeding to
be unenforceable or invalid or is declared null and void (other than in accordance with the terms of the Guarantee and the Indenture) or any Guarantor which is a Significant Subsidiary denies or disaffirms its Obligations under its Guarantee or the
Collateral Agreements (in each case, other than by reason of the termination of the Indenture or the release of any such Guarantee in accordance with the Indenture); (h) (i) any event of default occurs under the Collateral Agreements (after giving
effect to any applicable grace periods, applicable notice periods, waivers or amendments) or (ii) the failure of the Issuers or the failure of any of the Restricted Subsidiaries to comply with any material agreement or covenant in, or material
provision of, any of the Collateral Agreements, or any breach in any material respect of any material representation or warranty made by the Issuers or any of the Restricted Subsidiaries in any Collateral Agreement, and the continuance of such
failure 

 

A-16 

or breach for a period of 30 days after written notice is given to the Issuers by the Trustee or to the Issuers and the Trustee by the
Holders of at least 25% in aggregate principal amount of the Notes outstanding; (i) the Casino or the Racino is not Operating by the applicable Operating Deadline; (j) any of the Collateral Agreements ceases to be in full force and effect or any of
the Collateral Agreements ceases to give the Trustee (or, in the case of a mortgage, ceases to give the Trustee or any other trustee under such mortgage) any of the Liens, rights, powers or privileges purported to be created thereby, or any of the
Collateral Agreements is declared null and void or either of the Issuers or any Guarantor denies that it has any further liability under any Collateral Agreement to which it is a party or gives notice of such effect (in each case other than by
reason of the termination of the Indenture or any such Collateral Agreement in accordance with its terms or the release of any Guarantor in accordance with the Indenture) and the continuance of such failure for a period of 30 days after written
notice is given to the Issuers by the Trustee or to the Issuers and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes outstanding; (k) a court having jurisdiction in the premises enters a decree or order for (A)
relief in respect of either of the Issuers, any of the Guarantors, or any Significant Subsidiary in an involuntary case under any applicable Bankruptcy Law now or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of either of the Issuers, any of the Guarantors, or any Significant Subsidiary or for all or substantially all of the property and assets of either of the Issuers, any of the Guarantors, or any Significant
Subsidiary or (C) the winding up or liquidation of the affairs of either of the Issuers, any of the Guarantors, or any Significant Subsidiary and, in each case, such decree or order shall remain unstayed and in effect for a period of 60 consecutive
days; or (l) either of the Issuers, any of the Guarantors, or any Significant Subsidiary (A) commences a voluntary case under any applicable Bankruptcy Law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary
case under any such law, (B) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of either of the Issuers, any of the Guarantors, or any Significant Subsidiary
or for all or substantially all of the property and assets of either of the Issuers, any of the Guarantors, or any Significant Subsidiary or (C) effects any general assignment for the benefit of creditors. 
 
14. Trustee Dealings with Issuers. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuers or their Affiliates, and may otherwise deal with the Issuers or their Affiliates, as if it were not the Trustee. 
 
15. No Recourse Against Others. No director, officer,
manager, employee, incorporator, stockholder, member or controlling person of the Issuers or any Guarantor, in such capacity, will have any liability for any obligations of the Issuers or any Guarantor under the Notes, the Indenture, the Collateral
Agreements or the Registration Rights Agreement or for any claim based on, or in respect of, or by reason of, such obligations or their creation; provided, that this provision shall in no way limit the obligation of any Guarantor pursuant to
any Guarantee of the Notes. 
 

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16.
Authentication. This Note shall 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 Transfer Restricted
Notes.7 In addition to the rights provided to Holders of Notes under the Indenture, Holders of Transfer
Restricted Notes shall have all the rights set forth in the Registration Rights Agreement dated as of the date of the Indenture, by and among the Issuers, the Guarantors and the Initial Purchaser (the “Registration Rights
Agreement”). 
 
19. CUSIP Numbers.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the 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, and any such
redemption shall not be affected by any defect in or omission of such numbers. 
 
20. Notation of Guarantee. As more fully set forth in the Indenture, to the extent permitted by law, each of the Guarantors from time to time, in accordance with Article X of the Indenture,
unconditionally and jointly and severally guarantees, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, that: 
 
By its execution of its Guarantee, each of the Guarantors acknowledges and agrees that it receives
substantial benefits from the Issuers and that such party is providing its Guarantee for good and valuable consideration, including, without limitation, such substantial benefits and services. Accordingly, subject to the provisions of Article X of
the Indenture, each Guarantor, jointly and severally, unconditionally guarantees on a senior secured basis to each Holder of a Note authenticated and delivered by the Trustee and its successors and assigns that: (i) the principal of, Interest,
premium, if any, and Liquidated Damages, if any, on the Notes shall be duly and punctually paid in full when due, whether at maturity, by acceleration, call for redemption, upon a Change of Control Offer, an Asset Sale Offer, an Excess Cash Flow
Offer, or otherwise, and interest on overdue principal, premium, if any, Liquidated Damages, if any, and (to the extent permitted by law) interest on any Interest, if any, on the Notes and all other obligations of the Issuers to the Holders or the
Trustee under the Indenture or under the Notes (including fees, expenses or other) shall be promptly paid in full or performed, all in accordance with the terms of the Indenture; and (ii) in case of any extension of time of 

	7.	 	To be included only on Transfer Restricted Notes. 

 

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payment or renewal of any Notes or any of such other obligations, the same shall 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, call for redemption, upon a Change of Control, an Asset Sale Offer, an Excess Cash Flow Offer, or otherwise, subject, however, in the case of clauses (i) and
(ii) above, to the limitations set forth in Section 10.8 of the Indenture. 
 
When a successor assumes all the obligations of its predecessor under the Notes and the Indenture, the predecessor may be released from those obligations. 
 
21. Governing Law. THE INDENTURE AND THE NOTES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL LAWS AND RULES 327(B); PROVIDED THAT WITH RESPECT TO
THE CREATION, ATTACHMENT, PERFECTION OR PRIORITY OF THE SECURITY INTEREST IN ANY REAL PROPERTY, COLLATERAL, THE GOVERNING LAW SHALL BE THE LAWS OF THE STATE OF LOUISIANA. 
 
The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture and/or
the Registration Rights Agreement. Requests may be made to: 
 
THE OLD EVANGELINE DOWNS, L.L.C. 
THE OLD EVANGELINE DOWNS
CAPITAL CORP. 
P.O. Box 90270 
Lafayette, LA 70509-0270 
Attention: Michael S. Luzich 
 

A-19 

 
Assignment
Form 
 
To assign this Note, fill in the form below: (I) or
(We) assign and transfer this Note to 
 
 

(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 Issuers. The
agent may substitute another to act for it. 
 
Date:
                 
 
Your
Signature:                                      
   
(Sign exactly as your name appears on the face of this Note) 
Signature Guarantee* 

	*	 	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee. 

 

A-20 

 
Option of
Holder to Elect Purchase 
 
If you want to
elect to have this Note purchased by the Issuers pursuant to Section 4.13, 4.14 or Section 4.15 of the Indenture, check the box below: 
 

	 Section 4.13   ̈
	 	 Section 4.14   ̈
	 	 Section 4.15   ̈

 
If you
want to elect to have only part of the Note purchased by the Issuers pursuant to Section 4.13, 4.14 or 4.15 of the Indenture, state the amount you elect to have purchased (in denominations of $1,000 only, except if you have elected to have all of
your Notes purchased):  $             
 

	 Date:                
	  	Your
Signature:                                      
                              
	 	  	 (Sign exactly as your name appears on the Note)

 
Social Security or Tax Identification
No.:                                   
 
Signature Guarantee* 

	*	 	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities
Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee. 

 

A-21 

 
SCHEDULE OF
EXCHANGES OF INTERESTS IN THE GLOBAL NOTE8 
 
The following exchanges of an interest in this Global Note for an interest in another Global Notes or for a
Definitive Note, or exchanges of an interest in another Global Note or a 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
Note
Custodian

 
 
 
 
 
 

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

 

A-22 

 
GUARANTEE

 
The Guarantors listed below (hereinafter
referred to as the “Guarantors,” which term includes any successors or assigns under the Indenture, dated the date hereof, among the Guarantors, the Issuers (defined below) and U.S. Bank National Association, as trustee (the
“Indenture”) and any additional Guarantors), have irrevocably and unconditionally guaranteed on a senior secured basis the Guarantee Obligations (as defined in Section 10.9 of the Indenture), which include (i) the due and punctual
payment of the principal of, premium, if any, and Interest and Liquidated Damages, if any, on the 13% Senior Secured Notes due 2010 with Contingent Interest (the “Notes”) of The Old Evangeline Downs, L.L.C., a Louisiana limited
liability company (the “Company”) and The Old Evangeline Downs Capital Corp., a Delaware corporation (“Capital” and, together with the Company, the “Issuers”), whether at maturity, by acceleration,
call for redemption, upon a Change of Control Offer, an Asset Sale Offer, an Excess Cash Flow Offer, or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law) interest
on any Interest on the Notes, and the due and punctual performance of all other obligations of the Issuers, to the Holders or the Trustee all in accordance with the terms set forth in Article X of the Indenture, and (ii) in case of any extension of
time of payment or renewal of any Notes or any 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, call for
redemption, upon a Change of Control Offer, an Asset Sale Offer, an Excess Cash Flow Offer, or otherwise. 
 
The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth
in Article X of the Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. 
 
No past, present or future, direct or indirect, stockholder, employee, officer or director of the Issuers, the Guarantors or any such
successor entity, as such, shall have any liability for any Obligations of the Issuers or the Guarantors under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such Obligations or their creation,
except in their capacity as an obligor or Guarantor of the Notes in accordance with the Indenture. 
 
This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its successors and
assigns until full and final payment of all of the Issuers’ obligations under the Notes and Indenture or until released or legally defeased in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the
Trustee and the Holders, and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee,
all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collectibility. 
 

A-23 

 
This Guarantee
shall not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized
officers. 
 
The obligations of each Guarantor
under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law. 
 
THE TERMS OF ARTICLE X OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. 
 
Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated.

 

A-24 

 
IN WITNESS
WHEREOF, each of the Guarantors has caused this instrument to be duly executed. 
 
Dated:                  
 

	 [NAME OF GUARANTOR]

	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 [NAME OF GUARANTOR]

	
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 [NAME OF GUARANTOR]

	
	 By:
	 	  

	 Name:
	 	 
	 Title:

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