Document:

Exhibit 4.13

                        SECOND SUPPLEMENTAL INDENTURE

      SECOND SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of
December 31, 1999, among MOTORSPORTS BY MAIL LLC, a North Carolina limited
liability company ("MBM"), SPEEDWAY FUNDING CORPORATION, a Nevada corporation
("SFC," and collectively with MBM, the "Guaranteeing Subsidiaries"), SPEEDWAY
MOTORSPORTS, INC., a Delaware corporation (the "Company"), the other Guarantors
(as listed on the signature pages to the Indenture referred to below) and U.S.
BANK TRUST NATIONAL ASSOCIATION, as trustee under the Indenture referred to
below (the "Trustee").

                                  WITNESSETH

      WHEREAS, the Company and the other Guarantors have heretofore executed and
delivered to the Trustee an indenture, dated as of May 11, 1999, as supplemented
by the First Supplemental Indenture dated as of June 1, 1999 (the "Indenture"),
providing for the issuance in an aggregate principal amount of up to
$325,000,000 of the Company's 8 1/2% Senior Subordinated Notes due 2007 (the
"Notes");

      WHEREAS, the Indenture provides that under certain circumstances each of
the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a
supplemental indenture pursuant to which each of the Guaranteeing Subsidiaries
shall unconditionally guarantee all of the Company's Obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the "Note
Guarantee");

      WHEREAS, SFC is a wholly-owned subsidiary of the Company;

      WHEREAS, MBM is a wholly-owned subsidiary of Speedway Systems, LLC, a
North Carolina limited liability company that is an indirectly wholly-owned
subsidiary of the Company; and

      WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

      NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, each of the
Guaranteeing Subsidiaries and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

      1. Capitalized Terms. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

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      2. Agreement to Guarantee. Each of the Guaranteeing Subsidiaries hereby
agrees as follows (notwithstanding anything to the contrary in this Supplemental
Indenture, such agreements of the Guaranteeing Subsidiaries shall be construed
as identical to those agreements made by the Guarantors under the Indenture, and
the obligations and rights of the Guaranteeing Subsidiaries hereunder shall be
no more and no less than those of the Guarantors under the Indenture):

      (a) Along with all Guarantors named in the Indenture, to jointly and
severally unconditionally guarantee to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of the Indenture, the Notes or
the obligations of the Company under this Supplemental Indenture, the Indenture
or the Notes, that:

            (i) the principal of and interest on the Notes will be promptly paid
      in full when due, whether at maturity, by acceleration, redemption or
      otherwise, and interest on the overdue principal of and interest on the
      Notes, if any, if lawful, and all other obligations of the Company to the
      Holders or the Trustee under this Supplemental Indenture, the Indenture or
      the Notes will be promptly paid in full or performed, all in accordance
      with the terms of this Supplemental Indenture, the Indenture and the
      Notes; and

            (ii) in case of any extension of time of payment or renewal of any
      Notes or any of such other obligations, that same will be promptly paid in
      full when due or performed in accordance with the terms of the extension
      or renewal, whether at stated maturity, by acceleration or otherwise.
      Failing payment when due of any amount so guaranteed or any performance so
      guaranteed for whatever reason, each of the Guaranteeing Subsidiaries and
      the Guarantors will be jointly and severally obligated to pay the same
      immediately.

      (b) The obligations of the Guaranteeing Subsidiaries hereunder and under
the Indenture shall be unconditional, irrespective of the validity, regularity
or enforceability of this Supplemental Indenture, the Notes or the Indenture,
the absence of any action to enforce the same, any waiver or consent by any
Holder of the Notes with respect to any provisions hereof, of the Indenture or
of the Notes, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor.

      (c) The following is hereby waived by each of the Guaranteeing
Subsidiaries: diligence, presentment, demand of payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest, notice and all demands
whatsoever.

      (d) This Note Guarantee shall not be discharged except by complete
performance of the obligations contained herein, and in the Notes and the
Indenture, and each of the Guaranteeing Subsidiaries accepts all obligations of
a Guarantor under the Indenture.

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      (e) If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Guaranteeing Subsidiaries or the Guarantors, or any
Custodian, Trustee, liquidator or other similar official acting in relation to
either the Company, the Guaranteeing Subsidiaries or the Guarantors, any amount
paid by any of them to the Trustee or such Holder, this Note Guarantee, to the
extent theretofore discharged, shall be reinstated in full force and effect.

      (f) Each of the Guaranteeing Subsidiaries agrees that they shall not be
entitled to any right of subrogation in relation to the Holders in respect of
any obligations guaranteed hereby and by the Indenture until payment in full of
all obligations guaranteed hereby and by the Indenture.

      (g) As between the Guarantors and the Guaranteeing Subsidiaries, on the
one hand, and the Holders and the Trustee, on the other hand, (x) the maturity
of the obligations guaranteed hereby and by the Indenture may be accelerated as
provided in Article VI of the Indenture for the purposes of this Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby and by the
Indenture, and (y) in the event of any declaration of acceleration of such
obligations as provided in Article VI of the Indenture, such obligations
(whether or not due and payable) shall forthwith become due and payable by the
Guaranteeing Subsidiaries for the purpose of this Note Guarantee.

      (h) The Guaranteeing Subsidiaries and the Guarantors shall have the right
to seek contribution from any non-paying Guaranteeing Subsidiary or Guarantor so
long as the exercise of such right does not impair the rights of the Holders
under the Guarantee.

      (i) Notwithstanding anything to the contrary in this Supplemental
Indenture or in Article XI of the Indenture, the aggregate amount of the
Obligations guaranteed hereunder and under the Indenture by any Guaranteeing
Subsidiary shall be reduced to the extent necessary to prevent the Note
Guarantee of such Guaranteeing Subsidiary from violating or becoming voidable
under any law relating to fraudulent conveyance or fraudulent transfer or
similar laws affecting the rights of creditors.

      3. Execution and Delivery. Notwithstanding Section 11.02 of the Indenture,
each of the Guaranteeing Subsidiaries agrees that the Note Guarantees shall
remain in full force and effect notwithstanding any failure to endorse on each
Note a notation of such Note Guarantee.

      4.    Guaranteeing Subsidiaries May Consolidate Etc. on Certain Terms.
            ---------------------------------------------------------------

      (a) Except as set forth in Articles IV and V of the Indenture, nothing
contained in this Supplemental Indenture, in the Indenture or in any of the
Notes shall prevent any consolidation or merger of a Guaranteeing Subsidiary
with or into the Company or shall prevent any sale or conveyance of the property
of a Guaranteeing Subsidiary as an entirety or substantially as an entirety, to
the Company.

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      (b) Except as set forth in Article IV of the Indenture, nothing contained
in this Supplemental Indenture, in the Indenture or in any of the Notes shall
prevent any consolidation or merger of a Guaranteeing Subsidiary with or into a
corporation or corporations other than the Company (whether or not affiliated
with the Guaranteeing Subsidiary), or successive consolidations or mergers in
which a Guaranteeing Subsidiary or its successor or successors shall be a party
or parties, or shall prevent any sale or conveyance of the property of a
Guaranteeing Subsidiary as an entirety or substantially as an entirety, to a
corporation other than the Company (whether or not affiliated with the
Guaranteeing Subsidiary) authorized to acquire and operate the same; provided,
however, that (i) each Guaranteeing Subsidiary hereby covenants and agrees that,
upon any such consolidation, merger, sale or conveyance, the Note Guarantee, and
the due and punctual performance and observance of all of the covenants and
conditions of this Supplemental Indenture and the Indenture to be performed by
such Guaranteeing Subsidiary, shall be expressly assumed (in the event that the
Guaranteeing Subsidiary is not the surviving corporation in the merger) by
supplemental indenture reasonably satisfactory in form to the Trustee, executed
and delivered to the Trustee, by the corporation formed by such consolidation,
or into which the Guaranteeing Subsidiary shall have been merged, or by the
corporation which shall have acquired such property and (ii) immediately after
giving effect to such transaction, no Default or Event of Default would exist.
In case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor corporation, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note
Guarantee and the due and punctual performance of all of the covenants and
conditions of this Supplemental Indenture and the Indenture to be performed by
the Guaranteeing Subsidiary, such successor corporation shall succeed to and be
substituted for the Guaranteeing Subsidiary with the same effect as if it had
been named herein as a Guaranteeing Subsidiary. Such successor corporation
thereupon may cause to be signed any or all of the Subsidiary Guarantees to be
endorsed upon all of the Notes issuable under the Indenture which theretofore
shall not have been signed by the Company and delivered to the Trustee. All the
Subsidiary Guarantees so issued shall in all respects have the same legal rank
and benefit under the Indenture as the Subsidiary Guarantees theretofore and
thereafter issued in accordance with the terms of the Indenture as though all of
such Subsidiary Guarantees had been issued at the date of the execution of this
Supplemental Indenture.

      5.    Releases.
            --------

      (a) Concurrently with any sale of assets (including, if applicable, all of
the capital stock of any Guaranteeing Subsidiary), any Liens in favor of the
Trustee in the assets sold thereby shall be released; provided, that in the
event of an Asset Sale, the Net Proceeds from such sale or other disposition are
treated in accordance with the provisions of Section 4.10 of the Indenture if
the assets sold in such sale or other disposition include all or substantially
all of the assets of any Guaranteeing Subsidiary or all of the capital stock of
any Guaranteeing Subsidiary, then such Guaranteeing Subsidiary (in the event of
a sale or other disposition or all of the capital stock of such Guaranteeing
Subsidiary) or the corporation acquiring the property (in the event of a sale or
other disposition of all or substantially all of the assets of a Guaranteeing
Subsidiary) shall be released and relieved of its obligations under its Note
Guarantee or Section 11.03 of the Indenture, as the case may be;

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provided, that in the event of an Asset Sale, the Net Proceeds from such sale or
other disposition are treated in accordance with the provisions of Section 4.10
of the Indenture. Upon delivery by the Company to the Trustee of an Officers'
Certificate and an Opinion of Counsel to the effect that such sale or other
disposition was made by the Company in accordance with the provisions of the
Indenture, including without limitation Section 4.10 of the Indenture, the
Trustee shall execute any documents reasonably required in order to evidence the
release of any Guaranteeing Subsidiary from its obligations under its Note
Guarantee.

      (b) Upon the release by all holders of Senior Indebtedness and Guarantor
Senior Indebtedness of all guarantees issued by a Guaranteeing Subsidiary
relating to such Senior Indebtedness and Guarantor Senior Indebtedness and all
Liens on the property and assets of such Guaranteeing Subsidiary relating to
Senior Indebtedness and Guarantor Senior Indebtedness, then such Guaranteeing
Subsidiary shall be released and relieved of any obligations under its Note
Guarantee. Upon delivery by the Company to the Trustee of an Officers'
Certificate and an Opinion of Counsel to the effect that all holders of Senior
Indebtedness and Guarantor Senior Indebtedness have released all guarantees
issued by a Guaranteeing Subsidiary and all Liens on the property and assets of
such Guaranteeing Subsidiary relating to such Senior Indebtedness and Guarantor
Senior Indebtedness, the Trustee shall execute any documents reasonably required
in order to evidence the release of such Guaranteeing Subsidiary from its
obligations under its Note Guarantee.

      (c) Any Guaranteeing Subsidiary not released from its obligations under
its Note Guarantee pursuant to either of paragraphs (a) or (b) of this Section 5
shall remain liable for the full amount of principal of and interest on the
Notes and for the other obligations of any Guarantor or any Guaranteeing
Subsidiary under this Supplemental Indenture or the Indenture, respectively, as
provided in Article XI of the Indenture or this Supplemental Indenture,
respectively.

      6. Subordination of Note Guarantees. The obligations of each Guaranteeing
Subsidiary under its Note Guarantee pursuant to this Supplemental Indenture and
Article XI of the Indenture shall be junior and subordinated to the Guarantor
Senior Indebtedness of such Guaranteeing Subsidiary on the same basis as the
Notes are junior and subordinated to Senior Indebtedness. For the purposes of
the foregoing sentence, the Trustee and the Holders shall have the right to
receive and/or retain payments by any of the Guaranteeing Subsidiaries only at
such times as they may receive and/or retain payments in respect of the Notes
pursuant to the Indenture, including Article X of the Indenture.

      7. No Recourse Against Others. No past, present or future director,
officer, employee, incorporator, stockholder or agent of either of the
Guaranteeing Subsidiaries, as such, shall have any liability for any obligations
of the Company, any Guarantor or any of the Guaranteeing Subsidiaries under the
Notes, the Subsidiary Guarantees, the Note Guarantees, the Indenture or this
Supplemental Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of the Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. Such waiver may not be effective to

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waive liabilities under the federal securities laws and it is the view of the
SEC that such a waiver is against public policy.

      8. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

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

      10. Effect of Headings. The Section headings herein are for convenience
only and shall not affect the construction hereof.

      11. The Trustee. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiaries and the Company.

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

                             GUARANTEEING SUBSIDIARIES:
                             --------------------------

                             SPPEDWAY FUNDING CORPORATION

                             /s/ William R. Brooks
                             --------------------------------
                                 Name:   William R. Brooks
                                 Title:  Vice President

                             MOTORSPORTS BY MAIL, LLC

                             By: /s/ William R. Brooks
                             --------------------------------
                                 Name:   William R. Brooks
                                 Title:  Manager

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                             COMPANY:
                             --------

                             SPEEDWAY MOTORSPORTS, INC.

                             By: /s/ William R. Brooks
                             --------------------------------
                                Name:   William R. Brooks
                                Title:  Vice President

                             GUARANTORS:
                             -----------

                             ATLANTA MOTOR SPEEDWAY, INC.

                             BRISTOL MOTOR SPEEDWAY, INC.

                             CHARLOTTE MOTOR SPEEDWAY, INC.

                             SPR ACQUISITION CORPORATION

                             TEXAS MOTOR SPEEDWAY, INC.

                             600 RACING, INC.

                             SPEEDWAY CONSULTING & DESIGN, INC.

                             INEX CORP.

                             By: /s/ William R. Brooks
                             --------------------------------
                                 Name:   William R. Brooks
                                 Title:  Vice President

                             LAS VEGAS MOTOR SPEEDWAY, LLC

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                         SMI SYSTEMS, LLC

                         By: /s/ William R. Brooks
                         --------------------------------
                            Name:   William R. Brooks
                            Title:  Manager

                         IMS SYSTEMS LIMITED PARTNERSHIP

                         By: Speedway Motorsports, Inc., its General Partner

                         By: /s/ William R. Brooks
                         --------------------------------
                             Name: William R. Brooks
                             Title:Vice President

                         SPEEDWAY SYSTEMS, LLC

                         By: IMS Systems Limited Partnership, its sole manager

                             By: Speedway Motorsports, Inc., its general partner

                                       By: /s/ William R. Brooks
                                         --------------------------------
                                           Name: William R. Brooks
                                           Title:Vice President

                        TRUSTEE:
                        --------

                        U.S. BANK TRUST NATIONAL ASSOCIATION,
                           as Trustee.

                        By: /s/ Rick Prokosch
                           ----------------------------------
                            Authorized Signatory

CLT:404306.1
                                      8Exhibit 4.14

                         THIRD SUPPLEMENTAL INDENTURE

      THIRD SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of
December 31, 2000, among SPEEDWAY HOLDINGS, LLC, a Delaware limited liability
company ("Speedway Holdings"),CHARLOTTE MOTOR SPEEDWAY, LLC, a Delaware limited
liability company ("CMS"), LAS VEGAS MOTOR SPEEDWAY, LLC, a Delaware limited
liability company ("LVMS"), SPR, LLC, a Delaware limited liability company
("SPR"), SPEEDWAY FUNDING, LLC, a Delaware limited liability company ("Speedway
Funding"), SEARS POINT RACEWAY, LLC, a Delaware limited liability company
("Sears Point"), NEVADA SPEEDWAY, LLC, a Delaware limited liability company
("Nevada Speedway"), SPEEDWAY PROPERTIES COMPANY, LLC, a Delaware limited
liability company ("Speedway Properties") and SPEEDWAY MEDIA, LLC, a Delaware
limited liability company ("Speedway Media" and collectively with Speedway
Holdings, CMS, LVMS, SPR, Speedway Funding, Sears Point, Nevada Speedway and
Speedway Properties, the "Guaranteeing Subsidiaries"), SPEEDWAY MOTORSPORTS,
INC., a Delaware corporation (the "Company"), the other Guarantors (as listed on
the signature pages to the Indenture referred to below) and U.S. BANK TRUST
NATIONAL ASSOCIATION, as trustee under the Indenture referred to below (the
"Trustee").

                                  WITNESSETH

      WHEREAS, the Company and the other Guarantors have heretofore executed and
delivered to the Trustee an indenture, dated as of May 11, 1999, as supplemented
by the First Supplemental Indenture dated as of June 1, 1999 and the Second
Supplemental Indenture dated as of December 31, 1999 (the "Indenture"),
providing for the issuance in an aggregate principal amount of up to
$325,000,000 of the Company's 8 1/2% Senior Subordinated Notes due 2007 (the
"Notes");

      WHEREAS, the Indenture provides that under certain circumstances each of
the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a
supplemental indenture pursuant to which each of the Guaranteeing Subsidiaries
shall unconditionally guarantee all of the Company's Obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the "Note
Guarantee");

      WHEREAS, Speedway Holdings is a wholly-owned subsidiary of the Company;

      WHEREAS, CMS is a wholly-owned subsidiary of Speedway Holdings, which is a
wholly-owned subsidiary of the Company;

      WHEREAS, LVMS is a wholly-owned subsidiary of Speedway Holdings, which is
a wholly- owned subsidiary of the Company;

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      WHEREAS, SPR is a wholly-owned subsidiary of Speedway Holdings, which is a
wholly-owned subsidiary of the Company;

      WHEREAS, Speedway Funding is a wholly-owned subsidiary of SPR, which is an
indirectly wholly-owned subsidiary of the Company;

      WHEREAS, Sears Point is a wholly-owned subsidiary of SPR, which is an
indirectly wholly- owned subsidiary of the Company;

      WHEREAS, Nevada Speedway is a wholly-owned subsidiary of LVMS, which is an
indirectly wholly-owned subsidiary of the Company;

      WHEREAS, Speedway Properties is a wholly-owned subsidiary of LVMS, which
is an indirectly wholly-owned subsidiary of the Company;

      WHEREAS, Speedway Media is a wholly-owned subsidiary of Speedway
Properties, which is an indirectly wholly-owned subsidiary of the Company;

      WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

      NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, each of the
Guaranteeing Subsidiaries and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

      1. Capitalized Terms. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

      2. Agreement to Guarantee. Each of the Guaranteeing Subsidiaries hereby
agrees as follows (notwithstanding anything to the contrary in this Supplemental
Indenture, such agreements of the Guaranteeing Subsidiaries shall be construed
as identical to those agreements made by the Guarantors under the Indenture, and
the obligations and rights of the Guaranteeing Subsidiaries hereunder shall be
no more and no less than those of the Guarantors under the Indenture):

      (a) Along with all Guarantors named in the Indenture, to jointly and
severally unconditionally guarantee to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of the Indenture, the Notes or
the obligations of the Company under this Supplemental Indenture, the Indenture
or the Notes, that:

            (i) the principal of and interest on the Notes will be promptly paid
      in full when due, whether at maturity, by acceleration, redemption or
      otherwise, and interest on the

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      overdue principal of and interest on the Notes, if any, if lawful, and all
      other obligations of the Company to the Holders or the Trustee under this
      Supplemental Indenture, the Indenture or the Notes will be promptly paid
      in full or performed, all in accordance with the terms of this
      Supplemental Indenture, the Indenture and the Notes; and

            (ii) in case of any extension of time of payment or renewal of any
      Notes or any of such other obligations, that same will be promptly paid in
      full when due or performed in accordance with the terms of the extension
      or renewal, whether at stated maturity, by acceleration or otherwise.
      Failing payment when due of any amount so guaranteed or any performance so
      guaranteed for whatever reason, each of the Guaranteeing Subsidiaries and
      the Guarantors will be jointly and severally obligated to pay the same
      immediately.

      (b) The obligations of the Guaranteeing Subsidiaries hereunder and under
the Indenture shall be unconditional, irrespective of the validity, regularity
or enforceability of this Supplemental Indenture, the Notes or the Indenture,
the absence of any action to enforce the same, any waiver or consent by any
Holder of the Notes with respect to any provisions hereof, of the Indenture or
of the Notes, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a
legal or equitable discharge or defense of a guarantor.

      (c) The following is hereby waived by each of the Guaranteeing
Subsidiaries: diligence, presentment, demand of payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest, notice and all demands
whatsoever.

      (d) This Note Guarantee shall not be discharged except by complete
performance of the obligations contained herein, and in the Notes and the
Indenture, and each of the Guaranteeing Subsidiaries accepts all obligations of
a Guarantor under the Indenture.

      (e) If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Guaranteeing Subsidiaries or the Guarantors, or any
Custodian, Trustee, liquidator or other similar official acting in relation to
either the Company, the Guaranteeing Subsidiaries or the Guarantors, any amount
paid by any of them to the Trustee or such Holder, this Note Guarantee, to the
extent theretofore discharged, shall be reinstated in full force and effect.

      (f) Each of the Guaranteeing Subsidiaries agrees that they shall not be
entitled to any right of subrogation in relation to the Holders in respect of
any obligations guaranteed hereby and by the Indenture until payment in full of
all obligations guaranteed hereby and by the Indenture.

      (g) As between the Guarantors and the Guaranteeing Subsidiaries, on the
one hand, and the Holders and the Trustee, on the other hand, (x) the maturity
of the obligations guaranteed hereby and by the Indenture may be accelerated as
provided in Article VI of the Indenture for the purposes of this Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such

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acceleration in respect of the obligations guaranteed hereby and by the
Indenture, and (y) in the event of any declaration of acceleration of such
obligations as provided in Article VI of the Indenture, such obligations
(whether or not due and payable) shall forthwith become due and payable by the
Guaranteeing Subsidiaries for the purpose of this Note Guarantee.
      (h) The Guaranteeing Subsidiaries and the Guarantors shall have the right
to seek contribution from any non-paying Guaranteeing Subsidiary or Guarantor so
long as the exercise of such right does not impair the rights of the Holders
under the Guarantee.

      (i) Notwithstanding anything to the contrary in this Supplemental
Indenture or in Article XI of the Indenture, the aggregate amount of the
Obligations guaranteed hereunder and under the Indenture by any Guaranteeing
Subsidiary shall be reduced to the extent necessary to prevent the Note
Guarantee of such Guaranteeing Subsidiary from violating or becoming voidable
under any law relating to fraudulent conveyance or fraudulent transfer or
similar laws affecting the rights of creditors.

      3. Execution and Delivery. Notwithstanding Section 11.02 of the Indenture,
each of the Guaranteeing Subsidiaries agrees that the Note Guarantees shall
remain in full force and effect notwithstanding any failure to endorse on each
Note a notation of such Note Guarantee.

      4.    Guaranteeing Subsidiaries May Consolidate Etc. on Certain Terms.
            ---------------------------------------------------------------

      (a) Except as set forth in Articles IV and V of the Indenture, nothing
contained in this Supplemental Indenture, in the Indenture or in any of the
Notes shall prevent any consolidation or merger of a Guaranteeing Subsidiary
with or into the Company or shall prevent any sale or conveyance of the property
of a Guaranteeing Subsidiary as an entirety or substantially as an entirety, to
the Company.

      (b) Except as set forth in Article IV of the Indenture, nothing contained
in this Supplemental Indenture, in the Indenture or in any of the Notes shall
prevent any consolidation or merger of a Guaranteeing Subsidiary with or into a
corporation or corporations other than the Company (whether or not affiliated
with the Guaranteeing Subsidiary), or successive consolidations or mergers in
which a Guaranteeing Subsidiary or its successor or successors shall be a party
or parties, or shall prevent any sale or conveyance of the property of a
Guaranteeing Subsidiary as an entirety or substantially as an entirety, to a
corporation other than the Company (whether or not affiliated with the
Guaranteeing Subsidiary) authorized to acquire and operate the same; provided,
however, that (i) each Guaranteeing Subsidiary hereby covenants and agrees that,
upon any such consolidation, merger, sale or conveyance, the Note Guarantee, and
the due and punctual performance and observance of all of the covenants and
conditions of this Supplemental Indenture and the Indenture to be performed by
such Guaranteeing Subsidiary, shall be expressly assumed (in the event that the
Guaranteeing Subsidiary is not the surviving corporation in the merger) by
supplemental indenture reasonably satisfactory in form to the Trustee, executed
and delivered to the Trustee, by the corporation formed by such consolidation,
or into which the Guaranteeing Subsidiary shall have been merged, or by the
corporation which shall have acquired such property and (ii)

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immediately after giving effect to such transaction, no Default or Event of
Default would exist. In case of any such consolidation, merger, sale or
conveyance and upon the assumption by the successor corporation, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the Note Guarantee and the due and punctual performance of all of
the covenants and conditions of this Supplemental Indenture and the Indenture to
be performed by the Guaranteeing Subsidiary, such successor corporation shall
succeed to and be substituted for the Guaranteeing Subsidiary with the same
effect as if it had been named herein as a Guaranteeing Subsidiary. Such
successor corporation thereupon may cause to be signed any or all of the
Subsidiary Guarantees to be endorsed upon all of the Notes issuable under the
Indenture which theretofore shall not have been signed by the Company and
delivered to the Trustee. All the Subsidiary Guarantees so issued shall in all
respects have the same legal rank and benefit under the Indenture as the
Subsidiary Guarantees theretofore and thereafter issued in accordance with the
terms of the Indenture as though all of such Subsidiary Guarantees had been
issued at the date of the execution of this Supplemental Indenture.

      5.    Releases.
            --------

      (a) Concurrently with any sale of assets (including, if applicable, all of
the capital stock of any Guaranteeing Subsidiary), any Liens in favor of the
Trustee in the assets sold thereby shall be released; provided, that in the
event of an Asset Sale, the Net Proceeds from such sale or other disposition are
treated in accordance with the provisions of Section 4.10 of the Indenture if
the assets sold in such sale or other disposition include all or substantially
all of the assets of any Guaranteeing Subsidiary or all of the capital stock of
any Guaranteeing Subsidiary, then such Guaranteeing Subsidiary (in the event of
a sale or other disposition or all of the capital stock of such Guaranteeing
Subsidiary) or the corporation acquiring the property (in the event of a sale or
other disposition of all or substantially all of the assets of a Guaranteeing
Subsidiary) shall be released and relieved of its obligations under its Note
Guarantee or Section 11.03 of the Indenture, as the case may be; provided, that
in the event of an Asset Sale, the Net Proceeds from such sale or other
disposition are treated in accordance with the provisions of Section 4.10 of the
Indenture. Upon delivery by the Company to the Trustee of an Officers'
Certificate and an Opinion of Counsel to the effect that such sale or other
disposition was made by the Company in accordance with the provisions of the
Indenture, including without limitation Section 4.10 of the Indenture, the
Trustee shall execute any documents reasonably required in order to evidence the
release of any Guaranteeing Subsidiary from its obligations under its Note
Guarantee.

      (b) Upon the release by all holders of Senior Indebtedness and Guarantor
Senior Indebtedness of all guarantees issued by a Guaranteeing Subsidiary
relating to such Senior Indebtedness and Guarantor Senior Indebtedness and all
Liens on the property and assets of such Guaranteeing Subsidiary relating to
Senior Indebtedness and Guarantor Senior Indebtedness, then such Guaranteeing
Subsidiary shall be released and relieved of any obligations under its Note
Guarantee. Upon delivery by the Company to the Trustee of an Officers'
Certificate and an Opinion of Counsel to the effect that all holders of Senior
Indebtedness and Guarantor Senior Indebtedness have released all guarantees
issued by a Guaranteeing Subsidiary and all Liens on the property and

CLT:505955.2
                                      5

<PAGE>

assets of such Guaranteeing Subsidiary relating to such Senior Indebtedness and
Guarantor Senior Indebtedness, the Trustee shall execute any documents
reasonably required in order to evidence the release of such Guaranteeing
Subsidiary from its obligations under its Note Guarantee.

      (c) Any Guaranteeing Subsidiary not released from its obligations under
its Note Guarantee pursuant to either of paragraphs (a) or (b) of this Section 5
shall remain liable for the full amount of principal of and interest on the
Notes and for the other obligations of any Guarantor or any Guaranteeing
Subsidiary under this Supplemental Indenture or the Indenture, respectively, as
provided in Article XI of the Indenture or this Supplemental Indenture,
respectively.

      6. Subordination of Note Guarantees. The obligations of each Guaranteeing
Subsidiary under its Note Guarantee pursuant to this Supplemental Indenture and
Article XI of the Indenture shall be junior and subordinated to the Guarantor
Senior Indebtedness of such Guaranteeing Subsidiary on the same basis as the
Notes are junior and subordinated to Senior Indebtedness. For the purposes of
the foregoing sentence, the Trustee and the Holders shall have the right to
receive and/or retain payments by any of the Guaranteeing Subsidiaries only at
such times as they may receive and/or retain payments in respect of the Notes
pursuant to the Indenture, including Article X of the Indenture.

      7. No Recourse Against Others. No past, present or future director,
officer, employee, incorporator, stockholder or agent of either of the
Guaranteeing Subsidiaries, as such, shall have any liability for any obligations
of the Company, any Guarantor or any of the Guaranteeing Subsidiaries under the
Notes, the Subsidiary Guarantees, the Note Guarantees, the Indenture or this
Supplemental Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of the Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. Such waiver may not be effective to
waive liabilities under the federal securities laws and it is the view of the
SEC that such a waiver is against public policy.

      8. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

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

      10. Effect of Headings. The Section headings herein are for convenience
only and shall not affect the construction hereof.

CLT:505955.2
                                      6

<PAGE>

      11. The Trustee. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiaries and the Company.
      IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental
Indenture to be duly executed and attested, all as of the date first above
written.

                                       GUARANTEEING SUBSIDIARIES:
                                       --------------------------

                                       SPEEDWAY HOLDINGS, LLC
                                       SPEEDWAY FUNDING, LLC
                                       SPEEDWAY MEDIA, LLC
                                       SPEEDWAY PROPERTIES COMPANY, LLC

                                       /s/ William R. Brooks
                                       --------------------------
                                           Name:   William R. Brooks
                                           Title:  Manager

                                       CHARLOTTE MOTOR SPEEDWAY, LLC
                                       SPR, LLC

                                       By: /s/ O. Bruton Smith
                                          --------------------------
                                          Name:   O. Bruton Smith
                                          Title:  Manager

                                       LAS VEGAS MOTOR SPEEDWAY, LLC
                                       SEARS POINT RACEWAY, LLC
                                       NEVADA SPEEDWAY, LLC

                                       By: /s/ Randall Storey
                                           --------------------------
                                           Name:   Randall Storey
                                           Title:  Manager

CLT:505955.2
                                      7

<PAGE>

<TABLE>
<CAPTION>
<S>                                   <C>

                                     COMPANY:
                                     --------

                                     SPEEDWAY MOTORSPORTS, INC.

                                     By: /s/ William R. Brooks
                                         --------------------------
                                        Name:   William R. Brooks
                                        Title:  Vice President

                                     GUARANTORS:
                                     -----------

                                     ATLANTA MOTOR SPEEDWAY, INC.
                                     BRISTOL MOTOR SPEEDWAY, INC.
                                     TEXAS MOTOR SPEEDWAY, INC.
                                     600 RACING, INC.
                                     SPEEDWAY CONSULTING & DESIGN, INC.
                                     INEX CORP.

                                     By: /s/ William R. Brooks
                                         --------------------------
                                         Name:   William R. Brooks
                                         Title:  Vice President

                                     MOTORSPORTS BY MAIL, LLC
                                     SMI SYSTEMS, LLC

                                     By: /s/ William R. Brooks
                                        --------------------------
                                        Name:  William R. Brooks
                                        Title: Manager

                                    IMS SYSTEMS LIMITED PARTNERSHIP

                                    By: Speedway Motorsports, Inc., its General Partner

                                    By: /s/ William R. Brooks
                                        --------------------------
                                           Name:  William R. Brooks
                                           Title: Vice President

</TABLE>

CLT:505955.2
                                      8

<PAGE>

<TABLE>
<CAPTION>
<S>                                  <C>
                                   SPEEDWAY SYSTEMS, LLC

                                   By: IMS Systems Limited Partnership, its sole manager

                                        By:  Speedway Motorsports, Inc., its general partner

                                        By: /s/ William R. Brooks
                                            --------------------------
                                                 Name:  William R. Brooks
                                                 Title: Vice President

                                  TRUSTEE:
                                  --------

                                  U.S. BANK TRUST NATIONAL ASSOCIATION,
                                       as Trustee.

                                  By: /s/ Rick Prokosch
                                    -------------------------------------
                                     Authorized Signatory

</TABLE>

CLT:505955.2
                                      9

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