Document:

EX-4.3

 Exhibit 4.3 

CSX CORPORATION 
 AND

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

Trustee 
 TENTH
SUPPLEMENTAL INDENTURE 
 Dated as of December 10, 2020 

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	 ARTICLE 1
	  

	 RELATION TO INDENTURE;
DEFINITIONS
	  	 	2	 
			
	 Section 1.01.
	 	Relation to Indenture	  	 	2	 
	 Section 1.02.
	 	Definitions	  	 	2	 
	
	 ARTICLE 2
	  

	 SCOPES OF APPLICABILITY
	  	 	2	 
			
	 Section 2.01.
	 	Applicability of this Tenth Supplemental Indenture	  	 	2	 
	 Section 2.02.
	 	Tenth Supplemental Indenture Shall Govern	  	 	2	 
	
	 ARTICLE 3
	  

	 AMENDMENTS
	  	 	2	 
			
	 Section 3.01.
	 	Form of Security	  	 	2	 
	 Section 3.02.
	 	Execution, Authentication, Delivery and Dating	  	 	2	 
	
	 ARTICLE 4
	  

	 MISCELLANEOUS PROVISIONS
	  	 	3	 
			
	 Section 4.01.
	 	Incorporation of Indenture	  	 	3	 
	 Section 4.02.
	 	Governing Law	  	 	3	 
	 Section 4.03.
	 	Counterparts	  	 	3	 
	 Section 4.04.
	 	Separability Clause	  	 	4	 
	 Section 4.05.
	 	Successors and Assigns	  	 	4	 
	 Section 4.06.
	 	Benefits of Tenth Supplemental Indenture	  	 	4	 
	 Section 4.07.
	 	Indenture Remains in Full Force and Effect	  	 	4	 
	 Section 4.08.
	 	Trustee Disclaimer	  	 	4	 

  

  
 i 

 TENTH SUPPLEMENTAL INDENTURE dated as of December 10, 2020 between CSX Corporation, a
Virginia corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A. (successor to The Bank of New York Mellon, formerly The Bank of New York, successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan
Bank), a New York banking corporation, as trustee (the “Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company has heretofore executed and delivered (i) to the The Bank of New York Mellon (the “Prior Trustee”)
a certain indenture, dated as of August 1, 1990 (the “Base Indenture”) and supplemented by the First Supplemental Indenture dated as of June 15, 1991, the Second Supplemental Indenture dated as of May 6, 1997, the
Third Supplemental Indenture dated as of April 22, 1998, the Fourth Supplemental Indenture dated as of October 30, 2001, the Fifth Supplemental Indenture dated as of October 27, 2003, the Sixth Supplemental Indenture dated as of
September 23, 2004, the Seventh Supplemental Indenture dated as of April 25, 2007, and (ii) to the Trustee, the Eighth Supplemental Indenture, dated as of March 24, 2010 and the Ninth Supplemental Indenture, dated as of
February 12, 2019 (the indenture, as so supplemented and as further supplemented herein, is herein called the “Indenture”), pursuant to which one or more series of unsecured notes, debentures, securities or other evidences of
indebtedness of the Company (herein called the “Securities”) may be issued from time to time; 
 WHEREAS,
Section 901(5) of the Indenture provides that the Company, when authorized by a Board Resolution, and the trustee under the Indenture (the “Trustee”) may at any time and from time to time enter into one or more indentures
supplemental to the Indenture for the purpose, among other things, of (i) establishing the form or terms of Securities of any series and any related coupons as permitted by Sections 201 and 301 of the Indenture or (ii) making any other
provisions with respect to matters or questions arising under the Indenture, provided that such action shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; 

WHEREAS, the Company, pursuant to the foregoing authority, proposes in and by this Tenth Supplemental Indenture to amend and supplement the
Indenture in certain respects only with respect to Securities of any and all series issued on or after the date hereof and not with respect to any outstanding Securities issued prior to the date hereof; and 

WHEREAS, all things necessary to make this Tenth Supplemental Indenture a valid agreement of the Company and the Trustee and a valid amendment
of and supplement to the Indenture have been done. 

 NOW, THEREFORE, THIS TENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of any and all series established on or after the date hereof, as follows: 

ARTICLE 1 
 RELATION
TO INDENTURE; DEFINITIONS 
 Section 1.01. Relation to Indenture. This Tenth
Supplemental Indenture constitutes an integral part of the Indenture. 
 Section 1.02. Definitions. For all purposes of this
Tenth Supplemental Indenture: 
 (a) Capitalized terms used herein without definition shall have the meanings specified in the Indenture,
unless otherwise defined in this Tenth Supplemental Indenture, in which case definitions set forth in this Tenth Supplemental Indenture shall govern; and 

(b) The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Tenth Supplemental
Indenture. 
 ARTICLE 2 

SCOPES OF APPLICABILITY 

Section 2.01. Applicability of this Tenth Supplemental Indenture. The provisions of this Tenth Supplemental Indenture shall be
applicable, and the Indenture is hereby amended and supplemented as specified herein, with respect to any Securities issued on or after the date hereof and not with respect to any outstanding Securities issued prior to the date hereof. 

Section 2.02. Tenth Supplemental Indenture Shall Govern. In the event of a conflict between any provisions of the Indenture and
this Tenth Supplemental Indenture, the relevant provision or provisions of this Tenth Supplemental Indenture shall govern. 
 ARTICLE 3 

AMENDMENTS 

Section 3.01. Form of Security. The Security Form attached as Exhibit A to the Indenture is amended to read in its entirety as set
forth in Annex I to this Tenth Supplemental Indenture. 
 Section 3.02. Execution, Authentication, Delivery and Dating. 

 (a) The first paragraph of Section 303 of the Base Indenture shall be amended to read in its entirety as follows: 

“The Securities shall be executed on behalf of the Company by any Officer, attested by its Corporate Secretary (provided that the
Corporate Secretary shall not attest his or her own signature as an Officer) or one of its Assistant Corporate Secretaries. The signature of any of these officers on the Securities may be manual, electronic or facsimile. Coupons shall bear the
facsimile signature of the Corporate Secretary or one of the Assistant Corporate Secretaries of the Company.” 

  
 2 

 (b) The last paragraph of Section 303 of the Base Indenture shall be amended to read in
its entirety as follows: 
 “No Security or coupon shall be entitled to any benefit under this Indenture or be valid or obligatory for
any purpose unless there appears on such Security, or the Security to which such coupon appertains, a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual or electronic signature, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309 together with a written statement (which need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture.” 
 ARTICLE 4 

MISCELLANEOUS PROVISIONS 

Section 4.01. Incorporation of Indenture. All provisions of this Tenth Supplemental Indenture shall be deemed to be incorporated
in, and made a part of, the Indenture; and the Indenture, as supplemented by this Tenth Supplemental Indenture, shall be read, taken and construed as one and the same instrument and shall be binding upon all the Holders of the Securities. 

Section 4.02. Governing Law. This Tenth Supplemental Indenture shall be governed by and construed in accordance with the laws of
the State of New York. 
 Section 4.03. Counterparts. This Tenth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” “manual
signature” and words of like import in the Indenture shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”)
and other electronic signatures (including, without limitation, DocuSign and AdobeSign or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion). The use
of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. Each party agrees that the Indenture, any indentures supplemental hereto, any
Securities issued hereunder and any other documents delivered hereunder may be electronically or digitally signed 

  
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using DocuSign and AdobeSign (or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion), and that
any such electronic or digital signatures appearing on the Indenture, any indentures supplemental hereto, any Securities issued hereunder and any other documents delivered hereunder are the same as handwritten signatures for the purposes of
validity, enforceability and admissibility. 
 Section 4.04. Separability Clause. In case any provision of this Tenth
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 4.05. Successors and Assigns. All covenants and agreements in this Tenth Supplemental Indenture by the Company and the
Trustee shall bind their respective successors and assigns, whether so expressed or not. 
 Section 4.06. Benefits of Tenth
Supplemental Indenture. Nothing in this Tenth Supplemental Indenture, express or implied, shall give any person, other than the parties hereto and their successors hereunder and the Holders of the Securities, any benefit or any legal or
equitable right, remedy or claim under this Tenth Supplemental Indenture. Except as expressly supplemented or amended as set forth in this Tenth Supplemental Indenture, the Indenture is hereby ratified and confirmed, and all the terms, provisions
and conditions thereof shall be and continue in full force and effect. The Trustee accepts the trusts created by the Indenture, as amended and supplemented by this Tenth Supplemental Indenture, and agrees to perform the same upon the terms and
conditions in the Indenture as amended and supplemented by this Tenth Supplemental Indenture. 
 Section 4.07. Indenture Remains in
Full Force and Effect. Except as amended and supplemented hereby, all provisions in the Indenture shall remain in full force and effect and are in all respects ratified and confirmed, including without limitation all sections relating to the
Trustee’s rights, immunities, protections, limitation of liability and indemnity in the Indenture. 
 Section 4.08. Trustee
Disclaimer. The Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company and the Trustee makes no
representation with respect to any such matters. Additionally, the Trustee makes no representations as to the validity or sufficiency of this Tenth Supplemental Indenture. 

  
 4 

 IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this Tenth
Supplemental Indenture on behalf of the respective parties hereto as of the date first above written. 
  

			
	CSX CORPORATION
		
	By:	 	 /s/ Sean R. Pelkey

		 	Name: Sean Pelkey
		 	Title:   Vice President and Treasurer

 [Signature Page to Tenth Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY N.A., as Trustee,
		
	By:	 	 /s/ Manjari Purkayastha

		 	Name: Manjari Purkayastha
		 	Title:   Vice President

 [Signature Page to Tenth Supplemental Indenture] 

 ANNEX I 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 
 CSX CORPORATION 

$[•] 
 [•]% NOTES DUE
[•] 
  

			
	No. [•]	  	CUSIP No. [•]

 This security (the “Security”) is one of a duly authorized issue of securities (herein called the
“Securities”) of CSX Corporation, a Virginia corporation (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), issued and to be issued in one or more series
under an indenture, unlimited as to aggregate principal amount, dated as of August 1, 1990 between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), successor to
JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture (as hereinafter defined)), as supplemented by a First
Supplemental Indenture dated as of June 15, 1991, a Second Supplemental Indenture dated as of May 6, 1997, a Third Supplemental Indenture dated as of April 22, 1998, a Fourth Supplemental Indenture dated as of October 30, 2001, a
Fifth Supplemental Indenture dated as of October 27, 2003, a Sixth Supplemental Indenture dated as of September 23, 2004, a Seventh Supplemental Indenture dated as of April 25, 2007, an Eighth Supplemental Indenture dated as of
March 24, 2010, a Ninth Supplemental Indenture dated as of February 12, 2019 and a Tenth Supplemental Indenture dated as of December 10, 2020, to which indenture and all indentures supplemental thereto (the indenture, as supplemented
being herein called the “Indenture”) reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee and the Holders 

  
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of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, which series has
been issued in an initial aggregate principal amount of $[•] ([•]). All Securities of this series need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of
additional Securities of this series. Any such additional Securities of this series will have the same interest rate, maturity and other terms as those initially issued. Further Securities of this series may also be authenticated and delivered as
provided by Sections 304, 305, 306 or 906 of the Indenture. This Security represents an aggregate initial principal amount of $[•] ([•]) (adjusted from time to time in accordance with the terms and provisions hereof and as set forth on
Exhibit A hereto, the “Principal Amount”) of the Securities of such series, with the Interest Payment Dates, date of original issuance and date of maturity specified herein and bearing interest on said Principal Amount at the interest rate
specified herein. 
 The Company, for value received, hereby promises to pay CEDE & CO., or its registered assigns, the principal
sum of $[•] ([•] DOLLARS) on [•], 20[•] and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) thereon from [•],
20[•] or from the most recent Interest Payment Date to which interest has been paid or duly provided for, or, if the date of this Security is an Interest Payment Date to which interest has been paid or duly provided for, then from the date
hereof, semiannually in arrears on [•] and [•] of each year, commencing [•], 20[•], and at maturity at the rate of [•]% per annum, until the principal hereof is paid or duly made available for payment. The Company shall pay
interest on overdue principal and premium, if any, and (to the extent lawful) interest on overdue installments of interest at the rate per annum borne by the Security. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
the [•] or [•] (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Regular Record Date and may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date to be fixed by the
Trustee for the payment of such Defaulted Interest, notice whereof shall be given to the Holder of this Security not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or quoted, and upon such notice as may be required by such exchange or system, all as more fully provided in such Indenture.
Notwithstanding the foregoing, interest payable on this Security at maturity will be payable to the person to whom principal is payable. 

This Security is exchangeable in whole or from time to time in part for definitive Registered Securities of this series only as provided in
this paragraph. If (x) the Depository with respect to the Securities of this series (the “Depository”) notifies the Company that it is unwilling, unable or ineligible to continue as Depository for this

 
Security or if at any time the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor Depository is not appointed by the
Company within 90 days, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Registered Securities and executes and delivers to the Trustee a Company Order providing that this Security shall
be so exchangeable or (z) there shall have happened and be continuing an Event of Default or any event which, after notice or lapse of time, or both, would become an Event of Default with respect to the Securities of the series of which this
Security is a part, this Security or any portion hereof shall, in the case of clause (x) above, be exchanged for definitive Registered Securities of this series, and in the case of clauses (y) and (z) above, be exchangeable for definitive
Registered Securities of this series, provided that the definitive Security so issued in exchange for this Security shall be in authorized denominations and be of like tenor and of an equal aggregate principal amount as the portion of the Security
to be exchanged, and provided further that, in the case of clauses (y) and (z) above, definitive Registered Securities of this series will be issued in exchange for this Security, or any portion hereof, only if such definitive Registered
Securities were requested by written notice to the Security Registrar by or on behalf of a Person who is a beneficial owner of an interest herein given through the Holder hereof. Any definitive Registered Security of this series issued in exchange
for this Security, or any portion hereof, shall be registered in the name or names of such Person or Persons as the Holder hereof shall instruct the Security Registrar. Except as provided above, owners of beneficial interests in this Security will
not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders thereof for any purpose under the Indenture. 

Any exchange of this Security or portion hereof for one or more definitive Registered Securities of this series will be made at the New York
office of the Security Registrar or at the office of any transfer agent designated by the Company for that purpose. Upon exchange of any portion of this Security for one or more definitive Registered Securities of this series, the Trustee shall
endorse Exhibit A of this Security to reflect the reduction of its Principal Amount by an amount equal to the aggregate principal amount of the definitive Registered Securities of this series so issued in exchange, whereupon the Principal Amount
hereof shall be reduced for all purposes by the amount so exchanged and noted. Except as otherwise provided herein or in the Indenture, until exchanged in full for one or more definitive Registered Securities of this series, this Security shall in
all respects be subject to and entitled to the same benefits and conditions under the Indenture as a duly authenticated and delivered definitive Registered Security of this series. 

The principal and any interest in respect of any portion of this Security payable in respect of an Interest Payment Date or at the Stated
Maturity thereof, in each case occurring prior to the exchange of such portion for a definitive Registered Security or Securities of this series, will be paid, as provided herein, to the Holder hereof which will undertake in such circumstances to
credit any such principal and interest received by it in respect of this Security to the respective accounts of the Persons who are the beneficial owners of such interests on such Interest Payment Date or at Stated Maturity. If a definitive
Registered Security or Registered Securities of this series are issued in 

 
exchange for any portion of this Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at
such office or agency on the relevant Interest Payment Date or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, then interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment,
as the case may be, only to the Holder hereof, and the Holder hereof will undertake in such circumstances to credit such interest to the account or accounts of the Persons who were the beneficial owners of such portion of this Security on such
Regular Record Date or Special Record Date, as the case may be. 
 Payment of the principal of and any such interest on this Security will
be made at the offices of the Trustee as Paying Agent, in the Borough of Manhattan, The City of New York, or at such other office or agency of the Company as may be designated by it for such purpose in the Borough of Manhattan, The City of New York,
in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts by check mailed to the registered Holders thereof; provided, however, that at the
option of the Holder, payment of interest may be made by wire transfer of immediately available funds to an account of the Person entitled hereto as such account shall be provided to the Security Registrar and shall appear in the Security Register.

 The Securities shall be redeemable, in whole or in part, at the Company’s option at any time. If the Securities are redeemed prior
to the date that is [•] month[s] prior to the maturity date, the Redemption Price for the Securities to be redeemed shall equal the greater of the following amounts, plus, in each case, accrued interest thereon to the Redemption Date: 

 

	 	•	 	 100% of the principal amount of such Securities; or 

 

	 	•	 	 as determined by the Independent Investment Banker (as defined below), the sum of the present values of the
remaining scheduled payments of principal and interest on the Securities to be redeemed calculated as if the maturity date of such Securities was [•], 20[•] ([•] month[s] prior to their maturity date) (the “Par Call Date”)
(not including any portion of any payments of interest accrued from the most recent Interest Payment Date to which interest has been paid to the Redemption Date) discounted to the Redemption Date on a semiannual basis at the Adjusted Treasury Rate
(as defined below) plus [•] basis points. 

 If the Securities are redeemed on or after the date that is [•]
month[s] prior to the maturity date, the redemption price for the Securities to be redeemed will equal 100% of the principal amount of such Securities, plus accrued interest to the Redemption Date. 

	 	•	 	 The Redemption Price shall be calculated by the Independent Investment Banker assuming a 360-day year consisting of twelve 30-day months. 

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

 

	 	•	 	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the
most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury
securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the
Securities to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight-line
basis, rounding to the nearest month); or 

  

	 	•	 	 if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such Redemption Date. 

 The Adjusted Treasury Rate shall be calculated on the third
Business Day preceding the Redemption Date. The Company shall notify the Trustee, in an Officers’ Certificate, of the Redemption Price no later than the second Business Day preceding the Redemption Date. The Officers’ Certificate shall set
forth the Redemption Price both as an aggregate amount for all the Securities to be redeemed and as an amount per $1,000 in principal amount of the Securities to be redeemed, subject to a minimum $2,000 denomination as set forth below. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming, for this purpose, that the Securities matured on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average of five Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of
all such quotations. 

 “Independent Investment Banker” means [•], [•], [•] and [•]
and their respective successors, or if they are unwilling or unable to serve in that capacity, an independent investment and banking institution of national standing appointed by the Company. 

“Reference Treasury Dealer” means each of: 
  

	 	•	 	 [•], [•], [•] and [•] and their respective affiliates and successors; provided that, if any
ceases to be a primary U.S. Government securities dealer in the United States (“Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer; and 

 

	 	•	 	 up to [•] other Primary Treasury Dealer[s] selected by the Company. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference
Treasury Dealer at 5:00 p.m. (New York City time) on the third business day preceding such Redemption Date. 
 Notice of redemption shall be
given as provided in Section 1104 of the Indenture; provided, that such notice shall not be required to include the Redemption Price but shall instead include the manner of calculation of the Redemption Price. If the Company elects to partially
redeem the Securities, the Trustee will select the Securities to be redeemed in a manner that it deems fair and appropriate, or in accordance with the applicable procedures of the depositary. 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date interest will cease to accrue on the
Securities or portions thereof called for redemption. 
 If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series (including this Security and the interests represented hereby) may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment (i) of the
amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s
obligations in respect of the payment of the principal of and any interest on the Securities of this series (including this Security and the interests represented hereby) shall terminate. 

If a Change of Control Repurchase Event occurs, unless the Company has exercised the Company’s right to redeem the Securities as
described above, the Company will be required to make an offer to each Holder of the Securities to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Securities at a repurchase
price in cash equal to 101% of the aggregate principal amount of the Securities repurchased plus any accrued and unpaid interest on the Securities 

 
repurchased to, but not including, the date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but
after the public announcement of the Change of Control, the Company will mail a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event
and offering to repurchase the Securities on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result of a
Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Securities, the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached the Company’s obligations under the Change of Control Repurchase Event provisions of the Securities by virtue of such conflict or compliance. 

On the repurchase date following a Change of Control Repurchase Event, the Company will, to the extent lawful: 

 

	 	(1)	 accept for payment all the Securities or portions of the Securities properly tendered pursuant to the
Company’s offer; 

  

	 	(2)	 deposit with the paying agent an amount equal to the aggregate purchase price in respect of all the Securities
or portions of the Securities properly tendered; and 

  

	 	(3)	 deliver or cause to be delivered to the Trustee the Securities properly accepted, together with an
officers’ certificate stating the aggregate principal amount of the Securities being purchased by the Company. 

 The
paying agent will promptly pay to each holder of the Securities properly tendered the purchase price for the Securities, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new note equal
in principal amount to any unpurchased portion of any Securities surrendered; provided that each new note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 

The Company will not be required to make an offer to repurchase the Securities upon a Change of Control Repurchase Event if a third party
makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the Securities properly tendered and not withdrawn under its offer. 

 For purposes of the foregoing description of a repurchase at the option of holders, the
following definitions are applicable: 
 “Below Investment Grade Ratings Event” means that on any day within the 60-day period (which period shall be extended so long as the rating of the Securities is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of
(1) the occurrence of a Change of Control; or (2) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control, the Securities are rated below Investment Grade by each of the Rating
Agencies. Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be
deemed a Below Investment Grade Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or
publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control shall have occurred at the time of the ratings event). 
 “Change of Control” means the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or the
Company’s subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
combined voting power of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings Event.

 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); or the equivalent Investment Grade credit rating from any additional Rating Agency or
Rating Agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agency” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to rate the
Securities or fails to make a rating of such Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange
Act, selected by the Company (as certified by a resolution of the Chief Executive Officer or Chief Financial Officer) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

 “S&P” means S&P Global Ratings, a division of S&P Global Inc. 

“Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any
date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

The Trustee shall be entitled to deduct FATCA Withholding Tax that it is required to deduct. 

For purposes of the foregoing discussion of matters concerning the Trustee, the following definitions are applicable: 

“FATCA Withholding Tax” means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or
otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction facilitating
the implementation thereof (or any law implementing such an intergovernmental agreement). 
 “Code” means the U.S. Internal
Revenue Code of 1986, as amended. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the
Company on this Security and (b) certain restrictive covenants and the related defaults and Events of Default, upon compliance with certain conditions set forth therein, which provisions shall apply to this Security. 

The provisions of Article Fourteen of the Indenture apply to Securities of this series. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities
at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding on behalf of the
Holders of all Securities of such series to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and the Persons who are beneficial owners of interests represented hereby, and of any Security issued in exchange herefor or in lieu hereof whether or not
notation of such consent or waiver is made upon this Security. 
 As set forth in, and subject to, the provisions of the Indenture, no
Holder of any Security of this series will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of
Default with respect to the 

 
Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable
indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of the Outstanding Securities of this series a direction inconsistent with such
request and shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of (and premium, if any) or
interest on this Security on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of
this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional to pay the principal of (and premium, if any) and interest on this Security at the time, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer
of Registered Securities of the series of which this Security is a part may be registered on the Security Register of the Company, upon surrender of such Securities for registration of transfer at the office of the Security Registrar, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder thereof or his attorney duly authorized in writing, and thereupon one or two more new Securities of
this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

No service charge shall be made for any such registration of transfer or exchange of Securities as provided above, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Securities of this
series of which this Security is a part are issuable only in registered form without coupons, in denominations of $2,000 and integral multiples of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, the
Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

The Securities of this series shall be dated the date of their authentication. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee under the Indenture, or its successor thereunder, by the manual or electronic signature of one of its authorized officers, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Dated: [•], 20[•]	 		 	CSX CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 Attest: [•] 

  
 12 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of a series issued under the Indenture described herein. 

Dated: 
  

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

as Trustee

		
	By:	 	  

		 	Authorized Officer

  
 13 

 FORM OF TRANSFER NOTICE 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
  

 
 Please print or typewrite name and address including
zip code of assignee 
  
  

the within Security and all rights thereunder, hereby irrevocably constituting and appointing _____________________attorney to transfer said Security on the
books of the Security Registrar with full power of substitution in the premises. 
  

			
	Date:                                 	  	  

		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change
whatsoever.

  
 14 

 EXHIBIT A 

Schedule of ExchangesEX-10.1

 Exhibit 10.1 

Execution Copy 

FIFTH AMENDED AND RESTATED LIMITED WAIVER 

THIS FIFTH AMENDED AND RESTATED LIMITED WAIVER dated as of November 30, 2020 (the “A&R Limited
Waiver”) is granted by Bank of Montreal, as administrative agent (the “Administrative Agent”), on behalf of and at the direction of the Required Lenders in favour of MGE Niagara Entertainment Inc. (the
“Borrower”); 
 WHEREAS the Borrower entered into a credit agreement dated as of June 10, 2019 (as amended on
July 17, 2019 and as may be further amended, modified, supplemented or restated from time to time, the “Credit Agreement”) with, among others, Complex Services Inc., as guarantor, the Administrative Agent, and each of the
lenders party thereto from time to time, as lenders (the “Lenders”); 
 AND WHEREAS in light of the COVID-19 pandemic and in accordance with Applicable Law, OLG has authorized and directed the temporary closure of the Casino Facilities (the “Closure”) until the date on which such Casino Facilities
are permitted to open to the public in accordance with Applicable Law, subject to any other re-opening date by agreement of the parties; 

AND WHEREAS OLG has agreed to provide certain financial relief to the Borrower under the COSA, as further described in the letters from
OLG to the Borrower dated April 19, 2020, June 11, 2020 and June 12, 2020, copies of which have been provided to the Lenders; 

AND WHEREAS, the Closure has been for a duration of more than 60 consecutive days which, in the absence of the Previous Limited Waivers
(as defined below), would have resulted in an Event of Default under Section 11.1.11 of the Credit Agreement (the “Closure Default”); 

AND WHEREAS the Closure was anticipated to result in a breach of the financial covenants set forth in Sections 9.4.1 and 9.4.2 of the
Credit Agreement as at June 30, 2020 (the “Anticipated June Financial Covenant Breach”), and the Borrower had requested, and the Required Lenders had agreed, in the Second Amended and Restated Limited Waiver dated as of
June 30, 2020 (the “Second June Limited Waiver”), which amended and restated an earlier limited waiver dated June 15, 2020 (the “First June Limited Waiver”), which amended and restated an earlier limited
waiver dated May 15, 2020 (the “May Limited Waiver” together with the First June Limited Waiver, the Second June Limited Waiver, the July Limited Waiver (as defined below) and the September Limited Waiver (as defined below),
collectively, the “Previous Limited Waivers”) to, among other things, extend the waiver of the Closure Default and waive the Anticipated June Financial Covenant Breach until July 31, 2020, and waive the delivery of the
Compliance Certificate for the Fiscal Quarter ending June 30, 2020 pursuant to Section 9.1.1.3(a) of the Credit Agreement (the “Q1 Compliance Certificate”) until July 31, 2020; 

AND WHEREAS, pursuant to a Third Amended and Restated Limited Waiver dated as of July 31, 2020 (the “July Limited
Waiver”), which amended and restated the Second June Limited Waiver, the Administrative Agent on behalf of and at the direction of the Required Lenders (i) extended the waiver of the Closure Default, the Anticipated June Financial
Covenant Breach and the delivery of the Q1 Compliance Certificate, and (ii) waived any additional breaches of the financial covenants set forth in Sections 9.4.1 and 9.4.2 of the Credit Agreement (together with the Anticipated June Financial
Covenant Breach, collectively, the “Financial Covenant Breaches”), and any consequences thereof under the Credit Agreement or any other Loan Document, to September 30, 2020; 

 AND WHEREAS, pursuant to a Fourth Amended and Restated Limited Waiver dated as of
September 30, 2020 (the “September Limited Waiver”), which amended and restated the July Limited Waiver, the Administrative Agent on behalf of and at the direction of the Required Lenders (i) extended the waiver of the
Closure Default, the Financial Covenant Breaches and the delivery of the Q1 Compliance Certificate, and (ii) waived any additional Financial Covenant Breaches, and the delivery of the Compliance Certificate for the Fiscal Quarter ending
September 30, 2020 pursuant to Section 9.1.1.3(a) of the Credit Agreement (the “Q2 Compliance Certificate”) and the delivery of the Annual Business Plan for the Operating Year ending March 31, 2020 pursuant to
Section 9.1.1.4 of the Credit Agreement (the “Annual Business Plan”), and any consequences thereof under the Credit Agreement or any other Loan Document, to September 30, 2020; 

AND WHEREAS, the Borrower has requested that the Required Lenders extend the waiver of (i) the Financial Covenant Breaches,
(ii) the requirement to deliver the Q1 Compliance Certificate, the Q2 Compliance Certificate and the Annual Business Plan, (iii) any occurrence of the Closure Default, and any consequences thereof, under the Credit Agreement or any other
Loan Document, in each case from the date hereof until March 31, 2021 (such period being referred to herein as the “Extended Waiver Period”); 

AND WHEREAS the Borrower has requested, and the Required Lenders have agreed, to also waive the delivery of the Compliance Certificates
for the Third Quarter ending December 31, 2020, the Fourth Quarter ending March 31, 2021 and the Operating Year ending March 31, 2021, each pursuant to Section 9.1.1.3(a) of the Credit Agreement (together with the Q1 Compliance
Certificate and the Q2 Compliance Certificate, collectively, the “Compliance Certificates”), in each case, until the end of the Extended Waiver Period; 

AND WHEREAS the Required Lenders have agreed to the requested waivers on the terms and conditions specified herein; 

NOW THEREFORE the parties hereto hereby agree as follows: 
  

	1.	 Capitalized terms used and not otherwise defined in this A&R Limited Waiver shall have the meanings given
to them in the Credit Agreement or Schedule A attached hereto, as applicable. 

  

	2.	 The Administrative Agent on behalf of the Required Lenders hereby waives any occurrence of the Closure Default,
the Financial Covenant Breaches and the requirement to deliver the Compliance Certificates and the Annual Business Plan and any consequences thereof, under the Credit Agreement or any other Loan Document, during the Extended Waiver Period; provided
that the Borrower agrees that the waivers and consents set out herein continue to be subject to the terms and conditions set out in Section 2 of the July Limited Waiver which, for greater certainty, are: 

	 	(a)	 the Borrower shall not request, and the Lenders shall have no obligation to make available, any Advances under
either Credit Facility; 

  

	 	(b)	 Schedule B of the Credit Agreement is deleted in its entirety and replaced with Schedule B attached hereto, and
the Applicable Margin shall be deemed to be at Level 5; 

  

	 	(c)	 it shall at all times maintain Liquidity of not less than $15,000,000; 

 

	 	(d)	 it shall not make any Distributions pursuant to clause (c) or (e) of the definition of Permitted
Distributions; 

  

	 	(e)	 it shall not (i) amend, modify, supplement or waive provisions of the Leases, the MGE Management
Agreement, the CNHI Consulting Agreement or the Convertible Debentures unless such amendment, modification, supplement or waiver would not increase payments by the Borrower thereunder or otherwise be adverse to the interests of the Lenders, or
(ii) make any Acquisitions; and 

  

	 	(f)	 by no later than the Tuesday of each week commencing August 4, 2020, it shall deliver to the
Administrative Agent a report on its Liquidity which sets out (i) the Liquidity of the Borrower as at the last Business Day of the prior one week period, and (ii) a reconciliation to the Liquidity Forecast (updated to reflect the Extended
Waiver Period) and management commentary as to any material variations. 

 3. The Borrower agrees that it shall be an Event of Default
under the Credit Agreement if, during the Extended Waiver Period, OLG ceases to either (i) provide the Borrower with full relief from the Threshold (as defined in the COSA) payments otherwise due under the COSA for more than five
(5) Business Days in aggregate during such period, or (ii) pay to the Borrower the Fixed Component Per Diem (as defined in the COSA) for more than five (5) Business Days in aggregate during such period. 

4. This A&R Limited Waiver and the amendments and waivers herein shall become effective on the date on which (a) the Administrative Agent has received
executed counterparts of this A&R Limited Waiver, and (b) an extension fee of 5 basis points on the Commitment of each Lender which provides its consent to this A&R Limited Waiver shall be paid to the Administrative Agent for each such
Lender’s account. 
 5. The waivers contained in this A&R Limited Waiver shall be effective only in this instance for the duration of the Extended
Waiver Period and for the specific purpose for which they were intended and shall not be deemed to be consents to any other transaction or matter or waivers of compliance in the future, or waivers of any preceding or succeeding breach of the same or
any other covenant or provision of the Credit Agreement or any other Loan Document. 

 6. This A&R Limited Waiver may be executed in any number of counterparts and by different 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. This A&R Limited Waiver may be executed by way of electronic signature
(including through an information system such as DocuSign or OneSpan or by any other electronic means) and any such execution of this A&R Limited Waiver shall be of the same legal effect, validity or enforceability as a manually executed
signature. Delivery of an executed counterpart of a signature page to this A&R Limited Waiver by telecopier or by electronic transmission of a pdf formatted copy shall be effective as delivery of a manually executed counterpart of this A&R
Limited Waiver. 
  

	7.	 The Borrower, by countersigning this A&R Limited Waiver, confirms that, after taking into account the
waivers provided for herein (i) no Default or Event of Default has occurred and is continuing as of the date hereof and (ii) the representations and warranties of the Loan Parties made in or pursuant to the Credit Agreement and the other
Loan Documents are true and correct in all material respects as of the date hereof (except such representations and warranties which are specified to be made as of a particular date, in which case such representations and warranties were true and
correct as of such date). 

  

	8.	 This A&R Limited Waiver constitutes a Loan Document for the purposes of the Credit Agreement, and amends
and restates the September Limited Waiver in its entirety. 

  

	9.	 This A&R Limited Waiver shall be governed by, and construed in accordance with, the laws of the Province of
Ontario and the federal laws of Canada applicable therein. 

 - signature pages follow - 

 IN WITNESS WHEREOF, the Administrative Agent has signed this A&R Limited Waiver
on behalf of and at the direction of the Required Lenders effective as of the first date written above. 
  

			
	BANK OF MONTREAL, as
Administrative Agent
		
	By:	 	 /s/ James Di Giacomo

		 	 Name: James Di Giacomo
 Title:  
Managing Director, Loan Syndications

		
	By:	 	 /s/ Francois Wentzel

		 	 Name: Francois Wentzel
 Title:  
Managing Director

 [Signature Page – November 2020 A&R Waiver] 

 The undersigned acknowledges and agrees to the foregoing as of the date first above written. 

 

					
	MGE NIAGARA ENTERTAINMENT INC., as Borrower
			
	    	 	By:	 	 /s/ Richard Taylor

		 		 	 Name: Richard Taylor
 Title:   Vice
President

			
		 	By:	 	 /s/ Navtej Sandhawalia

		 		 	 Name: Navtej Sandhawalia
 Title:  
Secretary

 [Signature Page – November 2020 A&R Waiver] 

 SCHEDULE A – DEFINITIONS 

“Cage Cash” means, at any time, the aggregate amount of cash float held by, or for the account of, any Obligor that is maintained by such
Obligor under Applicable Law or any Material Authorization for the purpose of making change, redeeming chips and paying winnings to any Person entitled thereto in connection with the slot machines, table games, and other lottery and related
promotional schemes conducted, managed and operated by any Obligor in the Casino Facilities. For certainty, Cage Cash does not include any cash float that is supplied by, or the property of, a Gaming Authority.” 

“Liquidity” means the sum of (i) the amount by which the aggregate amount of the Revolving Facility Commitments then in effect exceed
the then outstanding Obligations plus (ii) Unrestricted Cash of the Obligors.” 
 “Liquidity Forecast” means the forecast
prepared by a senior officer of the Borrower of the Borrower’s Liquidity determined on a weekly basis for the period commencing April 1, 2020 and ending on March 31, 2021 attached hereto as Schedule C.” 

“Unrestricted Cash” means the aggregate amount of cash and Cash Equivalents held by the Obligors which is subject to a valid first charge
under the Security Documents and not otherwise subject to any Lien or restriction which would restrict the use thereof by the Obligors and, for greater certainty, “Unrestricted Cash” includes Cage Cash.” 

 SCHEDULE B – APPLICABLE MARGIN 

 

									
	 Pricing

Level
	  	Total
Leverage Ratio	 	Bankers’
Acceptances/
Letters of Credit /
LIBOR Loans	 	Prime Rate
Loans / USBR
Loans	 	Undrawn
Fee
	 5
	  	N/A	 	5.00%	 	3.50%	 	1.25%
	 4
	  	>4.00x £ 5.00x	 	4.00%	 	2.50%	 	1.00%
	 3
	  	< 4.00x 3 3.00x	 	3.50%	 	2.00%	 	0.875%
	 2
	  	< 3.00x 3 2.00x	 	3.25%	 	1.75%	 	0.8125%
	 1
	  	<2.00x	 	3.00%	 	1.50%	 	0.75%

 SCHEDULE C - LIQUIDITY FORECAST 

(see attached)

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