Document:

Indenture

 Exhibit 4.1 
  

INDENTURE 
  
 between 
  
 PINNACLE ENTERTAINMENT, INC. 
  
 and

  
 THE BANK OF NEW YORK, as Trustee 
  
 Dated as of September 25, 2003 

 TABLE OF CONTENTS 
  

	 	 	 	  	Page

	 
ARTICLE I     DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
	  	1
			
	 SECTION 1.1
	 	
DEFINITIONS; INTERPRETATION.	  	1
			
	 SECTION 1.2
	 	
COMPLIANCE CERTIFICATES AND OPINIONS.	  	9
			
	 SECTION 1.3
	 	
FORM OF DOCUMENTS DELIVERED TO TRUSTEE.	  	10
		
	 
ARTICLE II    DEBT SECURITY FORMS 
	  	11
			
	 SECTION 2.1
	 	
FORMS GENERALLY.	  	11
			
	 SECTION 2.2
	 	
FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.	  	11
			
	 SECTION 2.3
	 	
SECURITIES IN GLOBAL FORM.	  	12
		
	 
ARTICLE III     THE DEBT SECURITIES 
	  	12
			
	 SECTION 3.1
	 	
AMOUNT UNLIMITED; ISSUABLE IN SERIES.	  	12
			
	 SECTION 3.2
	 	
DENOMINATIONS.	  	15
			
	 SECTION 3.3
	 	
EXECUTION, AUTHENTICATION, DELIVERY AND DATING.	  	16
			
	 SECTION 3.4
	 	
TEMPORARY DEBT SECURITIES; EXCHANGE OF TEMPORARY GLOBAL NOTES FOR DEFINITIVE DEBT SECURITIES; GLOBAL NOTES REPRESENTING DEBT SECURITIES.	  	17
			
	 SECTION 3.5
	 	
REGISTRATION, TRANSFER AND EXCHANGE.	  	19
			
	 SECTION 3.6
	 	
MUTILATED, DESTROYED, LOST AND STOLEN DEBT SECURITIES.	  	20
			
	 SECTION 3.7
	 	
PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.	  	21
			
	 SECTION 3.8
	 	
CANCELLATION.	  	22
			
	 SECTION 3.9
	 	
COMPUTATION OF INTEREST.	  	22

  

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	 	 	 	  	Page

	 SECTION 3.10
	 	
MANDATORY DISPOSITION OF DEBT SECURITIES PURSUANT TO GAMING LAWS. 	  	23
			
	 SECTION 3.11
	 	
CUSIP NUMBERS. 	  	23
		
	 ARTICLE IV    
SATISFACTION AND DISCHARGE 
	  	24
			
	 SECTION 4.1
	 	
SATISFACTION AND DISCHARGE OF INDENTURE.	  	24
			
	 SECTION 4.2
	 	
APPLICATION OF TRUST MONEY.	  	25
		
	 ARTICLE V    
REMEDIES 
	  	25
			
	 SECTION 5.1
	 	
EVENTS OF DEFAULT.	  	25
			
	 SECTION 5.2
	 	
ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.	  	26
			
	 SECTION 5.3
	 	
COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.	  	27
			
	 SECTION 5.4
	 	
TRUSTEE MAY FILE PROOFS OF CLAIM.	  	28
			
	 SECTION 5.5
	 	
TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF DEBT SECURITIES.	  	29
			
	 SECTION 5.6
	 	
APPLICATION OF MONEY COLLECTED.	  	29
			
	 SECTION 5.7
	 	
LIMITATION ON SUITS.	  	29
			
	 SECTION 5.8
	 	
UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST.	  	30
			
	 SECTION 5.9
	 	
RESTORATION OF RIGHTS AND REMEDIES.	  	30
			
	 SECTION 5.10
	 	
RIGHTS AND REMEDIES CUMULATIVE.	  	30
			
	 SECTION 5.11
	 	
DELAY OR OMISSION NOT WAIVER.	  	31
			
	 SECTION 5.12
	 	
CONTROL BY HOLDERS.	  	31
			
	 SECTION 5.13
	 	
WAIVER OF PAST DEFAULTS.	  	31
			
	 SECTION 5.14
	 	
UNDERTAKING FOR COSTS.	  	32
			
	 SECTION 5.15
	 	
WAIVER OF STAY OR EXTENSION LAWS.	  	32
			
	 SECTION 5.16
	 	
REMEDIES SUBJECT TO APPLICABLE LAW. 	  	32
		
	 ARTICLE VI    
THE TRUSTEE 
	  	32
			
	 SECTION 6.1
	 	
CERTAIN DUTIES AND RESPONSIBILITIES. 	  	32

  

 -ii- 

	 	  	 	  	Page

			
	 SECTION 6.2
	  	
NOTICE OF DEFAULTS.	  	34
			
	 SECTION 6.3
	  	
CERTAIN RIGHTS OF TRUSTEE.	  	34
			
	 SECTION 6.4
	  	
NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF DEBT SECURITIES.	  	36
			
	 SECTION 6.5
	  	
MAY HOLD DEBT SECURITIES.	  	36
			
	 SECTION 6.6
	  	
MONEY HELD IN TRUST.	  	36
			
	 SECTION 6.7
	  	
COMPENSATION AND REIMBURSEMENT.	  	36
			
	 SECTION 6.8
	  	
DISQUALIFICATION; CONFLICTING INTERESTS.	  	37
			
	 SECTION 6.9
	  	
CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.	  	37
			
	 SECTION 6.10
	  	
RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.	  	37
			
	 SECTION 6.11
	  	
ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.	  	39
			
	 SECTION 6.12
	  	
MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.	  	40
			
	 SECTION 6.13
	  	
PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.	  	40
			
	 SECTION 6.14
	  	
APPOINTMENT OF AUTHENTICATING AGENT.	  	41
		
	 ARTICLE VII    
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
	  	43
			
	 SECTION 7.1
	  	
COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.	  	43
			
	 SECTION 7.2
	  	
PRESERVATION OF INFORMATION; COMMUNICATION TO HOLDERS.	  	43
			
	 SECTION 7.3
	  	
REPORTS BY TRUSTEE.	  	44
			
	 SECTION 7.4
	  	
REPORTS BY COMPANY.	  	45

  

 -iii- 

	 	  	Page

		
	 ARTICLE VIII    
CONCERNING THE HOLDERS 
	  	45
			
	 SECTION 8.1
	  	
ACTS OF HOLDERS.	  	45
			
	 SECTION 8.2
	  	
PROOF OF OWNERSHIP; PROOF OF EXECUTION OF INSTRUMENTS BY HOLDER.	  	46
			
	 SECTION 8.3
	  	
PERSONS DEEMED OWNERS.	  	46
			
	 SECTION 8.4
	  	
REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND.	  	46
		
	 ARTICLE IX    
HOLDERS’ MEETINGS 
	  	47
			
	 SECTION 9.1
	  	
PURPOSES OF MEETINGS.	  	47
			
	 SECTION 9.2
	  	
CALL OF MEETINGS BY TRUSTEE.	  	47
			
	 SECTION 9.3
	  	
CALL OF MEETINGS BY COMPANY OR HOLDERS.	  	48
			
	 SECTION 9.4
	  	
QUALIFICATIONS FOR VOTING.	  	48
			
	 SECTION 9.5
	  	
REGULATIONS.	  	48
			
	 SECTION 9.6
	  	
VOTING.	  	49
			
	 SECTION 9.7
	  	
NO DELAY OF RIGHTS BY MEETING.	  	49
		
	 ARTICLE X    
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
	  	49
			
	 SECTION 10.1
	  	
COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.	  	49
			
	 SECTION 10.2
	  	
SUCCESSOR CORPORATION SUBSTITUTED.	  	50
		
	 ARTICLE XI    
SUPPLEMENTAL INDENTURES 
	  	50
			
	 SECTION 11.1
	  	
SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.	  	50
			
	 SECTION 11.2
	  	
SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.	  	52
			
	 SECTION 11.3
	  	
EXECUTION OF SUPPLEMENTAL INDENTURES.	  	53
			
	 SECTION 11.4
	  	
EFFECT OF SUPPLEMENTAL INDENTURES.	  	53

  

 -iv- 

	 	  	 	  	Page
			
	 SECTION 11.5
	  	
CONFORMITY WITH TRUST INDENTURE ACT.	  	53
			
	 SECTION 11.6
	  	
REFERENCE IN DEBT SECURITIES TO SUPPLEMENTAL INDENTURES.	  	53
		
	ARTICLE XII     
COVENANTS 	  	53
			
	 SECTION 12.1
	  	
PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.	  	53
			
	 SECTION 12.2
	  	
OFFICERS’ CERTIFICATE AS TO COMPLIANCE.	  	54
			
	 SECTION 12.3
	  	
MAINTENANCE OF OFFICE OR AGENCY.	  	54
			
	 SECTION 12.4
	  	
MONEY FOR DEBT SECURITIES; PAYMENTS TO BE HELD IN TRUST.	  	55
			
	 SECTION 12.5
	  	
CORPORATE EXISTENCE.	  	56
			
	 SECTION 12.6
	  	
WAIVER OF CERTAIN COVENANTS.	  	56
			
	 SECTION 12.7
	  	
STATEMENT BY OFFICERS AS TO DEFAULT. 	  	56
		
	ARTICLE XIII     
REDEMPTION OF DEBT SECURITIES 	  	56
			
	 SECTION 13.1
	  	
APPLICABILITY OF ARTICLE.	  	56
			
	 SECTION 13.2
	  	
ELECTION TO REDEEM; NOTICE TO TRUSTEE.	  	57
			
	 SECTION 13.3
	  	
SELECTION BY TRUSTEE OF DEBT SECURITIES TO BE REDEEMED.	  	57
			
	 SECTION 13.4
	  	
NOTICE OF REDEMPTION.	  	57
			
	 SECTION 13.5
	  	
DEPOSIT OF REDEMPTION PRICE.	  	58
			
	 SECTION 13.6
	  	
DEBT SECURITIES PAYABLE ON REDEMPTION DATE.	  	58
			
	 SECTION 13.7
	  	
DEBT SECURITIES REDEEMED IN PART.	  	59
		
	ARTICLE XIV    
SINKING FUNDS 	  	59
			
	 SECTION 14.1
	  	
APPLICABILITY OF ARTICLE.	  	59
			
	 SECTION 14.2
	  	
SATISFACTION OF MANDATORY SINKING FUND PAYMENTS WITH DEBT SECURITIES.	  	59

  

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	 	  	 	  	Page
			
	 SECTION 14.3
	  	
REDEMPTION OF DEBT SECURITIES FOR SINKING FUND. 	  	60
		
	 ARTICLE XV    
DEFEASANCE 
	  	61
			
	 SECTION 15.1
	  	
APPLICABILITY OF ARTICLE.	  	61
			
	 SECTION 15.2
	  	
DEFEASANCE UPON DEPOSIT OF MONEYS OR U.S. GOVERNMENT OBLIGATIONS.	  	61
			
	 SECTION 15.3
	  	
DEPOSITED MONEYS AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST.	  	63
			
	 SECTION 15.4
	  	
REPAYMENT TO COMPANY.	  	63
		
	 ARTICLE XVI    
CONVERSION 
	  	63
			
	 SECTION 16.1
	  	
APPLICABILITY; CONVERSION PRIVILEGE.	  	63
			
	 SECTION 16.2
	  	
CONVERSION PROCEDURE; CONVERSION PRICE; FRACTIONAL SHARES.	  	63
			
	 SECTION 16.3
	  	
ADJUSTMENT OF CONVERSION PRICE FOR COMMON STOCK.	  	65
			
	 SECTION 16.4
	  	
CONSOLIDATION OR MERGER OF THE COMPANY.	  	67
			
	 SECTION 16.5
	  	
NOTICE OF ADJUSTMENT.	  	68
			
	 SECTION 16.6
	  	
NOTICE IN CERTAIN EVENTS.	  	68
			
	 SECTION 16.7
	  	
COMPANY TO RESERVE STOCK; REGISTRATION; LISTING.	  	69
			
	 SECTION 16.8
	  	
TAXES ON CONVERSION.	  	69
			
	 SECTION 16.9
	  	
CONVERSION AFTER RECORD DATE.	  	70
			
	 SECTION 16.10
	  	
COMPANY DETERMINATION FINAL.	  	70
			
	 SECTION 16.11
	  	
TRUSTEE’S DISCLAIMER.	  	70
		
	 ARTICLE XVII    
GUARANTEES 
	  	70
			
	 SECTION 17.1
	  	
APPLICABILITY OF ARTICLE.	  	70
			
	 SECTION 17.2
	  	
OBLIGOR GUARANTEE.	  	70

  

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	 	 	 	  	Page

	 SECTION 17.3
	 	
NATURE OF OBLIGOR GUARANTEE.	  	71
			
	 SECTION 17.4
	 	
AUTHORIZATION.	  	71
			
	 SECTION 17.5
	 	
CERTAIN WAIVERS.	  	72
			
	 SECTION 17.6
	 	
NO SUBROGATION; CERTAIN AGREEMENTS.	  	73
			
	 SECTION 17.7
	 	
BANKRUPTCY NO DISCHARGE.	  	73
			
	 SECTION 17.8
	 	
RIGHTS OF CONTRIBUTION.	  	74
			
	 SECTION 17.9
	 	
LIMITATION ON LIABILITY.	  	75
			
	 SECTION 17.10
	 	
APPLICATION OF CERTAIN TERMS AND PROVISIONS TO THE GUARANTORS.	  	75
			
	 SECTION 17.11
	 	
EXECUTION AND DELIVERY OF GUARANTEE.	  	75
			
	 SECTION 17.12
	 	
GUARANTOR MAY CONSOLIDATE, ETC. ON CERTAIN TERMS.	  	76
			
	 SECTION 17.13
	 	
RELEASE OF GUARANTORS.	  	76
			
	 SECTION 17.14
	 	
CERTAIN BANKRUPTCY EVENTS.	  	77
		
	 ARTICLE XVIII    
MISCELLANEOUS 
	  	77
			
	 SECTION 18.1
	 	
NOTICES, ETC., TO TRUSTEE AND COMPANY.	  	77
			
	 SECTION 18.2
	 	
NOTICE TO HOLDERS; WAIVER.	  	78
			
	 SECTION 18.3
	 	
CONFLICT WITH TRUST INDENTURE ACT.	  	78
			
	 SECTION 18.4
	 	
COUNTERPARTS; SIGNATURES VIA FACSIMILE; EFFECT OF HEADINGS AND TABLE OF CONTENTS.	  	79
			
	 SECTION 18.5
	 	
SUCCESSORS AND ASSIGNS.	  	79
			
	 SECTION 18.6
	 	
SEPARABILITY CLAUSE.	  	79
			
	 SECTION 18.7
	 	
BENEFITS OF INDENTURE.	  	79
			
	 SECTION 18.8
	 	
GOVERNING LAW.	  	79
			
	 SECTION 18.9
	 	
LEGAL HOLIDAYS.	  	79
			
	 SECTION 18.10
	 	
NO RECOURSE AGAINST OTHERS.	  	80
			
	 EXHIBIT A
	 	FORM OF REDEEMABLE OR NONREDEEMABLE DEBT SECURITY. FACE OF DEBT SECURITY.	  	 

  

 -vii- 

 THIS INDENTURE CONTEMPLATES THE ISSUANCE OF MULTIPLE SERIES OF DEBT SECURITIES. WHILE THIS INDENTURE GOVERNS THE
AUTHORIZATION OF EACH SERIES OF DEBT SECURITIES, FOR THE SPECIFIC TERMS RELATING TO A PARTICULAR SERIES OF DEBT SECURITIES, THE TERMS OF THE SUPPLEMENTAL INDENTURE RELATING TO SUCH PARTICULAR SERIES SHALL GOVERN TO THE EXCLUSION OF THE PROVISIONS IN
THIS INDENTURE. 
  
 INDENTURE dated as of September 25, 2003, by
and between PINNACLE ENTERTAINMENT, INC., a Delaware corporation (the “Company”), having its principal executive office at 3800 Howard Hughes Parkway, Suite 1800, Las Vegas, CA 89109, and The Bank of New York (together with any additional
trustees to be added by supplemental indenture pursuant to this Indenture, the “Trustee”), having its Corporate Trust Office at 101 Barclay Street, Flour 8W, New York, NY 10286; attn: Corporate Trust Administration. 
  
 RECITALS OF THE COMPANY 
  
 The Company has duly authorized the execution and delivery of this Indenture
to provide for the issuance from time to time of its debentures, notes, bonds or other evidences of indebtedness (the “Debt Securities”), to be issued in one or more series, as provided in this Indenture. 
  
 This Indenture is subject to the provisions of the Trust Indenture Act of
1939, as amended, that are deemed incorporated into this Indenture and shall, to the extent applicable, be governed by such provisions. 
  
 All things necessary have been done to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms. 

 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
  
 For and in consideration of the premises and the purchase of Debt Securities
by the holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all holders of Debt Securities or of Debt Securities of any series, as applicable, as follows: 
  
 

ARTICLE I 
  
 DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION 
  
 
SECTION 1.1 DEFINITIONS; INTERPRETATION. 
  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
  
 (b) all other terms used herein which are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned to them therein; 
  

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 (c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance
with generally accepted accounting principles in the United States prevailing at the time of any relevant computation hereunder; 
  
 (d) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and
not to any particular Article, Section or other subdivision; 
  
 (e) certain terms, used principally in Article III or Article VI, are defined in those respective Articles; 
  
 (f) “or” is not exclusive and “including” is not limiting; 
  
 (g) references in this Indenture to any agreement, other document or law “as amended” or “as amended from
time to time,” or to “amendments” of any document or law, shall include any amendments, supplements, replacements, renewals or other modifications from time to time, provided in the case of modifications to documents, such
modifications are permissible hereunder; 
  
 (h) references in
this Indenture to any law include regulations promulgated thereunder from time to time; 
  
 (i) The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and
shall in no way modify or restrict any of the terms or provisions hereof; and 
  
 (j) The term “Act” when used with respect to any holder, has the meaning specified in Section 8.1. 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling, “controlled by” and “under common control with”) as used with
respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by agreement or otherwise. 
  
 “Authenticating Agent” has the meaning specified in Section 6.14.

  
 “Authorized Newspaper” means a newspaper in an
official language of the country of publication customarily published at least once a day, and customarily published for at least five days in each calendar week, and of general circulation in the place in connection with which the term is used or
in the financial community of such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing
requirements and in each case on any Business Day in such city. 
  
 “Bankruptcy Code” means 11 U.S.C. (S)101 et seq., as amended from time to time. 
  
 “Beneficiary” has the meaning specified in Section 17.2. 
  

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 “Board of Directors” means either the board of directors of the Company or any committee of
that board or any other committee of the Company, duly authorized by the board of directors of the Company to act hereunder. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Business Day” when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Debt
Securities means any day which is not a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies in that Place of Payment or other location are authorized or obligated by law to close, except as otherwise
specified pursuant to Section 3.1. 
  
 “Closing Price”
of the Common Stock shall mean the average of the last reported closing bid and asked prices on the New York Stock Exchange, or if the Common Stock is not then listed on the New York Stock Exchange, then on the principal exchange on which the Common
Stock is listed. 
  
 “Code” means the Internal Revenue
Code of 1986, as amended. 
  
 “Commission” means the
Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or if at any time after the execution of this instrument such Commission is not existing and performing the duties
now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 
  
 “Common Depositary” has the meaning specified in Section 3.4(b). 
  
 “Common Stock” shall mean the class of Common Stock, par value $0.01 per share, of the Company authorized at the
date of this Indenture as originally signed, or any other class of stock resulting from successive changes or reclassifications of such Common Stock, and in any such case including any shares thereof authorized after the date of this Indenture, and
any other shares of stock of the Company which do not have any priority in the payment of dividends or upon liquidation over any other class of stock. 
  
 “Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
  
 “Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman
of the Board of Directors, the President or an Executive or Senior Vice President and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the
Trustee. 
  
 “Conversion Agent” means any Person
authorized by the Company to receive Debt Securities to be converted into Common Stock on behalf of the Company. The Company initially authorizes the Trustee to act as Conversion Agent for the Debt Securities on its 
  

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 behalf. The Company may at any time or from time to time authorize one or more Persons to act as Conversion Agent in
addition to or in place of the Trustee with respect to any series of Debt Securities issued under this Indenture. 
  
 “Conversion Price” means, with respect to any series of Debt Securities which are convertible into Common Stock, the price per share of Common
Stock at which the Debt Securities of such series are so convertible pursuant to Section 3.1 with respect to such series, as the same may be adjusted from time to time in accordance with Section 16.3. 
  
 “Corporate Trust Office” means the principal corporate trust office
of the Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this instrument is located at 101 Barclay Street, Floor 8W, New York, NY 10286. 
  
 “Corporation” means a corporation, association, company or business
trust. 
  
 “Covenant defeasance option” has the meaning
specified in Section 15.2. 
  
 “Current Market Price” on
any date shall mean the average of the daily Closing Prices per share of Common Stock for any thirty (30) consecutive Trading Days selected by the Company prior to the date in question, which thirty (30) consecutive Trading Day period shall not
commence more than forty-five (45) Trading Days prior to the day in question; provided that with respect to Section 16.3(c), the “Current Market Price” of the Common Stock shall mean the average of the daily Closing Prices per share of
Common Stock for the five (5) consecutive Trading Days ending on the date of the distribution referred to in Section 16.3(c) (or if such date shall not be a Trading Day, on the Trading Day immediately preceding such date). 
  
 “Debt Securities” has the meaning stated in the first recital of
this Indenture and more particularly means any Debt Securities (including any Global Note) authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this
Indenture, “Debt Securities” with respect to the Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Debt Securities authenticated and delivered
under this Indenture, exclusive, however, of Debt Securities of any series as to which such Person is not Trustee. 
  
 “Default” means any event that after notice or lapse of time, or both, would become an Event of Default. 
  
 “Defaulted Interest” has the meaning specified in Section 3.7(b).

  
 “Discharged” has the meaning specified in Section
15.2. 
  
 “Discount Security” means any Debt Security
which is issued with “original issue discount” within the meaning of Section 1273(a) of the Code (or any successor provision) and the regulations thereunder. 
  

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 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of
the United States that, at the time of payment, is legal tender for the payment of public and private debts. 
  
 “Event of Default” has the meaning specified in Section 5.1. 
  
 “Floating Rate Security” means a Debt Security which provides for the payment of interest at a variable rate
determined periodically by reference to an interest rate index or any other index specified pursuant to Section 3.1. 
  
 “Funding Guarantor” has the meaning specified in Section 17.8(a). 
  
 “Gaming Authority” means any governmental authority with regulatory oversight of, authority to regulate or
jurisdiction over any gaming businesses or enterprises, including the State Gaming Control Board of Nevada, Washoe County, Nevada gaming authorities, the Nevada Gaming Commission, Mississippi Gaming Commission, Indiana Gaming Commission, California
Gambling Control Commission, and Louisiana Gaming Control Board, with regulatory oversight of, authority to regulate or jurisdiction over any racing or gaming operation (or proposed gaming operations) owned, managed or operated by the Company or any
Guarantor. 
  
 “Gaming Laws” means the gaming laws of a
jurisdiction or jurisdictions to which the Company or a subsidiary of the Company is, or may at any time after the date of this Indenture be, subject, including all applicable provisions of all: (1) constitutions, treatises, statutes or laws
governing gaming operations (including, without limitation, card club casinos and pari-mutuel race tracks) and rules, regulations and ordinances of any Gaming Authority; (2) any governmental approval relating to any gaming business (including
pari-mutuel betting) or enterprise; and (3) orders, decisions, judgments, awards and decrees of any Gaming Authority. 
  
 “Gaming Licenses” means every material license, material, franchise, registration, or other material approval held by, or issued at any time
after the date of this Indenture to, the Company or any of its subsidiaries authorizing the Company or any of its subsidiaries to own, lease, operate or otherwise conduct or manage gaming (including pari-mutuel betting) in any state or jurisdiction.

  
 “Global Note” means a registered Debt Security
evidencing all or part of a series of Debt Securities, including, without limitation, any temporary or permanent Global Note. 
  
 “Guaranteed Securities” has the meaning specified in Section 17.2. 
  
 “Guarantor” means, with respect to the Debt Securities of any series, any Person who has guaranteed the
obligations of the Company under this Indenture with respect to such series pursuant to Article XVII, until released from such guarantee pursuant to the terms of this Indenture. 
  
 “Indenture” means this instrument as originally executed, or as it may from time to time be supplemented or
amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, unless the context otherwise requires, shall include the terms of a particular series of Debt Securities as established pursuant to

  

 -5- 

 Section 3.1; provided, however, that, if at any time more than one Person is acting as Trustee under this instrument,
“Indenture” shall mean, with respect to any one or more series of Debt Securities for which such Person is Trustee, this instrument as originally executed or as it may be supplemented or amended from time to time by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the, or those, particular series of Debt Securities for which such Person is Trustee established as contemplated by Section 3.1, exclusive,
however, of any provisions or terms which relate solely to other series of Debt Securities for which such Person is Trustee, regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one
or more indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee, was not a party. 
  
 “Interest” when used with respect to a Discount Security which by its terms bears interest only on a certain date,
means interest payable after such date. 
  
 “Interest Payment
Date” with respect to any Debt Security means the Stated Maturity of an installment of interest on such Debt Security. 
  
 “Joint Venture” means any partnership, corporation or other entity, in which up to and including 50% of the partnership interests, outstanding
voting stock or other equity interests is owned, directly or indirectly, by the Company and/or one or more subsidiaries. 
  
 “Legal defeasance option” has the meaning specified in Section 17.2. 
  
 “Mandatory sinking fund payment” has the meaning specified in Section 14.1. 
  
 “Maturity” when used with respect to any Debt Security means the
date on which the principal of such Debt Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment or repurchase at
the option of the holder thereof or otherwise. 
  
 “Maximum
Net Worth” has the meaning specified in Section 17.8(b). 
  
 “Net Worth” has the meaning specified in Section 17.8(b). 
  
 “Obligations” has the meaning specified in Section 17.2. 
  
 “Obligor” means the Company or any Guarantor. 
  
 “Obligor Guarantee” has the meaning specified in Section 17.2. 
  
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors, the President
or an Executive or Senior Vice President and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may be
counsel to the Company (including an employee or counsel to the Company or any subsidiary of the Company). 
  

 -6- 

 “Optional sinking fund payment” has the meaning specified in Section 14.1. 
  
 “Outstanding” when used with respect to Debt Securities, means, as
of the date of determination, all Debt Securities theretofore authenticated and delivered under this Indenture, except: 
  
 (i) Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
  
 (ii) Debt Securities for whose payment or redemption (including repayment at
the option of the holder) money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the holders of such Debt Securities; provided, however, that if such Debt Securities are to be redeemed, then notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made and the date for such redemption has passed; 
  
 (iii) Debt Securities, except to the extent provided in Section 15.2, with respect to which the Company has effected defeasance as provided in Article XV; 
  
 (iv) Debt Securities which have been issued pursuant to Section 3.6 or in exchange for or in lieu of which other Debt
Securities have been authenticated and delivered pursuant to this Indenture, other than any such Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Debt Securities are held by a bona
fide purchaser in whose hands such Debt Securities are valid obligations of the Company; and 
  
 (v) Debt Securities converted into Common Stock pursuant to or in accordance with this Indenture; 
  
 Provided, however, that in determining whether the holders of the requisite principal amount of Debt Securities Outstanding have performed any Act hereunder, Debt
Securities owned by the Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding (provided, that in connection with any offer by the Company
or any obligor to purchase Debt Securities, Debt Securities tendered by a holder shall be Outstanding until the date of purchase), except that, in determining whether the Trustee shall be protected in relying upon any such Act, only Debt Securities
which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right to act with respect to such Debt Securities and that the pledgee is not the Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such other obligor. In determining whether the
holders of the requisite principal amount of Outstanding Debt Securities have performed any Act hereunder, the principal amount of a Discount Security that shall be deemed to be Outstanding for such purpose shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2. 
  

 -7- 

 “Overdue Rate” when used with respect to any series of the Debt Securities, means the rate
designated as such in or pursuant to the Board Resolution or the supplemental indenture, as the case may be, relating to such series as contemplated by Section 3.1. 
  
 “Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or
interest on any Debt Securities on behalf of the Company. 
  
 “Permanent Global Note” shall have the meaning given such term in Section 3.4(b). 
  
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust,
estate, unincorporated organization or government or any agency or political subdivision thereof or any other entity. 
  
 “Place of Payment” when used with respect to the Debt Securities of any series means the place or places where the principal of (and premium, if
any) and interest on the Debt Securities of that series are payable as specified pursuant to Section 3.1. 
  
 “Predecessor Security” of any particular Debt Security means every previous Debt Security evidencing all or a portion of the same debt as that
evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated and delivered under Section 3.6 in lieu of a mutilated, lost, destroyed or stolen Debt Security shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Debt Security. 
  
 “Principal” includes, with respect to Debt Securities of any series, principal payable upon redemption or repurchase of Debt Securities of such series. 
  
 “Redemption Date” means the date fixed for redemption of any Debt Security pursuant to this Indenture. 

 
 “Redemption Price” means, in the case of a Discount Security,
the amount of the principal thereof that would be due and payable as of the Redemption Date upon a declaration of acceleration pursuant to Section 5.2, and in the case of any other Debt Security, the principal amount thereof, plus, in each case,
premium, if any, and accrued and unpaid interest, if any, to the Redemption Date. 
  
 “Regular Record Date” for the interest payable on the Debt Securities of any series on any Interest Payment Date means the date specified for the purpose pursuant to Section 3.1 for such Interest Payment
Date. 
  
 “Responsible Officer” when used with respect
to the Trustee means any vice president or any assistant vice president or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.

  
 “Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.5(a). 
  

 -8- 

 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7(b). 
  
 “Stated
Maturity” when used with respect to any Debt Security or any installment of principal thereof or premium thereon or interest thereon means the date specified in such Debt Security representing such installment of interest, as the date on which
the principal of such Debt Security or such installment of principal, premium or interest is due and payable. 
  
 “Subsidiary” means (i) a corporation a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is at
the time, directly or indirectly, owned by the Company or (ii) any other Person, (other than a corporation) in which the Company, directly or indirectly, has at least a majority ownership interest. 
  
 “Successor corporation” has the meaning specified in Section
10.1(a). 
  
 “Temporary Global Note” has the meaning
specified in Section 3.4(b). 
  
 “Trading Day” shall
mean, with respect to the Common Stock, so long as the Common Stock is listed or admitted to trading on the New York Stock Exchange or a principal exchange, a day on which the New York Stock Exchange or such principal exchange is open for the
transaction of business. 
  
 “Trustee” means the Person
named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person
who is then a Trustee hereunder, and if at any time there is more than one such Person, then “Trustee” as used with respect to the Debt Securities of any series shall mean the Trustee with respect to Debt Securities of such series.

  
 “Trust Indenture Act” means the Trust Indenture Act
of 1939, as it may be amended from time to time. 
  
 “U.S.
Depositary” means a clearing agency registered under the Securities Exchange Act of 1934, as amended, or any successor thereto, which shall in either case be designated by the Company pursuant to Section 3.1 until a successor U.S. Depositary
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “U.S. Depositary” shall mean or include each Person who is then a U.S. Depositary hereunder, and if at any time there is more than one such
Person, then “U.S. Depositary” as used with respect to the Debt Securities of any series shall mean the U.S. Depositary with respect to the Debt Securities of that series. 
  
 “U.S. Government Obligations” has the meaning specified in Section 15.2. 
  
 “Vice President” includes, with respect to the Company, any
Executive or Senior Vice President and includes, with respect to the Trustee, any Vice President, whether or not designated by a number or word or words added before or after the title “Vice President.” 
  
 SECTION 1.2 COMPLIANCE CERTIFICATES AND OPINIONS.
 
  
 Upon any application or
request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ 
  

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 Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action
have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of
such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 
  
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other
than certificates provided pursuant to Section 12.2) shall include: 
  
 (a) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
  
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
  
 (c) a
statement that, in the opinion of each such individual, such individual has made such examination or investigation as is necessary to enable that individual to express an informed opinion as to whether or not such covenant or condition has been
complied with; and 
  
 (d) a statement as to whether, in the
opinion of each such individual, such condition or covenant has been complied with; provided, however, that with respect to matters of law, an Officers’ Certificate may be based upon an Opinion of Counsel, unless the signers know, or in the
exercise of reasonable care should know, that such Opinion of Counsel is erroneous, and provided, further, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials,
unless the signer knows, or in the exercise of reasonable care should know, that any such document is erroneous. 
  
 SECTION 1.3 FORM OF DOCUMENTS DELIVERED TO TRUSTEE.
 
  
 In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
  
 Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

 -10- 

 
ARTICLE II 
  
 DEBT SECURITY FORMS

  
 SECTION 2.1 FORMS GENERALLY.
 
  
 The Debt Securities of each
series shall be substantially in the form of Exhibit A hereto or in such other form as shall be established in or pursuant to a Board Resolution or one or more indentures supplemental hereto, and shall have such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem
appropriate, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which any series of the Debt Securities may be listed, or to conform to
usage, all as determined by the officers executing such Debt Securities as conclusively evidenced by their execution of such Debt Securities. If the form of Debt Securities (or any Global Note) of any series is established in or pursuant to a Board
Resolution, a copy of such Board Resolution shall be delivered to the Trustee, together with an Officers’ Certificate setting forth the form of such series, at or prior to the delivery of the Company Order contemplated by Section 3.3 for the
authentication and delivery of such Debt Securities (or any such Global Note). 
  
 Subject to Section 3.4, the definitive Debt Securities of each series shall be printed, lithographed or engraved or produced by any combination of these methods on steel engraved borders or may be produced in any
other manner, all as determined by the officers executing such Debt Securities, as conclusively evidenced by their execution of such Debt Securities. 
  
 SECTION 2.2 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.
 
  
 Except as may be otherwise
provided in a Board Resolution or one or more indentures supplemental hereto establishing a series of Debt Securities, the form of the Trustee’s certificate of authentication to be borne by the Debt Securities shall be substantially as follows:

  
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the series of Debt Securities issued under the within
mentioned Indenture. 
  
  

	 	 	[NAME OF TRUSTEE], as Trustee
			
	 	 	 By:
	 	  

	 	 	 	 	Authorized Signatory
	 	 	 	 	 
	 	 	 Dated:
	 	  

  

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 SECTION 2.3 SECURITIES IN GLOBAL FORM.
 
  
 If any Debt Security of a
series is issued as a Global Note, such Global Note may provide that it shall represent the aggregate amount of Outstanding Debt Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Debt
Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a Global Note to reflect the amount, or any increase or decrease in the amount, of Outstanding Debt Securities represented thereby shall be made
by the Trustee and in such manner as shall be specified in such Global Note. Any instructions by the Company with respect to a Global Note, after its initial issuance, shall be in writing but need not comply with Section 1.2. 
  
 Global Notes may be issued in either registered or bearer form and in either
temporary or permanent form. Permanent Global Notes will be issued in definitive form. 
  
 Every Global Note authenticated and delivered hereunder shall bear a legend in substantially the following form: 
  
 THIS DEBT SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL NOTE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED
CIRCUMSTANCES. 
  
 ARTICLE III
 
  
 THE DEBT SECURITIES 
  
 SECTION 3.1 AMOUNT UNLIMITED; ISSUABLE IN SERIES.
 
  
 The aggregate principal
amount of Debt Securities that may be authenticated and delivered under this Indenture is unlimited. The Debt Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and (subject to Section
3.3) set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Debt Securities of any series: 
  
 (a) The title of the Debt Securities of the series, including CUSIP numbers (which shall distinguish the Debt Securities of
such series from all other series of Debt Securities); 
  
 (b) The
aggregate principal amount of such series of Debt Securities and any limit on the aggregate principal amount of the Debt Securities of the series which may be authenticated and delivered under this Indenture (except for Debt Securities authenticated

  

 -12- 

 and delivered upon transfer of, or in exchange for, or in lieu of, other Debt Securities of such series pursuant to
Sections 3.4, 3.5, 3.6, 11.6 or 13.7); 
  
 (c) The percentage of
the principal amount at which the Debt Securities of such series will be issued and, if other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity or upon redemption
thereof or the method by which such portion shall be determined; 
  
 (d) The date or dates on which, or periods during which, the Debt Securities of the series may be issued, and the date or dates or the method by which such date or dates will be determined, on which the principal of (and premium, if any,
on) the Debt Securities of such series are or may be payable (which, if so provided in such Board Resolution or supplemental indenture, may be determined by the Company from time to time as set forth in the Debt Securities of the series issued from
time to time); 
  
 (e) The rate or rates (which may be fixed or
variable) at which the Debt Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined, the date or dates from which such interest, if any, shall accrue or the method by which such date or
dates shall be determined (which, in either case or both, if so provided in such Board Resolution or supplemental indenture, may be determined by the Company from time to time and set forth in the Debt Securities of the series issued from time to
time) and the circumstances, if any, in which the Company may defer interest payments; and the Interest Payment Dates on which such interest shall be payable (or the method of determination thereof), and the Regular Record Dates, if any, for the
interest payable on such Interest Payment Dates and the notice, if any, to holders regarding the determination of interest, the manner of giving such notice, the basis upon which interest shall be calculated if other than that of a 360-day year of
twelve 30-day months and any conditions or contingencies as to the payment of interest in cash or otherwise, if any; 
  
 (f) The place or places, if any, in addition to or instead of the Corporate Trust Office of the applicable Trustee where the principal of (and premium, if
any) and interest on Debt Securities of the series shall be payable and where such Debt Securities may be surrendered for conversion or registration of transfer or exchange; the extent to which, or the manner in which, any interest payable on any
Global Note on an Interest Payment Date will be paid, if other than in the manner provided in Section 3.7; the extent, if any, to which the provisions of the last sentence of Section 12.1 shall apply to the Debt Securities of the series; and the
manner in which any principal of, or premium, if any, on, any Global Note will be paid, if other than as set forth elsewhere herein and whether any Global Note will require any notation to evidence payment of principal or interest; 
  
 (g) The obligation, if any, of the Company to redeem, repay, purchase or
offer to purchase Debt Securities of the series pursuant to any mandatory redemption, sinking fund or analogous provisions or upon other conditions or at the option of the holder thereof and the period or periods within which or the dates on which,
the prices at which and the terms and conditions upon which the Debt Securities of the series shall be redeemed, repaid, purchased or offered to be purchased, in whole or in part, pursuant to such obligation; 
  
 (h) The right, if any, of the Company to redeem the Debt Securities of such
series at its option and the period or periods within which, or the date or dates on 
  

 -13- 

 which, the price or prices at which, and the terms and conditions upon which, such Debt Securities may be redeemed, if
any, in whole or in part, at the option of the Company or otherwise; 
  
 (i) The denominations of such Debt Securities if other than denominations of $1,000 and any integral multiple thereof (except as provided in Section 3.4); 
  
 (j) Whether the Debt Securities of the series are to be issued as Discount Securities and the amount of discount with which
such Debt Securities may be issued and, if other than the principal amount thereof, the portion of the principal amount of Debt Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to
Section 5.2; 
  
 (k) Additional provisions, if any, for the
defeasance or discharge of certain of the Company’s obligations with respect to Debt Securities of the series, which provisions may be in addition to, or in substitution for, or in modification of (or any combination of the foregoing), the
provisions of the Indenture; 
  
 (l) Whether provisions for
payment of additional amounts or tax redemptions shall apply and, if such provisions shall apply, such provisions; 
  
 (m) The date as of which any Debt Securities of the series shall be dated, if other than as set forth in Section 3.3; 
  
 (n) If the amount of payments of principal of (and premium, if any) or
interest on the Debt Securities of the series may be determined with reference to an index, including, but not limited to, an index based on a Currency or Currencies other than that in which the Debt Securities are denominated or payable, or any
other type of index, the manner in which such amounts shall be determined; 
  
 (o) The applicable Overdue Rate, if any; 
  
 (p) If the Debt Securities of the series do not bear interest, the applicable dates for purposes of Section 7.1; 
  
 (q) Any addition to, or modification or deletion of, any Event of Default or covenant provided for in this Indenture with respect to Debt Securities of
the series; 
  
 (r) Whether the Debt Securities of the series
shall be issued in whole or in part in the form of one or more Global Notes and, in such case, the U.S. Depositary or any Common Depositary for such Global Note or Notes; and the manner in which and the circumstances under which Global Notes
representing Debt Securities of the series may be exchanged for Debt Securities in definitive form, if other than, or in addition to, the manner and circumstances specified in Section 3.4(c); 
  
 (s) The designation, if any, of any depositaries, trustees (other than the
Trustee), Paying Agents, Authenticating Agents, Conversion Agents, Security Registrars (other than the Trustee) or other agents with respect to the Debt Securities of such series; 
  

 -14- 

 (t) If the Debt Securities of such series will be issuable in definitive form only upon receipt of
certain certificates or other documents or upon satisfaction of certain conditions, the form and terms of such certificates, documents or conditions; 
  
 (u) Whether the Debt Securities of such series will be convertible into shares of Common Stock or other securities or property of the Company, and, if so,
the terms and conditions, which may be in addition to or in lieu of the provisions contained in this Indenture, upon which such Debt Securities will be so convertible, including the conversion price and the conversion period; 
  
 (v) The portion of the principal amount of the Debt Securities which will be
payable upon declaration of acceleration of the maturity thereof, if other than the principal amount thereof; 
  
 (w) The terms, if any, on which the Debt Securities of such series will be subordinate to other debt of the Company; 
  
 (x) Any listing or intended listing of the Debt Securities on a securities
exchange. 
  
 (y) The provisions, if any, relating to any security
provided for the Debt Securities of such series; 
  
 (z) The
provisions, if any, relating to any guarantees of the Debt Securities; and 
  
 (aa) Any other terms of the series including without limitation provisions governing forms of such series and authentication requirements, except for provisions mandated by the TIA. 
  
 All Debt Securities of any one series shall be substantially identical except
as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution and (subject to Section 3.3) set forth in such Officers’ Certificate, or in any such indenture supplemental hereto. All Debt Securities of any
one series need not be issued at the same time, and unless otherwise provided, a series may be reopened for issuance of additional Debt Securities of such series. 
  
 If any of the terms of a series of Debt Securities is established in or pursuant to a Board Resolution, a copy of such Board
Resolution shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
  
 SECTION 3.2 DENOMINATIONS.
 
  
 In the absence of any
specification pursuant to Section 3.1 with respect to the Debt Securities of any series, the Debt Securities of such series shall be issuable only as Debt Securities in denominations of $1,000 and any integral multiple thereof and shall be payable
only in Dollars. 
  

 -15- 

 SECTION 3.3 EXECUTION, AUTHENTICATION, DELIVERY AND DATING.
 
  
 The Debt Securities of any
series shall be executed on behalf of the Company by its Chairman of the Board of Directors, its President, Chief Executive Officer, Chief Financial Officer, one of its Executive or Senior Vice Presidents or its Treasurer. The signature of any of
these officers may be manual or facsimile. 
  
 Debt Securities
bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Debt Securities or did not hold such offices at the date of such Debt Securities. 
  
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Debt Securities of any series, executed by
the Company, to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Debt Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Debt Securities. If
all the Debt Securities of any one series are not to be issued at one time and if a Board Resolution or supplemental indenture relating to such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the
issuance of such Debt Securities such as interest rate, Stated Maturity, date of issuance and date from which interest, if any, shall accrue. If any Debt Security shall be represented by a permanent Global Note, then, for purposes of this Section
and Section 3.4, the notation of a beneficial owner’s interest therein upon original issuance of such Debt Security or upon exchange of a portion of a temporary Global Note shall be deemed to be delivery in connection with the original issuance
of such beneficial owner’s interest in such permanent Global Note. 
  
 The Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, prior to the authentication and delivery of the Debt Securities of such series, (i) the supplemental indenture or the Board
Resolution by or pursuant to which the form and terms of such Debt Securities have been approved, (ii) an Officers’ Certificate stating that all conditions precedent provided for in the Indenture have been complied with and that, to the best
knowledge of the signers of such certificates, no Event of Default with respect to the applicable Debt Securities shall have occurred and be continuing and (iii) an Opinion of Counsel substantially to the effect that: 
  
 (a) the form and terms of such Debt Securities, have been established in
conformity with the provisions of this Indenture; and 
  
 (b) such
Debt Securities, when completed by appropriate insertions and executed and delivered by the Company to the Trustee in accordance with the Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to applicable
bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally and to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
  

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 The Trustee shall not be required to authenticate such Debt Securities if the issuance of such Debt
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Debt Securities and this Indenture in a manner which is not reasonably acceptable to the Trustee. 
  
 Each Debt Security shall be dated the date of its authentication. 

 
 Except as may otherwise be provided in or pursuant to a Board Resolution
or one or more indentures supplemental hereto establishing a series of Debt Securities, no Debt Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Debt Security a
certificate of authentication substantially in one of the forms provided for herein duly executed by the Trustee or by an Authenticating Agent, and such certificate upon any Debt Security shall be conclusive evidence, and the only evidence, that
such Debt Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Debt Security shall have been duly authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Debt Security to the Trustee for cancellation as provided in Section 3.8 together with a written statement (which need not comply with Section 1.2) stating that such Debt Security has never
been issued and sold by the Company, for all purposes of this Indenture such Debt Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
  
 SECTION 3.4 TEMPORARY DEBT SECURITIES; EXCHANGE OF TEMPORARY GLOBAL NOTES FOR DEFINITIVE
DEBT SECURITIES; GLOBAL NOTES REPRESENTING DEBT SECURITIES.
 
  
 (a) Pending the preparation
of definitive Debt Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Debt Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in
any authorized denomination for Debt Securities of such series, substantially of the tenor of the definitive Debt Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Debt Securities may determine, as conclusively evidenced by their execution of such Debt Securities. Every such temporary Debt Security shall be executed by the Company and shall be authenticated and delivered by the Trustee
upon the same conditions and in substantially the same manner, and with the same effect, as the definitive Debt Securities in lieu of which they are issued. 
  
 Except in the case of temporary Debt Securities in global form (which shall be exchanged in accordance with the provisions of the following paragraphs),
if temporary Debt Securities of any series are issued, the Company will cause definitive Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of such series, the temporary Debt
Securities of such series shall be exchangeable for definitive Debt Securities of such series, of a like Stated Maturity and with like terms and provisions, upon surrender of the temporary Debt Securities of such series at the office or agency of
the Company in a Place of Payment for such series, without charge to the holder, except as provided in Section 3.5 in connection with a transfer. Upon surrender for cancellation of any one or more temporary Debt Securities of any series, the Company

  

 -17- 

 shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive
Debt Securities of the same series of authorized denominations and of a like Stated Maturity and like terms and provisions. Until so exchanged, the temporary Debt Securities of any series shall in all respects be entitled to the same benefits under
this Indenture as definitive Debt Securities of such series. 
  
 (b) If the Company shall establish pursuant to Section 3.1 that the Debt Securities of a series are to be issued in whole or in part in the form of one or more Global Notes, then the Company shall execute and the Trustee shall, in
accordance with Section 3.3 and the Company Order with respect to such series, authenticate and deliver one or more Global Notes in temporary (“Temporary Global Note”) or permanent (“Permanent Global Note”) form that (i) shall
represent and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Debt Securities of such series to be represented by one or more Global Notes, (ii) shall be registered in the name of the U.S. Depositary for
such Global Note or Notes or the nominee of such depositary, and (iii) shall bear a legend substantially as set forth in Section 2.3. 
  
 Notwithstanding any other provision of this Section or Section 3.5, unless and until it is exchanged in whole or in part for Debt Securities in definitive
form, a Global Note representing all or a portion of the Registered Securities of a series may not be transferred except as a whole by the U.S. Depositary for such series to a nominee of such depositary or by a nominee of such depositary to such
depositary or another nominee of such depositary or by such depositary or any such nominee to a successor U.S. Depositary for such series or a nominee of such successor depositary. 
  
 If at any time the U.S. Depositary for the Debt Securities of a series notifies the Company that it is unwilling or unable
to continue as U.S. Depositary for the Debt Securities of such series or if at any time the U.S. Depositary for Debt Securities of a series shall no longer be a clearing agency registered and in good standing under the Securities Exchange Act of
1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor U.S. Depositary with respect to the Debt Securities of such series. If a successor U.S. Depositary for the Debt Securities of such series is not
appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Debt
Securities of such series, will authenticate and deliver, Debt Securities of such series in definitive form in an aggregate principal amount equal to the principal amount of the Global Note or Notes representing such series in exchange for such
Global Note or Notes. 
  
 (c) The Company may at any time and in
its sole discretion determine that the Debt Securities of any series issued in the form of one or more Global Notes shall no longer be represented by such Global Note or Notes. In such event, the Company will execute, and the Trustee, upon receipt
of a Company Order for the authentication and delivery of definitive Debt Securities of such series, will authenticate and deliver, Debt Securities of such series in definitive form and in an aggregate principal amount equal to the principal amount
of the Global Note or Notes representing such series in exchange for such Global Note or Notes. 
  
 If the Debt Securities of any series shall have been issued in the form of one or more Global Notes and if an Event of Default with respect to the Debt
Securities of such series 
  

 18 

 shall have occurred and be continuing, the Company will promptly execute, and the Trustee, upon receipt of a Company
Order for the authentication and delivery of definitive Debt Securities of such series, will authenticate and deliver, Debt Securities of such series in definitive form and in an aggregate principal amount equal to the principal amount of the Global
Note or Notes representing such series in exchange for such Global Note or Notes. 
  
 If specified by the Company pursuant to Section 3.1 with respect to Debt Securities of a series, the U.S. Depositary for such series of Debt Securities may surrender a Global Note for such series of Debt Securities in
exchange in whole or in part for Debt Securities of such series in definitive form on such terms as are acceptable to the Company and such depositary. Thereupon, the Company shall execute and the Trustee shall authenticate and deliver, without
charge: 
  
 (i) to each Person specified by the U.S. Depositary a
new Debt Security or Securities of the same series, of any authorized denomination as requested by such Person in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Note; and 

 
 (ii) to the U.S. Depositary a new Global Note in a denomination equal to
the difference, if any, between the principal amount of the surrendered Global Note and the aggregate principal amount of Debt Securities delivered to holders thereof. 
  
 Upon the exchange of a Global Note for Debt Securities in definitive form, such Global Note shall be cancelled by the
Trustee. Debt Securities issued in exchange for a Global Note pursuant to this subsection (c) shall be registered in such names and in such authorized denominations as the U.S. Depositary for such Global Note, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Debt Securities to the Persons in whose names such Debt Securities are so registered. 
  
 SECTION 3.5 REGISTRATION, TRANSFER AND EXCHANGE.
 
  
 (a) The Company shall cause
to be kept at the Corporate Trust Office of the Trustee a register (the registers maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Debt Securities and of transfers and exchanges of Debt Securities. The Trustee is hereby appointed “Security
Registrar” for the purpose of registering Debt Securities and registering transfers and exchanges of Debt Securities as herein provided; provided, however, that the Company may appoint co-Security Registrars or the terms of any series of Debt
Securities may provide otherwise. 
  
 Upon surrender for
registration of transfer of any Debt Security of any series at the office or agency of the Company maintained for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee, one
or more new Debt Securities of the same series of like aggregate principal amount of such denominations as are authorized for Debt Securities of such series and of a like Stated Maturity and with like terms and conditions. 
  

 -19- 

 Except as otherwise provided in Section 3.4 and this Section 3.5, at the option of the holder, Debt
Securities of any series may be exchanged for other Debt Securities of the same series of like aggregate principal amount and of a like Stated Maturity and with like terms and conditions, upon surrender of the Debt Securities to be exchanged at such
office or agency. Whenever any Debt Securities are surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Debt Securities which the holder making the exchange is entitled to receive. 
  
 (b) All Debt Securities issued upon any transfer or exchange of Debt
Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Debt Securities surrendered for such transfer or exchange. 
  
 Every Debt Security presented or surrendered for transfer or exchange shall
(if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed, by the holder thereof or his or her attorney duly
authorized in writing. 
  
 No service charge will be made for any
transfer or exchange of Debt Securities except as provided in Section 3.4(b) or 3.6. The Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration, transfer
or exchange of Debt Securities, other than those expressly provided in this Indenture to be made at the Company’s own expense or without expense or without charge to the holders. 
  
 The Company shall not be required (i) to register, transfer or exchange Debt Securities of any series during a period
beginning at the opening of business 15 days before the day of the transmission of a notice of redemption of Debt Securities of such series selected for redemption under Section 13.3 and ending at the close of business on the day of such
transmission, or (ii) to register, transfer or exchange any Debt Security so selected for redemption in whole or in part, except the unredeemed portion of any Debt Security being redeemed in part. 
  
 SECTION 3.6 MUTILATED, DESTROYED, LOST AND STOLEN DEBT SECURITIES.
 
  
 If (i) any mutilated Debt
Security is surrendered to the Trustee at its Corporate Trust Office, or (ii) the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Debt Security, and there is delivered to the Company and the
Trustee such security or indemnity as may be required by them to save each of them and any Paying Agent harmless, and neither the Company nor the Trustee receives notice that such Debt Security has been acquired by a bona fide purchaser, then the
Company shall execute and upon Company Request, the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Debt Security, a new Debt Security of the same series of like Stated Maturity and
with like terms and conditions and like principal amount, bearing a number not contemporaneously Outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Debt Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Debt Security, pay the amount due on such Debt Security. 
  

 -20- 

 Upon the issuance of any new Debt Security under this Section, the Company may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed in respect thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  
 Every new Debt Security of any series issued pursuant to this Section shall
constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Debt Securities of that series duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities.

  
 SECTION 3.7 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.
 
  
 (a) Interest on any Debt
Security which is payable and is punctually paid or duly provided for on any Interest Payment Date shall be paid to the Person in whose name such Debt Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest notwithstanding the cancellation of such Debt Security upon any transfer or exchange subsequent to the Regular Record Date. Unless otherwise specified as contemplated by Section 3.1 with respect to the Debt
Securities of any series, payment of interest on Debt Securities shall be made at the place or places specified pursuant to Section 3.1 or, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register or, if provided pursuant to Section 3.1, by wire transfer to an account designated by the registered holder. 
  
 (b) Any interest on any Debt Security which is payable but is not punctually paid or duly provided for on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant Regular Record Date by virtue of his having been such registered holder, and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in clause (1) or (2) below: 
  
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Debt Security and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for
the payment of such Defaulted Interest. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the

  

 -21- 

 Special Record Date therefor to be mailed, first-class postage prepaid, to the holders of such Debt Securities at their
addresses as they appear in the Security Register, not less than 15 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following clause (2). 
  
 (2) The Company may make payment of any
Defaulted Interest on Debt Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Debt Securities may be listed, and upon such notice as may be required by such exchange, if, after
notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
  

(c) Subject to the foregoing provisions of this Section, each Debt Security delivered under this Indenture upon transfer of, in exchange for, or in
lieu of, any other Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Debt Security. 
  
 SECTION 3.8 CANCELLATION.
 
  
 Unless otherwise specified
pursuant to Section 3.1 for Debt Securities of any series, all Debt Securities surrendered for payment, redemption, transfer, exchange or credit against any sinking fund surrendered for payment or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee. All Debt Securities so delivered shall be promptly cancelled by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Debt Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Debt Securities previously authenticated hereunder which the
Company has not issued, and all Debt Securities so delivered shall be promptly cancelled by the Trustee. No Debt Securities shall be authenticated in lieu of or in exchange for any Debt Securities cancelled as provided in this Section, except as
expressly permitted by this Indenture. All cancelled Debt Securities held by the Trustee shall be disposed of by the Trustee in its customary manner. The acquisition of any Debt Securities by the Company shall not operate as a redemption or
satisfaction of the indebtedness represented thereby unless and until such Debt Securities are surrendered to the Trustee for cancellation. Permanent Global Notes shall not be disposed of until exchanged in full for definitive Debt Securities or
until payment thereon is made in full. 
  
 SECTION 3.9 COMPUTATION OF INTEREST.
 
  
 Except as otherwise specified
pursuant to Section 3.1 for Debt Securities of any series, interest on the Debt Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

 -22- 

 
SECTION 3.10 MANDATORY DISPOSITION OF DEBT SECURITIES PURSUANT TO GAMING LAWS. 
  
 Each holder and beneficial owner, by accepting or otherwise acquiring an interest in the Debt Securities, shall be deemed to have agreed that if the
Gaming Authority of any jurisdiction in which the Company or any of its subsidiaries conducts or proposes to conduct gaming requires that a Person who is a holder or beneficial owner must be licensed, qualified or found suitable under the applicable
Gaming Laws, such holder or beneficial owner shall apply for a license, qualification or a finding of suitability within the required time period. If any Gaming Authority makes a determination of unsuitability of a holder or beneficial owner of Debt
Securities (or of an Affiliate of such holder or beneficial owner) or such Person (or an Affiliate thereof) fails to apply or become licensed or qualified or is found unsuitable, then the Company shall have the right, at its option, notwithstanding
any other provision of this Indenture (i) to require such Person to dispose of its Debt Securities or beneficial interest therein within 30 days of receipt of notice of the Company’s election or such earlier date as may be requested or
prescribed by such Gaming Authority or (ii) to redeem such Debt Securities at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the earlier of the redemption date and the date of the finding of
unsuitability, which may be less than 30 days following the notice of redemption if so requested or prescribed by the Gaming Authority, or such lesser amount as may be required by applicable law or by order of any Gaming Authority. The Company shall
notify the Trustee in writing of any such redemption as soon as practicable. The Company shall not be responsible for any costs or expenses any such holder or beneficial owner may incur in connection with its application for a license, qualification
or a finding of suitability. Notwithstanding any other provision of this Indenture, immediately upon the imposition of a requirement to dispose of Debt Securities by a Gaming Authority, such Person shall, to the extent required by applicable Gaming
Law, have no further right (i) to exercise, directly or indirectly, through any trustee, nominee or any other person or entity, any right conferred by the Debt Securities or (ii) to receive any interest, dividends or any other distributions or
payments with respect to the Debt Securities or any remuneration in any form with respect to the Debt Securities from the Company or the Trustee, except the redemption price. 
  
 SECTION 3.11 CUSIP NUMBERS. 
  
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
  

 -23- 

 
ARTICLE IV 
  
 SATISFACTION AND
DISCHARGE 
  
 SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE.
 
  
 This Indenture shall, upon
Company Request, cease to be of further effect with respect to any series of Debt Securities specified in such Company Request (except as to any surviving rights of registration of transfer or exchange of such Debt Securities herein expressly
provided for and rights to receive payments of principal (and premium, if any) and interest on such Debt Securities) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when: 
  
 (a) either 
  
 (1) all Debt Securities of such series theretofore authenticated and
delivered (other than (i) Debt Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6, and (ii) Debt Securities of such series for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 12.4) have been delivered to the Trustee for cancellation; or 
  
 (2) all Debt Securities of such series not theretofore delivered to the
Trustee for cancellation: 
  
 (i) have become due and payable, or

  
 (ii) will become due and payable at their Stated Maturity
within one year, or 
  
 (iii) are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice by the Trustee in the name, and at the expense, of the Company, or 
  
 (iv) the Company either complies with any other condition or terms specified pursuant to Section 3.1, or 
  
 if not so specified in the case of (i), (ii) or (iii) of this subclause (a), has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount sufficient to pay and discharge the entire indebtedness on such Debt Securities for principal (and premium, if any) and interest to the date of
such deposit (in the case of Debt Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; provided, however, in the event a petition for relief under the Federal bankruptcy laws, as now or
hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or other similar law, is filed with respect to the Company within 91 days after the deposit and the Trustee is required to return the deposited money to the
Company, the obligations of the Company under this Indenture with respect to such Debt Securities shall not be deemed terminated or discharged; 
  

 -24- 

 (b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

  
 (c) the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such series have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating Agent under Section 6.14, the obligations of the Company under Section 12.1, and, if money shall have been deposited with the Trustee pursuant to
subclause (2) of clause (a) of this Section, the obligations of the Trustee under Section 4.2 and Section 15.4 shall survive such satisfaction and discharge. 
  
 SECTION 4.2 APPLICATION OF TRUST MONEY.
 
  
 Subject to the provisions of
the last paragraph of Section 12.4, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Debt Securities and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited
with the Trustee. 
  
 ARTICLE V
 
  
 REMEDIES 
 SECTION 5.1 EVENTS OF DEFAULT.
 
  
 “Event of Default”
wherever used herein with respect to Debt Securities of any series means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
  
 (a) default in the payment of any interest upon any Debt Security of such series when it becomes due and payable, and continuance of such default for a
period of 30 days; or 
  
 (b) default in the payment of the
principal of (and premium, if any, on) any Debt Security of such series at its Maturity; or 
  
 (c) default in the deposit of any sinking fund payment, when and as due by the terms of a Debt Security of such series; or 
  
 (d) default in the performance, or breach, of any covenant or warranty of any Obligor in this Indenture (other than a covenant or warranty a default in
whose performance or whose breach is elsewhere in this Section specifically dealt with or which 
  

 -25- 

 expressly has been included in this Indenture solely for the benefit of Debt Securities of a series other than such
series), and continuance of such default or breach for a period of 120 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in principal
amount of the Outstanding Debt Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
  
 (e) the entry of a decree or order for relief in respect of the Company by a
court having jurisdiction in the premises in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or a decree or order adjudging
the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 90 consecutive days; or 
  
 (f) the commencement by the Company of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by it to the
entry of an order for relief in an involuntary case under any such law or to the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property,
or the making by it of an assignment for the benefit of its creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such
action; or 
  
 (g) any other Event of Default or variations in the
foregoing Events of Default provided with respect to Debt Securities of that series pursuant to Section 3.1. 
  
 SECTION 5.2 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.
 
  
 If an Event of Default with
respect to Debt Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the holders of not less than 25% in principal amount of the Outstanding Debt Securities of such series may declare the
principal amount (or, if any Debt Securities of such series are Discount Securities, such portion of the principal amount of such Discount Securities as may be specified in the terms of such Discount Securities) of all the Debt Securities of such
series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by holders), and upon any such declaration such principal amount (or specified amount) plus accrued and unpaid interest (and premium, if
payable) shall become immediately due and payable. Upon payment of such amount all obligations of the Company in respect of the payment of principal of the Debt Securities of such series shall terminate. 
  
 At any time after such a declaration of acceleration with respect to Debt
Securities of any series has been made and before a judgment or decree for payment of the money due has 
  

 -26- 

 been obtained by the Trustee as hereinafter in this Article provided, the holders of at least a majority in principal
amount of the Outstanding Debt Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
  
 (a) the Company has paid or deposited with the Trustee a sum sufficient to pay 
  
 (1) all overdue installments of interest on all Debt Securities of such
series, 
  
 (2) the principal of (and premium, if any, on) any
Debt Securities of such series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Debt Securities, 
  
 (3) to the extent that payment of such interest is lawful, interest upon
overdue installments of interest on each Debt Security of such series at the Overdue Rate, and 
  
 (4) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel; 
  
 (b) All Events of Default with respect to Debt
Securities of such series, other than the nonpayment of the principal of Debt Securities of such series which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 
  
 No such rescission and waiver shall affect any subsequent default or impair any right
consequent thereon. 
  
 SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR
ENFORCEMENT BY TRUSTEE.
 
  
 The Company covenants that,
if: 
  
 (a) default is made in the payment of any installment of
interest on any Debt Security when such interest or payment becomes due and payable and such default continues for a period of 30 days, 
  
 (b) default is made in the payment of principal of (or premium, if any, on) any Debt Security at the Maturity thereof, or 
  
 (c) default is made in the making or satisfaction of any sinking fund payment
or analogous obligation when the same becomes due pursuant to the terms of the Debt Securities of any series, then the Company will, upon demand of the Trustee, pay to it, for the benefit of the holders of such Debt Securities, the amount then due
and payable on such Debt Securities for the principal (and premium, if any) and interest, if any, and, to the extent that payment of such interest shall be legally enforceable, interest upon the overdue principal (and premium, if any) and upon
overdue installments of interest, at the Overdue Rate; and, in addition thereto, such further amount as shall be sufficient to cover the costs 
  

 -27- 

 and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel. 
  
 If the Company fails to pay such
amount forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree,
and may enforce the same against the Company, any Guarantor or any other obligor upon such Debt Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company, any Guarantor or
any other obligor upon such Debt Securities wherever situated. 
  
 If an Event of Default with respect to Debt Securities of any series occurs and is continuing, then the Trustee may, in its discretion, proceed to protect and enforce its rights and the rights of the holders of Debt Securities of such
series by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy. 
  
 SECTION 5.4 TRUSTEE
MAY FILE PROOFS OF CLAIM.
 
  
 In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceedings, or any voluntary or involuntary case under the federal bankruptcy laws, as now or hereafter constituted,
relative to the Company, any Guarantor or any other obligor upon the Debt Securities, of a particular series or the property of the Company, any Guarantor or of such other obligor or their creditors, the Trustee (irrespective of whether the
principal of such Debt Securities shall then be due and payable as therein expressed or by declaration of acceleration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company, any Guarantor or any obligor for
the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
  
 (a) to file and prove a claim for the whole amount of principal (or, if the Debt Securities of such series are Discount Securities, such portion of the
principal amount as may be due and payable with respect to such series pursuant to a declaration in accordance with Section 5.2) (and premium, if any) and interest owing and unpaid in respect of the Debt Securities of such series and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the
holders of such Debt Securities allowed in such judicial proceeding, and 
  
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 
  
 and any receiver, assignee, trustee, custodian, liquidator, sequestrator (or other similar official) in any such proceeding is hereby authorized by each such holder to
make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to such holders, to pay to the Trustee any amount due it for the 
  

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 reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 6.7. 
  
 Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any holder any plan of reorganization, arrangement, adjustment or composition affecting the Debt Securities of such series or the rights of
any holder thereof, or to authorize the Trustee to vote in respect of the claim of any holder in any such proceeding. 
  
 SECTION 5.5 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF DEBT SECURITIES.
 
  
 All rights of action and
claims under this Indenture or the Debt Securities of any series may be prosecuted and enforced by the Trustee without the possession of any of such Debt Securities or the production thereof in any proceeding relating thereto, and any such
proceeding instituted by the Trustee shall be brought in its own name, as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, be for the ratable benefit of the holders of the Debt Securities in respect of which such judgment has been recovered. 
  
 SECTION 5.6 APPLICATION OF MONEY COLLECTED.
 
  
 Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium, if any) or interest, upon presentation of the
Debt Securities of any series in respect of which money has been collected and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of all amounts due the Trustee under Section 6.7. 
  
 SECOND: To the payment of the amounts then due and unpaid for principal of
(and premium, if any) and interest on the Debt Securities of such series, in respect of which or for the benefit of which such money has been collected ratably, without preference or priority of any kind, according to the amounts due and payable on
such Debt Securities for principal (and premium, if any) and interest, respectively; and 
  
 THIRD: The balance, if any, to the Company or any Person or Persons entitled thereto. 
  
 SECTION 5.7 LIMITATION ON SUITS.
 
  
 No holder of any Debt
Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
  
 (a) such holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to such series; 
  

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 (b) the holders of not less than 25% in principal amount of the Outstanding Debt Securities of such
series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
  
 (c) such holder or holders have offered to the Trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities to be incurred
in compliance with such request; 
  
 (d) the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
  
 (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the holders of at least a majority in
principal amount of the Outstanding Debt Securities of such series; it being understood and intended that no one or more of such holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other such holders or of the holders of Outstanding Debt Securities of any other series, or to obtain or to seek to obtain priority or preference over any other of such holders or to enforce any right
under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such holders. For the protection and enforcement of the provisions of this Section 5.7, each and every holder of Debt Securities of any series
and the Trustee for such series shall be entitled to such relief as can be given at law or in equity. 
  
 SECTION 5.8 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST.
 
  
 Notwithstanding any other
provision in this Indenture, the holder of any Debt Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 3.7 and 3.10) interest on such Debt Security
on the respective Stated Maturity or Maturities expressed in such Debt Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment and interest thereon, and such right shall not be
impaired without the consent of such holder. 
  
 SECTION 5.9 RESTORATION OF
RIGHTS AND REMEDIES.
 
  
 If the Trustee or any holder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such holder, then and in every such case
the Company, the Trustee and the holders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the holders shall
continue as though no such proceeding had been instituted. 
  
 SECTION 5.10
RIGHTS AND REMEDIES CUMULATIVE.
 
  
 Except as otherwise expressly
provided elsewhere in this Indenture, no right or remedy herein conferred upon or reserved to the Trustee or to the holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent 
  

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 permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 SECTION 5.11 DELAY OR OMISSION NOT WAIVER.
 
  
 No delay or omission of the
Trustee or of any holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by this
Indenture or by law to the Trustee or to the holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the holders, as the case may be. 
  
 SECTION 5.12 CONTROL BY HOLDERS.
 
  
 The holders of at least a
majority in principal amount of the Outstanding Debt Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to the Debt Securities of such series, provided that: 
  
 (a) such direction shall not be in conflict with any rule of law or with this Indenture; 
  
 (b) subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall,
by a Responsible Officer or Responsible Officers of the Trustee, determine that the proceeding so directed would be unduly prejudicial to the holders of Debt Securities of such series not joining in any such direction; and 
  
 (c) the Trustee may take any other action deemed proper by the Trustee which
is not inconsistent with such direction or this Indenture. 
  
 SECTION 5.13
WAIVER OF PAST DEFAULTS.
 
  
 The holders of not less than
a majority in aggregate principal amount of the Outstanding Debt Securities of any series, by notice to the Trustee, may, on behalf of the holders of all Debt Securities of such series, waive any past default hereunder with respect to such series
and its consequences, except a default: 
  
 (a) in the payment of
the principal of (or premium, if any) or interest on any Debt Security of such series, or in the payment of any sinking fund installment or analogous obligation with respect to the Debt Securities of such series, or 
  
 (b) in respect of a covenant or provision hereof which, pursuant to Article
XI, cannot be modified or amended without the consent of the holder of each Outstanding Debt Security of such series affected. 
  
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose
of the Debt 
  

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 Securities of such series under this Indenture, but no such waiver shall extend to any subsequent or other default or
impair any right consequent thereon. 
  
 SECTION 5.14 UNDERTAKING FOR COSTS.
 
  
 All parties to this
Indenture agree, and each holder of any Debt Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit other than the Trustee of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant, but the provisions of this
Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any holder or group of holders holding in the aggregate more than 10% in principal amount of the Outstanding Debt Securities of any series, or to any suit
instituted by any holder of a Debt Security for the enforcement of the payment of the principal of (or premium, if any) or interest on such Debt Security on or after the respective Stated Maturity or Maturities expressed in such Debt Security (or,
in the case of redemption, on or after the Redemption Date). 
  
 SECTION 5.15
WAIVER OF STAY OR EXTENSION LAWS.
 
  
 Each Obligor covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and each Obligor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  

SECTION 5.16 REMEDIES SUBJECT TO APPLICABLE LAW. 
  
 All rights, remedies and powers provided by this Article 5 may be exercised only to the extent that the exercise thereof does not violate any applicable
provision of law, and all the provisions of this Indenture are intended to be subject to all applicable, including applicable Gaming Laws, and to be limited to the extent necessary so that they will not render this Indenture invalid, unenforceable
or not entitled to be recorded, registered or filed under the provisions of any applicable law. 
  
 ARTICLE VI
 
  
 THE TRUSTEE 
  
 SECTION 6.1 CERTAIN DUTIES AND RESPONSIBILITIES.
 
  
 (a) Except during the
continuance of an Event of Default with respect to the Debt Securities of any series, 
  

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 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate mathematical calculations or other facts stated
therein). 
  
 (b) In case an Event of Default with respect to Debt
Securities of any series has occurred and is continuing, the Trustee shall, with respect to the Debt Securities of such series, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their
exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
  
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to
act, or its own willful misconduct, except that 
  
 (1) This
subsection shall not be construed to limit the effect of subsection (a) of this Section; 
  
 (2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
  
 (3) The Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it with respect to Debt Securities of any series in good faith in accordance with the direction of the holders of at least a majority in principal amount of the Outstanding Debt Securities of such series relating
to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and 
  

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 (4) The Trustee shall not be required to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
  
 (d) Whether or not
therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
  
 SECTION 6.2 NOTICE OF DEFAULTS.
 
  
 Within 90 days after the
occurrence of any default hereunder with respect to Debt Securities of any series, the Trustee shall give notice to all holders of Debt Securities of such series of such default hereunder known to the Trustee, unless such default shall have been
cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Debt Security of such series or in the payment of any sinking fund installment with respect to Debt
Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith
determine that the withholding of such notice is in the interest of the holders of Debt Securities of such series; and provided, further, that in the case of any default of the character specified in Section 5.1(d) with respect to Debt Securities of
such series no such notice to holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become,
an Event of Default with respect to Debt Securities of such series. 
  
 Notice given pursuant to this Section 6.2 shall be transmitted by mail: 
  
 (a) to all registered holders, as the names and addresses of the registered holders appear in the Security Register; and 
  
 (b) to each holder of a Debt Security of any series whose name and address appear in the information preserved at the time by the Trustee in accordance
with Section 7.2(a) of this Indenture. 
  
 SECTION 6.3 CERTAIN RIGHTS OF
TRUSTEE.
 
  
 Except as otherwise provided
in Section 6.1: 
  
 (a) the Trustee may conclusively rely, and
shall be fully protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper
or document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  

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 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company
Request or Company Order and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
  
 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 
  
 (d) the Trustee may consult with counsel and the advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the holders of Debt Securities of any series pursuant to this Indenture, unless such holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction; 
  
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such
inquiry or investigation; 
  
 (g) the Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due
care by it hereunder; 
  
 (h) in no event shall the Trustee be
responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action; 
  
 (i) the Trustee shall not be
deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Debt Securities of any series under this Indenture; 
  
 (j) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and 
  

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 (k) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the
names of individual and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sigh an Officers’ Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded. 
  
 SECTION 6.4 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF DEBT SECURITIES
 
  
 The recitals contained herein
and in the Debt Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Debt Securities of any series. The Trustee shall not be accountable for the use or application by the Company of any Debt Securities or the proceeds thereof. 
  
 SECTION 6.5 MAY HOLD DEBT SECURITIES.
 
  
 The Trustee, any Paying
Agent, the Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Debt Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Paying Agent, Security Registrar or such other agent. 
  
 SECTION 6.6 MONEY HELD IN TRUST.
 
  
 Money held by the Trustee or
any Paying Agent in trust hereunder need not be segregated from other funds except to the extent required by law. Neither the Trustee nor any Paying Agent shall be under any liability for interest on any money received by it hereunder except as
otherwise agreed with the Company. 
  
 SECTION 6.7 COMPENSATION AND
REIMBURSEMENT.
 
  
 The Company agrees:

  
 (a) to pay to the Trustee from time to time reasonable
compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  
 (b) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance shall be determined to have been caused by its negligence or willful misconduct; and 
  
 (c) to fully indemnify the Trustee for, and to hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence or
willful misconduct on its part, arising out of or in connection with the acceptance or administration of this trust or performance of its duties hereunder, including the costs and expenses of defending itself 
  

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 against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

  
 As security for the performance of the obligations of the
Company under this Section, the Trustee shall have a claim prior to the Debt Securities, upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of amounts due on the Debt Securities.

  
 The obligations of the Company under this Section 6.7 to
compensate and indemnify the Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness under this Indenture and shall survive the satisfaction and discharge of this Indenture and resignation or removal of
the Trustee. 
  
 SECTION 6.8 DISQUALIFICATION; CONFLICTING INTERESTS.
 
  
 If the Trustee has or shall
acquire a conflicting interest within the meaning of Section 310 of the Trust Indenture Act, the Trustee shall either eliminate such conflicting interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the
Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have conflicting interest with respect to the Debt Securities of any series by virtue of being Trustee with respect to the
Debt Securities of any particular series of Debt Securities other than that series. 
  
 SECTION 6.9 CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.
 
  
 There shall at all times be a
Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least $100,000,000, subject to supervision or examination by federal, state or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. Neither the Company nor any person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee upon any Debt Securities. 
  
 SECTION 6.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.
 
  
 (a) No resignation or removal
of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee under Section 6.11. 
  
 (b) The Trustee may resign at any time with respect to the Debt Securities of one or more series by giving written notice
thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the
Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such series. 
  

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 (c) The Trustee may be removed at any time with respect to the Debt Securities of any series and a
successor Trustee appointed by Act of the holders of at least a majority in principal amount of the Outstanding Debt Securities of such series, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall
not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Debt Securities of such series. 
  
 (d) If at
any time: 
  
 (1) the Trustee shall fail to comply with Section
6.8 with respect to the Debt Securities of any series after written request therefor by the Company or by any holder who has been a bona fide holder of a Debt Security of such series for at least six months, or 
  
 (2) the Trustee shall cease to be eligible under Section 6.9 with respect
to the Debt Securities of any series and shall fail to resign after written request therefor by the Company or by any such holder, 
  
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or 
  
 (4) any Gaming Authority requires that the Trustee must be licensed, qualified or found suitable under any applicable
Gaming Laws or otherwise determines that the Trustee is incapable of acting in its capacity as a trustee under this Indenture, 
  
 then, in any such case, (i) the Company, by a Board Resolution, may remove the Trustee with respect to all Debt Securities, or (ii) subject to Section 5.14, any holder
who has been a bona fide holder of a Debt Security of any series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee for the Debt Securities of such series. 
  
 (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Debt Securities of one or more series, the Company, by a Board Resolution,
shall promptly appoint a successor Trustee or Trustees with respect to the Debt Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Debt Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to the Debt Securities of any particular series) and shall 
  

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 comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Debt Securities of any series shall be appointed by Act of the holders of at least a majority in principal amount of the Outstanding Debt Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Debt Securities of such series and, to that
extent, supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Debt Securities of any series shall have been so appointed by the Company or the holders of such series and accepted appointment in the
manner hereinafter provided, any holder who has been a bona fide holder of a Debt Security of such series for at least six months may, subject to Section 5.14, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such series. 
  
 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Debt Securities of any series and each
appointment of a successor Trustee with respect to the Debt Securities of any series in the manner and to the extent provided in Section 18.2 to the holders of Debt Securities of such series. Each notice shall include the name of the successor
Trustee with respect to the Debt Securities of such series and the address of its Corporate Trust Office. 
  
 SECTION 6.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.
 
  
 (a) In the case of an
appointment hereunder of a successor Trustee with respect to all Debt Securities, each such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee, but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.7. 
  
 (b) In case of the appointment hereunder of a successor Trustee with respect
to the Debt Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Debt Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein
each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Debt Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Debt Securities, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than 
  

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 one Trustee, it being understood that nothing herein or in any such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any other trust or trusts hereunder administered by any other such Trustee; and, upon the execution and delivery of any
such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of that or those series to which the appointment of such successor Trustee relates, but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Debt Securities of that or those series to which the appointment of such successor Trustee
relates. 
  
 (c) Upon request of any such successor Trustee, the
Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 
  
 (d) No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor Trustee shall be qualified and eligible under this Article. 
  
 SECTION 6.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.
 
  
 Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all
of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further
act on the part of any of the parties hereto. In case any Debt Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Debt Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Debt Securities. In case any Debt Securities shall not have been authenticated by such predecessor
Trustee, any such successor Trustee may authenticate and deliver such Debt Securities, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of
the Trustee. 
  
 SECTION 6.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST
COMPANY.
 
  
 If and when the Trustee shall
be or become a creditor of the Company (or any Guarantor or other obligor upon the Debt Securities), the Trustee shall be subject to the provisions of Section 311 of the Trust Indenture Act regarding the collection of such claims against the Company
(or any such Guarantor or other obligor). A Trustee that has resigned or been removed shall be subject to and comply with said Section 311 to the extent required thereby. 
  

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 SECTION 6.14 APPOINTMENT OF AUTHENTICATING AGENT.
 
  
 As long as any Debt
Securities of a series remain Outstanding, upon a Company Request, there shall be an authenticating agent (the “Authenticating Agent”) appointed, for such period as the Company shall elect, by the Trustee for such series of Debt Securities
to act as its agent on its behalf and subject to its direction in connection with the authentication and delivery of each series of Debt Securities for which it is serving as Trustee. Debt Securities of each such series authenticated by such
Authenticating Agent shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by such Trustee. Wherever reference is made in this Indenture to the authentication and delivery of Debt
Securities of any series by the Trustee for such series or to the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee for such series by an Authenticating Agent
for such series and a certificate of authentication executed on behalf of such Trustee by such Authenticating Agent, except that only the Trustee may authenticate Debt Securities upon original issuance and pursuant to Section 3.6 hereof. Such
Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any
time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
  
 Any corporation into which any Authenticating Agent may be merged or
converted, or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent with respect to all series of Debt Securities for which it served as Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee
for such series or such Authenticating Agent. Any Authenticating Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice of resignation to the applicable Trustee and to the Company. 
  
 Upon receiving such a notice of resignation or upon such a termination, or in
case at any time any Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 6.14 with respect to one or more or all series of Debt Securities, the Trustee for such series shall, upon Company Request,
appoint a successor Authenticating Agent, and the Company shall provide notice of such appointment to all holders of Debt Securities of such series in the manner and to the extent provided in Section 18.2. Any successor Authenticating Agent, upon
acceptance of its appointment hereunder, shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. The Trustee for the Debt
Securities of such series agrees to pay to the Authenticating Agent for such series from time to time reasonable compensation for its services, and the Trustee shall be entitled to be reimbursed for such payment, subject to the 
  

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 provisions of Section 6.7. The Authenticating Agent for the Debt Securities of any series shall have no responsibility or
liability for any action taken by it as such at the direction of the Trustee for such series, except arising out of its negligence or willful misconduct. 
  
 If an appointment with respect to one or more series is made pursuant to this Section, the Debt Securities of such series may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  
 This is one of the series of Debt Securities issued under the within mentioned Indenture. 
  

	
	 [NAME OF TRUSTEE] As Trustee

		
	 By:
	 	  

	As Authenticating Agent

  

		
	 By:
	 	  

	Authorized Signatory

  

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ARTICLE VII 
  
 HOLDERS’ LISTS AND
REPORTS BY TRUSTEE AND COMPANY 
  
 SECTION 7.1 COMPANY TO FURNISH TRUSTEE NAMES
AND ADDRESSES OF HOLDERS.
 
  
 The Company will furnish or
cause to be furnished to the Trustee with respect to Debt Securities of each series for which it acts as Trustee: 
  
 (a) semi-annually on a date not more than 15 days after each Regular Record Date with respect to an Interest Payment Date, if any, for the Debt Securities
of such series (or on semi-annual dates in each year to be determined pursuant to Section 3.1 if the Debt Securities of such series do not bear interest), a list, in such form as the Trustee may reasonably require, of the names and addresses of the
registered holders as of the date 15 days next preceding each such Regular Record Date (or such semi-annual dates, as the case may be); and 
  
 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is furnished; 
  
 Provided, however, that if and so long as the Trustee shall be the Security Registrar for such series, no such list need be furnished. 
  
 SECTION 7.2 PRESERVATION OF INFORMATION; COMMUNICATION TO HOLDERS.
 
  
 (a) The Trustee shall
preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 received by it in the capacity of Paying
Agent (if so acting) hereunder, and filed with it within the two preceding years pursuant to Section 7.3(c)(2). 
  
 The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished, destroy any information received by
it as Paying Agent (if so acting) hereunder upon delivering to itself as Trustee, not earlier than 45 days after an Interest Payment Date, a list containing the names and addresses of the holders obtained from such information since the delivery of
the next previous list, if any, destroy any list delivered to itself as Trustee which was compiled from information received by it as Paying Agent (if so acting) hereunder upon the receipt of a new list so delivered, and destroy, not earlier than
two years after filing, any information filed with it pursuant to Section 7.3(c)(2). 
  
 (b) If three or more holders (hereinafter referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Debt Security for a
period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other holders of Debt Securities of a particular series (in which case the applicants must hold Debt
Securities of such series) or with all holders of Debt Securities with respect to their rights under this Indenture or under the Debt Securities and is accompanied by a copy of the 
  

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 form of proxy or other communication which such applicants propose to transmit, then the Trustee shall, within five
Business Days after the receipt of such application, at its election, either 
  
 (i) afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.2(a), or 
  

(ii) inform such applicants as to the approximate number of holders of Debt Securities of such series or of all Debt Securities, as the case may be,
whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.2(a), and as to the approximate cost of mailing to such holders the form of proxy or other communication, specified in such
application. 
  
 If the Trustee shall elect not to afford such
applicants access to such information, the Trustee shall, upon written request of such applicants, mail to the holders of Debt Securities of such series or all holders, as the case may be, whose names and addresses appear in the information
preserved at the time by the Trustee in accordance with Section 7.2(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and
of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five Business Days after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be
mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the holders of Debt Securities of such series or all holders, as the case may be, or would be in violation of
applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such
objections or if after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring,
the Trustee shall mail copies of such material to all such holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants
respecting their application. 
  
 (c) Every holder of the Debt
Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the
holders in accordance with Section 7.2(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing of any material pursuant to a request made under Section 7.2(b).

  
 SECTION 7.3 REPORTS BY TRUSTEE.
 
  
 (a) Within 60 days after May
15th of each year, commencing with the first May 15th after the first issuance of Debt Securities pursuant to this
Indenture, the Trustee shall, to the extent required by the Trust Indenture Act, transmit to all holders of Debt Securities of any series with respect to which it acts as Trustee a brief report dated such date that complies with the TIA §
313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be 
  

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 transmitted). The Trustee shall transmit to holders of Debt Securities of any series with respect to which it acts as
Trustee such reports concerning the Trustee as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
  
 (b) Reports pursuant to this Section 7.3 shall be transmitted by mail: 
  
 (1) to all holders of Debt Securities, as the names and addresses of such holders of Debt Securities appear in the Security
Register; and 
  
 (2) except in the cases of reports pursuant to
subsection (b) of this Section 7.3, to each holder of a Debt Security of any series whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 7.2(a). 
  
 (c) A copy of each such report shall, at the time of such transmission to
holders, be filed by the Trustee with each stock exchange upon which any Debt Securities of such series are listed, with the Commission and also with the Company. The Company will notify the Trustee when any series of Debt Securities are listed on
any stock exchange. 
  
 
SECTION 7.4 REPORTS BY COMPANY. 
  
 (a) Unless otherwise specified with respect to a particular series of Debt Securities pursuant to Section 3.1, the Company will file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies
of the annual reports and of the information, documents and other reports which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended. 
  
 (b) Delivery of reports, information and documents to the Trustee pursuant to
Section 7.4(a) above is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
  
 
ARTICLE VIII 
  
 CONCERNING THE HOLDERS

  
 
SECTION 8.1 ACTS OF HOLDERS. 
  
 Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by holders of Debt Securities may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such holders in person or by an agent or proxy duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered
to the Trustee, and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the holders signing such
instrument or instruments. Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Outstanding Debt Securities of 
  

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 any series may take any Act, the fact that the holders of such specified percentage have joined therein may be evidenced
(a) by the instrument or instruments executed by holders in person or by agent or proxy appointed in writing, or (b) by the record of holders voting in favor thereof at any meeting of such holders duly called and held in accordance with the
provisions of Article IX, or (c) by a combination of such instrument or instruments and any such record of such a meeting of holders. 
  
 
SECTION 8.2 PROOF OF OWNERSHIP; PROOF OF EXECUTION OF INSTRUMENTS BY HOLDER. 
  
 The ownership of Debt Securities of any series shall be proved by the Security Register for such series or by a certificate of the Security Registrar for
such series. 
  
 Subject to the provisions of Sections 6.1, 6.3
and 9.5, proof of the execution of a writing appointing an agent or proxy and of the execution of any instrument by a holder or his agent or proxy shall be sufficient and conclusive in favor of the Trustee and the Company if made in the following
manner: 
  
 The fact and date of the execution by any such person
of any instrument may be proved by the certificate of any notary public or other officer authorized to take acknowledgements of deeds, that the Person executing such instrument acknowledged to him the execution thereof, or by an affidavit of a
witness to such execution sworn to before any such notary or other such officer. Where such execution is by an officer of a corporation or association or a member of a partnership on behalf of such corporation, association or partnership, as the
case may be, or by any other Person acting in a representative capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. 
  

The record of any holders’ meeting shall be proved in the manner provided in Section 9.6. 
  
 The Trustee may in any instance require further proof with respect to any of
the matters referred to in this Section so long as the request is a reasonable one. 
  
 
SECTION 8.3 PERSONS DEEMED OWNERS. 
  
 The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any Debt Security is registered as the owner of such Debt Security for the purpose of receiving payment of the principal of (and
premium, if any) and (subject to Section 3.7) interest, if any, on such Debt Security and for all other purposes whatsoever, whether or not such Debt Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary. All payments made to any holder, or upon his order, shall be valid, and, to the extent of the sum or sums paid, effectual to satisfy and discharge the liability for moneys payable upon such Debt
Security. 
  
 
SECTION 8.4 REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND. 
  
 At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any Act by the holders of the percentage in aggregate principal 
  

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 amount of the Outstanding Debt Securities specified in this Indenture in connection with such Act, any holder of a Debt
Security the number, letter or other distinguishing symbol of which is shown by the evidence to be included in the Debt Securities the holders of which have consented to such Act may, by filing written notice with the Trustee at the Corporate Trust
Office and upon proof of ownership as provided in Section 8.2, revoke such Act so far as it concerns such Debt Security. Except as aforesaid, any such Act taken by the holder of any Debt Security shall be conclusive and binding upon such holder and,
subject to the provisions of Section 5.8, upon all future holders of such Debt Security and of any Debt Securities issued on transfer or in lieu thereof or in exchange or substitution therefor, irrespective of whether or not any notation in regard
thereto is made upon such Debt Security or such other Debt Securities. 
  
 
ARTICLE IX 
  
 HOLDERS’ MEETINGS

  
 
SECTION 9.1 PURPOSES OF MEETINGS. 
  
 A meeting of holders of any or all series may be called at any time and from time to time pursuant to the provisions of this Article IX for any of the following purposes: 
  
 (a) to give any notice to the Company or to the Trustee for such series, or to give any directions to the Trustee for such
series, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to be taken by holders pursuant to any of the provisions of Article V; 
  
 (b) to remove the Trustee for such series and appoint a successor Trustee
pursuant to the provisions of Article VI; 
  
 (c) to consent to
the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 11.2; or 
  
 (d) to take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Outstanding Debt
Securities of any one or more or all series, as the case may be, under any other provision of this Indenture or under applicable law. 
  
 
SECTION 9.2 CALL OF MEETINGS BY TRUSTEE. 
  
 The Trustee for any series may at any time call a meeting of holders of such series to take any action specified in Section 9.1, to be held at such time or times and at such place or places as the Trustee for such
series shall determine. Notice of every meeting of the holders of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given to holders of such series in the
manner and to the extent provided in Section 18.2. Such notice shall be given not less than 10 days nor more than 90 days prior to the date fixed for the meeting. 
  

 -47- 

 
SECTION 9.3 CALL OF MEETINGS BY COMPANY OR HOLDERS. 
  
 In case at any time the Company, pursuant to a Board Resolution, or the holders of at least 10% in aggregate principal amount of the Outstanding Debt Securities of a series or of all series, as the case may be, shall
have requested the Trustee for such series to call a meeting of holders of any or all such series by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have given the notice
of such meeting within 10 days after the receipt of such request, then the Company or such holders may determine the time or times and the place or places for such meetings and may call such meetings to take any action authorized in Section 9.1, by
giving notice thereof as provided in Section 9.2. 
  
 
SECTION 9.4 QUALIFICATIONS FOR VOTING. 
  
 To be entitled to vote at any meeting of holders, a Person shall be (a) a holder of a Debt Security of the series with respect to which such meeting is being held or (b) a Person appointed by an instrument in writing as agent or proxy by
such holder. The only Persons who shall be entitled to be present or to speak at any meeting of holders shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee for the series with respect to which
such meeting is being held and its counsel and any representatives of the Company and its counsel. 
  
 
SECTION 9.5 REGULATIONS. 
  
 Notwithstanding any other provisions of this Indenture, the Trustee for any series may make such reasonable regulations as it may deem advisable for any meeting of holders of such series, in regard to proof of the holding of Debt Securities
of such series and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning
the conduct of the meeting as it shall deem appropriate. 
  
 The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by holders of such series as provided in Section 9.3, in which case the Company or the holders
calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by at least a majority vote of the meeting. 
  
 Subject to the provisos in the definition of “Outstanding,” at any
meeting each holder of a Debt Security of the series with respect to which such meeting is being held or proxy therefor shall be entitled to one vote for each $1,000 principal amount (or such other amount as shall be specified as contemplated by
Section 3.1) of Debt Securities of such series held or represented by such holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debt Security challenged as not Outstanding and ruled by the chairman of the
meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Outstanding Debt Securities of such series held by him or her or instruments in writing duly designating him or her as the person to vote
on behalf of holders of Debt Securities of such series. Any meeting of holders with respect to which a meeting was duly called pursuant to the provisions of Section 9.2 or 9.3 may be adjourned 
  

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 from time to time by at least a majority of such holders present and the meeting may be held as so adjourned without
further notice. 
  
 
SECTION 9.6 VOTING. 
  
 The vote
upon any resolution submitted to any meeting of holders of a series of Debt Securities with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such holders or of their
representatives by proxy and the serial number or numbers of the Debt Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against
any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of holders shall be taken and there
shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing
that said notice was transmitted as provided in Section 9.2. The record shall show the serial numbers of the Debt Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee. 
  

Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
  
 
SECTION 9.7 NO DELAY OF RIGHTS BY MEETING. 
  
 Nothing contained in this Article IX shall be deemed or construed to authorize or permit, by reason of any call of a meeting of holders or any rights expressly or impliedly conferred hereunder to make such call, any
hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to any holder under any of the provisions of this Indenture or of the Debt Securities of any series. 
  
 
ARTICLE X 
  
 CONSOLIDATION, MERGER,
CONVEYANCE, TRANSFER OR LEASE 
  
 
SECTION 10.1 COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS. 
  
 The Company shall not consolidate with, merge with or into, or sell, assign, convey, transfer or lease its properties and assets substantially in their
entirety (computed on a consolidated basis) to any Person, unless: 
  
 (a) either (A) the Company is the surviving entity or (B) the successor or transferee (the “successor corporation”) is a corporation organized and existing under the laws of the United States, any state thereof or the District of
Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, all of the obligations of the Company under the Debt Securities and this Indenture; 
  

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 (b) immediately after giving effect to such transaction, no Event of Default or Default shall exist; and

  
 (c) the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this provision and that all conditions precedent herein provided for relating to such
transaction have been complied with. 
  
 
SECTION 10.2 SUCCESSOR CORPORATION SUBSTITUTED. 
  
 Upon any consolidation with or merger into any other corporation, or any conveyance, transfer or lease of the properties and assets of the Company substantially in their entirety in accordance with Section 10.1, the
successor corporation formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor corporation had been named as the Company herein. 
  
 
ARTICLE XI 
  
 SUPPLEMENTAL INDENTURES

  
 
SECTION 11.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. 
  
 Without the consent of any holders, the relevant Obligors, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes: 
  
 (a) to evidence the succession of another corporation to the rights of any Obligor and the assumption by such successor of the covenants and obligations
of any Obligor contained herein and in the Debt Securities; or 
  
 (b) to add to the covenants, agreements or obligations of any Obligor for the benefit of the holders of all or any series of Debt Securities (and if such covenants are to be for the benefit of less than all series, stating that such
covenants are expressly being included solely for the benefit of such series), or to surrender any right or power herein conferred upon the Company; or 
  
 (c) to add any additional Events of Default (and if such Events of Default are to be applicable to less than all series, stating that such Events of
Default are expressly being included solely to be applicable to such series); or 
  
 (d) to add to, change or eliminate any of the provisions of this Indenture, provided that any such addition, change or elimination shall become effective only when there is no Outstanding Debt Security of any series
created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision and as to which such supplemental indenture would apply; or 
  

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 (e) to secure the Debt Securities of any series or to provide that any of the Company’s obligations
under any series of the Debt Securities or this Indenture shall be guaranteed and the terms and conditions for the release or substitution of such security or guarantee; or 
  
 (f) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
defeasance and discharge of any series of Debt Securities pursuant to Article IV or XIV, provided that any such action shall not adversely affect the interests of the holders of Debt Securities of such series or any other series of Debt Securities
in any material respect; or 
  
 (g) to establish the form or terms
of Debt Securities, of any series as permitted by Sections 2.1 and 3.1; or 
  
 (h) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to one or more series of Debt Securities, and to add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee; or 
  
 (i) to comply with the requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act; or 

 
 (j) to cure any ambiguity, to correct or supplement any provision herein
which may be defective or inconsistent with any other provision herein or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with any provision of this Indenture; provided
such other provisions shall not adversely affect the interests of the holders of Outstanding Debt Securities of any series created prior to the execution of such supplemental indenture in any material respect. 
  
 Notwithstanding anything in this Indenture to the contrary, upon the
execution of a supplemental indenture under and in compliance with Section 11.1(d) hereof which provides that such supplemental indenture amends, modifies, supplements and restates in its entirety (except solely for the provisions of this Indenture
which authorize the creation of such supplemental indenture) this Indenture with respect to (and only with respect to) a series of Debt Securities (or words to similar effect), such supplemental indenture (as it may be amended or supplemented from
time to time in accordance with its terms) shall be deemed, for all purposes of this Indenture, to contain the complete and exclusive statement of all rights, obligations, terms, provisions and conditions related to such series of Debt Securities,
and neither any Trustee, holder of Debt Securities, Obligor nor legal counsel rendering any Opinion of Counsel in connection herewith shall be required to consider this Indenture with respect to any matter relating to such Series of Debt Securities,
but rather shall look solely to such supplemental indenture with respect to all such matters. For the avoidance of doubt, so long as there is no Outstanding Debt Security of any series created prior to the execution of such supplemental indenture
which is entitled to the benefit of any provision of this Indenture and as to which such supplemental indenture would apply, such supplemental indenture shall conclusively be deemed to have been executed under and in compliance with Section 11.1(d)
upon delivery of the Opinion of Counsel provided for in Section 11.3 hereof. 
  
 The terms of any document entered into pursuant to this Section shall be subject to prior approval, if required, of any applicable Gaming Authority. 
  

 -51- 

 
SECTION 11.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. 
  
 With the written consent of the holders of at least a majority in principal amount of the Outstanding Debt Securities of each series affected by such supplemental indenture, by Act of said holders delivered to the
Company and the Trustee, the relevant Obligors when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the holders under this Indenture of such Debt Securities; provided, however, that no such supplemental indenture shall, without the consent of the holder of each
Outstanding Debt Security of each such series affected thereby, 
  
 (a) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Debt Security, or reduce the principal amount thereof or the rate (or extend the time for payment) of interest thereon or any premium
payable upon redemption thereof, or reduce the amount of the principal of a Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or impair the right to institute suit for
the enforcement of any payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or alter any redemption provisions in a manner adverse to the holders of such series of Debt Securities or
adversely affect the right to convert any Debt Security into shares of Common Stock or other securities or property of the Company as may be provided pursuant to Section 3.1; or 
  
 (b) reduce the percentage in principal amount of the Outstanding Debt Securities of any series, the consent of whose holders
is required for any supplemental indenture, or the consent of whose holders is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; or

  
 (c) modify any of the provisions of this Section, Section
5.13, or Section 12.6, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the holder of each Outstanding Debt Security of each series affected
thereby; provided, however, that this clause shall not be deemed to require the consent of any holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in
accordance with the requirements of Sections 6.11 and 11.1(9). 
  
 It shall not be necessary for any Act of holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture with respect to one or more particular series of Debt Securities, or which modifies the rights of the holders of Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to
affect the rights under this Indenture of the holders of Debt Securities of any other series. 
  

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

ARTICLE XII 
  
 COVENANTS 

 
 SECTION 12.1 PAY
MENT OF PRINCIPAL, PREMIUM AND INTEREST. 
  
 The Company covenants and agrees for the benefit of each series of Debt Securities, that it will duly and punctually pay the principal of (and premium, if any) and interest on the Debt Securities in accordance with
the terms of the Debt Securities and this Indenture. If so provided in the terms of any series of Debt Securities established as provided in Section 3.1, the interest, if any, due in respect of any temporary Global Note or permanent Global Note,
together with any additional amounts payable in respect thereof, as provided in the terms 
  

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 and conditions of such Debt Security, shall be payable only upon presentation of such Debt Security to the Trustee for
notation thereon of the payment of such interest. 
  
 SECTI
ON 12.2 OFFICERS’ CERTIFICATE AS TO COMPLIANCE. 
  
 Unless otherwise specifically provided for with respect to any series of Debt Securities under Section 3.1, the Company will deliver to the Trustee, within 120 days after the end of each fiscal year, a certificate of
the principal executive officer, principal financial officer or principal accounting officer of the Company stating whether or not, to the knowledge of the signer thereof, the Obligors are in compliance with all covenants and conditions under this
Indenture, and, in the event of any noncompliance, specifying such noncompliance and the nature and status thereof of which such signer may have knowledge. For purposes of this Section, such compliance shall be determined without regard to any
period of grace or requirement of notice provided under this Indenture. 
  
 SECTI
ON 12.3 MAINTENANCE OF OFFICE OR AGENCY. 
  
 The Company will maintain in each Place of Payment for such series an office or agency where Debt Securities of that series may be presented or surrendered for payment, where Debt Securities of that series may be
surrendered for registration of transfer or exchange, where Debt Securities of that series that are convertible may be surrendered for conversion, if applicable, and where notices and demands to or upon the Company in respect of the Debt Securities
of that series and this Indenture may be served. If the Debt Securities of any series are listed on any stock exchange located outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Debt
Securities of that series in any required city located outside the United States, as the case may be, so long as the Debt Securities of that series are listed on such exchange, and subject to any laws or regulations applicable thereto, in a Place of
Payment for that series located outside the United States an office or agency where any Debt Securities of that series may be surrendered for registration of transfer, where Debt Securities of that series may be surrendered for exchange or
redemption and where notices and demands to or upon the Company in respect of the Debt Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee and the Company hereby appoints the Trustee as its agent to receive all presentations, surrenders, notices and demands. 
  
 The Company may also from time to time designate different or additional offices or agencies to be maintained for such
purposes (in or outside of such Place of Payment), and may from time to time rescind any such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations described in the
preceding paragraph. The Company will give prompt written notice to the Trustee of any such additional designation or rescission of designation and any change in the location of any such different or additional office or agency. 
  

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 SECTION
 12.4 MONEY FOR DEBT SECURITIES; PAYMENTS TO BE HELD IN TRUST. 
  
 If the Company shall at any time act as its own Paying Agent with respect to any series of Debt Securities, it will, on or before each due date of the
principal of (and premium, if any) or interest on any of the Debt Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so
becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Company shall have one or more Paying Agents with respect to any series of Debt Securities, it will, by or on
each due date of the principal (and premium, if any) or interest on any Debt Securities of such series, deposit with any such Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held
in trust for the benefit of the Persons entitled thereto, and (unless any such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
  
 The Company will cause each Paying Agent with respect to any series of Debt
Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
  
 (a) hold all sums held by it for the payment of the principal of (and
premium, if any) or interest on Debt Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
  
 (b) give the Trustee notice of any default by the Company (or any other
obligor upon the Debt Securities of such series) in the making of any payment of principal (and premium, if any) or interest on the Debt Securities of such series; and 
  
 (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent. 
  
 The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such
Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from
all further liability with respect to such money. 
  
 Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any Debt Security of any series and remaining unclaimed for two years after such principal
(and premium, if any) or interest has become due and payable shall be paid to the Company upon Company Request, or (if then held by the Company) shall be discharged from such 
  

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 trust; and the holder of such Debt Security shall thereafter, as an unsecured general creditor, look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be transmitted in the manner and to the extent provided by Section 18.2, notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such notification, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 SECTI
ON 12.5 CORPORATE EXISTENCE. 
  
 Subject to Article X, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate existence of each of its Subsidiaries; provided, however, that the
Company shall not be required to preserve the corporate existence of any Subsidiary if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company. 
  
 S
ECTION 12.6 WAIVER OF CERTAIN COVENANTS. 
  
 Any Obligor may omit in any particular instance to comply with any term, provision or condition set forth in Sections 12.1 and 12.3 through 12.5 (and, if so specified pursuant to Section 3.1, any other covenant not
set forth herein and specified pursuant to Section 3.1 to be applicable to the Debt Securities of any series, except as otherwise provided pursuant to Section 3.1) with respect to the Debt Securities of any series if before the time for such
compliance the holders of at least at least a majority in principal amount of the Outstanding Debt Securities of such series shall, by Act of such holders, either waive such compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent expressly so waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
  
 SECTION 12.7 STATEMENT BY OFFICERS AS TO DEFAULT. 
  
 The Company shall deliver to the Trustee, as soon as possible and in any event within five days after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of
time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 
  
 ARTICLE XIII 
  
 RE
DEMPTION OF DEBT SECURITIES 
  
 SECTION 13.1 APP
LICABILITY OF ARTICLE. 
  
 Debt
Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified pursuant to Section 3.1 for Debt Securities of any series) in accordance with this
Article. 
  

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 S
ECTION 13.2 ELECTION TO REDEEM; NOTICE TO TRUSTEE. 
  
 The election of the Company to redeem any Debt Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all of the Debt Securities of any series
pursuant to Section 13.3, the Company shall, at least 30 days before the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of
Debt Securities of such series to be redeemed. In the case of any redemption of Debt Securities prior to the expiration of any restriction on such redemption provided in the terms of such Debt Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restrictions. 
  
 S
ECTION 13.3 SELECTION BY TRUSTEE OF DEBT SECURITIES TO BE REDEEMED. 
  
 If less than all the Debt Securities of any series are to be redeemed at the election of the Company, the particular Debt Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Debt Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may
provide for the selection for redemption of portions (equal to $1,000 denominations for Debt Securities of such series or any integral multiple thereof) of the principal amount of Debt Securities of such series in a denomination larger than $1,000
denominations. The portions of the principal amount of Debt Securities so selected for partial redemption shall be in denominations of $1,000 or any integral multiple thereof, except as otherwise set forth in the applicable form of Debt Securities.
In any case when more than one Debt Security of such series is registered in the same name, the Trustee, in its discretion, may treat the aggregate principal amount so registered as if it were represented by one Debt Security of such series.

  
 The Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) in writing of the Debt Securities selected for redemption and, in the case of any Debt Securities selected for partial redemption, the principal amount thereof to be redeemed. 
  
 For all purposes of this Indenture, unless the context otherwise requires,
all provisions relating to the redemption of Debt Securities shall relate, in the case of any Debt Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt security which has been or is to be redeemed.

  
 S
ECTION 13.4 NOTICE OF REDEMPTION. 
  
 Notice of redemption shall be given by the Company, or at the Company’s request, by the Trustee in the name and at the expense of the Company, not less than 30 days and not more than 60 days prior to the Redemption Date to the holders
of Debt Securities of any series to be redeemed in whole or in part pursuant to this Article XIII, in the manner provided in Section 18.2. Any notice so given shall be conclusively presumed to have been duly given, whether or not the holder receives
such notice. Failure to give such notice, or any defect in such notice to the holder of any Debt Security of a series designated for redemption, in whole or in part, shall not affect the sufficiency of any notice of redemption with respect to the
holder of any other Debt Security of such series. 
  

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 All notices of redemption shall state: 
  
 (a) the Redemption Date, 
  
 (b) the Redemption Price, 
  
 (c) that Debt Securities of such series are being redeemed by the Company pursuant to provisions contained in this Indenture or the terms of the Debt
Securities of such series or a supplemental indenture establishing such series, if such be the case, together with a brief statement of the facts permitting such redemption, 
  
 (d) if less than all Outstanding Debt Securities of any series are to be redeemed, the identification (and, in the case of
partial redemption, the principal amounts) of the particular Debt Securities to be redeemed, 
  
 (e) that on the Redemption Date the Redemption Price will become due and payable upon each such Debt Security to be redeemed, and that interest thereon, if any, shall cease to accrue on and after said date,

  
 (f) the Place or Places of Payment where such Debt Securities
are to be surrendered for payment of the Redemption Price, 
  
 (g)
that the redemption is for a sinking fund, if such is the case; and 
  
 (h) applicable CUSIP numbers. 
  
 
SECTION 13.5 DEPOSIT OF REDEMPTION PRICE. 
  
 On or prior to the Redemption Date for any Debt Securities, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 12.4) an amount of money in the Currency or Currencies in which such Debt Securities are denominated (except as provided pursuant to Section 3.1) sufficient to pay the Redemption Price of such Debt Securities or any portions
thereof which are to be redeemed on that date. 
  
 S
ECTION 13.6 DEBT SECURITIES PAYABLE ON REDEMPTION DATE. 
  
 Notice of redemption having been given as aforesaid, any Debt Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price (except as otherwise specified pursuant to
Section 3.1 or 3.4), and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Debt Securities shall cease to bear interest. Upon surrender of any such Debt Security for redemption in accordance with
said notice, such Debt Security shall be paid by the Company at the Redemption Price; provided, however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest on Debt Securities which have a Stated Maturity on or
prior to the Redemption Date for such Debt Securities shall be payable according to the terms of such Debt Securities and the provisions of Section 3.7. 
  
 If any Debt Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in the Debt Security. 
  

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 S
ECTION 13.7 DEBT SECURITIES REDEEMED IN PART. 
  
 Any Debt Security which is to be redeemed only in part shall be surrendered at the Corporate Trust Office or such other office or agency of the Company as is specified pursuant to Section 3.1 with, if the Company, the
Security Registrar or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Security Registrar and the Trustee duly executed by, the holder thereof or such holder’s attorney
duly authorized in writing, and the Company shall execute, and the Trustee shall authenticate and deliver to the holder of such Debt Security without service charge, a new Debt Security or Debt Securities of the same series, of like tenor and form,
of any authorized denomination as requested by such holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Debt Security so surrendered. In the case of a Debt Security providing appropriate
space for such notation, at the option of the holder thereof, the Trustee, in lieu of delivering a new Debt Security or Debt Securities as aforesaid, may make a notation on such Debt Security of the payment of the redeemed portion thereof.

  
 
ARTICLE XIV 
  
 SINKING FUNDS

  
 SECTION 14.1 AP
PLICABILITY OF ARTICLE. 
  
 The
provisions of this Article shall be applicable to any sinking fund for the retirement of Debt Securities of a series except as otherwise specified pursuant to Section 3.1 for Debt Securities of such series. 
  
 The minimum amount of any sinking fund payment provided for by the terms of
Debt Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Debt Securities of any series is herein referred to as an
“optional sinking fund payment.” If provided for by the terms of Debt Securities of any series, the amount of any cash sinking fund payment may be subject to reduction as provided in Section 14.2. Each sinking fund payment shall be applied
to the redemption of Debt Securities of any series as provided for by the terms of Debt Securities of such series. 
  
 SECTION 14
.2 SATISFACTION OF MANDATORY SINKING FUND PAYMENTS WITH DEBT SECURITIES. 
  
 In lieu of making all or any part of a mandatory sinking fund payment with respect to any Debt Securities of a series in cash, the Company may at its
option, at any time no more than sixteen months and no less than 45 days prior to the date on which such sinking fund payment is due, deliver to the Trustee Debt Securities of such series theretofore purchased or otherwise acquired by the Company,
except Debt Securities of such series which have been redeemed through the application of mandatory sinking fund payments pursuant to the terms of the Debt Securities of such series, accompanied by a Company Order instructing the Trustee to credit
such obligations and stating that the Debt Securities of such series were originally issued by the Company by way of bona fide sale or other negotiation for value, provided that such Debt Securities shall not have been previously so credited. Such
Debt Securities shall be received and credited for such by the Trustee at the Redemption Price 
  

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 specified in such Debt Securities for redemption through operation of the sinking fund and the amount of such mandatory
sinking fund payment shall be reduced accordingly. 
  
 
SECTION 14.3 REDEMPTION OF DEBT SECURITIES FOR SINKING FUND. 
  
 Not less than 60 days prior to each sinking fund payment date for any series of Debt Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash (except as provided pursuant to Section 3.1)
and the portion thereof, if any, which is to be satisfied by delivering and crediting Debt Securities of such series pursuant to Section 14.2 and whether the Company intends to exercise its rights to make a permitted optional sinking fund payment
with respect to such series. Such certificate shall be irrevocable and, upon its delivery, the Company shall be obligated to make the cash payment or payments therein referred to, if any, on or before the next succeeding sinking fund payment date.
In the case of the failure of the Company to deliver such certificate, the sinking fund payment due on the next succeeding sinking fund payment date for such series shall be paid entirely in cash and shall be sufficient to redeem the principal
amount of the Debt Securities of such series subject to a mandatory sinking fund payment without the right to deliver or credit Debt Securities as provided in Section 14.2 and without the right to make any optional sinking fund payment with respect
to such series at such time. 
  
 Any sinking fund payment or
payments (mandatory or optional) made in cash plus any unused balance of any preceding sinking fund payments made with respect to the Debt Securities of any particular series shall be applied by the Trustee (or by the Company if the Company is
acting as its own Paying Agent) on the sinking fund payment date on which such payment is made (or, if such payment is made before a sinking fund payment date, on the sinking fund payment date immediately following the date of such payment) to the
redemption of Debt Securities of such series at the Redemption Price specified in such Debt Securities with respect to the sinking fund. Any sinking fund moneys not so applied or allocated by the Trustee (or by the Company if the Company is acting
as its own Paying Agent) to the redemption of Debt Securities shall be added to the next sinking fund payment received by the Trustee (or if the Company is acting as its own Paying Agent, segregated and held in trust as provided in Section 12.4) for
such series and, together with such payment (or such amount so segregated) shall be applied in accordance with the provisions of this Section. Any and all sinking fund moneys with respect to the Debt Securities of any particular series held by the
Trustee (or if the Company is acting as its own Paying Agent, segregated and held in trust as provided in Section 12.4) on the last sinking fund payment date with respect to Debt Securities of such series and not held for the payment or redemption
of particular Debt Securities of such series shall be applied by the Trustee (or by the Company if the Company is acting as its own Paying Agent), together with other moneys, if necessary, to be deposited (or segregated) sufficient for the purpose,
to the payment of the principal of the Debt Securities of such series at Maturity. 
  
 The Trustee shall select or cause to be selected the Debt Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 13.3 and the Company shall cause notice of the redemption
thereof to be given in the manner provided in Section 13.4. Such notice having been duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in Section 13.6. 
  

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 On or before each sinking fund payment date, the Company shall pay to the Trustee (or, if the Company is
acting as its own Paying Agent, the Company shall segregate and hold in trust as provided in Section 12.4) in cash a sum equal to the principal and any interest accrued to the Redemption Date for Debt Securities or portions thereof to be redeemed on
such sinking fund payment date pursuant to this Section. 
  
 
ARTICLE XV 
  
 DEFEASANCE 

 
 
SECTION 15.1 APPLICABILITY OF ARTICLE. 
  
 Except as otherwise provided in Section 15.2 or as provided pursuant to Section 3.1 with respect to a particular series of Debt Securities, the Company may terminate its obligations under the Debt Securities of any
series and this Indenture with respect to Debt Securities of such series as set forth in Section 15.2. 
  
 
SECTION 15.2 DEFEASANCE UPON DEPOSIT OF MONEYS OR U.S. GOVERNMENT OBLIGATIONS. 
  
 At the Company’s option, either (a) the Company shall be deemed to have been Discharged (as defined below) from its obligations with respect to Debt
Securities of any series (“legal defeasance option”) or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 10.1, 12.2 and 12.4 with respect to Debt Securities of any
series (and, to the extent so specified pursuant to Section 3.1, any other obligation of the Company or restrictive covenant added for the benefit of such series pursuant to Section 3.1) (“covenant defeasance option”) at any time after the
applicable conditions set forth below have been satisfied: 
  
 (a)
The Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the holders of the Debt Securities of such series (i)
money in an amount, or (ii) U.S. Government Obligations (as defined below) which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment,
money in an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect to (i) and (ii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal (including any mandatory sinking fund payments) of and premium, if any, and interest on, the Outstanding Debt Securities of such series on the dates such installments of interest or
principal and premium are due; 
  
 (b) Such deposit shall not
cause the Trustee with respect to the Debt Securities of that series to have a conflicting interest as defined in Section 6.8 and for purposes of the Trust Indenture Act with respect to the Debt Securities of any series; 
  
 (c) Such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 
  

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 (d) If the Debt Securities of such series are then listed on any national securities exchange or the NASD
automated quotation system, or the Company shall have delivered to the Trustee an Opinion of Counsel or a letter or other document from such exchange or the NASD automated quotation system to the effect that the Company’s exercise of its option
under this Section would not cause such Debt Securities to be delisted; 
  
 (e) No Event of Default or Default with respect to the Debt Securities of such series shall have occurred and be continuing on the date of such deposit and, with respect to the legal defeasance option only, no Event of Default under Section
5.1(f) or Section 5.1(g) or event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 5.1(f) or Section 5.1(g) shall have occurred and be continuing on the 91st day after such date (and such defeasance shall not become effective until such 91st day); and 
  
 (f) The Company shall have delivered to the Trustee an Opinion of Counsel or a ruling from the Internal Revenue Service to the effect that the holders of
the Debt Securities of such series will not recognize income, gain or loss for United States Federal income tax purposes as a result of such deposit, defeasance or Discharge. Notwithstanding the foregoing, if the Company exercises its covenant
defeasance option and an Event of Default under Section 5.1(f) or Section 5.1(g) or event which, with the giving of notice or lapse of time, or both, would become an Event of Default under Section 5.1(f) or Section 5.1(g) shall have occurred and be
continuing on the 91st day after the date of such deposit, the obligations of the Company referred to under the
definition of covenant defeasance option with respect to such Debt Securities shall be reinstated. 
  
 “Discharged” means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and obligations under,
the Debt Securities of such series and to have satisfied all the obligations under this Indenture relating to the Debt Securities of such series (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the
same), except (A) the rights of holders of Debt Securities of such series to receive, from the trust fund described in clause (1) above, payment of the principal of (and premium, if any) and interest on such Debt Securities when such payments are
due, (B) the Company’s obligations with respect to the Debt Securities of such series under Sections 3.4(a), 3.5, 3.6, 12.3 and 15.3 and (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder. 
  
 “U.S. Government Obligations” means securities that are (i) direct
obligations of the United States for the payment of which its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof, and shall also include depository receipt
issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a
depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 
  

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SECTION 15.3 DEPOSITED MONEYS AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST. 
  
 All moneys and U.S. Government Obligations deposited with the Trustee pursuant to Section 15.2 in respect of Debt Securities of a series shall be held in
trust and applied by it, in accordance with the provisions of such Debt Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the holders of such Debt Securities, of all sums due and to become due thereon for principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 
  
 
SECTION 15.4 REPAYMENT TO COMPANY. 
  
 The Trustee and any Paying Agent shall promptly pay or return to the Company upon Company Request any moneys or U.S. Government Obligations held by them at any time that are not required for the payment of the principal of (and premium, if
any) and interest on the Debt Securities of any series for which money or U.S. Government Obligations have been deposited pursuant to Section 15.2. 
  
 The provisions of the last paragraph of Section 12.4 shall apply to any money held by the Trustee or any Paying Agent under this Article that remains
unclaimed for two years after the Maturity of any series of Debt Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 15.2. 
  
 
ARTICLE XVI 
  
 CONVERSION 

 
 
SECTION 16.1 APPLICABILITY; CONVERSION PRIVILEGE. 
  
 Except as otherwise specified pursuant to Section 3.1 for Debt Securities of any series, the provisions of this Article XVI shall be applicable to any Debt Securities that are convertible into Common Stock. If so
provided pursuant to Section 3.1 with respect to the Debt Securities of any series, the holder of a Debt Security of such series shall have the right, at such holder’s option, to convert, in accordance with the terms of such series of Debt
Securities and this Article XVI, all or any part (in a denomination of, unless otherwise specified pursuant to Section 3.1 with respect to Debt Securities of such series, $1,000 in principal amount or any integral multiple thereof) of such Debt
Security into shares of Common Stock or, as to any Debt Securities called for redemption, at any time prior to the time and date fixed for such redemption (unless the Company shall default in the payment of the Redemption Price, in which case such
right shall not terminate at such time and date). 
  
 
SECTION 16.2 CONVERSION PROCEDURE; CONVERSION PRICE; FRACTIONAL SHARES. 
  
 (a) Each Debt Security to which this Article is applicable shall be convertible at the office of the Conversion Agent, and at such other place or places,
if any, specified pursuant to Section 3.1 with respect to the Debt Securities of such series, into fully paid and nonassessable shares (calculated to the nearest 1/100th of a share) of Common 
  

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 Stock. The Debt Securities will be converted into shares of Common Stock at the Conversion Price therefor. No payment or
adjustment shall be made in respect of dividends on the Common Stock or accrued interest on a converted Debt Security except as described in Section 16.9. The Company may, but shall not be required, in connection with any conversion of Debt
Securities, to issue a fraction of a share of Common Stock and, if the Company shall determine not to issue any such fraction, the Company shall, subject to Section 16.3(d), make a cash payment (calculated to the nearest cent) equal to such fraction
multiplied by the Closing Price of the Common Stock on the last Trading Day prior to the date of conversion. 
  
 (b) Before any holder of a Debt Security shall be entitled to convert the same into Common Stock, such holder shall surrender such Debt Security duly
endorsed to the Company or in blank at the office of the Conversion Agent or at such other place or places, if any, specified pursuant to Section 3.1, and shall give written notice to the Company at said office or place that such holder elects to
convert the same and shall state in writing therein the principal amount of Debt Securities to be converted and the name or names (with addresses) in which such holder wishes the certificate or certificates for Common Stock to be issued; provided,
however, that no Debt Security or portion thereof shall be accepted for conversion unless the principal amount of such Debt Security or such portion, when added to the principal amount of all other Debt Securities or portions thereof then being
surrendered by the holder thereof for conversion, exceeds the then-effective Conversion Price with respect thereto. If more than one Debt Security shall be surrendered for conversion at one time by the same holder, the number of full shares of
Common Stock which shall be deliverable upon conversion shall be computed on the basis of the aggregate principal amount of the Debt Securities (or specified portions thereof to the extent permitted thereby) so surrendered. Subject to the next
succeeding sentence, the Company will, as soon as practicable thereafter, issue and deliver at said office or place to such holder of a Debt Security, or to such holder’s nominee or nominees, certificates for the number of full shares of Common
Stock to which such holder shall be entitled as aforesaid, together, subject to the last sentence of paragraph (a) above, with cash in lieu of any fraction of a share to which such holder would otherwise be entitled. The Company shall not be
required to deliver certificates for shares of Common Stock while the stock transfer books for such stock or the Security Register are duly closed for any purpose, but certificates for shares of Common Stock shall be issued and delivered as soon as
practicable after the opening of such books or Security Register. A Debt Security shall be deemed to have been converted as of the close of business on the date of the surrender of such Debt Security for conversion as provided above, and the Person
or Persons entitled to receive the Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such Common Stock as of the close of business on such date. In case any Debt Security shall be
surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the holder of the Debt Securities so surrendered, without charge to such holder (subject to the provisions
of Section 16.8), a new Debt Security or Securities in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Debt Security. 
  

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SECTION 16.3 ADJUSTMENT OF CONVERSION PRICE FOR COMMON STOCK. 
  
 The Conversion Price with respect to any Debt Security which is convertible into Common Stock shall be adjusted from time to time as follows: 

 
 (a) In case the Company shall, at any time or from time to time while any
of such Debt Securities are outstanding, (i) pay a dividend in shares of its Common Stock to holders of Common Stock, (ii) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, (iii) subdivide its
outstanding shares of Common Stock into a greater number of shares of Common Stock or (iv) make a distribution in shares of Common Stock to holders of Common Stock, then the Conversion Price in effect immediately before such action shall be adjusted
so that the holders of such Debt Securities, upon conversion thereof into Common Stock immediately following such event, shall be entitled to receive the kind and amount of shares of Common Stock of the Company which they would have owned or been
entitled to receive upon or by reason of such event if such Debt Securities had been converted immediately before the record dated (or, if no record date, the effective date) for such event. An adjustment made pursuant to this Section 16.3(a) shall
become effective retroactively immediately after the record date in the case of a dividend or distribution and shall become effective retroactively immediately after the effective date in the case of a subdivision or combination. For the purposes of
this Section 16.3(a), each holder of Debt Securities shall be deemed to have failed to exercise any right to elect the kind or amount of securities receivable upon the payment of any such dividend, subdivision, combination or distribution (provided,
that if the kind or amount of securities receivable upon such dividend, subdivision, combination or distribution is not the same for each nonelecting share, then the kind and amount of securities or other property receivable upon such dividend,
subdivision, combination or distribution for each nonelecting share shall be deemed to be the kind and amount so receivable per share by a plurality of the nonelecting shares). 
  
 (b) In case the Company shall, at any time or from time to time while any of such Debt Securities are outstanding, issue
rights or warrants to all holders of shares of its Common Stock entitling them (for a period expiring within 45 days after the record date for such issuance) to subscribe for or purchase shares of Common Stock (or securities convertible into shares
of Common Stock) at a price per share less than the Current Market Price of the Common Stock at such record date (treating the price per share of the securities convertible into Common Stock as equal to (x) the sum of (i) the price for a unit of the
security convertible into Common Stock and (ii) any additional consideration initially payable upon the conversion of such security into Common Stock divided by (y) the number of shares of Common Stock initially underlying such convertible
security), the Conversion Price with respect to such Debt Securities shall be adjusted so that it shall equal the price determined by dividing the Conversion Price in effect immediately prior to the date of issuance of such rights or warrants by a
fraction, the numerator of which shall be the number of shares of Common Stock outstanding on the date of issuance of such rights or warrants plus the number of additional shares of Common Stock offered for subscription or purchase (or into which
the convertible securities so offered are initially convertible), and the denominator of which shall be the number of shares of Common Stock outstanding on the date of issuance of securities which the aggregate offering price of the total number of
shares of securities so offered for subscription or purchase (or the aggregate purchase price of the convertible securities so offered plus the aggregate amount of any additional 
  

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 consideration initially payable upon conversion of such securities into Common Stock) would purchase at such Current
Market Price of the Common Stock. Such adjustment shall become effective retroactively immediately after the record date for the determination of stockholders entitled to receive such rights or warrants. 
  
 (c) In the case the Company shall, at any time or from time to time while any
of such Debt Securities are outstanding, distribute to all holders of shares of its Common Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing corporation and the Common
Stock is not changed or exchanged) cash, evidences of its indebtedness, securities or assets (excluding (i) regular periodic cash dividends in amounts, if any, determined from time to time by the Board of Directors, (ii) dividends payable in shares
of Common Stock for which adjustment is made under Section 16.3(a) or (iii) rights or warrants to subscribe for or purchase securities of the Company (excluding those referred to in Section 16.3(b)), then in each such case the Conversion Price with
respect to such Debt Securities shall be adjusted so that it shall equal the price determined by dividing the Conversion Price in effect immediately prior to the date of such distribution by a fraction, the numerator of which shall be the Current
Market Price of the Common Stock on the record date referred to below, and the denominator of which shall be such Current Market Price of the Common Stock less the then fair market value (as determined by the Board of Directors of the Company, whose
determination shall be conclusive) of the portion of the cash or assets or evidences of indebtedness or securities so distributed or of such subscription rights or warrants applicable to one share of Common Stock (provided that such denominator
shall never be less than 1.0); provided, however, that no adjustment shall be made with respect to any distribution of rights to purchase securities of the Company if a holder of Debt Securities would otherwise be entitled to receive such rights
upon conversion at any time of such Debt Securities into Common Stock unless such rights are subsequently redeemed by the Company, in which case such redemption shall be treated for purposes of this Section as a dividend on the Common Stock. Such
adjustment shall become effective retroactively immediately after the record date for the determination of stockholders entitled to receive such distribution; and in the event that such distribution is not so made, the Conversion Price shall again
be adjusted to the Conversion Price which would then be in effect if such record date had not been fixed. 
  
 (d) The Company shall be entitled to make such additional adjustments in the Conversion Price, in addition to those required by subsections 16.3(a),
16.3(b), and 16.3(c), as shall be necessary in order that any dividend or distribution of Common Stock, any subdivision, reclassification or combination of shares of Common Stock or any issuance of rights or warrants referred to above shall not be
taxable to the holders of Common Stock for United States federal income tax purposes. 
  
 (e) In any case in which this Section 16.3 shall require that any adjustment be made effective as of or retroactively immediately following a record date, the Company may elect to defer (but only for five (5) Trading
Days following the filing of the statement referred to in Section 16.5) issuing to the holder of any Debt Securities converted after such record date the shares of Common Stock and other capital stock of the Company issuable upon such conversion
over and above the shares of Common Stock and other capital stock of the Company issuable upon such conversion on the basis of the Conversion Price prior to adjustment; provided, however, that the Company shall deliver to such holder a due bill or
other appropriate instrument evidencing such holder’s right to receive such additional shares upon the occurrence of the event requiring such adjustment. 
  

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 (f) All calculations under this Section 16.3 shall be made to the nearest cent or one-hundredth of a
share of security, with one-half cent and 0.005 of a share, respectively, being rounded upward. Notwithstanding any other provision of this Section 16.3, the Company shall not be required to make any adjustment of the Conversion Price unless such
adjustment would require an increase or decrease of at least 1% of such price. Any lesser adjustment shall be carried forward and shall be made at the time of, and together with, the next subsequent adjustment which, together with any adjustment or
adjustments so carried forward, shall amount to an increase or decrease of at least 1% in such price. Any adjustments under this Section 16.3 shall be made successively whenever an event requiring such an adjustment occurs. 
  
 (g) In the event that at any time, as a result of an adjustment made pursuant
to this Section 16.3, the holder of any Debt Security thereafter surrendered for conversion shall become entitled to receive any shares of stock of the Company other than shares of Common Stock into which the Debt Securities originally were
convertible, the Conversion Price of such other shares so receivable upon conversion of any such Debt Security shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with
respect to Common Stock contained in subparagraphs (a) through (f) of this Section 16.3, and the provisions of Sections 16.1, 16.2 and 16.4 through 16.9 with respect to the Common Stock shall apply on like or similar terms to any such other shares
and the determination of the Board of Directors as to any such adjustment shall be conclusive. 
  
 (h) No adjustment shall be made pursuant to this Section: (i) if the effect thereof would be to reduce the Conversion Price below the par value (if any) of the Common Stock or (ii) subject to 16.3(e) hereof, with
respect to any Debt Security that is converted prior to the time such adjustment otherwise would be made. 
  
 
SECTION 16.4 CONSOLIDATION OR MERGER OF THE COMPANY. 
  
 In case of either (a) any consolidation or merger to which the Company is a party, other than a merger or consolidation in which the company is the surviving or continuing corporation and which does not result in a
reclassification of, or change (other than a change in par value or from par value to no par value or from no par value to par value, as a result of a subdivision or combination) in, outstanding shares of Common Stock or (b) any sale or conveyance
of all or substantially all of the property and assets of the Company to another Person, each Debt Security then outstanding shall be convertible from and after such merger, consolidation, sale or conveyance of property and assets into the kind and
amount of shares of stock or other securities and property (including cash) receivable upon such consolidation, merger, sale or conveyance by a holder of the number of shares of Common Stock into which such Debt Securities would have been converted
immediately prior to such consolidation, merger, sale or conveyance, subject to adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article XVI (and assuming such holder of Common Stock
failed to exercise his rights of election, if any, as to the kind or amount of securities, cash or other property (including cash) receivable upon such consolidation, merger, sale or conveyance (provided that, if the kind or amount of securities,
cash or other property (including cash) receivable upon such consolidation, merger, sale or conveyance is not the same for each nonelecting share, then the kind and amount of securities, cash or other property (including cash) receivable upon such
consolidation, merger, sale or conveyance for each nonelecting share shall be deemed to be 
  

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 the kind and amount so receivable per share by a plurality of the nonelecting shares or securities)). The Company shall
not enter into any of the transactions referred to in clause (a) or (b) of the preceding sentence unless effective provision shall be made so as to give effect to the provisions set forth in this Section 16.4. The provisions of this Section 16.4
shall apply similarly to successive consolidations, mergers, sales or conveyances. 
  
 
SECTION 16.5 NOTICE OF ADJUSTMENT. 
  
 Whenever an adjustment in the Conversion Price with respect to a series of Debt Securities is required: 
  
 (a) the Company shall forthwith place on file with the Trustee and any Conversion Agent for such Securities a certificate of the Treasurer of the Company,
stating the adjusted Conversion Price determined as provided herein and setting forth in reasonable detail such facts as shall be necessary to show the reason for and the manner of computing such adjustment, such certificate to be conclusive
evidence that the adjustment is correct; and 
  
 (b) a notice
stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be given by the Company, or at the Company’s request, by the Trustee in the name and at the expense of the Company, in the
manner provided in Section 18.2. Any notice so given shall be conclusively presumed to have been duly given, whether or not the holder receives such notice. 
  
 
SECTION 16.6 NOTICE IN CERTAIN EVENTS. 
  
 In case: 
  
 (a) of a
consolidation or merger to which the Company is a party and for which approval of any shareholders of the Company is required, or of the sale or conveyance to another Person or entity or group of Persons or entities acting in concert as a
partnership, limited partnership, syndicate or other group (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of all or substantially all of the property and assets of the Company; or 
  
 (b) of the voluntary or involuntary dissolution, liquidation or winding up of
the Company; or 
  
 (c) of any action triggering an adjustment of
the Conversion Price pursuant to this Article XVI; 
  
 Then, in
each case, the Company shall cause to be filed with the Trustee and the Conversion Agent for the applicable Debt Securities, and shall cause to be given, to the holders of record of applicable Debt Securities in the manner provided in Section 18.2,
at least fifteen (15) days prior to the applicable date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of any distribution or grant of rights or warrants triggering an adjustment to the
Conversion Price pursuant to this Article XVI, or, if a record is not to be taken, the date as of which the holders of record or Common Stock entitled to such distribution, rights or warrants are to be determined, or 
  

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 (y) the date on which any reclassification, consolidation, merger, sale, conveyance, dissolution, liquidation or winding
up triggering an adjustment to the Conversion Price pursuant to this Article XVI is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for
securities or other property deliverable upon such reclassification, consolidation, merger, sale, conveyance, dissolution, liquidation or winding up. 
  
 Failure to give such notice or any defect therein shall not affect the legality or validity of the proceedings described in clause (a), (b), or (c) of
this Section. 
  
 
SECTION 16.7 COMPANY TO RESERVE STOCK; REGISTRATION; LISTING. 
  
 (a) The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued shares of Common Stock, for
the purpose of effecting the conversion of the Debt Securities, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of all applicable outstanding Debt Securities into such
Common Stock at any time (assuming that, at the time of the computation of such number of shares or securities, all such Debt Securities would be held by a single holder); provided, however, that nothing contained herein shall preclude the Company
from satisfying its obligations in respect of the conversion of the Debt Securities by delivery of purchased shares of Common Stock which are held in the treasury of the Company. The Company shall from time to time, in accordance with the laws of
the State of Delaware, use its best efforts to cause the authorized amount of the Common Stock to be increased if the aggregate of the authorized amount of the Common Stock remaining unissued and the issued shares of such Common Stock in its
treasury (other than any such shares reserved for issuance in any other connection) shall not be sufficient to permit the conversion of all Debt Securities. 
  
 (b) If any shares of Common Stock which would be issuable upon conversion of Debt Securities hereunder require registration with or approval of any
governmental authority before such shares or securities may be issued upon such conversion, the Company will in good faith and as expeditiously as possible endeavor to cause such shares or securities to be duly registered or approved, as the case
may be. The Company will endeavor to list the shares of Common Stock required to be delivered upon conversion of the Debt Securities prior to such delivery upon the principal national securities exchange upon, or the NASD automated quotation system
through, which the outstanding Common Stock is listed at the time of such delivery. 
  
 
SECTION 16.8 TAXES ON CONVERSION. 
  
 The Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of Debt Securities pursuant hereto. The Company shall
not, however, be required to pay any such tax which may be payable in respect of any transfer involved in the issue or delivery of shares of Common Stock or the portion, if any, of the Debt Securities which are not so converted in a name other than
that in which the Debt Securities so converted were registered, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of such tax or has established to the satisfaction of
the Company that such tax has been paid. 
  

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SECTION 16.9 CONVERSION AFTER RECORD DATE. 
  
 If any Debt Securities are surrendered for conversion subsequent to the record date preceding an Interest Payment Date but on or prior to such Interest Payment Date (except Debt Securities called for redemption on a
Redemption Date between such record date and Interest Payment Date), the holder of such Debt Securities at the close of business on such record date shall be entitled to receive the interest payable on such Debt Securities on such Interest Payment
Date notwithstanding the conversion thereof. Debt Securities surrendered for conversion during the period from the close of business on any record date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date
shall (except in the case of Debt Securities which have been called for redemption on a Redemption Date within such period) be accompanied by payment in New York Clearing House funds or other funds of an amount equal to the interest payable on such
Interest Payment Date on the Debt Securities being surrendered for conversion. Except as provided in this Section 16.9, no adjustments in respect of payments of interest on Debt Securities surrendered for conversion or any dividends or distributions
of interest on the Common Stock issued upon conversion shall be made upon the conversion of any Debt Securities. 
  
 
SECTION 16.10 COMPANY DETERMINATION FINAL. 
  
 Any determination that the Company or the Board of Directors must make pursuant to this Article is conclusive. 
  
 
SECTION 16.11 TRUSTEE’S DISCLAIMER. 
  
 The Trustee has no duty to determine when an adjustment under this Article should be made, how it should be made or what it should be. The Trustee makes no representation as to the validity or value of any securities
or assets issued upon conversion of Debt Securities. The Trustee shall not be responsible for the Company’s failure to comply with this Article. Each Conversion Agent other than the Company shall have the same protection under this Section as
the Trustee. 
  
 
ARTICLE XVII 
  
 GUARANTEES

  
 
SECTION 17.1 APPLICABILITY OF ARTICLE. 
  
 The provisions of this Article shall be applicable to any series of Debt Securities which is to be guaranteed by one or more Guarantors. 
  
 
SECTION 17.2 OBLIGOR GUARANTEE. 
  
 The Guarantors unconditionally and jointly and severally guarantee and promise to pay to the holders and the Trustee (each a “Beneficiary”), on demand, in lawful money of the United States of America, any and all Obligations of
the Company from time to time owed to the Beneficiaries (the “Obligor Guarantee”). The term “Obligations” means any and all present and future obligations and liabilities of the Company of every type and description to the
Beneficiaries under this Indenture and the Debt Securities of the series such Guarantors have guaranteed (the “Guaranteed Securities”), whether for principal, 
  

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 premium (if any), interest, expenses, indemnities or other amounts, in each case whether due or not due, absolute or
contingent, voluntary or involuntary, liquidated or unliquidated, determined or undetermined, now or hereafter existing, renewed or restructured, whether or not from time to time decreased or extinguished and later increased, created or incurred,
whether or not arising after the commencement of a proceeding under the Bankruptcy Code (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding, and whether or not recovery of any such obligation
or liability may be barred by a statute of limitations or such obligation or liability may otherwise be unenforceable. All Obligations shall be conclusively presumed to have been created in reliance on the Obligor Guarantee. The Obligor Guarantee is
a continuing Guarantee of the Obligations and, except as otherwise provided in this Indenture, may not be revoked and shall not otherwise terminate unless and until any and all Obligations have been indefeasibly paid and performed in full.

  
 SECTION 17.3 NATURE OF OBLIGOR GUARANTEE.
 
  
 The liability of each
Guarantor under the Obligor Guarantee is independent of and not in consideration of or contingent upon the liability of the Company or any other Obligor, and a separate action or actions may be brought and prosecuted against any Guarantor, whether
or not any action is brought or prosecuted against the Company or any other Obligor or whether the Company or any other Obligor is joined in any such action or actions. The Obligor Guarantee given by each Guarantor shall be construed as a
continuing, absolute and unconditional Guarantee of payment (and not merely of collection) without regard to: 
  
 (a) the legality, validity or enforceability of the Debt Securities or this Indenture, any of the Obligations, any security or Obligor Guarantee given by
any other Guarantor; 
  
 (b) any defense (other than payment),
set-off or counterclaim that may at any time be available to the Company or any other Obligor against, and any right of setoff at any time held by, any Beneficiary; or 
  
 (c) any other circumstance whatsoever (with or without notice to or knowledge of any Guarantor or any other Obligor),
whether or not similar to any of the foregoing, that constitutes, or might be construed to constitute, an equitable or legal discharge of the Company or any other Obligor, in bankruptcy or in any other instance. 
  
 Any payment by any Obligor or other circumstance that operates to toll any
statute of limitations applicable to such Obligor shall also operate to toll the statute of limitations applicable to each Guarantor. 
  
 SECTION 17.4 AUTHORIZATION.
 
  
 Each Guarantor authorizes
each Beneficiary, without notice or further assent by such Guarantor, and without affecting any Guarantor’s liability hereunder (regardless of whether any subrogation or similar right that such Guarantor may have or any other right or remedy of
such Guarantor is extinguished or impaired), from time to time to do any or all of the following: 
  

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 (a) permit the Company to increase or create Obligations, or terminate, release, compromise, subordinate,
extend, accelerate or otherwise change the amount or time, manner or place of payment of, or rescind any demand for payment or acceleration of, the Obligations or any part thereof, consent or enter into supplemental indentures or otherwise amend the
terms and conditions of the Guaranteed Securities or this Indenture or any provision thereof; 
  
 (b) take and hold any collateral from the Company or any other Person, perfect or refrain from perfecting a lien on any collateral, and exchange, enforce, subordinate, release (whether intentionally or
unintentionally), or take or fail to take any other action in respect of, any collateral or lien or any part thereof; 
  
 (c) exercise in such manner and order as it elects in its sole discretion, fail to exercise, waive, suspend, terminate or suffer expiration of, any of the
remedies or rights of such Beneficiary against the Company or any other Obligor in respect of any Obligations or any security; 
  
 (d) release, add or settle with any Obligor in respect of the Obligor Guarantee or the Obligations; 
  
 (e) accept partial payments on the Obligations and apply any and all payments
or recoveries from such Obligor to such of the Obligations as any Beneficiary may elect in its sole discretion, whether or not such Obligations are secured or guaranteed; 
  
 (f) refund at any time, at such Beneficiary’s sole discretion, any payments or recoveries received by such Beneficiary
in respect of any Obligations; and 
  
 (g) otherwise deal with the
Company or any other Obligor as such Beneficiary may elect in its sole discretion. 
  
 SECTION 17.5 CERTAIN WAIVERS.
 
  
 Each Guarantor waives:

  
 (a) the right to require the Beneficiaries to proceed against
the Company or any other Obligor, to proceed against or exhaust any collateral or to pursue any other remedy in any Beneficiary’s power whatsoever and the right to have the property of the Company or any other Obligor first applied to the
discharge of the Obligations; 
  
 (b) all rights and benefits
under applicable law purporting to reduce a Guarantor’s obligations in proportion to the obligation of the principal or providing that the obligation of a surety or Guarantor must neither be larger nor in other respects more burdensome than
that of the principal; 
  
 (c) the benefits of any statute of
limitations affecting the Obligations or any Guarantor’s liability hereunder; 
  
 (d) any requirement of marshaling or any other principle of election of remedies; 
  

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 (e) any right to assert against any Beneficiary any defense (legal or equitable), set-off, counterclaim
and other right that any Guarantor may now or any time hereafter have against the Company or any other Obligor; 
  
 (f) presentment, demand for payment or performance (including diligence in making demands hereunder), notice of dishonor or nonperformance, protest,
acceptance and notice of acceptance of the Obligor Guarantee, and, except to the extent expressly required by the Guaranteed Securities or this Indenture, all other notices of any kind, including (i) notice of any action taken or omitted by the
Beneficiaries in reliance hereon, (ii) notice of any default by the Company or any other Obligor, (iii) notice that any portion of the Obligations is due, (iv) notice of any action against the Company or any other Obligor, or any enforcement or
other action with respect to any collateral, or the assertion of any right of any Beneficiary hereunder; and 
  
 (g) all defenses that at any time may be available to any Guarantor by virtue of any valuation, stay, moratorium or other law now or hereafter in effect.

  
 SECTION 17.6 NO SUBROGATION; CERTAIN AGREEMENTS.
 
  
 (a) Each Guarantor waives
any and all rights of subrogation, indemnity or reimbursement, and any and all benefits of and rights to enforce any power, right or remedy that any beneficiary may now or hereafter have in respect of the obligations against the Company or any other
obligor (other than rights of contribution from other guarantors), and any and all other rights and claims (as defined in the bankruptcy code) any guarantor may have against the Company, under applicable law or otherwise, at law or in equity, by
reason of any payment under the obligor guarantee, unless and until the obligations shall have been paid in full. 
  
 (b) Each Guarantor assumes the responsibility for being and keeping itself informed of the financial condition of each other Obligor and of all other
circumstances bearing upon the risk of nonpayment of the Obligations or the Obligor Guarantee of any other Guarantor that diligent inquiry would reveal, and agrees that the Beneficiaries shall have no duty to advise any Guarantor of information
regarding such condition or any such circumstances. 
  
 SECTION 17.7 BANKRUPTCY
NO DISCHARGE.
 
  
 (a) Without limiting
Section 17.3, the Obligor Guarantee shall not be discharged or otherwise affected by any bankruptcy, reorganization or similar proceeding commenced by or against the Company or any other Obligor, including (i) any discharge of, or bar or stay
against collecting, all or any part of the Obligations in or as a result of any such proceeding, whether or not assented to by any Beneficiary, (ii) any disallowance of all or any portion of any Beneficiary’s claim for repayment of the
Obligations, (iii) any use of cash or other collateral in any such proceeding, (iv) any agreement or stipulation as to adequate protection in any such proceeding, (v) any failure by any Beneficiary to file or enforce a claim against the Company or
any other Obligor or its estate in any bankruptcy or reorganization case, (vi) any amendment, modification, stay or cure of any Beneficiary’s rights that may occur in any such proceeding, (vii) any election by any Beneficiary under Section
1112(b)(2) of the Bankruptcy Code, or (viii) any borrowing or grant of a lien under Section 364 of the Bankruptcy Code. Each Guarantor understands and acknowledges that 
  

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 by virtue of the Obligor Guarantee, it has specifically assumed any and all risks of any such proceeding with respect to
the Company and each other Obligor. 
  
 (b) Notwithstanding
anything to the contrary herein contained, the Obligor Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time any payment, or any part thereof, of any or all of the Obligations is rescinded, invalidated,
declared to be fraudulent or preferential or otherwise required to be restored or returned by any Beneficiary in connection with any bankruptcy, reorganization or similar proceeding involving the Company, any other Obligor or otherwise or if any
Beneficiary elects to return any such payment or proceeds or any part thereof in its sole discretion, all as though such payment had not been made or such proceeds not been received. 
  
 SECTION 17.8 RIGHTS OF CONTRIBUTION.
 
  
 (a) In order to provide for
just and equitable contribution among the Guarantors in connection with the respective Obligor Guarantees, the Guarantors have agreed among themselves that if any Guarantor satisfies some or all of the Obligations of the Company guaranteed by it
hereunder (a “Funding Guarantor”), the Funding Guarantor shall be entitled to contribution from the other Guarantors that have positive Maximum Net Worth (as defined below) for all payments made by the Funding Guarantor in satisfying such
Obligations, so that each Guarantor that remains obligated under it Subsidiary Guarantee at the time that a Funding Guarantor makes such payment (a “Remaining Guarantor”) and has a positive Maximum Net Worth shall bear a portion of such
payment equal to the percentage that such Remaining Guarantor’s Maximum Net Worth bears to the aggregate Maximum Net Worth of all Remaining Guarantors that have positive Maximum Net Worth. 
  
 (b) For purposes of this Section 17.8, the following terms are defined as set
forth below: 
  
 “Net Worth” means, with respect to any
Guarantor, the amount, as of any date of calculation, by which the sum of such Person’s assets (including subrogation, indemnity, contribution, reimbursement and similar rights that such Guarantor may have), determined on the basis of a
“fair valuation” or their “fair salable value” (whichever is the applicable test under Section 548 and other relevant provisions of Bankruptcy Code, and the relevant state fraudulent conveyance or transfer laws) is greater than
the amount that will be required to pay all of such Person’s debts, in each case matured or unmatured, contingent or otherwise, as of the date of calculation, but excluding liabilities arising under its Obligor Guarantee and excluding, to the
maximum extent permitted by applicable law with the objective of avoiding rendering such Person insolvent, liabilities subordinated to the Obligations under such Obligor Guarantees arising out of loans or advances made to such Person by any other
Person. 
  
 “Maximum Net Worth” means, with respect to
any Guarantor, the greatest of the Net Worths calculated as of the following dates: (A) the date of which the Guarantor becomes a Guarantor hereunder, (B) the date on which such Guarantor expressly reaffirms its Subsidiary Guarantee, (C) the date on
which demand for payment is made on such Guarantor hereunder, (D) the date on which payment is made by such Guarantor hereunder or (E) the date on which any judgment, order or decree is entered requiring such Guarantor to make payment hereunder or
in respect hereof. 
  

 -74- 

 The meaning of the terms “fair valuation” and “fair salable value” and the
calculation of assets and liabilities shall be determined and made in accordance with the relevant provisions of any Bankruptcy Code and applicable state fraudulent conveyance or transfer laws. 
  
 SECTION 17.9 LIMITATION ON LIABILITY.
 
  
 If the obligations of any
Guarantor hereunder otherwise would be subject to avoidance under Section 548 of the Bankruptcy Code or any applicable state law relating to fraudulent conveyances or fraudulent transfers, taking into consideration such Guarantor’s (i) rights
of reimbursement and indemnity from the Company with respect to amounts paid by such Guarantor and (ii) rights of contribution from other Guarantors pursuant to Section 17.8, then such obligations hereby are reduced to the largest amount that would
make them not subject to such avoidance. Any Person asserting that such Guarantor’s obligations are so avoidable shall have the burden (including the burden of production and persuasion) of proving (a) that, without giving effect to this
paragraph, such Guarantor’s obligations hereunder would be avoidable and (b) the extent to which such obligations are reduced by operation of this paragraph. 
  
 SECTION 17.10 APPLICATION OF CERTAIN TERMS AND PROVISIONS TO THE GUARANTORS.
 
  
 (a) For purposes of any
provision of this Indenture which provides for the delivery by any Guarantor of an Officer’s Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.01 shall apply to such Subsidiary Guarantor as if references
therein to the Company were references to such Guarantor. 
  
 (b)
Any request, direction, order or demand which by any provision of this Indenture is to be made by any Guarantor, shall be sufficient if evidenced as described in Section 18.2 as if references therein to the Company were references to such Guarantor.

  
 (c) Upon any demand, request or application by any Guarantor
to the Trustee to take any action under this Indenture, such Guarantor shall furnish to the Trustee such certificates and opinions as are required in Section 1.02 hereof as if all references therein to the Company were references to such Guarantor.

  
 SECTION 17.11 EXECUTION AND DELIVERY OF GUARANTEE.
 
  
 Each Guarantor shall be
deemed to have signed on each Debt Security issued hereunder any required notation of guarantee to the same extent as if the signature of such Guarantor appeared on such Debt Security. The delivery of any Debt Security by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of the Obligor Guarantee set forth in Section 17.2 on behalf of each Guarantor. The notation of a guarantee set forth on any Debt Security shall be null and void and of no further
effect with respect to the Obligor Guarantee of any Guarantor which, pursuant to Section 17.12 or Section 17.13, is released from such Guarantee. 
  

 -75- 

 SECTION 17.12 GUARANTOR MAY CONSOLIDATE, ETC. ON CERTAIN TERMS.
 
  
 (a) Nothing contained in
this Indenture or in any of the Debt Securities shall prevent any consolidation or merger of a Guarantor with or into the Company or any other Guarantor. Upon any such consolidation or merger, the Obligor Guarantee (as set forth in Section 17.2) of
the Guarantor which is not the survivor of the merger or consolidation, shall be released and shall no longer have any force or effect. 
  
 (b) Nothing contained in this Indenture shall prevent any sale or conveyance of assets of any Guarantor (whether or not constituting all or substantially
all of the assets of such Guarantor) to any Person, provided that the Company shall comply with any applicable terms of this Indenture, and provided further that, subject to Section 17.13, in the event that all of the assets of a Guarantor are sold
or conveyed, the Obligor Guarantee of such Guarantor (as set forth in Section 17.2) shall be released and shall no longer have any force or effect. 
  
 (c) Except as provided in Section 17.12(a) or Section 17.13, each Guarantor shall not, directly or indirectly, consolidate with or merge with or into
another Person, unless (i) either (a) the Guarantor is the continuing entity or (b) the resulting or surviving entity is a corporation organized under the laws of the United States, any state thereof or the District of Columbia and expressly assumes
by supplemental indenture all of the obligations of the Guarantor in connection with the Debt Securities and this Indenture; (ii) no Default or Event of Default would occur as a consequence of (after giving effect, on a pro forma basis, to) such
transaction; and (iii) the Guarantor has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation or merger and if a supplemental indenture is required, such supplemental indenture comply
with this Indenture and that all conditions precedent herein relating to such transaction have been satisfied. 
  
 (d) Upon any consolidation or merger of a Guarantor in accordance with Section 17.12, the successor corporation formed by such consolidation or into which
the Guarantor is merger shall succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Indenture with the same effect as if such successor corporation had been named herein a the Guarantor, and when a
successor corporation duly assumes all of the obligations of the Guarantor pursuant hereto and pursuant to the Debt Securities, the Guarantor shall be released from such obligations. 
  
 SECTION 17.13 RELEASE OF GUARANTORS.
 
  
 (a) Without further notice
or action being required by any Person, but subject to Section 10.1, any Guarantor, and each Subsidiary of such Guarantor that is also a Guarantor, shall be fully and conditionally released and discharged from all obligations under its Obligor
Guarantee and this Indenture, upon (i) the sale or other disposition of all of the assets or properties of such Guarantor, or 50% or more of the equity interests of any such Guarantor or Persons other than the Company and their Subsidiaries or (ii)
the consolidation or merger of any such Guarantor with any Person other than the Company or a Subsidiary of the Company, if, as a result of such consolidation or merger, Persons other than the Company and their Subsidiaries beneficially own more
than 50% of the capital stock of such Guarantor, provided, that, in either such case, the proceeds of any such sale, disposition, 
  

 -76- 

 merger or consolidation are applied in accordance with this Indenture; or (iii) a defeasance as provided in Article XV
hereof. 
  
 (b) The releases and discharges set forth in Section
17.13(a) shall be effective (i) in the case of releases and discharges effected pursuant to clause (i) or (ii) of Section 17.13(a) by virtue of a sale, disposition, consolidation or merger, on the date of consummation thereof and (ii) in the case of
releases and discharges effected pursuant to clause (iii) of Section 17.13(a), upon the date of defeasance. At the written request of the Company, the Trustee shall promptly execute and deliver appropriate instruments in forms reasonably acceptable
to the Company evidencing and further implementing any releases and discharges pursuant to the foregoing provisions. If the Company desires the instruments evidencing or implementing any releases or discharges to be executed prior to the
effectiveness of such releases and discharges as set forth above, necessary to cause the effectiveness of such releases and discharges, as specified in the first sentence of this Section 17.13. 
  
 (c) Notwithstanding the foregoing provisions of this Article XVII, (i) any
Guarantor whose Obligor Guarantee would otherwise be released pursuant to the provisions of this Section 17.13 may elect, by written notice to the Trustee, to maintain such Obligor Guarantee in effect notwithstanding the event or events that
otherwise would cause the release of such Obligor Guarantee (which election to maintain such guarantee in effect may be conditional or for a limited period of time), and (ii) any Subsidiary of the Company which is not a Guarantor may elect, by
written notice to the Trustee, to become a Guarantor (which election may be conditional or for a limited period of time). 
  
 SECTION 17.14 CERTAIN BANKRUPTCY EVENTS.
 
  
 Each Guarantor hereby
covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event of the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company, such Guarantor shall not file (or join in any filing of),
or otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even temporarily) execution on the Obligor Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution.

  
 ARTICLE XVIII
 
  
 MISCELLANEOUS 
  
 SECTION 18.1 NOTICES, ETC., TO TRUSTEE AND COMPANY
. 
  
 Any Act of holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with: 
  
 (a) the Trustee by any holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made,
given, furnished or filed in writing (which may be via facsimile) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department, or 
  
 (b) the Company by the Trustee or by any holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and 
  

 -77- 

 mailed, first-class postage prepaid or airmail postage prepaid if sent from outside the United States, to the Company
addressed to it at the address of its principal office specified in the first paragraph of this instrument, to the attention of its Treasurer, or at any other address previously furnished in writing to the Trustee by the Company. 
  
 Any such Act or other document shall be in the English language, except that
any published notice may be in an official language of the country of publication. 
  
 SECTION 18.2 NOTICE TO HOLDERS; WAIVER.
 
  
 When this Indenture
provides for notice to holders of any event, such notice shall be sufficiently given to holders (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to such holders as their names and addresses appear
in the Security Register, within the time prescribed; provided, however, that, in any case, any notice to holders of Floating Rate Securities regarding the determination of a periodic rate of interest, if such notice is required pursuant to Section
3.1, shall be sufficiently given if given in the manner specified pursuant to Section 3.1. 
  
 In the event of suspension of regular mail service or by reason of any other cause it shall be impracticable to give notice by mail, such notification as shall be given with the approval of the Trustee shall
constitute sufficient notice for every purpose hereunder. 
  
 In
the event of suspension of publication of any Authorized Newspapers or by reason of any other cause it shall be impracticable to give notice by publication, such notification as shall be given with the approval of the Trustee shall constitute
sufficient notice for every purpose hereunder. 
  
 Where this
Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by holders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance on such waiver. In any case where notice to holders is given by mail, neither the failure to mail such notice nor any
defect in any notice so mailed to any particular holder shall affect the sufficiency of such notice with respect to other holders, and any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given.
In any case where notice to holders is given by publication, any defect in any notice so published as to any particular holder shall not affect the sufficiency of such notice with respect to other holders, and any notice which is published in the
manner herein provided shall be conclusively presumed to have been duly given. 
  
 SECTION 18.3 CONFLICT WITH TRUST INDENTURE ACT.
 
  
 If any provision hereof
limits, qualifies or conflicts with the duties imposed on any person by the provisions of Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  

 -78- 

 SECTION 18.4 COUNTERPARTS; SIGNATURES VIA FACSIMILE; EFFECT OF HEADINGS AND TABLE OF CONTENTS.
 
  
 This Indenture may be
executed in any number of counterparts, each of which when executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. In the event that any signature to this Indenture or to any
other document delivered pursuant to or in connection with execution of this Indenture is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile signature page were an original thereof. The Article and Section headings herein and in the Table of Contents are for convenience only and shall not affect the construction hereof.

  
 SECTION 18.5 SUCCESSORS AND ASSIGNS.
 
  
 All covenants and
agreements in this Indenture by the parties hereto shall bind their respective successors and assigns and inure to the benefit of their permitted successors and assigns, whether so expressed or not. 
  
 SECTION 18.6 SEPARABILITY CLAUSE.
 
  
 In case any provision in
this Indenture or in the Debt Securities 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 18.7 BENEFITS OF INDENTURE.
 
  
 Nothing in this Indenture
or in the Debt Securities, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent and their successors hereunder, and the holders, any benefit or any legal or equitable right, remedy or
claim under this Indenture. 
  
 SECTION 18.8 GOVERNING LAW.
 
  
 This Indenture and the Debt
Securities shall be deemed to be contracts made and to be performed entirely in the State of New York, and for all purposes shall be governed by and construed in accordance with the internal laws of said State without regard to the conflicts of law
rules of said State. 
  
 SECTION 18.9 LEGAL HOLIDAYS.
 
  
 Unless otherwise specified
pursuant to Section 3.1 or in any Debt Security, in any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Debt Security of any series shall not be a Business Day at any Place of Payment for the Debt Securities of that
series, then (notwithstanding any other provision of this Indenture or of the Debt Securities) payment of principal (and premium, if any) or interest need not be made at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or at the Stated Maturity, and no interest shall accrue on the amount so payable for the period from and after such
Interest Payment Date, Redemption Date or 
  

 -79- 

 Stated Maturity, as the case may be, to such Business Day if such payment is made or duly provided for on such Business
Day. 
  
 SECTION 18.10 NO RECOURSE AGAINST OTHERS.
 
  
 No direct or indirect
incorporator, employee, shareholder, director or officer, as such, past, present or future of the Company or any successor corporation or any of the Company’s Affiliates, shall have any personal liability in respect of the obligations of the
Company under the Debt Securities or this Indenture, either directly or through the Company, by reason of his, her or its status as such incorporator, shareholder, employee, director or officer. Each holder by accepting a Debt Security waives and
releases all such liability. Such waiver and release are part of the consideration for the issuance of the Debt Securities. 
  
 [Signatures on following pages] 
  

 -80- 

 SIGNATURES 
  

	 Dated as of September 25, 2003
	 	 	 	 THE ISSUER
  
 PINNACLE ENTERTAINMENT, INC.

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chairman and Chief Executive Officer

  

	 	 	 	 	 THE GUARANTORS
  
 BELTERRA RESORT INDIANA, LLC
  
 By: Pinnacle Entertainment, Inc., its Sole Member and Managing Member

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chairman and Chief Executive Officer

  

	 	 	 	 	BILOXI CASINO CORP.
				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	 BOOMTOWN, INC.

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	CASINO MAGIC CORP
				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	 CASINO ONE CORPORATION

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	 CRYSTAL PARK HOTEL & CASINO DEVELOPMENT
COMPANY, LLC
  
 By:
HP/Compton, Inc., its Sole Member and Manager

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	 HP/COMPTON, INC.

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	 LOUISIANA-I GAMING, A LOUISIANA PARTNERSHIP IN
COMMENDAM
  
 By: Louisiana
Gaming Enterprises, Inc., its General Partner

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	 LOUISIANA GAMING ENTERPRISES, INC.

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	 PNK (BOSSIER CITY), INC.

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer

  

	 	 	 	 	 PNK (LAKE CHARLES), L.L.C.
  
 By: Pinnacle Entertainment, Inc., its Sole Member and Manager

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chairman and Chief Executive Officer

  

	 	 	 	 	 PNK (RENO), LLC (F/K/A BOOMTOWN HOTEL & CASINO,
INC.)
  
 By: Pinnacle
Entertainment, Inc., its Member

				
	 	 	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	 	 	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 	 	 	 	 Title:
	 	Chairman and Chief Executive Officer

  

	 Dated as of September 25, 2003
	 	 	 	 THE TRUSTEE
  
 THE BANK OF NEW YORK,

				
	 	 	 	 	By:	 	 /s/    STACEY B.
POINDEXTER        

	 	 	 	 	 	 	 	 	 Name:
	 	Stacey B. Poindexter
	 	 	 	 	 	 	 	 	 Title:
	 	Assistant Treasurer

  

 -81- 

 EXHIBIT A 
  
 [FORM OF REDEEMABLE OR NONREDEEMABLE DEBT SECURITY] [FACE OF DEBT SECURITY] 
  
 [THIS DEBT SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE
REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL NOTE SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.] 
  
 [IF THIS
DEBT SECURITY IS AN ORIGINAL ISSUE DISCOUNT DEBT SECURITY, INSERT—FOR PURPOSES OF SECTIONS 1273 AND 1275 OF THE UNITED STATES INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS DEBT SECURITY IS
            % OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS
                    , 20         [AND] THE YIELD TO MATURITY IS
             %. THE METHOD USED TO DETERMINE THE AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD OF
                    , 20         TO
                , 20        , IS             %
OF THE PRINCIPAL AMOUNT OF THIS DEBT SECURITY.] 
  
 PINNACLE
ENTERTAINMENT, INC. [DESIGNATION OF SERIES] 
  

	 No.                            
	  	$                            	  	CUSIP
No                            

  
 PINNACLE
ENTERTAINMENT, INC., a Delaware corporation (herein referred to as the “Company,” which term includes any successor corporations under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
                 or registered assigns the principal sum of
                                        
Dollars on                  (the “Stated Maturity Date”) [OR INSERT DATE FIXED FOR EARLIER REDEMPTION (the “Redemption Date” and, together
with the Stated Maturity Date with respect to principal repayable on such date, the “Maturity Date”)]. 
  
 [IF THE DEBT SECURITY IS TO BEAR INTEREST PRIOR TO MATURITY, INSERT—and to pay interest thereon from
                                        
         or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on
                             and
                             in each year (each, an “Interest Payment Date”), commencing
                            , at the rate of
            % per annum, until the principal hereof is paid or duly provided for. 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 Holder in whose name this Debt 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 defined below), as the case may be,
next preceding such Interest Payment 
  

 -i- 

 Date [at the office or agency of the Company maintained for such purpose; PROVIDED, HOWEVER, that such interest may be
paid, at the Company’s option, by mailing a check to such Holder at his or her registered address or by transfer of funds to an account maintained by such Holder within the United States]. 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 Holder in whose name this Debt Security (or one or more Predecessor Debt Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Debt Securities of this series not less than 15 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 on which the Debt Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months.] 
  
 [IF THE DEBT SECURITY IS NOT TO BEAR INTEREST PRIOR TO MATURITY, INSERT— The principal of this Debt Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon
redemption or at the [Stated] Maturity Date and in such case the overdue principal of this Debt Security shall bear interest at the rate of
                    % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the
date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall
bear interest at the rate of             % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand
for payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 
  
 The principal of this Debt Security payable on the [Stated] Maturity Date [or the principal of, premium, if any, and, if the Redemption Date is not an
Interest Payment Date, interest on this Debt Security payable on the Redemption Date] will be paid against presentation of this Debt Security at the office or agency of the Company maintained for that purpose in
                        , in such coin or currency of the United States as at the time of payment is legal tender for the
payment of public and private debts. 
  
 Interest payable on this
Debt Security on any Interest Payment Date and on the [Stated] Maturity Date [or Redemption Date, as the case may be,] will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been
paid or duly provided for (or from and including                     , if no interest has been paid on this Debt Security) to but excluding
such Interest Payment Date or the [Stated] Maturity Date [or Redemption Date, as the case may be]. If any Interest Payment Date or the [Stated] Maturity Date [or Redemption Date] falls on a day that is not a Business Day, principal, premium, if any,
and/or interest payable with respect to such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding Business Day with the same force and effect as if it were paid on the date
such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be]. “Business Day” means any day, other
than a Saturday or Sunday, on which banking institutions or trust companies in [                ] are authorized to close. 
  

 -ii- 

 [IF THIS DEBT SECURITY IS A GLOBAL DEBT SECURITY, INSERT—All payments of principal, premium, if any,
and interest in respect of this Debt Security will be made by the Company in immediately available funds.] 
  
 Reference is hereby made to the further provisions of this Debt Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place. 
  
 Unless the
Certificate of Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Debt 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. 
  

	 PINNACLE ENTERTAINMENT, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 -iii- 

 [Reverse of Debt Security] 
  
 PINNACLE ENTERTAINMENT, INC. 
  
 This Debt Security is one of a duly authorized issue of securities of the Company, issued and to be issued in one or more series under an Indenture, dated
as of                     , 2002 (herein called the “Indenture”) between the Company and
                            , as Trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture with respect to the series of which this Debt Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Debt Securities, and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. This Debt Security is one of the duly
authorized series of Debt Securities designated on the face hereof (collectively, the “Debt Securities”), [IF APPLICABLE, INSERT—and the aggregate principal amount of the securities to be issued under such series is limited to
$                 (except for Debt Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Debt Securities).] All terms
used in this Debt Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  
 If an Event of Default shall occur and be continuing, the principal of the Debt Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture. 
  
 [IF APPLICABLE,
INSERT—The Debt Securities may not be redeemed prior to the [Stated] Maturity Date.] 
  
 The rights of each Holder and any beneficial owner of the Debt Securities are subject to the Gaming Laws and requirements of the Gaming Authorities. Each holder and beneficial owner, by accepting or otherwise
acquiring an interest in the Debt Securities, shall be deemed to have agreed that if the Gaming Authority of any jurisdiction in which the Company or any of its subsidiaries conducts or proposes to conduct gaming requires that a Person who is a
holder or beneficial owner must be licensed, qualified or found suitable under the applicable Gaming Laws, such holder or beneficial owner shall apply for a license, qualification or a finding of suitability within the required time period. If such
Person fails to apply or become licensed or qualified or is found unsuitable, then the Company shall have the right, at its option, notwithstanding any other provision of this Indenture (i) to require such Person to dispose of its Debt Securities or
beneficial interest therein within 30 days of receipt of notice of the Company’s election or such earlier date as may be requested or prescribed by such Gaming Authority or (ii) to redeem such Debt Securities at a redemption price equal to 100%
of the principal amount thereof, plus accrued and unpaid interest to the earlier of the redemption date and the date of the finding of unsuitability, which may be less than 30 days following the notice of redemption if so requested or prescribed by
the Gaming Authority, or such lesser amount as may be required by applicable law or by order of any Gaming Authority. The Company shall notify the Trustee in writing of any such redemption as soon as practicable. The Company shall not be responsible
for any costs or expenses any such holder or beneficial owner may incur in connection with its application for a license, qualification or a finding of suitability. Notwithstanding any other provision of this Indenture, immediately upon the
imposition of a requirement to dispose of Debt Securities by a Gaming Authority, such Person shall, to the extent required by applicable Gaming Law, 
  

 -iv- 

 have no further right (i) to exercise, directly or indirectly, through any trustee, nominee or any other person or
entity, any right conferred by the Debt Securities or (ii) to receive any interest, dividends or any other distributions or payments with respect to the Debt Securities or any remuneration in any form with respect to the Debt Securities from the
Company or the Trustee, except the redemption price. 
  
 [IF
APPLICABLE, INSERT—The Debt Securities are subject to redemption [(a) [IF APPLICABLE, INSERT—on                      in any year
commencing with the year              and ending with the year              through operation of the sinking fund
for this series at a Redemption Price equal to 100% of the principal amount and (b)] [IF APPLICABLE, INSERT—at any time [on or after
                    ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of
the principal amount): If redeemed on or before                 ,             % and if redeemed
during the 12-month period beginning                      of the years indicated, at the Redemption Prices indicated below. 
  

	 Year
	  	 Redemption Price
	  	 Year
	  	 Redemption Price

  
 and thereafter at a Redemption Price
equal to             % of the principal amount, together, in the case of any such redemption [IF APPLICABLE, INSERT—(whether through operation of the sinking fund or
otherwise)], with accrued interest to the Redemption Date; PROVIDED, HOWEVER, that installments of interest on this Debt Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Debt Security, or
one or more Predecessor Debt Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 
  
 [IF APPLICABLE, INSERT—The Debt Securities are subject to redemption (a) on
                     in any year commencing with the year              and
ending with the year through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below and (b) at any
time on or after                     ], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption
otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: 
  
 If redeemed during the 12-month period beginning of the years indicated, 
  

	Redemption Price for Redemption Otherwise Than Through Operation of the Sinking Fund	 	Redemption Price for Redemption Through Operation of Sinking Fund	 	Year

  
 and thereafter at a Redemption Price
equal to         % of the principal amount, together, in the case of any such redemption (whether through operation of the sinking fund or otherwise), with accrued interest to the Redemption Date;
PROVIDED, HOWEVER, that installments of interest on this Debt Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Debt Security, or one or more Predecessor Debt 
  

 -v- 

 Securities, of record at the close of business on the relevant record dates referred to on the face hereof, all as
provided in the Indenture.] 
  
 [IF APPLICABLE,
INSERT—Notwithstanding the foregoing, the Company may not, prior to                      redeem any Debt Securities as contemplated by
[clause (b) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of money borrowed having an interest cost to the Company (calculated in accordance with generally
accepted financial practice) of less than             % per annum.] 
  
 [IF APPLICABLE, INSERT—The sinking fund for the Debt Securities provides for the redemption on
                     in each year, beginning with the year              and
ending with the year             , of [not less than] $            ] [(“mandatory sinking fund”) and not
more than $                ] aggregate principal amount of the Debt Securities. [The Debt Securities acquired or redeemed by the Company otherwise than through
[mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made in the [DESCRIBE ORDER] order in which they become due.]] 
  
 Notice of redemption will be given by mail to Holders of Debt Securities, not
less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture. 
  
 In the event of redemption of the Debt Security in part only, a new Debt Security or Debt Securities for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the cancellation hereof. 
  
 [IF APPLICABLE, INSERT CONVERSION PROVISIONS SET FORTH IN ANY BOARD RESOLUTION OR INDENTURE SUPPLEMENTAL TO THE INDENTURE.] 
  
 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 Debt Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of at least a majority of the aggregate principal amount of all Debt Securities issued under
the indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of at least a majority of the aggregate principal amount of the Outstanding Debt Securities, on behalf of the Holders of all
such Debt Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than at least a majority of the aggregate principal amount, in certain
instances, of the Outstanding Debt Securities of any series to waive, on behalf of all of the Holders of Debt Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Debt Security shall be conclusive and binding upon such Holder and upon all future Holders of this Debt Security and other Debt Securities issued upon the registration of transfer hereof or in exchange therefore or in lieu hereof, whether or
not notation of such consent or waiver is made upon this Debt Security. 
  
 No reference herein to the Indenture and no provision of this Debt 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 Debt Security at the times, rates and in the coin or currency, herein prescribed. 
  

 -vi- 

 As provided in the Indenture and subject to certain limitations therein [and herein] set forth, the
transfer of this Debt Security is registrable in the Security Register of the Company upon surrender of this security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and
interest on this Debt Security are payable, 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 hereof or by his attorney duly authorized in
writing, and thereupon one or more new Debt Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
  
 As provided in the Indenture and subject to certain limitations therein [and
herein] set forth, this Debt Security is exchangeable for a like aggregate principal amount of Debt Securities of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering
the same. 
  
 The Debt Securities of this series are issuable only
in registered form [without coupons] in denominations of $                 and any integral multiple thereof. No service charge shall be made for any such
registration of transfer or exchange, 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 Debt 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 Debt Security is registered as the owner hereof for all purposes, whether or not this Debt Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
  
 No recourse shall be had for the payment of the principal of or premium, if any, or the interest on this Debt Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any
indenture supplemental thereto, against any past, present or future incorporator, stockholder, employee, officer or director, as such, of the Company or of any successor or Affiliate of the Company, either directly or through the Company or any
successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released. 
  
 [IF APPLICABLE, INSERT—The
obligations of the Company under the Indenture shall be guaranteed as set forth in the Indenture.] 
  
 [IF APPLICABLE, INSERT—The obligations of the Company under the Indenture shall be secured as set forth in the Indenture.] 
  
 The Indenture and the Debt Securities shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State. 
  

 -vii- 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the series of Debt Securities issued under the within-mentioned Indenture. 
  

	[NAME OF TRUSTEE], as Trustee
		
	 By:
	 	  

	Authorized Signatory:	 	  

  

 -viii-Supplemental Indenture

Table of Contents

 Exhibit 4.2 
  
 PINNACLE ENTERTAINMENT, INC. 
  
 Company 
  
 BELTERRA RESORT INDIANA, LLC 
 BILOXI CASINO CORP. 
 BOOMTOWN, INC. 
 CASINO MAGIC CORP. 
 CASINO ONE CORPORATION 
 CRYSTAL PARK HOTEL AND CASINO DEVELOPMENT COMPANY, LLC 
 HP/COMPTON, INC. 
 LOUISIANA GAMING ENTERPRISES, INC. 
 LOUISIANA—I GAMING, A LOUISIANA PARTNERSHIP IN COMMENDAM 
 PNK (RENO), LLC 
 PNK (LAKE CHARLES), L.L.C. 
 PNK (BOSSIER CITY), INC. (F/K/A CASINO MAGIC OF LOUISIANA CORP.) 
  
 Initial Guarantors 
  
 83⁄4% SENIOR SUBORDINATED NOTES DUE 2013 
  

  
 FIRST SUPPLEMENTAL INDENTURE

  
 Dated as of September 25, 2003 
  

  
 THE BANK OF NEW YORK 
 Trustee 
  

Table of Contents

 
TABLE OF CONTENTS 
  

	 	  	 	  	Page

		
	 
ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE 
	  	2
			
	         Section 1.1.
	  	
Definitions.	  	2
			
	         Section 1.2.
	  	
Other Definitions.	  	21
			
	         Section 1.3.
	  	
Incorporation by Reference of Trust Indenture Act.	  	22
			
	         Section 1.4.
	  	
Rules of Construction.	  	22
		
	 
ARTICLE 2. THE NOTES 
	  	22
			
	         Section 2.1.
	  	
Form and Dating	  	22
			
	         Section 2.2.
	  	
Execution and Authentication	  	23
			
	         Section 2.3.
	  	
Registrar and Paying Agent	  	23
			
	         Section 2.4.
	  	
Paying Agent to Hold Money in Trust	  	24
			
	         Section 2.5.
	  	
Holder Lists	  	24
			
	         Section 2.6.
	  	
Transfer and Exchange	  	24
			
	         Section 2.7.
	  	
Replacement Notes	  	27
			
	         Section 2.8.
	  	
Outstanding Notes	  	27
			
	         Section 2.9.
	  	
Treasury Notes	  	28
			
	         Section 2.10.
	  	
Temporary Notes	  	28
			
	         Section 2.11.
	  	
Cancellation	  	28
			
	         Section 2.12.
	  	
Defaulted Interest	  	28
			
	         Section 2.13.
	  	
CUSIP Numbers	  	29
		
	 
ARTICLE 3. REDEMPTION AND PREPAYMENT 
	  	29
			
	         Section 3.1.
	  	
Notices to Trustee	  	29
			
	         Section 3.2.
	  	
Selection of Notes to Be Redeemed	  	29
			
	         Section 3.3.
	  	
Notice of Redemption	  	29
			
	         Section 3.4.
	  	
Effect of Notice of Redemption	  	30
			
	         Section 3.5.
	  	
Deposit of Redemption Price	  	30
			
	         Section 3.6.
	  	
Notes Redeemed in Part	  	31
			
	         Section 3.7.
	  	
Redemption	  	31
			
	         Section 3.8.
	  	
Mandatory Redemption	  	32
			
	         Section 3.9.
	  	
Offer to Purchase by Application of Excess Proceeds	  	33
		
	 
ARTICLE 4. COVENANTS 
	  	34
			
	         Section 4.1.
	  	
Payment of Notes	  	34
			
	         Section 4.2.
	  	
Maintenance of Office or Agency	  	34
			
	         Section 4.3.
	  	
Reports	  	35
			
	         Section 4.4.
	  	
Compliance Certificate	  	35
			
	         Section 4.5.
	  	
Taxes	  	36
			
	         Section 4.6.
	  	
Stay, Extension and Usury Laws	  	36
			
	         Section 4.7.
	  	
Restricted Payments	  	36
			
	         Section 4.8.
	  	
Incurrence of Indebtedness and Issuance of Preferred Stock	  	41
			
	         Section 4.9.
	  	
Asset Sales	  	41
			
	         Section 4.10.
	  	
Transactions with Affiliates	  	43
			
	         Section 4.11.
	  	
Continued Existence	  	44
			
	         Section 4.12.
	  	
Offer to Repurchase Upon Change of Control	  	44
			
	         Section 4.13.
	  	
Limitation on Liens	  	45

  

 -i- 

Table of Contents

	 	  	 	  	Page

			
	         Section 4.14.
	  	
Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.	  	45
			
	         Section 4.15.
	  	
No Subordinated Debt Senior To The Notes or Guarantees.	  	46
			
	         Section 4.16.
	  	
Material Restricted Subsidiaries To Become Guarantors.	  	46
			
	         Section 4.17.
	  	
Lines of Business.	  	46
		
	 
ARTICLE 5. SUCCESSORS 
	  	46
			
	         Section 5.1.
	  	
Merger, Consolidation, or Sale of Assets.	  	46
			
	         Section 5.2.
	  	
Successor Entity Substituted.	  	47
		
	 
ARTICLE 6. DEFAULTS AND REMEDIES 
	  	48
			
	         Section 6.1.
	  	
Events of Default.	  	48
			
	         Section 6.2.
	  	
Acceleration.	  	49
			
	         Section 6.3.
	  	
Other Remedies.	  	50
			
	         Section 6.4.
	  	
Waiver of Past Defaults.	  	50
			
	         Section 6.5.
	  	
Control by Majority.	  	51
			
	         Section 6.6.
	  	
Limitation on Suits.	  	51
			
	         Section 6.7.
	  	
Rights of Holders of Notes to Receive Payment.	  	51
			
	         Section 6.8.
	  	
Collection Suit by Trustee.	  	51
			
	         Section 6.9.
	  	
Trustee May File Proofs of Claim.	  	52
			
	         Section 6.10.
	  	
Priorities.	  	52
			
	         Section 6.11.
	  	
Undertaking for Costs.	  	52
			
	         Section 6.12.
	  	
Remedies Subject to Applicable Law.	  	53
			
	         Section 6.13.
	  	
Restoration of Rights and Remedies.	  	53
			
	         Section 6.14.
	  	
Rights and Remedies Cumulative.	  	53
			
	         Section 6.15.
	  	
Section 6.15 Delay or Omission Not Waiver.	  	53
		
	 
ARTICLE 7. TRUSTEE 
	  	53
			
	         Section 7.1.
	  	
Certain Duties and Responsibilities.	  	53
			
	         Section 7.2.
	  	
Notice of Defaults.	  	54
			
	         Section 7.3.
	  	
Certain Rights of Trustee.	  	55
			
	         Section 7.4.
	  	
Not Responsible For Recitals of the Issuance of Notes	  	56
			
	         Section 7.5.
	  	
May Hold Debt Securities.	  	56
			
	         Section 7.6.
	  	
Money Held in Trust.	  	56
			
	         Section 7.7.
	  	
Compensation and Reimbursement.	  	56
			
	         Section 7.8.
	  	
Disqualification; Conflicting Interests.	  	57
			
	         Section 7.9.
	  	
Corporate Trustee Required; Eligibility.	  	57
			
	         Section 7.10.
	  	
Resignation and Removal; Appointment of Successor.	  	57
			
	         Section 7.11.
	  	
Acceptance of Appointment by Successor.	  	58
			
	         Section 7.12.
	  	
Merger, Conversion, Consolidation or Succession to Business.	  	59
			
	         Section 7.13.
	  	
Preferential Collection of Claims Against Company. 	  	59
			
	         Section 7.14.
	  	
Reports by Trustee to Holders of the Notes 	  	59
		
	 
ARTICLE 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
	  	60
			
	         Section 8.1.
	  	
Option to Effect Legal Defeasance or Covenant Defeasance.	  	60
			
	         Section 8.2.
	  	
Legal Defeasance and Discharge.	  	60
			
	         Section 8.3.
	  	
Covenant Defeasance.	  	60
			
	         Section 8.4.
	  	
Conditions to Legal or Covenant Defeasance.	  	61
			
	         Section 8.5.
	  	
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	62

  

 -ii- 

Table of Contents

	 	  	 	  	Page

			
	         Section 8.6.
	  	
Repayment to Company. 	  	62
			
	         Section 8.7.
	  	
Reinstatement. 	  	62
		
	 
ARTICLE 9. AMENDMENT, SUPPLEMENT AND WAIVER 
	  	63
			
	         Section 9.1.
	  	
Without Consent of Holders of Notes	  	63
			
	         Section 9.2.
	  	
With Consent of Holders of Notes	  	63
			
	         Section 9.3.
	  	
Compliance with Trust Indenture Act	  	65
			
	         Section 9.4.
	  	
Revocation and Effect of Consents	  	65
			
	         Section 9.5.
	  	
Notation on or Exchange of Notes	  	65
			
	         Section 9.6.
	  	
Trustee to Sign Amendments, etc.	  	65
			
	         Section 9.7.
	  	
Amendment Related to Subordination	  	65
		
	 
ARTICLE 10. SUBORDINATION 
	  	66
			
	         Section 10.1.
	  	
Agreement to Subordinate	  	66
			
	         Section 10.2.
	  	
Certain Definitions	  	66
			
	         Section 10.3.
	  	
Liquidation; Dissolution; Bankruptcy	  	67
			
	         Section 10.4.
	  	
Default on Designated Senior Debt	  	67
			
	         Section 10.5.
	  	
Acceleration of Notes	  	68
			
	         Section 10.6.
	  	
When Distribution Must Be Paid Over	  	68
			
	         Section 10.7.
	  	
Notice by Company	  	69
			
	         Section 10.8.
	  	
Subrogation	  	69
			
	         Section 10.9.
	  	
Relative Rights	  	69
			
	         Section 10.10.
	  	
Subordination May Not Be Impaired by Obligors	  	70
			
	         Section 10.11.
	  	
Distribution or Notice to Representative	  	70
			
	         Section 10.12.
	  	
Rights of Trustee and Paying Agent	  	71
			
	         Section 10.13.
	  	
Authorization to Effect Subordination	  	71
			
	         Section 10.14.
	  	
Amendments	  	71
			
	         Section 10.15.
	  	
Notes are Pari Passu with the 91⁄4% Notes	  	72
		
	 
ARTICLE 11. SATISFACTION AND DISCHARGE 
	  	72
			
	         Section 11.1.
	  	
Satisfaction and Discharge	  	72
			
	         Section 11.2.
	  	
Application of Trust Money	  	73
		
	 
ARTICLE 12. MISCELLANEOUS 
	  	73
			
	         Section 12.1.
	  	
Trust Indenture Act Controls	  	73
			
	         Section 12.2.
	  	
Notices	  	73
			
	         Section 12.3.
	  	
Communication by Holders of Notes with Other Holders of Notes	  	74
			
	         Section 12.4.
	  	
Certificate and Opinion as to Conditions Precedent	  	74
			
	         Section 12.5.
	  	
Statements Required in Certificate or Opinion	  	75
			
	         Section 12.6.
	  	
Rules by Trustee and Agents	  	75
			
	         Section 12.7.
	  	
No Personal Liability of Directors, Officers, Employees and Stockholders	  	75
			
	         Section 12.8.
	  	
Governing Law	  	75
			
	         Section 12.9.
	  	
No Adverse Interpretation of Other Agreements	  	76
			
	         Section 12.10.
	  	
Successors	  	76
			
	         Section 12.11.
	  	
Severability	  	76
			
	         Section 12.12.
	  	
Counterpart Originals	  	76
			
	         Section 12.13.
	  	
Table of Contents, Headings, etc.	  	76

  

 -iii- 

Table of Contents

	 	  	 	  	Page

			
	         Section 12.14.
	  	 
First Supplemental Indenture.
	  	76
			
	         Section 12.15.
	  	 
Waiver of Jury Trial
	  	76
		
	 
ARTICLE 13. GUARANTY 
	  	76
			
	         Section 13.1.
	  	 
The Guaranty.
	  	76
			
	         Section 13.2.
	  	 
Nature of Guaranty.
	  	77
			
	         Section 13.3.
	  	 
Authorization.
	  	78
			
	         Section 13.4.
	  	 
Certain Waivers.
	  	78
			
	         Section 13.5.
	  	 
No Subrogation; Certain Agreements.
	  	79
			
	         Section 13.6.
	  	 
Bankruptcy No Discharge.
	  	80
			
	         Section 13.7.
	  	 
Execution and Delivery of Guaranty.
	  	80
			
	         Section 13.8.
	  	 
Severability of Void Guaranteed Obligations Under Guaranty.
	  	81
			
	         Section 13.9.
	  	 
Right of Contribution.
	  	81
			
	         Section 13.10.
	  	 
Additional Guarantors.
	  	82
			
	         Section 13.11.
	  	 
Release of a Guarantor.
	  	82
			
	 Exhibit A
	  	 Face of Note
	  	 
			
	 Exhibit B
	  	 Form of Notation of Guaranty
	  	 
			
	 Schedule I
	  	 Existing Investments
	  	 
			
	 Schedule II
	  	 Transactions with Affiliates
	  	 

  

 -iv- 

Table of Contents

 FIRST SUPPLEMENTAL INDENTURE dated as of September 25, 2003, among Pinnacle Entertainment, Inc., a
Delaware corporation (the “Company”), all of the existing and future Material Restricted Subsidiaries (as defined below) of the Company (collectively, the “Guarantors”) and The Bank of New York, a New York banking corporation, as
trustee (the “Trustee”). 
  
 THIS FIRST SUPPLEMENTAL
INDENTURE CONTAINS ALL OF THE TERMS RELEVANT TO THE 8.75% SENIOR SUBORDINATED NOTES DUE 2013 OF PINNACLE ENTERTAINMENT, INC. THE BASE INDENTURE (AS DEFINED HEREIN), AS IT MAY BE AMENDED AND SUPPLEMENTED FROM TIME TO TIME, AS TO WHICH THIS FIRST
SUPPLEMENTAL INDENTURE SUPPLEMENTS, NEED NOT BE REFERRED TO WITH RESPECT TO THE TERMS OF THE 8.75% SENIOR SUBORDINATED NOTES GOVERNED HEREBY. 
  
 WHEREAS, the Company and the Trustee have entered into an indenture dated as of September 25, 2003 (the “Base Indenture”); 
  
 WHEREAS, Sections 3.1 and 11.1 of the Base Indenture provide, among other
things, that the Obligors (as defined in the Base Indenture) and the Trustee may enter into a supplemental indenture to the Base Indenture for, among other things, the purpose of establishing the designation, form, terms and provisions of Debt
Securities (as defined in the Base Indenture) of any series; 
  
 WHEREAS, clause (d) of Section 11.1 of the Base Indenture provides that the Obligors (as defined in the Base Indenture) and the Trustee may enter into a supplemental indenture adding to, changing or eliminating any provision of the Base
Indenture with respect to one or more series of Debt Securities (as defined in the Base Indenture); provided, that any such change shall become effective only when there is no Outstanding Debt Security (as defined in the Base Indenture) of
any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision and as to which such supplemental indenture would apply; 
  
 WHEREAS, clause (g) of Section 11.1 of the Base Indenture provides that the Obligors (as defined in the Base Indenture) and
the Trustee may enter into a supplemental indenture to establish the form and terms of Debt Securities (as defined in the Base Indenture) of any series as permitted by Section 2.1 and 3.1 of the Base Indenture; 
  
 WHEREAS, at the time this supplemental indenture (the “First
Supplemental Indenture”) is being executed and delivered there is no Outstanding Debt Security (as defined in the Base Indenture) which is entitled to the benefit of such provision and as to which such First Supplemental Indenture would apply;

  
 WHEREAS, the Company desires to establish and issue a new
series of Debt Securities, the Company’s 83⁄4% Senior Subordinated Notes due 2013 (the “Notes”), pursuant to the Base Indenture, as modified by this First Supplemental Indenture; and 
  
 WHEREAS, the Company desires to enter into this First Supplemental Indenture
pursuant to Sections 3.1 and 11.1 of the Base Indenture to supplement the Base Indenture to establish the form, terms and provisions of the Notes and to make deletions, modifications and additions to the Base Indenture pertaining to the Notes as
contemplated by Sections 3.1 and 11.1 of the Base Indenture. 
  
 NOW, THEREFORE, in consideration of the foregoing, the parties hereto, for the benefit of each other and for the equal and proportionate benefit of all Persons who hereafter become Holders of Notes, hereby enter into this First Supplemental
Indenture which amends, modifies, supplements and restates in its entirety (except solely for the provisions of the Base Indenture which authorize the creation of this First Supplemental Indenture) the Base Indenture with respect to (and only with
respect to) the Notes, as follows: 
  

 -1- 

Table of Contents

 
ARTICLE 1. 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 
Section 1.1. Definitions. 
  
 “91⁄4% Notes” means the existing 91⁄4% Senior Subordinated Notes due 2007 issued by the Company. 
  
 “Additional Notes” means Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.2 and 4.8 hereof,
as part of the same series as the Initial Notes. 
  
 “Acquired Debt” means, with respect to any specified Person, Indebtedness of another Person and any of such other Person’s Subsidiaries existing at the time such other Person becomes a Subsidiary of such Person or at
the time it merges or consolidates with such Person or any of such Person’s Subsidiaries or is assumed by such Person or any Subsidiary of such Person in connection with the acquisition of assets from such other Person and in each case not
Incurred by such Person or any Subsidiary of such Person or such other Person in connection with, or in anticipation or contemplation of, such other Person becoming a Subsidiary of such Person or such acquisition, merger or consolidation.

  
 “Affiliate” means, when used with reference
to any Person (a) any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, the referent Person or such other Person, as the case may be, or (b) any director, officer or partner of such
Person or any Person specified in clause (a) above. For the purposes of this definition, the term “control” when used with respect to any specified Person means the power to direct or cause the direction of management or policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling,” and “controlled” have meanings correlative of the foregoing. None
of the Underwriters nor any of their respective Affiliates shall be deemed to be an Affiliate of any Obligor or of any of their respective Affiliates. 
  
 “Argentina Contribution Amount” means all amounts received by the Company or any Restricted Subsidiary as Argentina Receipts less (i) all
Reclassified Argentina Receipts and (ii) all amounts previously distributed under clause (n) of the second paragraph of Section 4.7. 
  
 “Argentina Receipts” means any dividend, distribution, payment, reimbursement or other amounts received from an Argentina Subsidiary by
the Company or any Restricted Subsidiary. 
  
 “Argentina
Subsidiaries” means Casino Magic Neuquen S.A. and Casino Magic Support Services S.A. and any successors thereto and any other Subsidiary which conducts operations in Argentina. 
  
 “Agent” means any Registrar, Paying Agent or co-registrar. 
  
 “Applicable Procedures” means, with respect to any transfer
or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Asset Acquisition” means (a) an Investment by any Obligor in any other Person pursuant to which such
Person shall become an Obligor or a Restricted Subsidiary of an Obligor or shall be merged into, or with any Obligor or Restricted Subsidiary of an Obligor, or (b) the acquisition by any Obligor of assets of any Person comprising a division or line
of business of such Person or all or substantially all of the assets of such Person. 
  

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 “Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease
(other than operating leases entered into in the ordinary course of business), assignment or other disposition (for purposes of this definition, each a “disposition”) by any Obligor (including, without limitation, pursuant to any sale and
leaseback transaction or any merger or consolidation of any Restricted Subsidiary of the Company with or into another Person (other than another Obligor) whereby such Restricted Subsidiary shall cease to be a Restricted Subsidiary of the Company) to
any Person of (a) any property or assets of any Obligor to the extent that any such disposition is not in the ordinary course of business of such Obligor, or (b) any Capital Stock of any Restricted Subsidiary, other than, in both cases: 

 
 (a) any disposition to the Company, 
  
 (b) any disposition to any Obligor or Restricted Subsidiary, 
  
 (c) any disposition that constitutes a Restricted Payment or a Permitted
Investment that is made in accordance with Section 4.7 hereof, 
  
 (d) any transaction or series of related transactions resulting in Net Cash Proceeds to such Obligor of less than $1 million, 
  
 (e) any transaction that is consummated in accordance with Section 5.1 hereof, 
  
 (f) the sale or discount, in each case without recourse (direct or indirect), of accounts receivable arising in the ordinary
course of business of the Company or such Restricted Subsidiary, as the case may be, but only in connection with the compromise or collection thereof, 
  
 (g) any pledge, assignment by way of collateral security, grant of security interest, hypothecation or mortgage, permitted by this Indenture or any
foreclosure, judicial or other sale, public or private, by the pledgee, assignee, mortgagee or other secured party of the subject assets, 
  
 (h) a disposition of assets constituting a Permitted Investment, or 
  
 (i) any disposition of undeveloped or substantially undeveloped real estate, provided that in such disposition (A) the
Obligor making such disposition receives consideration at the time of such disposition at least equal to the fair market value of the real estate assets disposed of (as determined reasonably and in good faith by the Board of such Obligor), and (B)
at least 60% of the consideration received from such disposition by the Obligor making such disposition is cash or Cash Equivalents and is received at the time of the consummation of such disposition. (For purposes of this provision, each of the
following shall be deemed to be cash: (x) any liabilities as shown on such Obligors’ most recent balance sheet (or in the notes thereto) (other than (i) Indebtedness subordinate in right of payment to the Notes, (ii) contingent liabilities,
(iii) liabilities or Indebtedness to Affiliates of the Company and (iv) Non-Recourse Indebtedness) that are assumed by the transferee of any such assets, and (y) to the extent of the cash received, any notes or other obligations received by the
Obligor making the disposition from such transferee that are converted by such Obligor into cash within 60 days of receipt.) 
  
 “Bank Credit Agreement” means the credit facility provided to the Company pursuant to the Amended and Restated Loan Agreement, dated as
of May 12, 2003, as amended, by and among the Company, the financial institutions from time to time named therein, and Bank of America, N.A., as Administrative Agent, as amended, restated, modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors or other purchasers) in whole or in part from time to time. 
  

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 “Bankruptcy Law” means the United States Bankruptcy Code and any other bankruptcy,
insolvency, receivership, reorganization, moratorium or similar law providing relief to debtors, in each case, as from time to time amended and applicable to the relevant case. 
  
 “Base Indenture” has the meaning set forth in the recitals hereof. 
  
 “Board” means the Board of Directors or similar governing
entity of an Obligor, the members of which are elected by the holders of Capital Stock of such Obligor or, if applicable, a duly-appointed committee of such Board of Directors or similar governing body, having jurisdiction over the subject matter at
issue. 
  
 “Business Day” means any day other
than a Legal Holiday. 
  
 “Capital Stock” means
(a) with respect to any Person that is a corporation, any and all shares, rights, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and preferred
stock of such Person, and (b) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person. 
  
 “Capitalized Lease Obligation” means, as to any Person, the discounted rental stream payable by such Person
that is required to be classified and accounted for as a capital lease obligation under GAAP and, for purposes of this definition, the amount of such obligation at any date shall be the capitalized amount of such obligation at such date, determined
in accordance with GAAP. The final maturity of any such obligation shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without penalty.

  
 “Cash Equivalents” means (a) Government
Securities; (b) certificates of deposit, eurodollar time deposits and bankers acceptances maturing within 12 months from the date of acquisition thereof by any Obligor and issued by any commercial bank organized under the laws of the United States
of America or any state thereof or the District of Columbia or any U.S. branch of foreign bank having, at the date of acquisition of the applicable Cash Equivalent, (i) combined capital and surplus of not less than $500 million and (ii) a commercial
paper rating of at least A-1 from S&P or at least P-1 from Moody’s; (c) repurchase obligations with a term of not more than seven days after the date of acquisition thereof by any Obligor for underlying securities of the types described in
clauses (a) , (b) and (d) of this definition, entered into with any financial institution meeting the qualifications specified in clause (b) of this definition; (d) commercial paper having a rating of at least P-1 from Moody’s or a rating of at
least A-1 from S&P on the date of acquisition thereof by any Obligor; (e) debt obligations of any corporation maturing within 12 months after the date of acquisition thereof by any Obligor, having a rating of at least P-1 or aaa from
Moody’s or A-1 or AAA from S&P on the date of such acquisition; and (f) mutual funds and money market accounts investing at least 90% of the funds under management in instruments of the types described in clauses (a) through (e) above and,
in each case, maturing within the period specified above for such instrument after the date of acquisition thereof by any Obligor. 
  
 “Clearstream” means Clearstream Bank, SA. 
  
 “Change of Control” means the occurrence of any of the following (a) the sale, lease, transfer, conveyance or other disposition (other
than by way of merger or consolidation), in one transaction or a series of related transactions, of all or substantially all of the assets of the Company, or the Company and its Restricted Subsidiaries taken as a whole, to any “person” (as
such term is used in Section 13(d) (3) of the Exchange Act) (as defined below), (b) the adoption, or, if applicable, the approval of any requisite percentage of the Company’s stockholders of a plan relating to the liquidation or dissolution of
the Company, (c) the consummation of any transaction (including, without limitation, any merger or 
  

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 consolidation) the result of which is that any “person” (as defined above) becomes the “beneficial
owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person has the right to acquire, whether such right
is currently exercisable or is exercisable only upon the occurrence of a subsequent condition), directly or indirectly, of more than 50% of the Voting Stock of the Company (measured by voting power rather than number of shares), or (d) during any
consecutive two-year period, individuals who at the beginning of such period constituted the Board of the Company (together with any new directors whose election to such Board or whose nomination for election by the stockholders of the Company was
approved by a vote of a majority of the directors of the Company then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to
constitute a majority of the Board of the Company then in office. 
  
 “Casino” means any gaming establishment and other property or assets directly ancillary thereto or used in connection therewith, including any building, restaurant, hotel, theater, parking facilities, retail shops, land,
golf courses and other recreation and entertainment facilities, marina, vessel, barge, ship and equipment. 
  
 “Company” means Pinnacle Entertainment, Inc., a Delaware corporation, and any and all successors thereto. 
  
 “Company Order” means a written request or order signed in
the name of the Company by the chairman of the Board, the president or an executive or senior vice president and by the treasurer, an assistant treasurer, the controller, an assistant controller, the secretary or an assistant secretary of the
Company, and delivered to the Trustee. 
  
 “Consolidated
Coverage Ratio” means, with respect to any Person on any date of determination, the ratio of (a) Consolidated EBITDA for the period of four fiscal quarters most recently ended prior to such date for which internal financial reports are
available, ended not more than 135 days prior to such date, to (b) (i) Consolidated Interest Expense during such period plus (ii) dividends on or in respect of any Capital Stock of any such Person paid in cash during such period; provided that the
Consolidated Coverage Ratio shall be calculated giving pro forma effect, as of the beginning of the applicable period, to any acquisition, Incurrence or redemption of Indebtedness (including the Notes), issuance or redemption of Disqualified Capital
Stock, acquisition, Asset Sale, purchases of assets that were previously leased or re-designation of a Restricted Subsidiary as an Unrestricted Subsidiary, at any time during or subsequent to such period, but on or prior to the applicable
Determination Date. In making such computation, Consolidated Interest Expense (a) attributable to any Indebtedness bearing a floating interest rate shall be computed on a pro forma basis as if the rate in effect on the date of computation had been
the applicable rate for the entire period, or (b) attributable to interest on any Indebtedness under a revolving Credit Facility shall be computed on a pro forma basis based upon the average daily balance of such Indebtedness outstanding during the
applicable period. 
  
 For purposes of calculating Consolidated
EBITDA of the Company for the most recently completed period of four full fiscal quarters ending on the last day of the last quarter for which internal financial statements are available (such period of four fiscal quarters, the “Measurement
Period”), not more than 135 days prior to the transaction or event giving rise to the need to calculate the Consolidated EBITDA, (a) any Person that is a Restricted Subsidiary on such Determination Date (or would become a Restricted Subsidiary
on such Determination Date in connection with the transaction that requires the determination of the Consolidated Coverage Ratio) shall be deemed to have been a Restricted Subsidiary at all times during such Measurement Period, (b) any Person that
is not a Restricted Subsidiary on such Determination Date (or would cease to be a Restricted Subsidiary on such Determination Date in 
  

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 connection with the transaction that requires the determination of the Consolidated Coverage Ratio) will be deemed not to
have been a Restricted Subsidiary at any time during such Measurement Period, (c) if the Company or any Restricted Subsidiary shall have in any manner (i) acquired (including through an Asset Acquisition or the commencement of activities
constituting such operating business) or (ii) disposed of (including by way of an Asset Sale or the termination or discontinuance of activities constituting such operating business) any operating business during such Measurement Period or after the
end of such Measurement Period and on or prior to the Determination Date, such calculation shall be made on a pro forma basis in accordance with GAAP as if, in the case of an Asset Acquisition or the commencement of activities constituting such
operating business, all such transactions had been consummated on the first day of such Measurement Period and, in the case of an Asset Sale or termination or discontinuance of activities constituting such operating business, all such transactions
had been consummated prior to the first day of such Measurement Period; provided, however, that such pro forma adjustment shall not give effect to the Consolidated EBITDA of any acquired Person to the extent that such Person’s net income would
be excluded pursuant to clause (f) of the definition of Consolidated Net Income and (d) any Indebtedness Incurred and proceeds thereof received and applied as a result of the transaction giving rise to the need to calculate the Consolidated Coverage
Ratio will be deemed to have been so Incurred, received and applied on the first day of such Measurement Period. 
  
 “Consolidated EBITDA” means, with respect to any Person for any period, the sum (without duplication) of (a) the Consolidated Net Income
of such Person for such period, plus (b) to the extent that any of the following shall have been taken into account in determining such Consolidated Net Income, and without duplication (i) all income taxes of such Person and its Restricted
Subsidiaries paid or accrued in accordance with GAAP for such period (other than income taxes attributable to extraordinary, unusual or nonrecurring gains or losses or taxes attributable to sales or dispositions of assets outside the ordinary course
of business), (ii) the Consolidated Interest Expense of such Person for such period, (iii) the amortization expense (including the amortization of deferred financing charges) and depreciation expense for such Person and its Restricted Subsidiaries
for such period, (iv) other non-cash items (other than non-cash interest) of such Person or any of its Restricted Subsidiaries (including any non-cash compensation expense attributable to stock option or other equity compensation arrangements),
other than any non- cash item for such period that requires the accrual of or a reserve for cash charges for any future period (except as otherwise provided in clause (v) below) and other than any non-cash charge for such period constituting an
extraordinary item of loss, and (v) any non-recurring costs or expenses of an acquired company or business incurred in connection with the purchase or acquisition of such acquired company or business by such Person and any non-recurring adjustments
necessary to conform the accounting policies of the acquired company or business to those of such Person, less (c) (i) all non-cash items of such Person or any of its Restricted Subsidiaries increasing such Consolidated Net Income for such period
other than the accrual of revenue in the ordinary course of business and (ii) all cash payments during such period relating to non-cash items that were added back in determining Consolidated EBITDA in any prior period, plus (d) pre-opening expenses
related to the currently contemplated expansion of the Belterra Casino Resort and the opening of the Lake Charles, Louisiana project. 
  
 “Consolidated Interest Expense” means, with respect to any Person for any period, the sum of (a) the consolidated interest expense of
such Person and its Restricted Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization of original issue discount, non- cash interest payments, the interest component of any deferred payment obligations,
the interest component of all payments associated with Capitalized Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net payments (if any)
pursuant to Hedging Obligations), and (b) the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such period, and (c) any interest accruing on Indebtedness of another Person that is guaranteed by such
Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries (whether or not such Support Obligation or 
  

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 Lien is called upon), and (d) the product of (i) all dividend payments on any series of preferred stock of such Person or
any of its Restricted Subsidiaries, times (ii) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each
case, on a consolidated basis and in accordance with GAAP. 
  
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate net income (or loss) of such Person and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance
with GAAP; provided, however, that there shall be excluded therefrom: 
  
 (a) net after-tax gains and losses from all sales or dispositions of assets outside of the ordinary course of business, 
  
 (b) net after-tax extraordinary or non-recurring gains or losses and losses on early extinguishment of debt, 
  
 (c) the effect of marking to market Interest Swap Obligations permitted to be
Incurred by clause (i) of Permitted Indebtedness. 
  
 (d) the
cumulative effect of a change in accounting principles, 
  
 (e)
any net income of any other Person if such other Person is not a Restricted Subsidiary and is accounted for by the equity method of accounting, except that such Person’s equity in the net income of any such other Person for such period shall be
included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such other Person during such period to such Person or a Restricted Subsidiary as a dividend or other distribution, (subject, in case of a dividend
or other distribution to a Restricted Subsidiary, to the limitation that such amount so paid to a Restricted Subsidiary shall be excluded to the extent that such amount could not at that time be paid to the Company due to the restrictions set forth
in clause (f) below (regardless of any waiver of such conditions)), 
  
 (f) any net income of any Restricted Subsidiary if such Restricted Subsidiary is subject to restrictions, directly or indirectly, by contract, operation of law, pursuant to its charter or otherwise on the payment of dividends or the making
of distributions by such Restricted Subsidiary to such Person except that (i) such Person’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount
of cash that could have been paid or distributed during such period to such Person as a dividend or other distribution (provided that such ability is not due to a waiver of such restriction) and (ii) such Person’s equity in a net loss of any
such Restricted Subsidiary for such period shall be included in determining such Consolidated Net Income regardless of any such restriction, 
  
 (g) any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income
accrued at any time following the Issue Date, 
  
 (h) income or
loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued), 
  
 (i) in the case of a successor to such Person by consolidation or merger or as a transferee of such Person’s assets,
any net income or loss of the successor corporation prior to such consolidation, merger or transfer of assets and 
  

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 (j) the net income (but not loss) of any Unrestricted Subsidiary, except that the Company’s or any
Restricted Subsidiary’s equity in the net income of any Unrestricted Subsidiary (other than the Argentina Subsidiaries) or other Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash
actually distributed by such Unrestricted Subsidiary or Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution; provided, however, that all Reclassified Argentina Receipts may be included in
determining Consolidated Net Income in the period in which the reclassification is made. 
  
 “Core Businesses” means the gaming, card club, racing, sports, entertainment, lodging, restaurant, riverboat operations, real estate development and all other businesses and activities necessary for
or reasonably related or incident thereto, including, without limitation, related acquisition, construction, development or operation of related truck stop, transportation, retail and other facilities designed to enhance any of the foregoing.

  
 “Corporate Trust Office of the Trustee” means
the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 101 Barclay Street, Floor 8 West, New York, New York 10286, Attention: Corporate Trust
Administration, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Company). 
  
 “Credit Facilities” means, with respect to any Obligor, one or more debt facilities (including, without limitation, the Bank Credit Agreement) or commercial paper facilities with any combination of banks, other
institutional lenders and other Persons extending financial accommodations or holding corporate debt obligations in the ordinary course of their business, providing for revolving credit loans, term loans, receivables financing (including through the
sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or
in part from time to time by the same or different institutional investors or other purchasers. 
  
 “Default” means any event that is or with the passage of time or the giving of notice or both would be an Event of Default. 

 
 “Definitive Note” means a Certificated Note registered in
the name of the Holder thereof and issued in accordance with Section 2.6 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of
Interests in the Global Note” attached thereto. 
  
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.3 hereof as the Depositary with respect to the Notes, and any and all successors thereto
appointed as depositary hereunder and having become such pursuant to the applicable provisions of this Indenture. 
  
 “Determination Date” means, with respect to any calculation, the date on or as of which such calculation is made in accordance with the
terms hereof. 
  
 “Disqualified Capital Stock”
means any Capital Stock which by its terms (or by the terms of any security into which it is, by its terms, convertible or for which it is, by its terms, exchangeable at the option of the holder thereof), or upon the happening of any specified
event, is required to be redeemed or is redeemable (at the option of the holder thereof) at any time prior to the earlier of the repayment of all Notes or the stated maturity of the Notes or is exchangeable at the option of the holder thereof for

  

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 Indebtedness at any time prior to the earlier of the repayment of all Notes or the stated maturity of the
Notes. 
  
 “Equity Interests” means Capital Stock
and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
  
 “Euroclear” means Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear
system. 
  
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
  
 “First Supplemental
Indenture” has the meaning set forth in the recitals hereof. 
  
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date.

  
 “Gaming Approval” means any governmental
approval, license, registration, qualification or finding of suitability relating to any gaming business, operation or enterprise. 
  
 “Gaming Authority” means any governmental authority with regulatory oversight of, authority to regulate or jurisdiction over any gaming
businesses, operations, or enterprises, including the Nevada State Gaming Control Board, Washoe County, Nevada and City of Reno, Nevada gaming authorities, Nevada Gaming Commission, Mississippi Gaming Commission, Indiana Gaming Commission,
California Gambling Control Commission and the Louisiana Gaming Control Board with regulatory oversight of, authority to regulate or jurisdiction over any existing or proposed gaming business, operation or enterprise owned, managed or operated by
any Obligor. 
  
 “Gaming Laws” means all
applicable provisions of all (a) constitutions, treaties, statutes or laws governing gaming operations (including, without limitation, card club casinos and pari-mutuel race tracks) and, rules, regulations and ordinances of any Gaming Authority, (b)
Gaming Approvals and (c) orders, decisions, judgments, awards and decrees of any Gaming Authority. 
  
 “Global Note” means a permanent global note in registered form deposited with the Trustee, as a custodian for The Depositary Trust
Company or any other designated depositary. 
  
 “Government Securities” means marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency or instrumentality thereof and backed by the full faith and
credit of the United States, in each case maturing within 12 months from the date of acquisition thereof by any Obligor. 
  
 “Guarantor” means any existing or future Material Restricted Subsidiary of the Company, which has guaranteed the obligations of the
Company arising under or in connection with the Notes, as required by this Indenture. 
  
 “Guaranty” means a guaranty by a Guarantor of the Obligations of the Company arising under or in connection with the Notes. 
  
 “Holder” means a Person in whose name a Note is registered. 
  

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 “Incur” means, with respect to any Indebtedness of any Person or any Lien, to create,
issue, incur (by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in respect of such Indebtedness or Lien or the recording, as required pursuant to GAAP or otherwise, of any such Indebtedness on the balance sheet of
such Person (and “Incurrence,” “Incurred,” “Incurrable” and “Incurring” shall have meanings correlative to the foregoing). 
  
 “Indebtedness” means with respect to any Person, without duplication, whether contingent or otherwise, (a)
any obligations for money borrowed, (b) any obligation evidenced by bonds, debentures, notes, or other similar instruments, (c) Letter of Credit Obligations and obligations in respect of other similar instruments, (d) any obligations to pay the
deferred purchase price of property or services, including Capitalized Lease Obligations, (e) the maximum fixed redemption or repurchase price of Disqualified Capital Stock, (f) Indebtedness of other Persons of the types described in clauses (a)
through (e) of this definition, secured by a Lien on the assets of such Person or its Restricted Subsidiaries, valued, in such cases where the recourse thereof is limited to such assets, at the lesser of the principal amount of such Indebtedness or
the fair market value of the subject assets, (g) Indebtedness of other Persons of the types described in clauses (a) through (e) of this definition, guaranteed by such Person or any of its Restricted Subsidiaries and (h) the net obligations of such
Person under Hedging Obligations; provided that the amount of any Indebtedness at any date shall be calculated as the outstanding balance of all unconditional obligations and the maximum liability supported by any contingent obligations at such
date. Notwithstanding the foregoing, “Indebtedness” shall not be construed to include trade payables, credit on open account, accrued liabilities, provisional credit, daylight overdrafts or similar items. For purposes hereof, the
“maximum fixed redemption or repurchase price” of any Disqualified Capital Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified
Capital Stock were repurchased on the date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair
market value shall be determined reasonably and in good faith by the Board of the issuing Person. Unless otherwise specified herein, the amount outstanding at any time of any Indebtedness issued with original issue discount is the full amount of
such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP. 
  

“Indenture” means the Base Indenture, as amended by this First Supplemental Indenture and as amended or supplemented from time to time
by one or more other supplemental indentures. 
  
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
  
 “Initial Notes” means the first $135,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof.

  
 “Interest Payment Date” means the Stated
Maturity of an installment of interest on the Notes. 
  
 “Interest Swap Obligations” means the net obligations of any Person under any interest rate protection agreement, interest rate future, interest rate option, interest rate swap, interest rate cap, collar or floor
transaction or other interest rate Hedging Obligation. 
  
 “Investment” by any Person means, without duplication, any direct or indirect (a) loan, advance or other extension of credit or capital contribution (valued at the fair market value thereof as of the date of contribution or
transfer) (by means of transfers of cash or other property or services for the account or use of other Persons, or otherwise), (b) purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness
issued by any other Person (whether by merger, consolidation, amalgamation or otherwise and whether or not purchased directly from the issuer of such 
  

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 securities or evidences of Indebtedness), (c) guarantee or assumption of any Indebtedness or any other obligation of any
other Person (except for an assumption of Indebtedness for which the assuming Person receives consideration at the time of such assumption in the form of property or assets with a fair market value at least equal to the principal amount of the
Indebtedness assumed), and (d) all other items that would be classified as investments (including, without limitation, purchases of assets outside the ordinary course of business) on a balance sheet of such Person prepared in accordance with GAAP.
Notwithstanding the foregoing, the purchase or acquisition of any securities, Indebtedness or Productive Assets of any other Person solely with Qualified Capital Stock shall not be deemed to be an Investment. The term “Investments” shall
also exclude extensions of trade credit and advances to customers and suppliers to the extent made in the ordinary course of business on ordinary business terms. The amount of any non-cash Investment shall be the fair market value of such
Investment, as determined conclusively in good faith by management of the Company or the affected Restricted Subsidiary, as applicable, unless the fair market value of such Investment exceeds $5 million, in which case the fair market value shall be
determined conclusively in good faith by the Board of such Person as of the time such Investment is made or such other time as specified in this Indenture. Unless otherwise required by this Indenture, the amount of any Investment shall not be
adjusted for increases or decreases in value, or write-ups, write-downs or write-offs subsequent to the date such Investment is made with respect to such Investment. 
  
 “Issue Date” means September 25, 2003. 
  
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York
or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and
no interest shall accrue for the intervening period. 
  
 “Letter of Credit Obligations” means Obligations of an Obligor arising under or in connection with letters of credit. 
  
 “Lien” means, with respect to any assets, any mortgage, lien, pledge, charge, security interest or other similar encumbrance (including,
without limitation, any conditional sale or other title retention agreement or lease in the nature thereof, any option or other agreement to sell, and any filing of or agreement to give, any security interest). 
  
 “Limited Real Estate Development” means the development or
improvement of (a) any undeveloped or substantially undeveloped real estate held by the Company or a Subsidiary on the date of this Indenture or (b) any undeveloped or substantially undeveloped real estate that is acquired by the Company or a
Subsidiary in an acquisition of a company that is primarily in the Casino business. 
  
 “Material Restricted Subsidiary” means any Subsidiary which is both a Material Subsidiary and a Restricted Subsidiary. 
  
 “Material Subsidiary” means any Subsidiary of the Company organized under the laws of the United States or
any state thereof, other than a Non-Material Subsidiary. 
  
 “Moody’s” means Moody’s Investors Services, Inc., and its successors. 
  
 “Net Cash Proceeds” means with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents including payments in
respect of deferred payment obligations when received in the form of cash or Cash Equivalents received by any Obligor from such Asset Sale, net of (a) reasonable out-of- pocket expenses, fees and other direct costs relating to such Asset Sale
(including, without limitation, brokerage, legal, accounting and investment banking fees and sales commissions), (b) taxes 
  

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 paid or payable after taking into account any reduction in tax liability due to available tax credits or deductions and
any tax sharing arrangements, (c) repayment of Indebtedness (other than any intercompany Indebtedness) that is required by the terms thereof to be repaid or pledged as cash collateral, or the holders of which otherwise have a contractual claim that
is legally superior to any claim of the holders (including a restriction on transfer) to the proceeds of the subject assets, in connection with such Asset Sale, and (d) appropriate amounts to be provided by any applicable Obligor, as a reserve, in
accordance with GAAP, against any liabilities associated with such Asset Sale and retained by limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification
obligations associated with such Asset Sale and any reserve for adjustment to the sale price received in such Asset Sale for so long as such reserve is held. 
  
 “Non-Material Subsidiaries” means all Subsidiaries not designated as Material Subsidiaries by the Company; provided, that all such
Subsidiaries (other than Unrestricted Subsidiaries and foreign Restricted Subsidiaries) may not, in the aggregate at any time have assets (attributable to the Company’s and its Restricted Subsidiaries’ equity interest in such entity)
constituting more than 5% of the Company’s total assets on a consolidated basis based on the Company’s most recent internal financial statements. As of the Issue Date, the Non-Material Subsidiaries shall be all of the Company’s
Subsidiaries existing as of the Issue Date other than the Guarantors as of the Issue Date and the Unrestricted Subsidiaries as of the Issue Date. 
  
 “Non-Recourse Indebtedness” means Indebtedness of an Unrestricted Subsidiary (a) as to which none of the Obligors (i) provides credit
support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (ii) is directly or indirectly liable (as a guarantor or otherwise), or (iii) constitutes the lender, (b) no default with respect to which
(including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness (other than the Notes being offered hereby)
of any Obligor to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated maturity, and (c) as to which the lenders have been notified in writing that they will not have any recourse
to the stock or assets of any Obligor. The foregoing notwithstanding, if an Obligor or a Restricted Subsidiary makes a loan to an Unrestricted Subsidiary that is permitted under Section 4.7 hereof and is otherwise permitted to be incurred under this
Indenture, such loan shall constitute Non-Recourse Indebtedness. 
  
 “Note Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
  
 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as
a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 
  
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and
other liabilities, whether absolute or contingent, payable under the documentation governing any Indebtedness. 
  
 “Obligor” means the Company or any Guarantor and all foreign Restricted Subsidiaries. 
  
 “Officer” means, (i) with respect to any Person that is a
corporation, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, the Assistant Secretary or any
Vice-President of such Person and (ii) with respect to any other Person, the individuals selected by the Board of 
  

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 Directors or corresponding governing or managing body of such Person to perform functions similar to those of the
officers listed in clause (i). 
  
 “Officers’
Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the
Company, that meets the requirements of Sections 12.4 and 12.5 hereof. 
  
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee complying with the requirements of Sections 12.4 and 12.5 hereof. The counsel may be an employee of or counsel to
the Company or any Subsidiary of the Company. 
  
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and
Clearstream). 
  
 “Permitted Indebtedness” means,
without duplication, each of the following: 
  
 (a) Indebtedness
of the Company or any Restricted Subsidiary outstanding on the Issue Date (other than the Bank Credit Agreement) as reduced by the amount of any scheduled amortization payments or mandatory prepayments when actually paid or permanent reductions
thereof; 
  
 (b) Indebtedness Incurred by the Company under the
Notes and by the Guarantors under the Guarantees; 
  
 (c)
Indebtedness Incurred by the Company or any Restricted Subsidiary pursuant to the Bank Credit Agreement or other senior Indebtedness; provided that the aggregate principal amount of all such Indebtedness outstanding under this clause (c) as of any
date of Incurrence shall not exceed $350 million, to be reduced dollar-for-dollar by the amount of (i) any increase to the face amount of Support Obligations permitted to be Incurred pursuant to clause (k) of this definition and (ii) the aggregate
amount of all Net Cash Proceeds of Asset Sales applied by an Obligor to permanently prepay or repay Indebtedness under the Bank Credit Agreement pursuant to Section 4.9; 
  
 (d) Indebtedness of the Company to any Obligor or of any Guarantor to any other Obligor for so long as such Indebtedness is
held by the Company or by another Obligor; provided that (i) any Indebtedness of the Company to any other Obligor is unsecured and evidenced by an intercompany promissory note that is subordinated, pursuant to a written agreement, to the
Company’s obligations under this Indenture and the Notes, and (ii) if as of any date any Person other than the Company or a Guarantor owns or holds any such Indebtedness or holds a Lien in respect of such Indebtedness, such date shall be deemed
to be an Incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (d) by the issuer of such Indebtedness; 
  
 (e) Indebtedness of a Restricted Subsidiary to the Company for so long as such Indebtedness is held by an Obligor; provided that if as of any date any
Person other than an Obligor acquires any such Indebtedness or holds a Lien in respect of such Indebtedness, such acquisition shall be deemed to be an Incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (e) by the
issuer of such Indebtedness; 
  
 (f) Permitted Refinancing
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 (g) the Incurrence by Unrestricted Subsidiaries of Non-Recourse Indebtedness; provided that, if any such
Indebtedness ceases to be Non- Recourse Indebtedness of an Unrestricted Subsidiary, such event shall be deemed to constitute an Incurrence of Indebtedness that is not permitted by this clause (g); 
  
 (h) Indebtedness Incurred by the Company or any Restricted Subsidiary solely
to finance the construction or acquisition or improvement of, or consisting of Capitalized Leased Obligations Incurred to acquire rights of use in, capital assets useful in the Company’s or such Subsidiary’s business, as applicable, and,
in any such case, Incurred prior to or within 180 days after the construction, acquisition, improvement or leasing of the subject assets, not to exceed in aggregate principal amount outstanding at any time (i) $15 million for each of the Company or
any Restricted Subsidiary, or (ii) $60 million in the aggregate for all of the Company and its Restricted Subsidiaries, and additional Indebtedness of the kind described in this clause (h) with respect to which neither the Company nor any Restricted
Subsidiary is directly or indirectly liable, and which is expressly made non-recourse to all of such Person’s assets, except the asset so financed; 
  
 (i) Interest Swap Obligations entered into not as speculative Investments but as hedging transactions designed to protect the Company and its Restricted
Subsidiaries against fluctuations in interest rates in connection with Indebtedness otherwise permitted hereunder; 
  
 (j) Indebtedness of the Company or any Restricted Subsidiary arising in respect of performance bonds and completion guaranties (to the extent that the
Incurrence thereof does not result in the Incurrence of any obligation for the payment of borrowed money of others), in the ordinary course of business, in amounts and for the purposes customary in such Person’s industry; provided, that such
Indebtedness shall be Incurred solely in connection with the development, construction, improvement or enhancement of assets useful in such Person’s business; 
  
 (k) other Indebtedness consisting of Support Obligations not exceeding $25 million in aggregate principal amount at any
time, which may be increased by the Company in its discretion, subject to availability under, and a corresponding reduction to, the principal amount of Indebtedness permitted to be Incurred under the Bank Credit Agreement pursuant to clause (c) of
this definition; 
  
 (l) the guarantee by a Guarantor of other
Indebtedness of the Company provided such other Indebtedness was outstanding on the Issue Date or was, at the time it was incurred, permitted to be incurred by the Company under the Indenture; provided that if the Indebtedness being guaranteed is
subordinated to or pari passu with the Notes, then the guarantee shall be subordinated, or pari passu with, as applicable, to the same extent as the Indebtedness guaranteed; 
  
 (m) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted
Subsidiaries of shares of preferred stock; provided, however, that: 
  
 (i) any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary; and 
  
 (ii) any sale or other transfer of any such preferred stock
to a Person that is not either the Company or a Restricted Subsidiary of the Company; 
  
 will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (m); and 
  
 (n) Indebtedness in an amount not to exceed $25 million under a junior
pay-in-kind note incurred in order to redeem or repurchase Capital Stock of the Company upon a final determination by any Gaming Authority of the unsuitability of a holder or beneficial owner of Capital Stock of the 
  

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 Company or upon any other requirement or order by any Gaming Authority having jurisdiction over the Company prohibiting a
holder from owning, beneficially or otherwise, the Company’s Capital Stock, provided that the Company has used its reasonable best efforts to effect a disposition of such capital stock to a third party and has been unable to do so; provided,
further, that such junior pay-in-kind note: 
  
 (i) is expressly subordinated to the Notes, 
  
 (ii) provides that no installment of principal matures (whether by its terms, by optional or mandatory redemption or otherwise) earlier than three months after the maturity of the Notes, 
  
 (iii) provides for no cash payments of interest, premium or
other distributions earlier than six months after the maturity of the Notes and provides that all interest, premium or other distributions may only be made by distributions of additional junior pay-in-kind notes, which such in-kind distributions
shall be deemed Permitted Indebtedness, and 
  
 (iv) contains provisions whereby the holder thereof agrees that prior to the maturity or payment in full in cash of the Notes, regardless of whether any insolvency or liquidation has occurred against any Obligor, such holder will not
exercise any rights or remedies or institute any action or proceeding with respect to such rights or remedies under such junior pay-in-kind note. 
  
 “Permitted Investments” means, without duplication, each of the following: 
  
 (a) Investments in cash (including deposit accounts with major commercial banks) and Cash Equivalents; 
  
 (b) Investments by the Company or a Restricted Subsidiary in the Company or
any Restricted Subsidiary or any Person that is or will immediately become upon giving effect to such Investment, or as a result of which, such Person is merged, consolidated or liquidated into, or conveys substantially of all its assets to, an
Obligor or a Restricted Subsidiary; provided that Investments in any such Person (other than the Company or any Restricted Subsidiary) made prior to such Investment shall not be “Permitted Investments”; and provided, further, that for
purposes of calculating at any date the aggregate amount of Investments made since the Issue Date pursuant Section 4.7 hereof, such Investment shall be a Permitted Investment only so long as any Subsidiary in which any such Investment has been made
continues to be an Obligor or a Restricted Subsidiary; 
  
 (c)
Investments existing on the Issue Date, each such Investment to be (i) in an amount less than $1 million, (ii) listed on Schedule I to this Indenture, or (iii) an existing Investment by any one or combination of the Company and its consolidated
subsidiaries in any other such Person; 
  
 (d) accounts receivable
created or acquired in the ordinary course of business of the Company or any Restricted Subsidiary on ordinary business terms; 
  
 (e) Investments arising from transactions by the Company or a Restricted Subsidiary with trade creditors or customers in the ordinary course of business
(including any such Investment received pursuant to any plan of reorganization or similar arrangement pursuant to the bankruptcy or insolvency of such trade creditors or customers or otherwise in settlement of a claim); 
  
 (f) Investments made as the result of non-cash consideration received from an
Asset Sale that was made pursuant to and in compliance with the covenant described in Section 4.9; and 
  

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 (g) Investments consisting of advances to officers, directors and employees of the Company or a
Restricted Subsidiary for travel, entertainment, relocation, purchases of Capital Stock of the Company or a Restricted Subsidiary permitted by this Indenture and analogous ordinary business purposes; 
  
 (h) Interest Swap Obligations consisting of Permitted Indebtedness under
clause (9) thereof; and 
  
 (i) Transfers by the Company of the
following agreements to an Unrestricted Subsidiary: 
  
 (i) Letter Agreement, dated as of September 25, 1995, between Casino Magic Corp. and Casino Magic Neuquen S.A. relating to slot machine leases; 
  
 (ii) Letter Agreement, dated as of September 25, 1995, between Casino Magic Corp. and Casino Magic Neuquen S.A. relating to technical
assistance services; and 
  
 (iii) Letter
Agreement, dated as of September 25, 1995, between Casino Magic Corp. and Casino Magic Neuquen S.A. relating to the non-exclusive license of the trade name “Casino Magic.” 
  
 “Permitted Junior Securities” means Equity Interests in the Obligors or debt securities that are
subordinated to all Senior Debt (and any debt securities issued in exchange for Senior Debt) to substantially the same extent as, or to a greater extent than, the Notes and the Guaranties are subordinated to Senior Debt pursuant to Article 10
hereof. 
  
 “Permitted Liens” means: 
  
 (a) Liens in favor of the Company or Liens on the assets of any Guarantor so
long as such Liens are held by another Obligor; 
  
 (b) Liens on
property of a Person existing at the time such Person is merged into or consolidated with the Company or a Restricted Subsidiary; provided that such Liens were not Incurred in anticipation of such merger or consolidation and do not extend to any
assets other than those of the Person merged into or consolidated with the Company or such Restricted Subsidiary, as applicable; 
  
 (c) Liens on property existing at the time of acquisition thereof by any Obligor or Restricted Subsidiary; provided that such Liens were not Incurred in
anticipation of such acquisition; 
  
 (d) Liens Incurred to secure
Indebtedness permitted by clause (h) of the definition of Permitted Indebtedness, attaching to or encumbering only the subject assets and directly related property such as proceeds (including insurance proceeds) and products thereof and accessions,
replacements and substitutions thereof; 
  
 (e) Liens to secure
the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 
  
 (f) Liens created by “notice” or “precautionary” filings in connection with operating leases or other
transactions pursuant to which no Indebtedness is Incurred by the Company or any Restricted Subsidiary; 
  
 (g) Liens existing on the Issue Date; 
  

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 (h) Liens for taxes, assessments or governmental charges or claims (including, without limitation, Liens
securing the performance of workers compensation, social security, or unemployment insurance obligations) that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded;
provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 
  
 (i) Liens on shares of any equity security or any warrant or option to purchase an equity security or any security which is convertible into an equity
security issued by any Obligor that holds, directly or indirectly through a holding company or otherwise, a license under any Gaming Law; provided that this clause (i) shall apply only so long as the Gaming Laws provide that the creation of any
restriction on the disposition of any of such securities shall not be effective and, if such Gaming Laws at any time cease to so provide, then this clause (i) shall be of no further effect; 
  
 (j) Liens on securities constituting “margin stock” within the
meaning of Regulation T, U or X promulgated by the Board of Governors of the Federal Reserve System, to the extent that (i) prohibiting such Liens would result in the classification of the Obligations of the Company under the Notes as a
“purpose credit” and (ii) the Investment by any Obligor in such margin stock is permitted by this Indenture; 
  
 (k) Liens securing Permitted Refinancing Indebtedness; provided that any such Lien attaches only to the assets encumbered by the predecessor Indebtedness,
unless the Incurrence of such Liens is otherwise permitted hereunder; 
  
 (l) Liens securing stay and appeal bonds or judgment Liens in connection with any judgment not giving rise to an Event of Default under Section 6.1(e) ; 
  
 (m) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other
Liens imposed by law incurred in the ordinary course of business, securing obligations not constituting Indebtedness and not past due; provided that adequate reserves shall have been established therefor in accordance with GAAP; 
  
 (n) easements, rights of way, zoning restrictions, reservations,
encroachments and other similar charges or encumbrances in respect of real property which do not individually or in the aggregate, materially interfere with the conduct of business by any Obligor; 
  
 (o) any interest or title of a lessor under any Capitalized Lease Obligation
permitted to be Incurred hereunder; 
  
 (p) Liens upon specific
items of inventory or equipment and proceeds thereof, Incurred to secure obligations in respect of bankers’ acceptances issued or created for the account of any Obligor or Restricted Subsidiary in the ordinary course of business to facilitate
the purchase, shipment, or storage of such inventory or equipment; 
  
 (q) Liens securing Letter of Credit Obligations permitted to be Incurred hereunder Incurred in connection with the purchase of inventory or equipment by an Obligor or Restricted Subsidiary in the ordinary course of business and secured only
by such inventory or equipment, the documents issued in connection therewith and the proceeds thereof; and 
  
 (r) Liens in favor of the Trustee arising under Section 7.7 hereof. 
  
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any Restricted Subsidiary
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 extend, refinance, renew, replace, defease or refund other Permitted Indebtedness of such Person arising under clauses
(a), (b), (f), (h), (j) or (k) of the definition of “Permitted Indebtedness” or Indebtedness Incurred under the Consolidated Coverage Ratio test in Section 4.8 hereof (any such Indebtedness, “Existing Indebtedness”); provided
that: 
  
 (a) the principal amount of such Permitted Refinancing
Indebtedness does not exceed the principal amount and accrued interest of such Existing Indebtedness (plus the amount of prepayment penalties, fees, premiums and expenses incurred or paid in connection therewith), except to the extent that the
Incurrence of such excess is otherwise permitted by this Indenture; 
  
 (b) if such Indebtedness is subordinated to, or pari passu in right of payment with, the Notes, such Permitted Refinancing Indebtedness has a final maturity date on or later than the final maturity date of, and has a Weighted Average Life
to Maturity equal to or greater than the Weighted Average Life to Maturity of, such Existing Indebtedness; 
  
 (c) if such Existing Indebtedness is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date on
or later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the holders of Notes as those contained in the documentation governing the Indebtedness being repaid, redeemed,
extended, refinanced, renewed, replaced, defeased or refunded; and 
  
 (d) such Permitted Refinancing Indebtedness shall be Indebtedness solely of the Obligor or Restricted Subsidiary obligated thereunder, unless otherwise permitted by this Indenture. 
  
 “Person” means any individual, corporation, partnership,
joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or agency or political subdivision thereof (including any subdivision or ongoing business of any such entity or
substantially all of the assets of any such entity, subdivision or business). 
  
 “Plan of Liquidation” means, with respect to any Person, a plan (including by operation of law) that provides for, contemplates or the effectuation of which is preceded or accomplished by (whether or
not substantially contemporaneously) (a) the sale, lease or conveyance of all or substantially all of the assets of such Person otherwise than as an entirety or substantially as an entirety, and (b) the distribution of all or substantially all of
the proceeds of such sale, lease, conveyance, or other disposition and all or substantially all of the remaining assets of such Person to holders of Capital Stock of such Person. 
  
 “Productive Assets” means assets (including assets owned directly or indirectly through Capital Stock of a
Restricted Subsidiary) of a kind used or usable in the businesses of the Obligors as they are conducted on the date of the Asset Sale. 
  
 “Public Equity Offering” means a public equity offering, underwritten by a nationally recognized underwriter pursuant to an effective
registration statement under the Securities Act of Qualified Capital Stock. 
  
 “Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock. 
  
 “Reclassified Argentina Receipts” means all Argentina Receipts which, as determined in good faith by the Company, will no longer be
deemed available for distributions to any Argentina Subsidiary under clause (n) of the second paragraph of Section 4.7, provided that such amount does not exceed the balance of the Argentina Contribution Amount immediately prior to such
reclassification. 
  

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 “Related Business” means the gaming (including pari-mutuel betting) business and any and
all reasonably related businesses necessary for, in support or anticipation of and ancillary to or in preparation for, the gaming business including, without limitation, the development, expansion or operation of any Casino (including any
land-based, dockside, riverboat or other type of Casino), owned, or to be owned, by the Company or one of its Subsidiaries. 
  
 “Responsible Officer,” when used with respect to the Trustee, means any vice president, any assistant vice president, any assistant
treasurer, trust officer, or any other officer within the corporate trust department of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the
above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture. 
  
 “Restricted Investment” means an Investment other than a Permitted Investment. 
  
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. If no referent
Person is specified, “Restricted Subsidiary” means a Subsidiary of the Company. 
  
 “S&P” means Standard & Poors Rating Group, a division of The McGraw-Hill Industries, Inc., and its successors. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Significant Subsidiary” means any Obligor, other than the Company, that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the
Securities Act, as such Regulation is in effect on the date of this First Supplemental Indenture. 
  
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such
payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date
originally scheduled for the payment thereof. 
  
 “Subsidiary,” with respect to any Person, means (a) any corporation or comparably organized entity, a majority of whose voting stock (defined as any class of capital stock having voting power under ordinary circumstances to
elect a majority of the Board of such Person) is owned, directly or indirectly, by any one or more of the Obligors, and (b) any other Person (other than a corporation) in which any one or more of the Obligors, directly or indirectly, has at least a
majority ownership interest entitled to vote in the election of directors, managers or trustees thereof or of which such Obligor is the managing general partner. 
  
 “Support Obligation” means any obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
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 or (b) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof
or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term “Support Obligation” shall not include (i) endorsements for collection or deposit in the ordinary course of business, or (ii)
commitments to make Permitted Investments in Obligors or their Restricted Subsidiaries. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa- 77bbbb) as in effect on the date on which the Base Indenture is qualified under the TIA, except as provided in Section 9.3.

  
 “Trustee” means the party named as such above
until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
  
 “Underwriters” means Bear, Stearns & Co. Inc., Banc of America Securities LLC, Lehman Brothers Inc., SG Cowen Securities Corporation,
CIBC World Markets Corp. and UBS Securities LLC. 
  
 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of the Company as its Unrestricted Subsidiary pursuant to a Board resolution; but only to the extent that such Subsidiary (a)
has, or will have after giving effect to such designation, no Indebtedness other than Non-Recourse Indebtedness, (b) is not party to any agreement, contract, arrangement or understanding with any Obligor unless the terms of any such agreement,
contract, arrangement or understanding are no less favorable to such Obligor than those that might be obtained at the time from Persons who are not Affiliates of such Obligor, or such agreement, contract, arrangement or understanding constitutes a
Restricted Payment that is made in accordance with Section 4.7, the definition of a Permitted Investment, or an Asset Sale that is made in accordance with Section 4.9, (c) is a Person with respect to which none of the Obligors has any direct or
indirect obligation (i) to subscribe for additional equity interests or (ii) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results, (d) has not guaranteed or
otherwise directly or indirectly provided credit support for any Indebtedness of any Obligor, and (e) has at least one director on its Board who is not a director or executive officer of any Obligor and has at least one executive officer who is not
a director or executive officer of any Obligor. Any such designation by the Board of the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of the Board resolution giving effect to such designation and an
Officers’ Certificate certifying that such designation complied with the foregoing conditions and was permitted by Section 4.7 hereof. If at any time any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted
Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary as of such time (and, if such Indebtedness is not
permitted to be Incurred as of such date under Section 4.8 hereof, the Company shall be in default of such Section 4.8). 
  
 The Board of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation shall be deemed to be an
Incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if (a) such Indebtedness is permitted under Section 4.8 calculated on a pro forma
basis as if such designation had occurred at the beginning of the reference period, and (b) no Default or Event of Default would be in existence following such designation. 
  
 As of the Issue Date, the following entities shall be Unrestricted Subsidiaries: Casino Magic Management Services Corp., SR
Food & Beverage Company, Casino Magic Neuquen S.A., Casino Magic Support Services S.A., Casino Magic Hellas, S.A., Casino Magic Buenos Aires, S.A. and Casino Magic Europe, BV. 
  

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 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that
is at the time entitled to vote in the election of the Board of such Person. 
  
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the Company’s calculations of the number of years obtained by dividing (a) the then outstanding aggregate
principal amount of such Indebtedness into (b) the total of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final
maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment. 
  
 
Section 1.2. Other Definitions. 
  

	 Term

	  	Defined in
Section

	 “Accrued Bankruptcy Interest”
	  	10.2 
	 “Affiliate Transaction”
	  	  4.10
	 “Amount Limitation”
	  	4.7
	 “Amount Limitation Restoration”
	  	4.7
	 “Asset Sale Offer”
	  	3.9
	 “Authentication Order”
	  	2.2
	 “Beneficiary”
	  	13.1 
	 “Change of Control Offer”
	  	  4.12
	 “Change of Control Payment”
	  	  4.12
	 “Change of Control Payment Date”
	  	  4.12
	 “Covenant Defeasance”
	  	8.3
	 “Designated Senior Debt”
	  	10.2 
	 “DTC”
	  	2.3
	 “Event of Default”
	  	6.1
	 “Funding Guarantor”
	  	13.9 
	 “Guaranteed Obligations”
	  	13.1 
	 “Hedging Obligations”
	  	10.2 
	 “Legal Defeasance”
	  	8.2
	 “Maximum Net Worth”
	  	13.9 
	 “Net Proceeds Offer”
	  	4.9
	 “Net Proceeds Offer Amount”
	  	4.9
	 “Net Proceeds Offer Payment Date”
	  	4.9
	 “Net Proceeds Offer Trigger Date”
	  	4.9
	 “Net Worth”
	  	13.9 
	 “Offer Amount”
	  	3.9
	 “Offer Period”
	  	3.9
	 “Other Guaranty”
	  	13.2 
	 “Paying Agent”
	  	2.3
	 “Payment Blockage Notice”
	  	10.4 
	 “Payment Default”
	  	6.1
	 “Payment Restriction”
	  	  4.14
	 “Purchase Date”
	  	3.9
	 “Registrar”
	  	2.3
	 “Remaining Guarantor”
	  	13.9 
	 “Representative”
	  	10.2 
	 “Restricted Payments”
	  	4.7
	 “Senior Debt”
	  	10.2 

  

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Section 1.3. Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings:

  
 “indenture securities” means the Notes; 

 
 “indenture security Holder” means a Holder of a Note;

  
 “indenture to be qualified” means this Indenture;

  
 “indenture trustee” or “institutional
trustee” means the Trustee; and 
  
 “obligor” on the Notes and the Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon the Notes and the Guarantees, respectively. 
  
 All other terms used in this Indenture that are defined by the TIA, defined
by TIA reference to another statute or defined by SEC Rule under the TIA have the meanings so assigned to them. 
  
 
Section 1.4. Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (1) a term has the meaning assigned to it; 
  
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
  
 (3) “or” is not exclusive; 
  
 (4) words in the singular include the plural, and in the plural include the singular; 
  
 (5) provisions apply to successive events and transactions;

  
 (6) references to sections of or rules under
the Securities Act, the Exchange Act, the TIA or any other applicable statute shall be deemed to include substitute, replacement or successor sections or rules adopted from time to time; and 
  
 (7) references to any contract, instrument or agreement
shall be deemed to include any amendments, modifications or supplements thereto or restatements thereof not prohibited hereby, through the date of reference thereto. 
  
 
ARTICLE 2. 
 THE NOTES 
  
 
Section 2.1. Form and Dating. 
  
 (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, 
  

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 stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes shall be in
denominations of $1,000 and integral multiples thereof. 
  
 The
terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms
and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
  
 (b) Global Notes. Notes issued in global form shall be substantially
in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of
Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be
specified therein and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the
Trustee or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.6 hereof. 
  

Section 2.2. Execution and Authentication. 
  
 An Officer shall sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.

  
 A Note shall not be valid until authenticated by the manual
signature of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 The Trustee shall, upon a written order of the Company signed by an Officer of the Company (an “Authentication Order”), authenticate Notes for
original issue up to the aggregate principal amount that may be validly issued under this Indenture, including any Additional Notes. 
  
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company, Holders or an Affiliate of the Company.

  
 
Section 2.3. Registrar and Paying Agent. 
  
 The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment
(“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of
any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying 
  

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 Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

  
 The Company initially appoints The Depository Trust Company
(“DTC”) to act as Depositary with respect to the Global Notes. 
  
 The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Note Custodian with respect to the Global Notes. 
  
 
Section 2.4. Paying Agent to Hold Money in Trust. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the
payment of principal, premium or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the
Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If
the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company,
the Trustee shall serve as Paying Agent for the Notes. 
  
 
Section 2.5. Holder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 
  
 
Section 2.6. Transfer and Exchange. 
  
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from
the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days
after the date of such notice from the Depositary or (ii) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the
Trustee. Upon the occurrence of either of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Sections 2.7 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.6 or Section 2.7 or 2.10 hereof, shall be authenticated and delivered
in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.6(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section
2.6(b) or (c) hereof. 
  

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 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange
of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Global Notes shall be subject to restrictions on
transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (1) or (2) below, as applicable, as well as one
or more of the other following subparagraphs, as applicable: 
  
 (1) Transfer and Exchange of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 
  
 (2) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. If any holder
of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(f) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the
instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(b)(2) shall be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. 
  
 (c) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note
may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 
  
 (d) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(d), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting
Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the Applicable Procedures or reasonably requested by the Company to demonstrate compliance by such Holder with applicable law.

  
 (e) Legends. The following legend shall appear on the
face of all Global Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
  
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.7 OF THE INDENTURE, (II) THIS 
  

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 GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR THEIR AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 
  
 (f) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be
returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
  
 (g) General Provisions Relating to Transfers and Exchanges.

  
 (i) To permit registrations of transfers and
exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon a Company Order or at the Registrar’s request. 
  
 (ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of
a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.6, 3.9, 4.9, 4.12 and 9.5 hereof). 
  
 (iii) The Registrar shall not be required to register the transfer of or exchange any 
  

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 Note selected for redemption in whole or in part, except the unredeemed portion of any Note being
redeemed in part. 
  
 (iv) All Global Notes and
Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global
Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
  
 (v) The Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the
opening of business 15 days before the day of any selection of Notes for redemption under Section 3.2 hereof and ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note so selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment Date. 
  
 (vi) Prior to due presentment for the registration of a
transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and
for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
  
 (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.2 hereof.

  
 (viii) All certifications and certificates
required to be submitted to the Registrar pursuant to this Section 2.6 to effect a registration of transfer or exchange may be submitted by facsimile. 
  
 
Section 2.7. Replacement Notes. 
  
 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an
Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the
Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
  
 Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly issued hereunder. 
  
 
Section 2.8. Outstanding Notes. 
  
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.8 as not outstanding. Except as set forth in Section 2.9 hereof, a Note does not cease to be outstanding because a Company or an Affiliate of a Company holds the Note.

  
 If a Note is replaced pursuant to Section 2.7 hereof, it
ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
  

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 If the principal amount of any Note is considered paid under Section 4.1 hereof, it ceases to be
outstanding and interest on it ceases to accrue. 
  
 If the Paying
Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer
outstanding and shall cease to accrue interest. 
  
 
Section 2.9. Treasury Notes. 
  
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes
that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 
  
 
Section 2.10. Temporary Notes. 
  
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of
certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate
Definitive Notes in exchange for temporary Notes. 
  
 Holders of
temporary Notes shall be entitled to all of the benefits of this Indenture. 
  
 
Section 2.11. Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one
else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes in its customary manner (subject to the record retention requirement of the Exchange Act).
Certification of all canceled Notes shall be delivered to the Company upon the Company’s written instruction. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

  

	
Section	 	2.12. Defaulted Interest. 

  
 If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.1 hereof. The Company shall notify the Trustee in writing of the amount
of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date, provided that no such special record date shall be less
than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall
mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  

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Section 2.13. CUSIP Numbers 
  
 The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on
the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 
  
 
ARTICLE 3. 
 REDEMPTION AND PREPAYMENT 
  
 
Section 3.1. Notices to Trustee. 
  
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.7 hereof, it shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate
setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price. 
  
 
Section 3.2. Selection of Notes to Be Redeemed. 
  
 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select the Notes to be redeemed or purchased among the Holders of Notes in compliance with the
requirements of the principal national securities exchange, if any, on which the Notes are listed, or, if the Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee considers fair and
appropriate. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 10 nor more than 60 days prior to the redemption date by the Trustee from the outstanding
Notes not previously called for redemption. 
  
 The Trustee shall
promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in principal amounts
of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding principal amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in
the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  
 
Section 3.3. Notice of Redemption. 
  
 Subject to the provisions of Section 3.9 hereof, at least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are
to be redeemed at its registered address. 
  
 The notice shall
identify the Notes to be redeemed (including CUSIP number, if applicable), and shall state: 
  
 (a) the redemption date; 
  
 (b)
the redemption price; 
  

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	(c)	 	if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or
Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note; 

  
 (d) the name and address of the Paying Agent; 
  
 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
  
 (f) that, unless the Company defaults in making such redemption payment,
interest on Notes called for redemption ceases to accrue on and after the redemption date; 
  
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
  
 (h) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or
printed on the Notes. 
  
 At the Company’s request, the
Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date (unless a shorter period is
acceptable to the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
  
 
Section 3.4. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.3 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not
be conditional. 
  
 
Section 3.5. Deposit of Redemption Price. 
  
 On or before 10:00 a.m. New York time on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money, to be held in trust, uninvested, sufficient to pay the redemption price of and
accrued interest on all Notes to be redeemed on that date. Funds so deposited later than 12 noon New York time on the day prior to a redemption will not be invested. The Trustee or the Paying Agent shall promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
  
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall
cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid to the
Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in
Section 4.1 hereof. 
  
 The Company may obtain a satisfaction and
discharge from all of its obligations under this Indenture and the Notes concurrently with its issuance of any notice to redeem all of the outstanding 
  

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 Notes by (i) depositing cash or Cash Equivalents in an amount sufficient to pay and discharge the entire indebtedness on
the outstanding Notes without any further reinvestment thereof for principal, premium (if any), and interest to the redemption date set forth in the notice of redemption, (ii) paying or providing for the payment of all other sums payable under this
Indenture or the Notes including, without limitation, the expenses and fees of the Trustee and its agents, if any, and its counsel and (iii) delivering an Officer’s Certificate and Opinion of Counsel, each stating that all conditions precedent
herein provided for the satisfaction and discharge of this Indenture have been complied with, and otherwise complying with any additional provisions of Section 314(c) of the TIA in connection with such satisfaction and discharge. Upon compliance
with the foregoing, the Trustee shall execute proper instrument(s) acknowledging the satisfaction and discharge of this Indenture. 
  
 
Section 3.6. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company shall issue and, upon the Company’s written request, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the
unredeemed portion of the Note surrendered. 
  
 
Section 3.7. Redemption. 
  
 (a)
Except as set forth in clause (b) of this Section 3.7, the Company shall not have the option to redeem the Notes prior to October 1, 2008. Thereafter, the Company shall have the option to redeem the Notes, in whole or in part, at the redemption
prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on October 1 of the years indicated
below: 
  

	 Year

	  	Percentage

	 
	 2008
	  	104.375	%
	 2009
	  	102.917	%
	 2010
	  	101.458	%
	 2011 and thereafter
	  	100.000	%

  
 (b) Notwithstanding
the provisions of clause (a) of this Section 3.7, at any time prior to October 1, 2006, the Company may redeem up to 35% of the initially outstanding aggregate principal amount of Notes with the net cash proceeds of one or more Public Equity
Offerings of common stock of the Company at a redemption price in cash equal to 108.750% of the aggregate principal amount thereof, plus accrued and unpaid interest on the Notes redeemed, to the redemption date; provided that: 
  
 (i) at least 65% of the initially outstanding aggregate
principal amount of Notes remains outstanding immediately after the occurrence of such redemption; 
  
 (ii) written notice of any such redemption shall be given by the Company to the Holders and the Trustee within 15 days after the
consummation of any such Public Equity Offering; and 
  
 (iii) such redemption shall occur within 60 days of the date of such notice. 
  
 (c) In addition to the foregoing, if: 
  
 (i) any Gaming Authority makes a determination of unsuitability of a Holder or beneficial owner of Notes (or of an Affiliate of such Holder or beneficial owner), or 
  

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 (ii) any Gaming Authority requires that a Holder or beneficial owner of Notes (or an
Affiliate thereof) must be licensed, qualified or found suitable under any applicable Gaming Laws and such Holder or beneficial owner (or Affiliate thereof): 
  

(A) fails to apply for a license, qualification or a finding of suitability within 30 days (or such shorter period as may be required
by the applicable Gaming Authority) after being requested to do so by the Gaming Authority, or 
  
 (B) is denied such license or qualification or not found suitable, 
  
 notwithstanding the provisions of clause (a), the Company shall have the right, at any time after the Issue Date, at its option: 

 
 (i) to require any such Holder or beneficial owner to
dispose of its Notes within 30 days (or such earlier date as may be required by the applicable Gaming Authority) of receipt of such notice or finding by such Gaming Authority, or 
  
 (ii) to call for the redemption of the Notes of such Holder or beneficial owner at a redemption price equal
to the least of: 
  
 (A) the principal amount
thereof, 
  
 (B) the price at which such Holder
or beneficial owner acquired the Notes, in the case of either clause (A) above or this clause (B) , together with accrued interest to the earlier of the date of redemption or the date of the denial of license or qualification or of the finding of
unsuitability by such Gaming Authority, or 
  
 (C) such other lesser amount as may be required by any Gaming Authority. 
  
 Immediately upon a determination by a Gaming Authority that a Holder or beneficial owner of Notes will not be licensed, qualified or found suitable, the Holder or beneficial owner will not have any further rights with
respect to the Notes to: 
  
 (i) exercise,
directly or indirectly, through any Person, any right conferred by the Notes; or 
  
 (ii) receive any interest or any other distribution or payment with respect to the Notes, or any remuneration in any form from the Company
for services rendered or otherwise, except the redemption price of the Notes. 
  
 The Company shall notify the Trustee in writing of any such redemption as soon as practicable. The Holder or beneficial owner applying for license, qualification or a finding of suitability must pay all costs of the
licensure or investigation for such qualification or finding of suitability. 
  
 (d) Any redemption made pursuant to this Section 3.7 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 
  
 
Section 3.8. Mandatory Redemption. 
  
 The Company shall not be required to make mandatory redemption payments with respect to the Notes. 
  

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Section 3.9. Offer to Purchase by Application of Excess Proceeds. 
  
 In the event that, pursuant to Section 4.9 hereof, the Company shall be required to commence a Net Proceeds Offer, it shall follow the procedures
specified below. 
  
 The Net Proceeds Offer shall remain open for
a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). The Net Proceeds Offer Payment Date shall be no later than five
Business Days after the termination of the Offer Period. On the Net Proceeds Offer Payment Date, the Company shall purchase the principal amount of Notes (and 91⁄4% Notes, or other Indebtedness Incurred by the Company, if applicable) required to
be purchased pursuant to Section 4.9 hereof and the indenture governing the 91⁄4% Notes (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes (and 91⁄4% Notes or other Indebtedness Incurred
by the Company, if applicable) tendered in response to the Net Proceeds Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 
  
 If the Net Proceeds Offer Payment Date is on or after an interest record date and on or before the related Interest Payment
Date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Net Proceeds
Offer. 
  
 Upon the commencement of a Net Proceeds Offer, the
Company shall send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Net
Proceeds Offer. The Net Proceeds Offer shall be made to all Holders. The notice, which shall govern the terms of the Net Proceeds Offer, shall state: 
  
 (a) that the Net Proceeds Offer is being made pursuant to this Section 3.9 and Section 4.9 hereof and the length of time the Net Proceeds Offer shall
remain open; 
  
 (b) the Offer Amount, the purchase price and the
Net Proceeds Offer Payment Date; 
  
 (c) that any Note not
tendered or accepted for payment shall continue to accrue interest; 
  
 (d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Net Proceeds Offer shall cease to accrue interest after the Net Proceeds Offer Payment Date; 
  
 (e) that Holders electing to have a Note purchased pursuant to a Net Proceeds
Offer may elect to have Notes purchased in principal amounts of $1,000 and integral multiples thereof; 
  
 (f) that Holders electing to have a Note purchased pursuant to any Net Proceeds Offer shall be required to surrender the Note, with the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least
three Business Days before the Net Proceeds Offer Payment Date; 
  
 (g) that Holders shall be entitled to withdraw their election if the Company, the depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting
forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
  

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 (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the
Company shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1,000, or integral multiples thereof, shall be purchased); and

  
 (i) that Holders whose Notes were purchased only in part shall
be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  
 On or before the Net Proceeds Offer Payment Date, the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent
necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Net Proceeds Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that
such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.9 and Section 3.1 through Section 3.6. The Company or the Depositary, as the case may be, shall promptly (but in any case not
later than three Business Days after the Net Proceeds Offer Payment Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company
shall promptly issue a new Note, and the Trustee, upon written request from the Company shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not
so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Net Proceeds Offer on the Net Proceeds Offer Payment Date. 
  
 Other than as specifically provided in this Section 3.9, any purchase
pursuant to this Section 3.9 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof. 
  
 
ARTICLE 4. 
 COVENANTS 
  
 
Section 4.1. Payment of Notes. 
  
 The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due
if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal,
premium, if any, and interest then due. 
  
 The Company shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful. 
  
 
Section 4.2. Maintenance of Office or Agency. 
  
 The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be
surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or 
  

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 agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee. 
  
 The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that
no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. The Company shall give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  
 The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.3.

  
 
Section 4.3. Reports. 
  
 Whether
or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company shall furnish to the Trustee for mailing to the Holders of Notes (i) all quarterly and annual financial information that would be required to
be contained in a filing or filings by the Company with the SEC on Forms 10-Q and 10-K if the Company was required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants and (ii) all current reports that would be required to be filed by the Company with the SEC on Form 8-K if the Company were
required to file such reports, in each case, within 15 days of the time periods specified in the SEC’s rules and regulations. In addition, whether or not required by the rules and regulations of the SEC, the Company shall file a copy of all
such information and reports with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such filing) and make such information available to securities analysts and
prospective investors upon request. The Company shall at all times comply with TIA § 314(a). Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates). 
  
 
Section 4.4. Compliance Certificate. 
  
 (a) The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 120 days after the end of each fiscal year, beginning April 30, 2004, an Officers’ Certificate
stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and
fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of
which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of
the principal of or interest, if any, on the Notes are prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
  
 (b) So long as not contrary to the then current recommendations of the
American Institute of Certified Public Accountants, as determined by the Company and its independent public accountants, the 
  

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 year-end financial statements delivered pursuant to Section 4.3(i) above shall be accompanied by a written statement of
the Company’s independent public accountants (who shall be a firm of established national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead
them to believe that the Company has violated any provisions of Article 4 hereof or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or
indirectly to any Person for any failure to obtain knowledge of any such violation. 
  
 (c) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such
Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
  
 
Section 4.5. Taxes. 
  
 The
Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to
effect such payment is not adverse in any material respect to the Holders of the Notes. 
  
 
Section 4.6. Stay, Extension and Usury Laws. 
  
 The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of
every such power as though no such law has been enacted. 
  
 
Section 4.7. Restricted Payments. 
  
 Neither the Company nor any Restricted Subsidiary will, directly or indirectly: 
  
 (a) declare or pay any dividend or make any other payment or distribution (other than dividends or distributions payable solely in Qualified Capital Stock of the Company or dividends or distributions payable to the
Company or a Restricted Subsidiary) in respect of the Company’s or any Restricted Subsidiary’s Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or such
Restricted Subsidiary, as applicable) or to the direct or indirect holders of the Company’s or such Restricted Subsidiary’s Equity Interests in their capacity as such, 
  
 (b) purchase, redeem or otherwise acquire or retire for value (including, without limitation, any payment in connection with
any merger or consolidation involving the Company or any Restricted Subsidiary) Equity Interests of the Company or any Restricted Subsidiary or of any direct or indirect parent or Affiliate of the Company or any Restricted Subsidiary (other than any
such Equity Interests owned by the Company or any Restricted Subsidiary), 
  
 (c) make any payment on or with respect to, or purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value any Indebtedness that is subordinate in right of payment to the Notes, except a
payment of principal, interest or other amounts required to be paid at Stated Maturity, or 
  

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 (d) make any Investment (other than Permitted Investments) (each of the foregoing prohibited actions set
forth in clauses (a) , (b) , (c) and (d) being referred to as a “Restricted Payment”), 
  
 if at the time of such proposed Restricted Payment or immediately after giving effect thereto, 
  
 (a) a Default or an Event of Default has occurred and is continuing or would result therefrom, 
  
 (b) the Company is not, or would not be, able to Incur at least $1.00 of
additional Indebtedness under the Consolidated Coverage Ratio test described in the second paragraph of Section 4.8 hereof, or 
  
 (c) the aggregate amount of Restricted Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the amount expended for
such purposes, if other than in cash, being the fair market value of such property as determined reasonably and in good faith by the Board of the Company) exceeds or would exceed the sum, without duplication, of: 
  
 (i) 50% of the cumulative Consolidated Net Income (or if
cumulative Consolidated Net Income shall be a loss, minus 100% of such loss) of the Company and the Restricted Subsidiaries during the period (treating such period as a single accounting period) beginning on the Issue Date and ending on the last day
of the most recent fiscal quarter of the Company ending immediately prior to the date of the making of such Restricted Payment for which internal financial statements are available ending not more than 135 days prior to the date of determination,
plus 
  
 (ii) 100% of the aggregate net cash
proceeds received by the Company from any Person (other than from a Subsidiary of the Company) from the issuance and sale of Qualified Capital Stock of the Company or the conversion of debt securities or Disqualified Capital Stock into Qualified
Capital Stock (to the extent that proceeds of the issuance of such Qualified Capital Stock would have been includable in this clause if such Qualified Capital Stock had been initially issued for cash) subsequent to the Issue Date and on or prior to
the date of the making of such Restricted Payment (excluding any Qualified Capital Stock of the Company the purchase price of which has been financed directly or indirectly using funds (a) borrowed from the Company or any Restricted Subsidiary,
unless and until and to the extent such borrowing is repaid, or (b) contributed, extended, guaranteed or advanced by the Company or any Restricted Subsidiary (including, without limitation, in respect of any employee stock ownership or benefit
plan)), plus 
  
 (iii) 100% of the aggregate cash
received by the Company subsequent to the Issue Date and on or prior to the date of the making of such Restricted Payment upon the exercise of options or warrants (whether issued prior to or after the Issue Date) to purchase Qualified Capital Stock
of the Company, plus 
  
 (iv) to the extent that
any Restricted Investment that was made after the Issue Date is sold for cash or Cash Equivalents or otherwise liquidated or repaid for cash or Cash Equivalents, or any dividends, distributions, principal repayments, or returns of capital are
received by the Company or any Restricted Subsidiary in respect of any Restricted Investment, the proceeds of such sale, liquidation, repayment, dividend, distribution, principal repayment or return of capital, in each such case (a) reduced by the
amount of any Amount Limitation Restoration (as defined below) for such Restricted Investment and (b) valued at the cash or marked-to-market value of Cash Equivalents received with respect to such Restricted Investment (less the cost of disposition,
if any), plus 
  

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 (v) to the extent that any Person becomes a Restricted Subsidiary or an Unrestricted
Subsidiary is redesignated as a Restricted Subsidiary after the date of this Indenture, the lesser of (A) the fair market value of the Restricted Investment of the Company and its Restricted Subsidiaries in such Person as of the date it becomes a
Restricted Subsidiary or in such Unrestricted Subsidiary on the date of redesignation as a Restricted Subsidiary or (B) the fair market value of such Restricted Investments as of the date such Restricted Investment was originally made in such Person
or, in the case of the redesignation of an Unrestricted Subsidiary into a Restricted Subsidiary which Subsidiary was designated as an Unrestricted Subsidiary after the date of this Indenture, the amount of the Company’s Restricted Investment
therein as determined under the last paragraph of this Section 4.7, plus the aggregate fair market value of any additional Restricted Investments (each valued as of the date made) by the Company and its Restricted Subsidiaries in such Unrestricted
Subsidiary after the date of this Indenture; provided that any amount so determined in (A) or (B) shall be reduced to the extent that such Investment shall have been recouped as an Amount Limitation Restoration to the Amount Limitations of clause
(d) (including (d)(i)) or (f) below. 
  
 Notwithstanding the
foregoing, the provisions set forth in the immediately preceding paragraph will not prohibit: 
  
 (a) the payment of any dividend or the making of any distribution within 60 days after the date of declaration of such dividend or distribution if the making thereof would have been permitted on the date of
declaration; provided such dividend will be deemed to have been made as of its date of declaration or the giving of such notice for purposes of this clause (a) ; 
  
 (b) the redemption, repurchase, retirement or other acquisition of Capital Stock of the Company or warrants, rights or
options to acquire Capital Stock of the Company either (i) solely in exchange for shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of the Company, or (ii) through the application of
net proceeds of a substantially concurrent sale for cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of the Company; provided that
no Default or Event of Default shall have occurred and be continuing at the time of such Restricted Payment or would result therefrom; 
  
 (c) the redemption, repurchase, retirement, defeasance or other acquisition of Indebtedness of any Obligor that is subordinate or junior in right of
payment to the Notes or the Guarantees either (i) solely in exchange for shares of Qualified Capital Stock of the Company or for Permitted Refinancing Indebtedness, or (ii) through the application of the net proceeds of a substantially concurrent
sale for cash (other than to an Obligor) of (A) shares of Qualified Capital Stock of the Company or warrants, rights or options to acquire Qualified Capital Stock of the Company or (B) Permitted Refinancing Indebtedness; provided that no Default or
Event of Default shall have occurred and be continuing at the time of such Restricted Payment pursuant to this clause (c) and would not result therefrom; 
  
 (d) Restricted Payments in an amount not in excess of $50 million in the aggregate for all such Restricted Payments made in reliance upon this clause (d)
, for the purpose of (i) Limited Real Estate Development not to exceed $25 million or (ii) developing, constructing, improving or acquiring (a) a Casino or Casinos or, if applicable, any Related Business in connection with such Casino or Casinos or
(b) a Related Business to be used primarily in connection with an existing Casino or Casinos; 
  
 (e) redemptions, repurchases or repayments to the extent required by any Gaming Authority having jurisdiction over the Company or any Restricted Subsidiary or deemed necessary by the Board of 
  

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 the Company in order to avoid the suspension, revocation or denial of a gaming license by any Gaming Authority;

  
 (f) other Restricted Payments not to exceed $25 million in the
aggregate; provided no Default or Event of Default then exists or would result therefrom; 
  
 (g) repurchases by the Company of its common stock, options, warrants or other securities exercisable or convertible into such common stock from employees and directors of the Company or any of its respective
Subsidiaries upon death, disability or termination of employment or directorship of such employees or directors; 
  
 (h) the payment of any amounts in respect of Equity Interests by any Restricted Subsidiary organized as a partnership or a limited liability company or
other pass-through entity: 
  
 (i) to the extent
of capital contributions made to such Restricted Subsidiary (other than capital contributions made to such Restricted Subsidiary by the Company or any Restricted Subsidiary), 
  
 (ii) to the extent required by applicable law, or 
  
 (iii) to the extent necessary for holders thereof to pay
taxes with respect to the net income of such Restricted Subsidiary, the payment of which amounts under this clause (iv) is required by the terms of the relevant partnership agreement, limited liability company operating agreement or other governing
document; 
  
 provided, that except in the case of clause (ii)
and (iii), no Default or Event of Default has occurred and is continuing at the time of such Restricted Payment or would result therefrom, and provided further that, except in the case of clause (ii) or (iii), such distributions are made pro rata in
accordance with the respective Equity Interests contemporaneously with the distributions paid contemporaneously to the Company or a Restricted Subsidiary or their Affiliates holding an interest in such Equity Interests; 
  
 (i) Investments in Unrestricted Subsidiaries, joint ventures, partnerships or
limited liability companies consisting of conveyances of substantially undeveloped real estate in a number of acres which, after giving effect to any such conveyance, would not exceed in the aggregate for all such conveyances after the Issue Date,
50% of the sum of (i) the acres of undeveloped real estate held by the Company and its Restricted Subsidiaries on the date of such conveyance plus (ii) the acres of undeveloped real estate previously so conveyed by the Company and its Restricted
Subsidiaries after the Issue Date; provided, that no Default or Event of Default has occurred and is continuing at the time of such Restricted Payment or would result therefrom; or 
  
 (j) Investments, not to exceed $15 million in the aggregate, in any combination of (i) readily marketable equity securities
and (ii) assets of the kinds described in the definition of “Cash Equivalents”; provided, that for the purposes of this clause (j), such Investments may be made without regard to the rating requirements or the maturity limitations set
forth in such definition; 
  
 (k) the payment of any dividend or
distributions by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis; 
  
 (l) the repurchase of Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the
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 (m) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or
series of Disqualified Capital Stock of the Company or any Restricted Subsidiary of the Company issued on or after the date of the Indenture in accordance with the Consolidated Coverage Ratio test described in Section 4.8; or 
  
 (n) contributions, payments, loans or remittances to the Argentina
Subsidiaries from the Company or a Restricted Subsidiary of the Argentina Contribution Amount. 
  
 In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date, Restricted Payments made pursuant to clauses (b), (c), (d), (f), (h), (i), (k), (l) and (n) of this paragraph shall, in
each case, be excluded from such calculation; provided, that any amounts expended or liabilities incurred in respect of fees, premiums or similar payments in connection therewith shall be included in such calculation. Restricted Payments under
clauses (d), (d)(i), (f) and (j) shall be limited to the respective amounts of $50 million, $25 million, $25 million and $15 million set forth in such clauses (each, an “Amount Limitation”). The Amount Limitation for each clause shall be
permanently reduced at the time of any Restricted Payment made under such clause; provided, however, that to the extent that a Restricted Investment made under such clause is sold for cash or Cash Equivalents or otherwise liquidated or repaid for
cash or Cash Equivalents, or principal repayments or returns of capital are received by the Company or any Restricted Subsidiary in respect of such Restricted Investment, valued, in each such case at the cash or marked-to-market value of Cash
Equivalents received with respect to such Restricted Investment (less the cost of disposition, if any), then the Amount Limitation for such clause shall be increased by the amount so received by the Company or a Restricted Subsidiary (an
“Amount Limitation Restoration”). In no event shall the aggregate Amount Limitation Restorations for a Restricted Investment exceed the original amount of such Restricted Investment. 
  
 With respect to clauses (d), (d)(i) and (f) above, the respective Amount
Limitation under each such clause, as applicable, shall also be increased when any Person becomes a Restricted Subsidiary or an Unrestricted Subsidiary is redesignated as a Restricted Subsidiary (each such increase also referred to as an
“Amount Limitation Restoration”) by the lesser of (i) the fair market value of the Restricted Investment made under clause (d), (d)(i) or (f) in such Person as of the date it becomes a Restricted Subsidiary or in such Unrestricted
Subsidiary as of the date of redesignation, as the case may be, or (ii) the fair market value of such Restricted Investment as of the date such Restricted Investment was originally made in such Person or, in the case of the redesignation of an
Unrestricted Subsidiary into a Restricted Subsidiary which Subsidiary was designated as an Unrestricted Subsidiary after the date of this Indenture, the amount of the Company’s Restricted Investment therein as determined under the last
paragraph of this Section 4.7, plus the aggregate fair market value of any additional Investments (each valued as of the date made) made under clause (d), (d)(i) or (f) in such Unrestricted Subsidiary after the date of this Indenture. 
  
 Not less than once each fiscal quarter in which the Company has made a
Restricted Payment, the Company shall deliver to the Trustee an Officers’ Certificate stating that each Restricted Payment (and any Amount Limitation Restoration relied upon in making such Restricted Payment) made during the prior fiscal
quarter complies with this Indenture and setting forth in reasonable detail the basis upon which the required calculations were computed, including any applicable calculations of the Argentina Receipts, Argentina Contribution Amount and the
Reclassified Argentina Receipts (upon which the Trustee may conclusively rely without any investigation whatsoever), which calculations may be based upon the Company’s latest available internal quarterly financial statements. In the event that
the Company makes one or more Restricted Payments in an amount exceeding $3 million that have not been covered by an Officers’ Certificate issued pursuant to the immediately preceding sentence, the Company shall deliver to the Trustee an
Officers’ Certificate stating that such Restricted Payments (and any Amount Limitation Restoration relied upon in making such Restricted Payment) comply with this 
  

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 Indenture and setting forth in reasonable detail the basis upon which the required calculations were computed (upon which
the Trustee may conclusively rely without any investigation whatsoever), which calculations may be based upon the Company’s latest available internal quarterly financial statements. 
  
 The Board of the Company may designate any of its Restricted Subsidiaries to be Unrestricted Subsidiaries if such
designation would not cause a Default. For purposes of making such determination, all outstanding Investments by the Obligors (except to the extent repaid in cash or in kind) in the Subsidiary so designated will be deemed to be Restricted Payments
at the time of such designation and will reduce the amount available for Restricted Payments under the first paragraph of this Section 4.7. All such outstanding Investments will be deemed to constitute Investments in an amount equal to the greatest
of (a) the net book value of such Investments at the time of such designation, (b) the fair market value of such Investments at the time of such designation, and (c) the original fair market value of such Investments at the time they were made. Such
designation will only be permitted if such Restricted Payment would be permitted at such time and if such Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
  
 
Section 4.8. Incurrence of Indebtedness and Issuance of Preferred Stock. 
  
 The Company will not, directly or indirectly (a) Incur any Indebtedness or issue any Disqualified Capital Stock, other than Permitted Indebtedness, or (b)
cause or permit any of its Restricted Subsidiaries to Incur any Indebtedness or issue any Disqualified Capital Stock or preferred stock, in each case, other than Permitted Indebtedness. 
  
 Notwithstanding the foregoing limitations, the Company may issue Disqualified Capital Stock, and any Obligor may Incur
Indebtedness (including, without limitation, Acquired Debt) or issue preferred stock, if (a) no Default or Event of Default shall have occurred and be continuing on the date of the proposed Incurrence or issuance or would result as a consequence of
such proposed Incurrence or issuance, and (b) immediately after giving pro forma effect to such proposed Incurrence or issuance and the receipt and application of the net proceeds therefrom, the Company’s Consolidated Coverage Ratio would not
be less than 2.00:1.00. 
  
 Any Indebtedness of any Person
existing at the time it becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition of capital stock or otherwise) shall be deemed to be Incurred as of the date such Person becomes a Restricted Subsidiary. For purposes of
determining compliance with this covenant, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (a) through (n) of such definition or is entitled to be
Incurred pursuant to the second paragraph of this Section 4.8, the Company will, in its sole discretion, classify such item of Indebtedness in any manner that complies with this covenant and such item of Indebtedness will be treated as having been
Incurred pursuant to only one of such clauses or pursuant to the second paragraph hereof. The Company may reclassify such Indebtedness from time to time in its sole discretion and may classify any item of Indebtedness in part under one or more of
the categories of Permitted Indebtedness and/or in part as Indebtedness entitled to be Incurred pursuant to the second paragraph of this Section 4.8. Accrual of interest and the accretion of principal amount will not be deemed to be an Incurrence of
Indebtedness for purposes of this Section 4.8. 
  
 
Section 4.9. Asset Sales. 
  
 No
Obligor will, directly or indirectly, consummate or enter into a binding commitment to consummate an Asset Sale unless (a) such Obligor, as the case may be, receives consideration at the time of such Asset Sale at least equal to the fair market
value of the assets sold or of which other disposition is made (as determined reasonably and in good faith by the Board of such Obligor), and (b) at least 75% of the consideration received by such Obligor from such Asset Sale will be cash or Cash
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 will be received at the time of the consummation of any such Asset Sale. For purposes of this provision, each of the
following shall be deemed to be cash: (i) any liabilities as shown on the Obligors’ most recent balance sheet (or in the notes thereto) (other than (A) Indebtedness subordinate in right of payment to the Notes, (B) contingent liabilities, (C)
liabilities or Indebtedness to Affiliates of the Company and (D) Non-Recourse Indebtedness) that are assumed by the transferee of any such assets, and (ii) to the extent of the cash received, any notes or other obligations received by the Company or
any such Restricted Subsidiary from such transferee that are converted by such Obligor into cash within 60 days of receipt. 
  
 Notwithstanding the foregoing, an Obligor will be permitted to consummate an Asset Sale without complying with the foregoing provisions if (a) such
Obligor receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets or other property sold, issued or otherwise disposed of (as evidenced by a resolution of the Board of such Obligor) as set forth in
an Officers’ Certificate delivered to the Trustee, (b) the transaction constitutes a “like-kind exchange” of the type contemplated by Section 1031 of the Internal Revenue Code, and (c) the consideration for such Asset Sale constitutes
Productive Assets; provided that any non-cash consideration not constituting Productive Assets received by such Obligor in connection with such Asset Sale that is converted into or sold or otherwise disposed of for cash or Cash Equivalents at any
time within 360 days after such Asset Sale and any Productive Assets constituting cash or Cash Equivalents received by such Obligor in connection with such Asset Sale shall constitute Net Cash Proceeds subject to the provisions set forth above.

  
 Upon the consummation of an Asset Sale, the Company or the
affected Obligor will be required to apply all Net Cash Proceeds that are received from such Asset Sale within 360 days of the receipt thereof either (a) to reinvest (or enter into a binding commitment to invest, if such investment is effected
within 360 days after the date of such commitment) in Productive Assets or in Asset Acquisitions not otherwise prohibited by this Indenture, or (b) to permanently prepay or repay Indebtedness of any Obligor other than Indebtedness that is
subordinate in right of payment to the Notes. Pending the final application of any such Net Cash Proceeds, the Obligors may temporarily reduce revolving Indebtedness or otherwise invest such Net Cash Proceeds in any manner not prohibited by this
Indenture. 
  
 On the 361st day after an Asset Sale or such
earlier date, if any, as the Board of the Company or the affected Obligor determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in clauses (a) or (b) of the preceding paragraph (each a “Net Proceeds Offer
Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (a) or (b) of the preceding paragraph (each a “Net Proceeds Offer
Amount”), will be applied by the Company to make an offer to purchase (the “Net Proceeds Offer”), in accordance with the procedures set forth in Section 3.9 hereof, on a date (the “Net Proceeds Offer Payment Date”) not less
than 30 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, on a pro rata basis (A) Notes at a purchase price in cash equal to 100% of the aggregate principal amount of Notes, in each case, plus accrued and unpaid
interest thereon on the Net Proceeds Offer Payment Date and (B) the outstanding 91⁄4% Notes or other Indebtedness Incurred by the Company which is pari passu with the Notes, in each case to the extent required by the terms thereof;
provided that if at any time within 360 days after an Asset Sale any non-cash consideration received by the Company or the affected Obligor in connection with such Asset Sale is converted into or sold or otherwise disposed of for cash, then such
conversion or disposition will be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof will be applied in accordance with this covenant. To the extent that the aggregate principal amount of Notes and other Indebtedness
Incurred by the Company which is pari passu with the Notes that is tendered pursuant to the Net Proceeds Offer is less than the Net Proceeds Offer Amount, the Obligors may use any remaining proceeds of such Asset Sales for general corporate
purposes (but subject to the other terms of this Indenture). Upon completion of a Net Proceeds Offer, the Net Proceeds Offer Amount relating to such Net Proceeds Offer will be deemed to be zero for purposes of any subsequent Asset Sale. In the event
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 that portion of the Net Cash Proceeds therefrom (including any Net Cash Proceeds received upon the sale or other
disposition of any non-cash proceeds received in connection with an Asset Sale) that are distributed to or received by any Obligor will be required to be applied by the Obligors in accordance with the provisions of this paragraph. 
  
 Notwithstanding the foregoing, if a Net Proceeds Offer Amount is less than
$10 million the application of the Net Cash Proceeds constituting such Net Proceeds Offer Amount to a Net Proceeds Offer may be deferred until such time as such Net Proceeds Offer Amount plus the aggregate amount of all Net Proceeds Offer Amounts
arising subsequent to the Issue Date of the Notes from all Asset Sales by the Obligors in respect of which a Net Proceeds Offer has not been made aggregate at least $10 million at which time the affected Obligor will apply all Net Cash Proceeds
constituting all Net Proceeds Offer Amounts that have been so deferred to make a Net Proceeds Offer (each date on which the aggregate of all such deferred Net Proceeds Offer Amounts is equal to $10 million or more will be deemed to be a Net Proceeds
Offer Trigger Date). In connection with any Asset Sale with respect to assets having a book value in excess of $10 million or as to which it is expected that the aggregate consideration therefor to be received by the affected Obligor will exceed $10
million in value, such Asset Sale will be approved, prior to the consummation thereof, by the Board of the applicable Obligor. 
  
 
Section 4.10. Transactions with Affiliates. 
  
 No Obligor will make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate (each of the foregoing, an “Affiliate Transaction”), unless (a) such Affiliate Transaction is, considered in light of any series of
related transactions of which it comprises a part, on terms that are fair and reasonable and no less favorable to such Obligor than those that might reasonably have been obtained at such time in a comparable transaction or series of related
transactions on an arms-length basis from a Person that is not such an Affiliate, (b) with respect to any Affiliate Transaction involving aggregate consideration of $5 million or more to the affected Obligor, a majority of the disinterested members
of the Board of the Company (and of any other affected Obligor, where applicable) shall, prior to the consummation of any portion of such Affiliate Transaction, have reasonably and in good faith determined, as evidenced by a resolution of its Board,
that such Affiliate Transaction meets the requirements of the foregoing clause, and (c) with respect to any Affiliate Transaction involving value of $15 million or more to the affected Obligor, the Board of the applicable Obligor shall have received
prior to the consummation of any portion of such Affiliate Transaction, a written opinion from an independent investment banking, accounting or appraisal firm of recognized national standing that such Affiliate Transaction is on terms that are fair
to such Obligor from a financial point of view. 
  
 The foregoing
restrictions will not apply to (a) reasonable fees and compensation (including any such compensation in the form of Equity Interests not derived from Disqualified Capital Stock, together with loans and advances, the proceeds of which are used to
acquire such Equity Interests) paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Obligors as determined in good faith by the Board or senior management of the Company, (b) any transaction solely
between or among Obligors and Restricted Subsidiaries to the extent any such transaction is otherwise in compliance with, or not prohibited by, this Indenture, (c) any Restricted Payment permitted by the terms of Section 4.7 hereof or any Permitted
Investment, (d) provision of management and related services and goods related thereto (including any agreements therefor) to an Unrestricted Subsidiary in connection with the development, construction and operation of gaming facilities, provided
the Obligor is reimbursed for all costs and expenses it incurs in providing such services, or (e) transactions pursuant to agreements existing on the Issue Date which are set forth on a Schedule II to this Indenture. 
  

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Section 4.11. Continued Existence. 
  
 Except as otherwise provided in Article 5 hereof, each of the Obligors shall do or shall cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate existence, and the corporate, partnership,
limited liability company or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of each such Obligor and each such Subsidiary and (ii) the material
rights (charter and statutory), licenses and franchises of each Obligor and each Subsidiary; provided, however, that no Obligor shall be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of
any of its Subsidiaries, if its Board shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material
respect to the Holders. 
  
 
Section 4.12. Offer to Repurchase Upon Change of Control. 
  
 Upon the occurrence of a Change of Control, each holder of Notes will have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple thereof) of such holder’s Notes
pursuant to the offer described below (the “Change of Control Offer”) at an offer price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount of Notes plus accrued and unpaid interest to the
date of repurchase. Within 30 days following any of a Change of Control, the Company shall mail a notice to the Trustee and each Holder stating that the Change of Control Offer is being made pursuant to this Section 4.12 and that all Notes tendered
will be accepted for payment; the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); that any Note not tendered
will continue to accrue interest; that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control
Payment Date; that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes
completed, or transfer by book entry transfer, to the Company, the depository (if appointed by the Company) or to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change
of Control Payment Date; that Holders will be entitled to withdraw their elections if either the Company, the depository or the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control
Payment Date, a facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing its election to have the Notes purchased; that Holders
whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $1,000 in principal amount or an integral multiple
thereof; and a brief summary of the circumstances and relevant facts regarding such Change of Control. The Company will comply with all applicable laws, including, without limitation, Section 14(e) of the Exchange Act and the rules thereunder and
all applicable federal and state securities laws, and will include all instructions and materials necessary to enable Holders to tender their Notes. 
  
 On the Change of Control Payment Date, the Company will, to the extent lawful (a) accept for payment all Notes or portions thereof properly tendered
pursuant to the Change of Control Offer, (b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered, and (c) deliver or cause to be delivered to the Trustee the Notes so
accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
  

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 The Paying Agent will promptly mail to each Holder of Notes so tendered the Change of Control Payment for
such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered by such Holder, if any;
provided that each such new Note will be in a principal amount of $1,000 or an integral multiple thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control
Payment Date. 
  
 Prior to complying with the provisions of this
Section 4.12, but in any event within 90 days following a Change of Control, the Company will either (a) repay all Obligations outstanding with respect to Senior Debt, (b) obtain the requisite consents, if any, from the holders of Senior Debt to
permit the Company to repurchase Notes under this Section 4.12; or (c) deliver to the Trustee an Officer’s Certificate to the effect that no action of the kind described in clause (a) or (b) is necessary. 
  
 
Section 4.13. Limitation on Liens. 
  
 No Obligor will, directly or indirectly, create, Incur or assume any Lien, except a Permitted Lien, securing Indebtedness that is pari passu with or subordinate in right of payment to the Notes or the Guarantees, on or with respect to any
of its property or assets including any shares of stock or Indebtedness of any Restricted Subsidiary, whether owned on the Issue Date or thereafter acquired, or any income, profits or proceeds therefrom, unless (a) in the case of any Lien securing
Indebtedness that is pari passu in right of payment with the Notes or the Guarantees, the Notes or the Guarantees are secured by a Lien on such property, assets or proceeds that is senior in priority to or pari passu with such Lien, and (b) in the
case of any Lien securing Indebtedness that is subordinate in right of payment to the Notes or the Guarantees, the Notes or the Guarantees are secured by a Lien on such property, assets or proceeds that is senior in priority to such Lien.

  
 
Section 4.14. Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 
  
 No Obligor will, directly or indirectly, create or otherwise cause or permit or suffer to exist or become effective any encumbrance or restriction on the
ability of any Restricted Subsidiary to (a) pay dividends or make any other distributions on its Capital Stock, (b) make loans or advances to or pay any Indebtedness or other obligations owed to any Obligor or to any Restricted Subsidiary, or (c)
transfer any of its property or assets to any Obligor or to any Restricted Subsidiary (each such encumbrance or restriction in clause (a), (b) or (c), a “Payment Restriction”). However, the preceding restrictions will not apply to
encumbrances or restrictions existing under or by reason of (i) applicable law or required by any Gaming Authority; (ii) this Indenture; (iii) customary non-assignment provisions of any purchase money financing contract or lease of any Restricted
Subsidiary entered into in the ordinary course of business of such Restricted Subsidiary; (iv) any instrument governing Acquired Debt Incurred in connection with an acquisition by any Obligor or Restricted Subsidiary in accordance with this
Indenture as the same is in effect on the date of such Incurrence; provided that such encumbrance or restriction is not, and will not be, applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries
or the property or assets, including directly-related assets, such as accessions and proceeds so acquired or leased; (v) any restriction or encumbrance contained in contracts for the sale of assets to be consummated in accordance with this Indenture
solely in respect of the assets to be sold pursuant to such contract; (vi) any restrictions of the nature described in clause (c) above with respect to the transfer of assets secured by a Lien that is permitted by this Indenture to be Incurred;
(vii) any encumbrance or restriction contained in Permitted Refinancing Indebtedness; provided that the provisions relating to such encumbrance or restriction contained in any such Permitted Refinancing Indebtedness are no less favorable to the
holders of the Notes in any material respect in the good faith judgment of the Board of the Company than the provisions relating to such encumbrance or restriction contained in the 
  

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 Indebtedness being refinanced; (viii) agreements governing Indebtedness of the Company or its Restricted Subsidiaries
existing on the Issue Date, including the Bank Credit Agreement and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings are no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements
on the date of the Indenture, taken as a whole; or (ix) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending the sale or other disposition. 
  
 
Section 4.15. No Subordinated Debt Senior To The Notes or Guarantees. 
  
 Notwithstanding the provisions of Section 4.8 hereof, no Obligor shall Incur any Indebtedness that is subordinate or junior in right of payment to any
Senior Debt and senior in any respect in right of payment to the Notes or the Guarantees. 
  
 
Section 4.16. Material Restricted Subsidiaries To Become Guarantors. 
  
 The Company shall cause each Person which becomes a Material Restricted Subsidiary after the Issue Date to become a Guarantor by executing and delivering
an Addendum to Guaranty in a form substantially similar in all material respects to the Form of Notation of Guaranty attached as Exhibit B in accordance with Section 13.10 hereof, subject to applicable Gaming Laws. The Company shall use its best
efforts to obtain all Gaming Approvals necessary to permit their Material Restricted Subsidiaries to become Guarantors as promptly as is practicable. 
  
 
Section 4.17. Lines of Business. 
  
 No Obligor will engage in any lines of business other than the Core Businesses. 
  
 
ARTICLE 5. 
 SUCCESSORS 
  
 
Section 5.1. Merger, Consolidation, or Sale of Assets. 
  
 No Obligor may, in a single transaction or a series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of
such Obligor’s properties or assets whether as an entirety or substantially as an entirety to any Person or adopt a Plan of Liquidation unless: 
  
 (a) either (i) in the case of a consolidation or merger, such Obligor (other than the Company, or any successor thereto) shall be the surviving or
continuing entity and if such Obligor is the Company, or any successor thereto, such Obligor is the surviving or continuing corporation, or (ii) the Person (if other than such Obligor) formed by such consolidation or into which such Obligor is
merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition of the properties and assets of such Obligor and of such Obligor’s Subsidiaries substantially as an entirety, or in the case of a Plan of
Liquidation, the Person to which assets of such Obligor and such Obligor’s Subsidiaries have been transferred (A) shall be an entity (which shall be a corporation in the case of the Company or any successor thereto) organized and validly
existing under the laws of the United States or any State thereof or the District of Columbia and (B) shall expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the
due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and, if 
  

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 applicable, the Guarantees and the performance of every covenant of the Notes and this Indenture on the part of such
Obligor to be performed or observed; 
  
 (b) in the event that
such transaction involves (i) the incurrence by the Company or any Restricted Subsidiary, directly or indirectly, of additional Indebtedness (and treating any Indebtedness not previously an obligation of the Company or any of its Restricted
Subsidiaries incurred in connection with or as a result of such transaction as having been incurred at the time of such transaction) and/or (ii) the assumption contemplated by clause (a)(ii)(B) above (including giving effect to any Indebtedness and
Acquired Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction), then immediately after giving effect to such incurrence and/or assumption under clauses (i) and (ii), (A) the Obligors, including any such
other Person becoming an Obligor through the operation of clause (a)(ii) above could Incur at least $1.00 of Indebtedness (other than Permitted Indebtedness) pursuant to the Consolidated Coverage Ratio test set forth in Section 4.8 hereof or (B) any
other Person which would, as a result of the applicable transaction, properly classify such Obligor as a consolidated subsidiary in accordance with GAAP, satisfied the conditions set forth in clause (a)(ii)(A) above and either (1) also satisfied the
condition set forth in clause (a)(ii)(B) above and caused each acquired Person to become a Guarantor or (2) became a Guarantor, and, in either such case, after giving effect to such assumption of the Notes or Incurrence of Obligations under the
Guaranty, such assuming or guarantying Person would be able to Incur at least $1.00 of Indebtedness pursuant to the Consolidated Coverage Ratio test described in Section 4.8 hereof; 
  
 (c) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause (a)
(ii)(B) above (including, without limitation, giving effect to any Indebtedness and Acquired Debt Incurred or anticipated to be Incurred and any Lien granted in connection with or in respect of the transaction) no Default and no Event of Default
shall have occurred or be continuing; and 
  
 (d) such Obligor or
such other Person shall have delivered to the Trustee (i) an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance, other disposition or Plan of Liquidation
and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction
have been satisfied. 
  
 Notwithstanding clause (b) above (i) any
Restricted Subsidiary may consolidate with, or merge with or into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets to the Company or to a Restricted Subsidiary, and (ii) any Obligor may
consolidate with or merge with or into, sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its assets to any Person that has conducted no business and Incurred no Indebtedness or other liabilities if such
transaction is solely for the purpose of effecting a change in the state of incorporation or form of organization of such Obligor. 
  
 For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or
substantially all of the properties and assets of one or more Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of all or
substantially all of the properties and assets of the Company. 
  
 
Section 5.2. Successor Entity Substituted. 
  
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of any Obligor in accordance with Section 5.1 hereof, 

 

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 the successor entity (which, in the case of the Company, shall be a corporation) formed by such consolidation or into or
with which such Obligor is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made, or any successor Person described in Section 5.1(a)(ii) above, shall succeed to, and be substituted for (so that from and
after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to such Obligor shall refer instead to the successor Person and not to such Obligor), and may exercise every right
and power of such Obligor under this Indenture with the same effect as if such successor Person had been named as an Obligor herein; provided, however, that the predecessor Obligor shall not be relieved from the obligation to pay the principal of
and interest on the Notes except in the case of a sale of all or substantially all of such Obligor’s assets that meets the requirements of Section 5.1 hereof. 
  
 
ARTICLE 6. 
 DEFAULTS AND REMEDIES 
  
 
Section 6.1. Events of Default. 
  
 An event of default (an “Event of Default”) shall occur upon the happening of any of the following (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, Rule or regulation of any administrative or governmental body): 
  
 (a) the failure to pay interest on any Note or Guaranty for a period of 30 days or more after the same becomes due and payable (whether or not such
payment is prohibited by the provisions of Article 10 hereof); or 
  
 (b) the failure to pay the principal or premium, if any, on any Note or Guaranty when such principal or premium amount becomes due and payable, at maturity, upon acceleration or redemption, pursuant to a Net Proceeds Offer, a Change of
Control Offer or otherwise (whether or not such payment is prohibited by the provisions of Article 10 hereof); or 
  
 (c) a default in the observance or performance of any other covenant or agreement contained in this Indenture, the Notes or the Guarantees for 60 days
after notice to the Company by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes then outstanding voting as a single class; or 
  
 (d) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by any Obligor (or the payment of which is guaranteed by any Obligor), whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default (i) is caused by a failure to
pay principal of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”) or (ii) results in the acceleration of
such Indebtedness prior to its express maturity and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which
has been so accelerated, aggregates $10 million or more; or 
  
 (e) one or more judgments in an aggregate amount in excess of $10 million (which are not paid or covered by third-party insurance by financially sound carriers or underwriters that have acknowledged liability in writing) being rendered
against any Obligor and such judgment or judgments remain undischarged, or unstayed or unsatisfied for a period of 60 days after such judgment or judgments become final and non-appealable; or 
  

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 (f) any Obligor (i) commences a voluntary case or proceeding under any Bankruptcy Law with respect to
itself, (ii) consents to the entry of a judgment, decree or order for relief against it in an involuntary case or proceeding under any Bankruptcy Law, (iii) consents to the appointment of a custodian of it or for substantially all of its
property, (iv) consents to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it, (v) makes a general assignment for the benefit of its creditors, or (F) takes any formal corporate action to authorize or effect
any of the foregoing; or 
  
 (g) a court of competent
jurisdiction enters a judgment, decree or order for relief in respect of any Obligor in an involuntary case or proceeding under any Bankruptcy Law, which shall (i) approve as properly filed a petition seeking reorganization, arrangement, adjustment
or composition in respect of any Obligor, (ii) appoint a custodian of any Obligor or for substantially all of its property, or (iii) order the winding-up or liquidation of its affairs; and such judgment, decree or order shall remain unstayed and in
effect for a period of 60 consecutive days; or 
  
 (h) any Holder
of at least $10 million in aggregate principal amount of Indebtedness of any Obligor shall commence judicial proceedings to foreclose upon assets of any Obligor having an aggregate fair market value, individually or in the aggregate, of at least
$10 million or shall have exercised any right under applicable law or applicable security documents to take ownership of any such assets in lieu of foreclosure. 
  
 The Company shall provide an Officers’ Certificate to the Holders and the Trustee promptly upon any Officer of the Company obtaining
knowledge of any Default or Event of Default (provided, however, that pursuant to the reporting requirements of Section 4.4 hereof such Officer shall provide such certification at least annually whether or not they know of any Default or Event
of Default) that has occurred and, if applicable, describe such Default or Event of Default and the status thereof. 
  
 
Section 6.2. Acceleration. 
  
 If
an Event of Default (other than an Event of Default specified in clauses (f) or (g) of Section 6.1 hereof with respect to the Company or any of its Significant Subsidiaries or any group of Obligors that, taken together as a whole, would constitute a
Significant Subsidiary), including, without limitation, an Event of Default specified in clauses (f) and (g) of Section 6.1 hereof, with respect to a single Obligor that does not constitute a Significant Subsidiary or a group of Obligors that taken
together as a whole would not constitute a Significant Subsidiary, occurs and is continuing, then and in every such case, the Trustee or the Holders of not less than 25% in aggregate principal amount of the then outstanding Notes may declare the
principal amount, together with any accrued and unpaid interest and premium on all the Notes and Guarantees then outstanding to be due and payable, by a notice in writing to the Company (and to the Trustee, if given by Holders) specifying the Event
of Default and that it is a “notice of acceleration” and on the fifth Business Day after delivery of such notice the principal amount, in either case, together with any accrued and unpaid interest and premium on all the Notes or the
Guarantees then outstanding will become immediately due and payable, notwithstanding anything contained in this Indenture, the Notes or the Guarantees to the contrary. Upon the occurrence of any Event of Default specified in clauses (f) or (g) of
Section 6.1 hereof with respect to the Company or any of its Significant Subsidiaries or any group of Obligors that, taken together as a whole, would constitute a Significant Subsidiary, the principal amount, together with any accrued and unpaid
interest and premium will immediately and automatically become due and payable, without the necessity of notice or any other action by any Person. Holders of the Notes may not enforce this Indenture, the Notes or the Guarantees except as provided
herein. 
  
 After a declaration of acceleration, but before a
judgment decree of money due in respect to the Notes has been obtained, the Holders of not less than a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may rescind an acceleration and its
consequences if all existing Events of Default (other than the nonpayment of principal of and premium, if any, and 
  

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 interest on the Notes which has become due solely by virtue of such acceleration) have been cured or waived and if the
rescission would not conflict with any judgment or decree. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 If an Event of Default occurs on or after October 1, 2008 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of any
Obligor with the intention of avoiding payment of the premium that the Company would have had to pay had the Company then elected to redeem the Notes pursuant to Section 3.7 hereof, then, upon acceleration of the Notes, an equivalent premium shall
also become and be immediately due and payable, to the extent permitted by law, anything in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default occurs prior to October 1, 2008 by reason of any willful action (or
inaction) taken (or not taken) by or on behalf of any Obligor with the intention of avoiding the prohibition on redemption of the Notes prior to such date, then, upon acceleration of the Notes, an additional premium shall also become and be
immediately due and payable in an amount, for each of the years beginning on October 1 of the years set forth below, as set forth below (expressed as a percentage of the principal to the date of payment that would otherwise be due but for the
provisions of this sentence): 
  

	 YEAR

	  	PERCENTAGE

	 
	 2003
	  	8.750	%
	 2004
	  	7.875	%
	 2005
	  	7.000	%
	 2006
	  	6.125	%
	 2007
	  	5.250	%

  
 
Section 6.3. Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this
Indenture. 
  
 The Trustee may maintain a proceeding even if it
does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
  
 
Section 6.4. Waiver of Past Defaults. 
  
 Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences
hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium and interest on, the Notes or Guarantees (including in connection with an offer to purchase) (provided, however, that the Holders of a
majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted solely from such acceleration). The waiver by the holders of any Indebtedness
described in clause (d) of Section 6.1 of the predicating default under such Indebtedness shall be deemed a waiver of such Default or Event of Default arising under, and a rescission of any acceleration resulting from the application of
clause (d), from the effective date, during the effective period and to the extent of, the waiver by the holders of such other Indebtedness. Upon any waiver granted or deemed granted in accordance with the terms hereof, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured and waived for every purpose of 
  

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 this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon. 
  
 
Section 6.5. Control by Majority. 
  
 Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it.
However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability.

  
 
Section 6.6. Limitation on Suits. 
  
 A Holder of a Note may pursue a remedy (including, without limitation, the institution of any proceeding, judicial or otherwise, with respect to the Notes or this Indenture or for the appointment of a receiver or trustee) with respect to
this Indenture or the Notes only if: 
  
 (a) the Holder of a Note
gives to the Trustee written notice of a continuing Event of Default; 
  
 (b) the Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss,
liability or expense; 
  
 (d) the Trustee does not comply with
the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
  
 (e) during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent
with the request. 
  
 A Holder of a Note may not use this Indenture to prejudice
the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  
 
Section 6.7. Rights of Holders of Notes to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and interest on the Note, on or after the respective due dates expressed in such Note
(including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  
 
Section 6.8. Collection Suit by Trustee. 
  
 If an Event of Default specified in Section 6.1(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole
amount of principal of, premium and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

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Section 6.9. Trustee May File Proofs of Claim. 
  
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to any Obligor, its creditors or its property and shall be entitled and empowered to collect,
receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.7 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof
out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may
be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 
Section 6.10. Priorities. 
  
 If
the Trustee collects any money pursuant to this Article, it shall, subject to the provisions of Section 10.6 hereof, pay out the money in the following order: 
  

First: to the Trustee, its agents and attorneys for amounts due under Section 7.7 hereof, including payment of all compensation, expense and
liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Notes for principal, premium and interest, respectively; and 
  
 Third: to or at the direction of the Company, or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a record date and payment date for any payment to Holders
of Notes pursuant to this Section 6.10. 
  
 
Section 6.11. Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.7 hereof, or a suit by Holders of more than 10% in principal amount of the then
outstanding Notes. 
  

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Section 6.12. Remedies Subject to Applicable Law. 
  
 All rights, remedies and powers provided by this Article 6 may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Indenture are
intended to be subject to all applicable laws, including applicable Gaming Laws, and to be limited to the extent necessary so that they will not render this Indenture invalid, unenforceable or not entitled to be recorded, registered or filed under
the provisions of any applicable law. 
  
 
Section 6.13. Restoration of Rights and Remedies. 
  
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case the Company, any other Obligor on the Notes, the Trustee and the Holders shall, subject to any determination in such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  
 
Section 6.14. Rights and Remedies Cumulative. 
  
 Except as otherwise expressly provided elsewhere in this Indenture, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 
Section 6.15. Delay or Omission Not Waiver. 
  
 No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of
Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case
may be. 
  
 
ARTICLE 7. 
 TRUSTEE 
  
 
Section 7.1. Certain Duties and Responsibilities. 
  
 (a) Except during the continuance of an Event of Default with respect to the Notes, 
  
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture(but need not confirm or 
  

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 investigate mathematical calculations or other facts stated therein). 
  
 (b) In case an Event of Default with respect to the Notes has occurred and
is continuing, the Trustee shall, with respect to the Notes, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs. 
  
 (c) No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 
  
 (i) This subsection shall not be construed to limit the
effect of subsection (a) of this Section; 
  
 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
  
 (iii) The Trustee shall not be liable with respect to any
action taken, suffered or omitted to be taken by it with respect to Notes in good faith in accordance with the direction of the Holders of at least a majority in principal amount of the outstanding Notes relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and 
  
 (iv) The Trustee shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of
any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

  
 (d) Whether or not therein expressly so provided, every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
  
 
Section 7.2. Notice of Defaults. 
  
 Within 90 days after the occurrence of any default hereunder with respect to the Notes, the Trustee shall give notice to all Holders of Notes of such default hereunder known to the Trustee, unless such default shall have been cured or
waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Note, the Trustee shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders. For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to the Notes. Notice given pursuant to this Section 7.2 shall be transmitted by mail to all registered Holders, as
the names and addresses of the registered Holders appear in the Register. 
  
 Notice given pursuant to this Section 7.2 shall be transmitted by mail to all registered Holders, as the names and addresses of the registered Holders appear in the register maintained by the Registrar. 
  

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Section 7.3. Certain Rights of Trustee. 
  
 Except as otherwise provided in Section 7.1: 
  
 (a) the
Trustee may conclusively rely, and shall be fully protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Order and any resolution of the Board of Directors shall be sufficiently evidenced by a resolution of the Board; 
  
 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 
  
 (d) the Trustee may consult with counsel and the advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction; 
  
 (f) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation;

  
 (g) the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

  
 (h) in no event shall the Trustee be responsible or liable
for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action; 
  
 (i) the Trustee shall not be deemed to have notice of
any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee;
and such notice references the Notes under this Indenture; 
  

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 (j) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other person employed to act hereunder; and 
  
 (k) the Trustee may request that the Company deliver an Officers’
Certificate setting forth the names of individual and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an
Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
  
 
Section 7.4. Not Responsible For Recitals of the Issuance of Notes 
  
 The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company,
and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company
of any Notes or the proceeds thereof. 
  
 
Section 7.5. May Hold Debt Securities. 
  
 The Trustee, the Paying Agent, the Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 7.8 and 7.13 may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent. 
  
 
Section 7.6. Money Held in Trust. 
  
 Money held by the Trustee or any Paying Agent in trust hereunder need not be segregated from other funds except to the extent required by law. Neither the Trustee nor any Paying Agent shall be under any liability for interest on any money
received by it hereunder except as otherwise agreed with the Company. 
  
 
Section 7.7. Compensation and Reimbursement. 
  
 The Company agrees: 
  
 (a) to
pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); and 

 
 (b) except as otherwise expressly provided herein, to reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements
of its agents and counsel), except any such expense, disbursement or advance shall be determined to have been caused by its negligence or willful misconduct. 
  
 The Company and the Obligors, jointly and severally, agree to fully indemnify the Trustee for, and to hold it harmless against, any loss, liability,
claim, damage or expense incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this trust or performance of its duties hereunder, including the costs and expenses of
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 against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

  
 As security for the performance of the obligations of the
Company and the Obligors under this Section, the Trustee shall have a claim prior to the Notes, upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of amounts due on the Notes. 

 
 The obligations of the Company and the Obligors under this Section 7.7 to
compensate and indemnify the Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness under this Indenture and shall survive the satisfaction and discharge of this Indenture and resignation or removal of
the Trustee. 
  
 
Section 7.8. Disqualification; Conflicting Interests. 
  
 If the Trustee has or shall acquire a conflicting interest within the meaning of §310 of the TIA, the Trustee shall either eliminate such conflicting interest or resign, to the extent and in the manner provided
by, and subject to the provisions of, the TIA and this Indenture. To the extent permitted by the TIA, the Trustee shall not be deemed to have conflicting interest with respect to a particular series of securities of the Company by virtue of being
Trustee with respect to any other series of securities of the Company other than that series. 
  
 
Section 7.9. Corporate Trustee Required; Eligibility. 
  
 There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under
such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000, subject to supervision or examination by federal, state or District of Columbia authority. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. Neither the Company nor any person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee upon any
securities of the Company, including the Notes. 
  
 
Section 7.10. Resignation and Removal; Appointment of Successor. 
  
 (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee under Section 7.11. 
  
 (b) The Trustee may resign at any time by giving written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes. 
  
 (c) The Trustee may be removed at any time with respect to the Notes and a successor Trustee appointed by the Holders of at
least a majority in principal amount of the outstanding Notes, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes. 
  

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 (d) If at any time: 
  
 (i) the Trustee shall fail to comply with Section 7.8 after written request therefor by the Company or by
any Holder who has been a Holder for at least six months, or 
  
 (ii) the Trustee shall cease to be eligible under Section 7.9 and shall fail to resign after written request therefor by the Company or by any such Holder, 
  
 (iii) the Trustee shall become incapable of acting or shall
be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, or 
  
 (iv) any Gaming Authority
requires the Trustee to be licensed, qualified or found suitable under any applicable Gaming Laws or otherwise determines that the Trustee is incapable of acting in its capacity as a trustee under this Indenture. 
  
 then, in any such case, (i) the Company, by a resolution of the Board, may remove the Trustee
with respect to the Notes, or (ii) subject to Section 6.11, any Holder who has been a Holder for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee. 
  
 (e) If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Company, by a resolution of the Board, shall promptly appoint a successor Trustee or Trustees with respect to
the Notes, which shall comply with the applicable requirements of Section 7.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by the holders of at least
a majority in principal amount of the Notes delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Notes and,
to that extent, supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Notes shall have been so appointed by the Company or the Holders and accepted appointment in the manner hereinafter provided, any
Holder who has been a Holder for at least six months may, subject to Section 6.11, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the
Notes. 
  
 (f) The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Notes and each appointment of a successor Trustee with respect to the Notes in the manner and to the extent provided in Section 12.2 to the Holders. Each notice shall include the name of the
successor Trustee with respect to the Notes and the address of the Corporate Trust Office of the Trustee. 
  
 
Section 7.11. Acceptance of Appointment by Successor. 
  
 (a) In the case of an appointment hereunder of a successor Trustee, each such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of
the retiring Trustee, but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of
the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and 
  

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 money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 7.7.

  
 (b) Upon request of any such successor Trustee, the Company
shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in this Section, as the case may be. 
  
 (c) No successor Trustee shall accept its appointment unless at the time of
such acceptance such successor Trustee shall be qualified and eligible under this Article. 
  
 
Section 7.12. Merger, Conversion, Consolidation or Succession to Business. 
  
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have been authenticated, but not delivered,
by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Trustee had itself
authenticated such Notes. In case any Notes shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Notes, in either its own name or that of its predecessor Trustee, with the full
force and effect which this Indenture provides for the certificate of authentication of the Trustee. 
  
 
Section 7.13. Preferential Collection of Claims Against Company. 
  
 If and when the Trustee shall be or become a creditor of the Company (or any Guarantor or other Obligor upon the Notes), the Trustee shall be subject to
the provisions of § 311 of the TIA regarding the collection of such claims against the Company (or any such Guarantor or other Obligor). A Trustee that has resigned or been removed shall be subject to and comply with said § 311 to the
extent required thereby. 
  
 Section 7.14. Reports by Trustee to Holders of the
Notes. 
  
 Within 60 days after each May 15 beginning with the
May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA §313(a) (but if no event
described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b) (2). The Trustee shall also transmit by mail all reports as
required by TIA § 313(c) . 
  
 A copy of each report at the
time of its mailing to the Holders of Notes shall be mailed to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the
Notes are listed on any stock exchange. 
  

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ARTICLE 8. 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  
 
Section 8.1. Option to Effect Legal Defeasance or Covenant Defeasance. 
  
 The Company may, at the option of its Board evidenced by resolutions set forth in an Officers’ Certificate, at any time, elect to have either Section
8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight. 
  
 
Section 8.2. Legal Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 8.1 hereof of the option applicable to this Section 8.2, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to
have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be
deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except
for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.4 hereof, and as more fully set forth in
such Section, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due, (b) the Company’s obligations with respect to such Notes under Article 2 and Section 4.2 hereof, (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and Obligors’ obligations in connection therewith and (d) this Article Eight. Subject to compliance with this Article Eight, the Company may exercise its
option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof. 
  
 
Section 8.3. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from its obligations under
the covenants contained in Sections 4.7, 4.8, 4.9, 4.10, 4.12, 4.13, 4.14, and 4.15 hereof and (b) and (c) of Section 5.1 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.4 are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason
of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.1 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.1 hereof of the option applicable to this Section 8.3
hereof, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(c) through 6.1(e) and 6.1(h) hereof shall not constitute Events of Default. 
  

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Section 8.4. Conditions to Legal or Covenant Defeasance. 
  
 The following shall be the conditions to the application of either Section 8.2 or 8.3 hereof to the outstanding Notes: 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance: 
  
 (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium and interest on the
outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be as well as the fees and expense of the Trustee, its agents and its counsel; 
  
 (b) in the case of an election under Section 8.2 hereof, the Company shall
have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the
date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred; 
  
 (c) in the case of an election under
Section 8.3 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

  
 (d) no Default or Event of Default shall have occurred and be
continuing on the date of such deposit (other than a Default or Event of Default resulting from the incurrence of Indebtedness all or a portion of the proceeds of which will be used to defease the Notes pursuant to this Article Eight concurrently
with such incurrence) or insofar as Sections 6.1(f) or 6.1(g) hereof is concerned, at any time in the period ending on the 91st day after the date of deposit; 
  

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

(f) the Company shall have delivered to the Trustee an Opinion of Counsel (which may be subject to customary exceptions) to the effect that on the 91st
day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
  
 (g) the Company shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;
and 
  

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 (h) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  
 
Section 8.5. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to Section 8.6 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to
Section 8.4 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including any
Obligor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds
except to the extent required by law. 
  
 The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
  
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the
Company any money or non-callable Government Securities held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to
the Trustee (which may be the opinion delivered under Section 8.4(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  
 
Section 8.6. Repayment to Company. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or interest on any Note and remaining unclaimed for two years after such principal, premium or
interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national editions), notice that such money remains unclaimed and that, after a date specified therein which shall not be
less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 
Section 8.7. Reinstatement. 
  
 If
the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of an order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the obligations of the Obligors under this Indenture, the Guarantees and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or
8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of,
premium, if any, or interest on any Note following the reinstatement of its 
  

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 obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the
money held by the Trustee or Paying Agent. 
  
 ARTICLE 9.
 
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 
Section 9.1. Without Consent of Holders of Notes. 
  
 Notwithstanding Section 9.2 of this Indenture, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder of a Note: 
  
 (a) to cure any ambiguity, defect or inconsistency; provided that such
amendment or supplement does not adversely affect the rights of any Holder; 
  
 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of Article 2 hereof (including the related definitions) in a manner that does not materially
adversely affect any Holder; 
  
 (c) to provide for the
assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes by a successor to the Company pursuant to Article 5 or Article 10 hereof; 
  
 (d) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights hereunder of any Holder of the Note; 
  
 (e) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 
  
 (f) to allow any Guarantor to execute a supplemental indenture and/or a Guaranty with respect to the Notes; or 
  
 (g) to provide for the issuance of Additional Notes in accordance with the
limitations set forth in this Indenture under the TIA. 
  
 Upon
the request of the Company accompanied by a resolution of its Board authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Section 9.6 hereof, the Trustee shall join
with the Company and the Guarantors in the execution of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but
the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
  
 
Section 9.2. With Consent of Holders of Notes. 
  
 Except as provided below in this Section 9.2, the Company and the Trustee may amend or supplement this Indenture (including Section 3.9, 4.9 and 4.12 hereof, including the defined terms used therein), the Guarantees
and the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes (including, without limitation, Additional Notes, if any) then outstanding voting as a single class (including
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.4 and 6.7 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of
the principal of, premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Guarantees 
  

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 or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding
Notes voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Without the consent of at least 66 2/3% in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, such Notes), no waiver
or amendment to this Indenture may (a) make any change to Article 10 hereof or (b) release any Guarantor from its obligations under any Guaranty, in either case if such amendment or waiver would adversely affect the rights of any
Holder. Section 2.8 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.2. 
  
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.6 hereof, the Trustee shall join
with the Company in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental Indenture. 
  
 It shall not be necessary for the consent of the Holders of Notes under this Section 9.2 to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. Subject to Sections 6.4 and 6.7 hereof, and except as
otherwise provided in this Section 9.2 the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by any Obligor with any provision of this
Indenture, any Guaranty or the Notes. However, without the consent of each Holder affected, an amendment or waiver under this Section 9.2 may not (with respect to any Notes held by a non-consenting Holder): 
  
 (a) reduce the principal amount of Notes whose Holders must consent to an
amendment, supplement or waiver; 
  
 (b) reduce the principal of
or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes (except as provided above with respect to Sections 3.9, 4.9 and 4.12 hereof); 
  
 (c) reduce the rate of or change the time for payment of interest, including
default interest, on any Note; 
  
 (d) waive a Default or Event of
Default in the payment of principal of or premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of
the payment default that resulted from such acceleration); 
  
 (e)
make any Note payable in money other than that stated in the Notes; 
  
 (f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of or premium, if any, or interest on the Notes; 
  

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 (g) waive a redemption payment with respect to any Note (other than payment required by Sections 3.9, 4.9
and 4.12 hereof); or 
  
 (h) make any change in Section 6.4 or
6.7 hereof or in the foregoing amendment and waiver provisions. 
  
 
Section 9.3. Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture or the Notes shall be set forth in a amended or supplemental indenture that complies with the TIA as then in effect. 
  
 
Section 9.4. Revocation and Effect of Consents. 
  
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that
evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives
written notice of revocation before the date upon which the requisite consents for the applicable amendment, supplement or waiver have been obtained. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter
binds every Holder. 
  
 
Section 9.5. Notation on or Exchange of Notes. 
  
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
  
 
Section 9.6. Trustee to Sign Amendments, etc. 
  
 The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article Nine if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. The Obligors may not sign an amendment or supplemental indenture until their Boards approve it. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.1) shall be fully
protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  
 
Section 9.7. Amendment Related to Subordination. 
  
 Any amendment related to Article 10 hereof shall be made in accordance with the applicable provisions of Article 9 and Section 10.14. 
  

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ARTICLE 10. 
 SUBORDINATION 
  
 
Section 10.1. Agreement to Subordinate. 
  
 Each Obligor agrees, and each Holder by accepting a Note agrees, that the Indebtedness evidenced by the Note and the Guarantees is subordinated in right of payment, to the extent and in the manner provided in this
Article, to the prior payment in full of all Senior Debt (whether outstanding on the date hereof or hereafter Incurred), and that the subordination is for the benefit of the holders of Senior Debt. No holder of Senior Debt need prove its reliance on
this Article 10 to enforce the provisions hereof. 
  
 
Section 10.2. Certain Definitions. 
  
 “Accrued Bankruptcy Interest” means, with respect to any Senior Debt, all interest accruing thereon after the filing of a petition or commencement of any other proceeding by or against any Obligor under any Bankruptcy Law, in
accordance with and at the rate (including any rate applicable upon any default or event of default, to the extent lawful) specified in the documents evidencing or governing such Indebtedness or Hedging Obligations, whether or not the claim for such
interest is allowed as a claim after such filing in any proceeding under such Bankruptcy Law. 
  
 “Designated Senior Debt” means any Indebtedness under the Bank Credit Agreement (which is outstanding or which the lenders thereunder have a commitment to extend) and, if applicable, any other Senior Debt
permitted under this Indenture, the principal amount (committed or outstanding) of which is $25 million or more and that has been designated by the Company as “Designated Senior Debt.” 
  
 “Hedging Obligations” means all obligations of the Obligors arising
under or in connection with any rate or basis swap, forward contract, commodity swap or option, equity or equity index swap or option, bond, note or bill option, interest rate option, foreign currency exchange transaction, cross currency rate swap,
currency option, cap, collar or floor transaction, swap option, synthetic trust product, synthetic lease or any similar transaction or agreement. 
  
 “Representative” means the indenture trustee or other trustee, agent or representative for any Senior Debt. 
  
 “Senior Debt” means, with respect to any Obligor, (a) all
Indebtedness of such Obligor outstanding under Credit Facilities (including the Bank Credit Agreement) and all Hedging Obligations with respect thereto, (b) any other Indebtedness permitted to be Incurred by such Obligor under the terms of this
Indenture, unless the instrument under which such Indebtedness is Incurred expressly provides that it is on a parity with or subordinated in right of payment to the Notes and (c) all Obligations with respect to the foregoing. Notwithstanding
anything to the contrary in the foregoing, Senior Debt will not include (i) any liability for federal, state, local or other taxes owed or owing by such Obligor, (ii) any Indebtedness of such Obligor to any of its Restricted Subsidiaries or other
Affiliates, (iii) any trade payables, (iv) any Indebtedness that is incurred in violation of this Indenture and (v) Indebtedness which, when Incurred and without respect to any election under Section 1111(b) of Title 11, United States Code, is
without recourse to such Obligor. Notwithstanding anything in this Indenture to the contrary, Senior Debt shall not include the 91⁄4% Notes. 
  
 A distribution may consist of cash, securities or other property, by set-off or otherwise. 
  
 All Designated Senior Debt now or hereafter existing and all other Obligations relating thereto shall not be deemed to have
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 payment in full in cash with respect to such Designated Senior Debt and all other Obligations with respect thereto
including, without limitation, all Accrued Bankruptcy Interest. 
  
 
Section 10.3. Liquidation; Dissolution; Bankruptcy. 
  
 Upon any distribution to creditors of any Obligor in a liquidation or dissolution of such Obligor or in a proceeding under Bankruptcy Law relating to such Obligor or its property, in an assignment for the benefit of
creditors or any marshaling of such Obligor’s assets and liabilities: 
  
 (a) holders of Senior Debt shall be entitled to receive payment in full of all Obligations in respect of such Senior Debt (including Accrued Bankruptcy Interest) and to have all outstanding Letter of Credit
Obligations and applicable Hedging Obligations fully cash collateralized before the Trustee or the Holders shall be entitled to receive any payment or distribution on Obligations with respect to the Notes and the Guarantees (except that the Trustee
or the Holders may receive payments and other distributions made from any defeasance or redemption trust created pursuant to Article 8 or the last paragraph of Section 3.5 hereof and the issuance of Permitted Junior Securities); and 
  
 (b) until all Obligations with respect to Senior Debt (as provided in clause
(a) above) are paid in full and all outstanding Letter of Credit Obligations and applicable Hedging Obligations are fully cash collateralized, any distribution to which the Trustee or the Holders would be entitled but for this Article, including any
such distribution that is payable or deliverable by reason of the payment of any other Indebtedness of such Obligor being subordinated to the payment of the Notes and Guarantees, shall be made to holders of Senior Debt or their Representatives,
ratably in accordance with the respective amounts of the principal of such Senior Debt, interest (including, without limitation, Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto (except that Holders may receive
payments and other distributions made from any defeasance or redemption trust created pursuant to Article 8 or the last paragraph of Section 3.5 hereof and the issuance of Permitted Junior Securities hereof), as their respective interests may
appear. 
  
 Any holder of Designated Senior Debt may file any
proof of claim or similar document on behalf of the Trustee or any Holder if such a document has not been filed by the date which is 30 days prior to the last day specified for filing of such documents. In any proceeding under Bankruptcy Law,
neither the Trustee nor any Holder shall initiate, or vote in support of, any challenge to the rights of the holders of Senior Debt. 
  
 
Section 10.4. Default on Designated Senior Debt. 
  
 The Obligors may not make any payment or distribution to the Trustee or any Holder in respect of Obligations arising under or in connection with the Notes or the Guarantees and may not acquire from the Trustee or any
Holder any Notes or Guarantees for cash or property (other than payments and other distributions made from any defeasance or redemption trust created pursuant Article 8 or the last paragraph of Section 3.5 hereof and the issuance of Permitted Junior
Securities) until all principal and other Obligations arising under or in connection with the Senior Debt have been paid in full or fully cash-collateralized, if not yet due if: 
  
 (a) a default in the payment of any Obligations with respect to Designated Senior Debt occurs and is continuing (including
any default in payment upon the maturity of any Designated Senior Debt by lapse of time, acceleration or otherwise), or any judicial proceeding is pending to determine whether any such default has occurred; or 
  
 (b) a default or event of default (as such terms may be defined in any
agreement, indenture or other document governing such Designated Senior Debt), other than a payment default described in 
  

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 subsection (a) above, on Designated Senior Debt, including any default or event of default that would result upon any
payment or distribution with respect to the Notes or the Guarantees, that would cause or permit the acceleration of the maturity of the Designated Senior Debt, occurs and is continuing with respect to Designated Senior Debt that permits holders of
the Designated Senior Debt as to which such default relates to accelerate its maturity and the Trustee receives a notice of such default (a “Payment Blockage Notice”) from the affected Obligors or the holders of any Designated Senior Debt.
If the Trustee receives any such Payment Blockage Notice, no subsequent Payment Blockage Notice shall be effective for purposes of this Section unless and until at least 360 days shall have elapsed since the first day of effectiveness of the
immediately prior Payment Blockage Notice. No nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice unless
such default shall have been waived for a period of not less than 180 days. 
  
 If the Company is prohibited from making payments on or distributions in respect of the Notes or from acquiring any Notes under subsection (a) or (b) above, the Company may and shall resume payments on and
distributions in respect of the Notes and may acquire them upon: 
  
 (i) in the case of any prohibition referred to in Section 10.4(a) hereof, the date upon which the default, event of default or other event giving rise to such prohibition is cured or waived or shall have ceased to
exist, unless another default, event of default or other event that would prohibit such payment, distribution or acquisition under Section 10.4(a) has occurred and is continuing, or all Obligations in respect of such Designated Senior Debt shall
have been discharged or paid in full, or 
  
 (ii)
in the case of any prohibition referred to in Section 10.4(b) hereof, the earlier of the date on which the default, event of default or other event giving rise to such prohibition is cured or waived or 179 days pass after the relevant Payment
Blockage Notice is received by the Trustee thereunder, unless the maturity of any Designated Senior Debt has been accelerated, in each such case, if this Article otherwise permits the payment, distribution or acquisition. 
  
 The provisions of this Article shall not be construed to prohibit the Company
from repurchasing, redeeming, repaying or prepaying any or all of the Notes to the extent required to do so by any Gaming Authority having authority over any Obligor. 
  
 
Section 10.5. Acceleration of Notes. 
  
 If payment of the Notes is accelerated because of an Event of Default, the Company shall promptly notify holders of Senior Debt of the acceleration. 
  
 
Section 10.6. When Distribution Must Be Paid Over. 
  
 If, notwithstanding the provisions of Sections 10.3 and 10.4, any direct or indirect payment or distribution on account of principal of or interest on or other Obligations with respect to the Notes or Guarantees or
acquisition, repurchase, redemption, retirement or defeasance of any of the Notes or Guarantees shall be made by or on behalf of any Obligor (including any payments or distribution by any liquidating trustee or agent or other Person in a proceeding
referred to in Section 10.3) and received by the Trustee or any Holder at a time when such payment or distribution was prohibited by the provisions of Section 10.3 or 10.4 or such payment or distribution was required to be made to holders of Senior
Debt or their Representatives, then, unless and until such payment or distribution is no longer prohibited by Section 10.3 or 10.4, such payment or distribution shall be received, segregated from other funds or assets and held in trust by the
Trustee or such Holder, as the case may be, for the benefit of, and shall be immediately paid or delivered over to, those Persons known to the Trustee or, as the case may be, such 
  

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 Holder, as, or identified by the Company as, or to a fund for the benefit of, the holders of Senior Debt or their
Representatives, ratably in accordance with the respective amounts of the principal of such Senior Debt, interest (including, without limitation, Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto held or represented
by each, until the principal of all Senior Debt, interest (including Accrued Bankruptcy Interest) thereon and all other Obligations with respect thereto have been paid in full and all outstanding Letter of Credit Obligations and applicable Hedging
Obligations have been fully cash collateralized. Any distribution to the holders of Senior Debt or their Representatives of assets other than cash may be held by such holders or such Representatives as additional collateral without any duty to the
Holder to liquidate or otherwise realize on such assets or to apply such assets to any Senior Debt or other Obligations relating thereto. 
  
 With respect to the holders of Senior Debt, the Trustee undertakes to perform only such obligations on the part of the Trustee as are specifically set
forth in this Article 10, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Debt, and shall not be liable to any such holders if the Trustee shall in good faith mistakenly pay over or distribute to or on behalf of Holders or any Obligor or any other Person money or assets to which any holders of Senior Debt shall be
entitled by virtue of this Article 10, except if such payment is made as a result of the willful misconduct or gross negligence of the Trustee. Nothing in this Section 10.6 shall affect the obligation of any Person other than the Trustee to hold
such payment or distribution for the benefit of, and to pay or deliver such payment or distribution over to, the holders of Senior Debt or their Representatives. 
  
 
Section 10.7. Notice by Company. 
  
 The Company shall promptly notify the Trustee and the Paying Agent of any facts known to the Company that would cause a payment of any Obligations with respect to the Notes or Guarantees to violate this Article, but failure to give such
notice shall not affect the subordination of the Notes and the Guarantees to the Senior Debt as provided in this Article. 
  
 
Section 10.8. Subrogation. 
  
 After all Senior Debt is paid in full and until the Notes are paid in full, Holders shall be subrogated (equally and ratably with all other Indebtedness pari passu with the Notes and Guarantees) to the rights of holders of Senior Debt to
receive distributions applicable to Senior Debt to the extent that distributions otherwise payable to the Holders have been applied to the payment of Senior Debt. A distribution made under this Article to holders of Senior Debt that otherwise would
have been made to Holders is not, as between the Obligors and Holders, a payment by any Obligor on the Notes or the Guarantees. 
  
 
Section 10.9. Relative Rights. 
  
 This Article 10 defines the relative rights of Holders and holders of Senior Debt. Nothing in this Article 10 shall: 
  
 (a) impair, as between the Obligors and Holders, the obligation of the Obligors, which is absolute and unconditional, to pay principal of and interest on
the Notes and the Guarantees in accordance with their terms; 
  
 (b) affect the relative rights of Holders and creditors of the Obligors other than their rights in relation to holders of Senior Debt; or 
  

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 (c) prevent the Trustee or any Holder from exercising its available remedies upon a Default or Event of
Default, subject to the rights of holders and owners of Senior Debt to receive distributions and payments otherwise payable to Holders. 
  
 If any Obligor fails because of this Article to pay principal of or interest on a Note or Guaranty on the due date, the failure is still a Default or
Event of Default. 
  
 
Section 10.10. Subordination May Not Be Impaired by Obligors. 
  
 No right of any present or future holder of Senior Debt to enforce the subordination of the Indebtedness evidenced by the Notes and the Guarantees shall
be impaired by any act or failure to act by any Obligor or any Holder of Notes and Guarantees or any holder of Senior Debt or by the failure of any Obligor or any Holder of Notes and Guarantees or any holder of Senior Debt to comply with this
Indenture regardless of any knowledge thereof that any such Holder of Notes or holder of Senior Debt, as the case may be, may have or be otherwise charged with. The holders of Senior Debt may extend, renew, restate, supplement, modify or amend the
terms of the Senior Debt or any Obligations with respect thereto or any security therefor and release, sell or exchange such security and otherwise deal freely with any Obligor and its Subsidiaries and Affiliates all without affecting the
liabilities and obligations of the parties to this Indenture or the Holders. No provision in any supplemental indenture that adversely affects the subordination of the Notes and Guarantees or other provisions of this Article 10 shall be effective
against the holders of the Designated Senior Debt unless the requisite percentage of such holders (or if permitted under the applicable Bank Credit Agreement, the Representative) shall have consented thereto. 
  
 Each Holder of the Notes and Guarantees by its acceptance thereof: (a)
acknowledges and agrees that the holders of any Senior Debt or their Representative, in its or their discretion, and without affecting any rights of any holder of Senior Debt under this Article 10, may foreclose any mortgage or deed of trust
covering interest in real property securing such Senior Debt or any guarantee thereof by judicial or nonjudicial sale, even though such action may release an Obligor or any guarantor of such Senior Debt from further liability under such Senior Debt
or any guarantee thereof or may otherwise limit the remedies available to the holders thereof; and (b) hereby waives any defense that such Holder may otherwise have to the enforcement of this Article 10 by any holder of any Senior Debt or any
Representative of such holder against such Holder after or as a result of any action, including any such defense based on any loss or impairment of rights of subrogation. 
  
 If at any time any payment of Obligations with respect to any Senior Debt is rescinded or must otherwise be returned upon
the insolvency, bankruptcy, reorganization or liquidation of any Obligor or otherwise, the provisions of this Article 10 shall continue to be effective or reinstated, as the case may be, to the same extent as though such payments had not been made.

  
 
Section 10.11. Distribution or Notice to Representative. 
  
 Whenever a distribution is to be made or a notice given to holders of Senior Debt, the distribution may be made and the notice given to their Representative. 
  
 Upon any payment or distribution of assets of any Obligor referred to in this
Article 10, the Trustee and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction or upon any certificate of such Representative or of the liquidating trustee or agent or other Person making any
distribution to the Trustee or to the Holders for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of the Senior Debt and other Indebtedness of such Obligor, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 10. 
  

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 Subject to the provisions of Section 7.1, the Trustee shall be entitled to rely on the delivery to it of
a written notice by a Person representing himself to be a holder of Senior Debt (or a trustee or agent on behalf of such holder) to establish that such notice has been given by a holder of Senior Debt (or a trustee or agent on behalf of any such
holder). In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article 10, the
Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the rights of such Person under this Article 10, and if such evidence is not furnished, the Trustee may defer any payment which it may be required to make for the benefit of such Person pursuant to the terms of this
Indenture pending judicial determination as to the rights of such Person to receive such payment. 
  
 
Section 10.12. Rights of Trustee and Paying Agent. 
  
 Notwithstanding the provisions of this Article 10 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment
or distribution by the Trustee, and the Trustee and the Paying Agent may continue to make payments on the Notes and Guarantees, unless a Responsible Officer of the Trustee shall have received at its Corporate Trust Office at least two Business Days
prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Notes and Guarantees to violate this Article. Only the Company or a Representative may give the notice. Nothing in this
Article 10 shall impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof. 
  
 The Trustee in its individual or any other capacity may hold Senior Debt with the same rights it would have if it were not Trustee. Any Agent may do the
same with like rights. 
  
 
Section 10.13. Authorization to Effect Subordination. 
  
 Each Holder of a Note by the Holder’s acceptance thereof authorizes and directs the Trustee on the Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination as
provided in this Article 10, and appoints the Trustee to act as the Holder’s attorney-in-fact for any and all such purposes. 
  
 Each Obligor, the Trustee and each Holder by their acceptance of the Notes acknowledge that damages would be inadequate to compensate the holders of
Senior Debt for any breach or default by any Obligor, the Trustee or any such Holder of its obligations under this Article 10, and, therefore, agree that the holders of Senior Debt and their Representatives shall be entitled to equitable relief,
including injunctive relief and specific performance, in the enforcement thereof. 
  
 
Section 10.14. Amendments. 
  
 (a) The provisions of this Article 10 shall not be amended or modified without the written consent of the holders of all Senior Debt unless such amendment or modification does not adversely affect the holders of such Senior Debt.

  
 (b) Without the consents of the Holders of at least 66 2/3% in
principal amount of the Notes then outstanding, no Obligor will amend, modify or alter the terms of any indebtedness subordinated to the Notes or the Guarantees in any way that will (i) increase the rate of or change the time for payment of interest
on any indebtedness subordinated to the Notes, (ii) increase the principal of, advance the final maturity date of or shorten the Weighted Average Life to Maturity of any such subordinated indebtedness, (iii) alter the redemption provisions or the
price or terms at which the Company is required to offer to 
  

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 purchase such subordinated indebtedness or (iv) amend the subordination provisions of any documents, instruments or
agreements governing any such subordinated indebtedness, except to the extent that any of the foregoing would be required to permit any Obligor to make a Restricted Payment permitted by Section 4.7 hereof. 
  
 
Section 10.15. Notes are Pari Passu with the 91⁄4% Notes. 
  
 The Obligations in respect of the Notes and the Guarantees are on a parity with the Obligations in respect of the 91⁄4% Notes and the guarantees thereof in right of payment. 
  
 
ARTICLE 11. 
 SATISFACTION AND DISCHARGE 
  
 
Section 11.1. Satisfaction and Discharge. 
  
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
  

	(a)	 	either: 

  
 (i) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has theretofore been deposited in trust and thereafter repaid to the Company), have been delivered to the Trustee for cancellation; or 
  
 (ii) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a
notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders,
cash in U.S. dollars, noncallable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered
to the Trustee for cancellation for principal, premium and accrued interest to the date of maturity or redemption; 
  
 (b) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the
borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any
Guarantor is bound; 
  
 (c) the Company or any Guarantor has paid
or caused to be paid all sums payable by it under this Indenture; and 
  
 (d) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be. 
  
 In addition, the Company must deliver an Officers’ Certificate and an
Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (ii) of clause (a) of
this Section, the provisions of Sections 11.2 
  

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 and 8.6 will survive. In addition, nothing in this Section 11.1 will be deemed to discharge those provisions of Section
7.7 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 
  
 
Section 11.2. Application of Trust Money. 
  
 Subject to the provisions of Section 8.6 hereof, all money deposited with the Trustee pursuant to Section 11.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for
whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
  
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.1 hereof by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.1 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
  
 
ARTICLE 12. 
 MISCELLANEOUS 
  
 
Section 12.1. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c) , the imposed duties shall control. 
  
 
Section 12.2. Notices. 
  
 Any
notice or communication by the Company, any Guarantor or the Trustee to the other is duly given if in writing and delivered in Person or mailed by first class mail, telecopier or overnight air courier guaranteeing next day delivery, to the
other’s address: 
  
 If to the Company and/or any Guarantor:

  
 Pinnacle Entertainment, Inc. 
 3800 Howard Hughes Parkway 
 Suite 1800 
 Las Vegas, Nevada 89109 
 Telecopier No.: (702) 784-7778 
 Attention: John A. Godfrey, Esq. 
  

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 With a copy to: 
  

Irell & Manella LLP 
 1800 Avenue of the Stars, Suite 900 
 Los Angeles, CA 90067-4276 
 Telecopier No.: (310) 203-7199 
 Attention: Alvin G. Segel, Esq. 
  
 If to the Trustee: 
  
 The Bank of New
York 
 101 Barclay Street, Floor 8 West 
 New York, New York 10286 
 Telecopier No.: (212) 815-5915 
 Attention: Corporate Trust Administration 
  
 Either the Company, any Guarantor or the Trustee, by notice to the other may
designate additional or different addresses for subsequent notices or communications. 
  
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  
 Any notice or communication to a Holder shall be mailed by first class mail
or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the
TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it. 
  
 If the Company mails a notice or communication to Holders,
it shall mail a copy to the Trustee and each Agent at the same time. 
  
 
Section 12.3. Communication by Holders of Notes with Other Holders of Notes. 
  
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, any
Guarantor, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 
Section 12.4. Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, except the initial authentication and delivery of
the Notes on the Issue Date, the Company shall furnish to the Trustee: 
  
 (a) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.5 hereof) stating that, in the opinion of the 
  

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 signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action
have been satisfied; and 
  
 (b) an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. Such counsel may
rely on representations, warranties and certificates of other Persons as to matters of fact, and may qualify the Opinion of Counsel with customary assumptions and exceptions. 
  
 
Section 12.5. Statements Required in Certificate or Opinion. 
  
 Each certificate or opinion with respect to compliance with a condition or covenant provided in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of
TIA § 314(e) and shall include: 
  
 (a) a statement that the
Person making such certificate or opinion has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (c) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

  
 
Section 12.6. Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  
 
Section 12.7. No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No past, present or future director, officer, employee, agent, manager, partner, member, incorporator or stockholder of any Obligor, in such capacity,
will have any liability for any obligations of any Obligor under the Notes, this Indenture or the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each holder of Notes by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees. 
  
 
Section 12.8. Governing Law. 
  
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES, AND THE GUARANTEES 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. 
  

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Section 12.9. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of any Obligor or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture. 
  
 
Section 12.10. Successors. 
  
 All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.5. All agreements of the
Trustee in this Indenture shall bind its successors. 
  
 
Section 12.11. Severability. 
  
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 
Section 12.12. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 
Section 12.13. Table of Contents, Headings, etc. 
  
 The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and
shall in no way modify or restrict any of the terms or provisions hereof. 
  
 
Section 12.14. First Supplemental Indenture. 
  
 This First Supplemental Indenture hereby amends, modifies, supplements and restates in its entirety (except solely for the provisions of the Base Indenture which authorize the creation of this First Supplemental
Indenture) the Base Indenture with respect to (and only with respect to) the Notes. The Trustee shall be fully protected in relying on the terms of this First Supplemental Indenture, as it may be amended and supplemented from time to time, with
respect to the terms of the Notes governed hereby. 
  
 
Section 12.15. Waiver of Jury Trial 
  
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED HEREBY. 
  
 
ARTICLE 13. 
 GUARANTY 
  
 
Section 13.1. The Guaranty. 
  
 Each Guarantor hereby absolutely and unconditionally, jointly and severally Guarantees and promises to pay to each Holder and the Trustee (each a “Beneficiary”), as their respective interests appear, on demand, in lawful money of
the United States of America, any and all Guaranteed Obligations of the Company from time to time owed to the Beneficiaries. The term “Guaranteed Obligations” means 
  

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 any and all present and future obligations and liabilities of the Company of every type and description to the
Beneficiaries under this Indenture and the Notes, whether for principal, premium (if any), interest, expenses, indemnities or other amounts, in each case whether due or not due, absolute or contingent, voluntary or involuntary, liquidated or
unliquidated, determined or undetermined, now or hereafter existing, renewed or restructured, whether or not from time to time decreased or extinguished and later increased, created or incurred, whether or not arising after the commencement of a
proceeding under Bankruptcy Law (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding, and whether or not recovery of any such obligation or liability may be barred by a statute of limitations
or such obligation or liability may otherwise be unenforceable. All Guaranteed Obligations shall be conclusively presumed to have been created in reliance on this Guaranty. This Guaranty is a continuing guaranty of the Guaranteed Obligations and,
except as otherwise provided in Section 9.2 or 13.11, may not be revoked and shall not otherwise terminate unless and until any and all Guaranteed Obligations have been indefeasibly paid and performed in full. Failing payment when due of any
Guaranteed Obligation or any performance of any Guaranteed Obligation for whatever reason, the Guarantors shall be jointly and severally obligated to pay or perform the same immediately. Each Guarantor agrees that this is a guarantee of payment and
not a guarantee of collection. 
  
 The Guarantors hereby
agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor.
Each Guarantor hereby covenants that this Guaranty shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
  
 If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Guaranty, to the extent theretofore discharged, shall be reinstated in
full force and effect. 
  
 Each Guarantor further agrees
that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Guaranty,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such
obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guaranty. 
  
 
Section 13.2. Nature of Guaranty. 
  
 The liability of each Guarantor under this Guaranty is independent of and not in consideration of or contingent upon the liability of the Company or any other Obligor and a separate action or actions may be brought and prosecuted against
any Guarantor, whether or not any action is brought or prosecuted against the Company or any other Obligor or whether the Company or any other Obligor is joined in any such action or actions. This Guaranty given by each Guarantor shall be construed
as a continuing, absolute and unconditional guaranty of payment (and not merely of collection) without regard to: 
  
 (a) the legality, validity or enforceability of the Notes, this Indenture or any of the Guaranteed Obligations, or the Guaranty given by any other
Guarantor (an “Other Guaranty”); 
  

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 (b) any defense (other than payment), set-off or counterclaim that may at any time be available to the
Company or any other Obligor against, and any right of set-off at any time held by, any Beneficiary; or 
  
 (c) any other circumstance whatsoever (with or without notice to or knowledge of any Guarantor or any other Obligor), whether or not similar to any of the
foregoing, that constitutes, or might be construed to constitute, an equitable or legal discharge of the Company or any other Obligor, in bankruptcy or in any other instance. 
  
 Any payment by any Obligor or other circumstance that operates to toll any statute of limitations applicable to such Obligor
shall also operate to toll the statute of limitations applicable to each Guarantor. 
  
 
Section 13.3. Authorization. 
  
 Each Guarantor authorizes each Beneficiary, without notice to or further assent by such Guarantor, and without affecting any Guarantor’s liability hereunder (regardless of whether any subrogation or similar right that such Guarantor
may have or any other right or remedy of such Guarantor is extinguished or impaired or the risk to such Guarantor is materially increased), from time to time to do any or all of the following: 
  
 (a) permit the Company to increase or create Guaranteed Obligations, or
terminate, release, compromise, subordinate, extend, accelerate or otherwise change the amount or time, manner or place of payment of, or rescind any demand for payment or acceleration of, the Guaranteed Obligations or any part thereof, consent or
enter into supplemental indentures or otherwise amend the terms and conditions of this Indenture or the Notes or any provision thereof; 
  
 (b) take and hold collateral security from the Company or any other Person, perfect or refrain from perfecting a Lien on any such collateral security, and
exchange, enforce, subordinate, release (whether intentionally or unintentionally), or take or fail to take any other action in respect of, any such collateral security or Lien or any part thereof; 
  
 (c) exercise in such manner and order as it elects in its sole discretion,
fail to exercise, waive, suspend, terminate or suffer expiration of, any of the remedies or rights of such Beneficiary against the Company or any other Obligor in respect of any Guaranteed Obligations or any collateral security; 
  
 (d) release, add or settle with any Obligor in respect of the Guaranty or the
Guaranteed Obligations; 
  
 (e) accept partial payments on the
Guaranteed Obligations and apply any and all payments or recoveries from such Obligor or collateral security to such of the Guaranteed Obligations as any Beneficiary may elect in its sole discretion, whether or not such Guaranteed Obligations are
secured or entitled to the benefits of Support Obligations; 
  
 (f) refund at any time, at such Beneficiary’s sole discretion, any payments or recoveries received by such Beneficiary in respect of any Guaranteed Obligations or collateral security; and 
  
 (g) otherwise deal with the Company, any other Obligor and any collateral
security as such Beneficiary may elect in its sole discretion. 
  
 
Section 13.4. Certain Waivers. 
  
 Each Guarantor waives: 
  

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 (a) the right to require the Beneficiaries to proceed against the Company or any other Obligor, to
proceed against or exhaust any collateral security or to pursue any other remedy in any Beneficiary’s power whatsoever and the right to have the property of the Company or any other Obligor first applied to the discharge of the Guaranteed
Obligations; 
  
 (b) all rights and benefits under applicable law
purporting to reduce a guarantor’s obligations in proportion to the obligation of the principal or providing that the obligation of a surety or guarantor must neither be larger nor in other respects more burdensome than that of the principal;

  
 (c) the benefit of any statute of limitations affecting the
Guaranteed Obligations or any Guarantor’s liability hereunder; 
  
 (d) any requirement of marshaling or any other principle of election of remedies; 
  
 (e) any right to assert against any Beneficiary any defense (legal or equitable), set-off, counterclaim and other right that any Guarantor may now or any time hereafter have against the Company or any other Obligor;

  
 (f) presentment, demand for payment or performance (including
diligence in making demands hereunder), notice of dishonor or nonperformance, protest, acceptance and notice of acceptance of this Guaranty, filing of claims with a court in the event of insolvency or bankruptcy of the Company and, except to the
extent expressly required by this Indenture or the Notes, all other notices of any kind, including (i) notice of any action taken or omitted by the Beneficiaries in reliance hereon, (ii) notice of any default by the Company or any other Obligor,
(iii) notice that any portion of the Guaranteed Obligations is due, (iv) notice of any action against the Company or any other Obligor, or any enforcement of other action with respect to any collateral security, or the assertion of any right of any
Beneficiary hereunder; and 
  
 (g) all defenses that at any time
may be available to any Guarantor by virtue of any valuation, stay, moratorium or other similar law now or hereafter in effect. 
  
 
Section 13.5. No Subrogation; Certain Agreements. 
  
 (a) EACH GUARANTOR WAIVES ANY AND ALL RIGHTS OF SUBROGATION, INDEMNITY OR REIMBURSEMENT, AND ANY AND ALL BENEFITS OF AND RIGHTS TO ENFORCE ANY POWER, RIGHT OR REMEDY THAT ANY BENEFICIARY MAY NOW OR HEREAFTER HAVE IN
RESPECT OF THE GUARANTEED OBLIGATIONS AGAINST THE COMPANY OR OTHER OBLIGOR (OTHER THAN RIGHTS OF CONTRIBUTION FROM OTHER GUARANTORS), ANY AND ALL BENEFITS OF AND RIGHTS TO PARTICIPATE IN ANY COLLATERAL, WHETHER REAL OR PERSONAL PROPERTY, NOW OR
HEREAFTER HELD BY ANY BENEFICIARY, AND ANY AND ALL OTHER RIGHTS AND CLAIMS (WITHIN THE MEANING OF APPLICABLE BANKRUPTCY LAW) ANY GUARANTOR MAY HAVE AGAINST THE COMPANY, UNDER APPLICABLE LAW OR OTHERWISE, AT LAW OR IN EQUITY, BY REASON OF ANY PAYMENT
UNDER THE GUARANTY, WHETHER OR NOT THE GUARANTEED OBLIGATIONS SHALL HAVE BEEN PAID IN FULL. 
  
 (b) Each Guarantor assumes the responsibility for being and keeping itself informed of the financial condition of each other Obligor and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed
Obligations that diligent inquiry would reveal, and agrees that the Beneficiaries shall have no duty to advise any Guarantor of information regarding such condition or any such circumstances. 
  

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Section 13.6. Bankruptcy No Discharge. 
  
 (a) Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guaranty of such Guarantor not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guaranty. To effectuate the foregoing intention, the Trustee, the Holders and
the Guarantors hereby irrevocably agree that the obligations of such Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are
relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 13,
result in the obligations of such Guarantor under its Guaranty not constituting a fraudulent transfer or conveyance. 
  
 (b) Without limiting Section 13.2, the Guaranty shall not be discharged or otherwise affected by any bankruptcy, reorganization or similar proceeding
commenced by or against the Company or any other Obligor, including (i) any discharge of, or bar or stay against collecting, all or any part of the Guaranteed Obligations in or as a result of any such proceeding, whether or not assented to by any
Beneficiary, (ii) any disallowance of all or any portion of any Beneficiary’s claim for repayment of the Guaranteed Obligations, (iii) any use of cash or other collateral in any such proceeding, (iv) any agreement or stipulation as to adequate
protection in any such proceeding, (v) any failure by any Beneficiary to file or enforce a claim against the Company or any other Obligor or its estate in any bankruptcy or reorganization case, (vi) any amendment, modification, stay or cure of any
Beneficiary’s rights that may occur in any such proceeding, (vii) any election by any Beneficiary under Section 1111(b)(2) of the Bankruptcy Code, or (viii) any borrowing or grant of a Lien under Section 364 of the Bankruptcy Code. Each
Guarantor understands and acknowledges that by virtue of this Guaranty, it has specifically assumed any and all risks of any such proceeding with respect to the Company and each other Obligor. 
  
 (c) Notwithstanding anything in this Article Twelve to the contrary, any
Event of Default under Section 6.1(f) or (g) of this Indenture shall render all Guaranteed Obligations automatically due and payable for purposes of the Guaranty, without demand on the part of the Trustee or any Holder. 
  
 (d) Notwithstanding anything to the contrary herein contained, the Guaranty
shall continue to be effective or be reinstated, as the case may be, if at any time any payment, or any part thereof, of any or all of the Guaranteed Obligations is rescinded, invalidated, declared to be fraudulent or preferential or otherwise
required to be restored or returned by any Beneficiary in connection with any bankruptcy, reorganization or similar proceeding involving the Company, any other Obligor or otherwise, if the proceeds of any collateral security are required to be
returned by such Beneficiary under any such circumstances, or if any Beneficiary elects to return any such payment or proceeds or any part thereof in its sole discretion, all as though such payment had not been made or such proceeds not been
received. 
  
 
Section 13.7. Execution and Delivery of Guaranty. 
  
 To evidence its Guaranty set forth in Section 13.1, each Guarantor hereby agrees that a notation of such Guaranty substantially in the form included in Exhibit B shall be endorsed by an Officer of such Guarantor on
each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Guarantor by its Chief Executive Officer, Chief Financial Officer or one of its Vice Presidents or equivalent of any of these positions.

  
 Each Guarantor hereby agrees that its Guaranty set forth in
Section 13.1 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guaranty. 
  

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 If an Officer whose signature is on this Indenture or on the Guaranty no longer holds that office at the
time the Trustee authenticates the Note on which a Guaranty is endorsed, the Guaranty shall be valid nevertheless. 
  
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guaranty set forth in this
Indenture on behalf of the Guarantors. 
  
 In the event that the
Company creates or acquires any new Subsidiaries subsequent to the date of this Indenture, if required by Section 4.16 hereof, the Company shall cause such Subsidiaries to execute supplemental indentures to this Indenture and Guaranty in accordance
with Section 4.16 hereof and this Article 13, to the extent applicable. 
  
 
Section 13.8. Severability of Void Guaranteed Obligations Under Guaranty. 
  
 The obligations of any Guarantor hereunder shall be limited to the maximum amount that would not render its obligations hereunder subject to avoidance
under Section 548 of the Bankruptcy Code or any applicable provisions of other Bankruptcy Law or comparable state law. 
  
 
Section 13.9. Right of Contribution. 
  
 In order to provide for just and equitable contribution among the Guarantors in connection with the Guaranty, the Guarantors have agreed among themselves that if any Guarantor satisfies some or all of the Guaranteed Obligations (a
“Funding Guarantor”), the Funding Guarantor shall be entitled to contribution from the other Guarantors that have positive Maximum Net Worth (as defined below) for all payments made by the Funding Guarantor in satisfying the Guaranteed
Obligations, so that each Guarantor that remains obligated under the Guaranty at the time that a Funding Guarantor makes such payment (a “Remaining Guarantor”) and has a positive Maximum Net Worth shall bear a portion of such payment equal
to the percentage that such Remaining Guarantor’s Maximum Net Worth bears to the aggregate Maximum Net Worth of all Remaining Guarantors that have positive Maximum Net Worth. 
  
 As used herein, “Net Worth” means, with respect to any Guarantor, the amount, as of any date of calculation, by
which the sum of a Person’s assets (including subrogation, indemnity, contribution, reimbursement and similar rights that such Guarantor may have notwithstanding Section 13.5), determined on the basis of a “fair valuation” or their
“fair salable value” (whichever is the applicable test under Section 548 and other relevant provisions of the Bankruptcy Code or other Bankruptcy Law and the relevant state fraudulent conveyance or transfer laws) is greater than the amount
that will be required to pay all of such Person’s debts, in each case matured or unmatured, contingent or otherwise, as of the date of calculation, but excluding liabilities arising under the Guaranty and excluding, to the maximum extent
permitted by applicable law with the objective of avoiding rendering such Person insolvent, liabilities subordinated to the Guaranteed Obligations arising out of loans or advances made to such Person by any other Person. “Maximum Net
Worth” means, with respect to any Guarantor, the greatest of the Net Worths calculated as of the following dates: (A) the date on which the Guarantor becomes a Guarantor hereunder, (B) the date on which such Guarantor expressly reaffirms the
Guaranty, (C) the date on which demand for payment is made on such Guarantor hereunder, (D) the date on which payment is made by such Guarantor hereunder or (E) the date on which any judgment, order or decree is entered requiring such Guarantor to
make payment hereunder or in respect hereof. The meaning of the terms “fair valuation” and “fair salable value” and the calculation of assets and liabilities shall be determined and made in accordance with the relevant provisions
of the Bankruptcy Code, other Bankruptcy Law and applicable state fraudulent conveyance or transfer laws. 
  

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Section 13.10. Additional Guarantors. 
  
 Each Subsidiary that executes and delivers to the Trustee from time to time an Addendum to Guaranty after the Issue Date shall, from and after the date of such execution and delivery, be a Guarantor with the same effect as if such
Subsidiary had been a signatory to this Indenture, and no such Addendum to Guaranty must be executed and delivered by any other Obligors. Each Obligor hereby consents to the execution, delivery and effectiveness of any such Addendum, whether or not
it receives notice thereof. Subject to compliance with applicable Gaming Laws, each Person that becomes a Material Restricted Subsidiary of the Company after the date hereof shall automatically be deemed to be a Guarantor for all purposes of this
Indenture, notwithstanding any such Material Restricted Subsidiary’s failure to execute and deliver an Addendum to Guaranty as required by Section 4.16 hereof. 
  
 
Section 13.11. Release of a Guarantor. 
  
 (a) Upon either (a) the designation of a Guarantor as an Unrestricted Subsidiary in accordance with the provisions of this Indenture or (b) the substitution of a successor Person for any Guarantor as contemplated by
Section 5.2 hereof, such Guarantor shall be released from, and thereupon cease to have or accrue any further liability under, its Guaranty. Upon receipt of an Officers’ Certificate and Opinion of Counsel as to compliance with this Section 13.11
and, if applicable, the definition of “Unrestricted Subsidiary”, the Trustee shall deliver to the Company an appropriate instrument evidencing such release. 
  
 (b) In the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of
merger, consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transactions) the Company or a Restricted Subsidiary
of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other
disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Guarantee; provided that the Net Cash Proceeds of such sale or other disposition are applied in accordance
with the applicable provisions of this Indenture, including without limitation Section 4.9 hereof. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other
disposition was made in accordance with the provisions of this Indenture, including without limitation Section 4.9 hereof, the Trustee will execute any documents reasonably required in order to evidence the release of any Guarantor from its
obligations under its Guarantee. 
  
 [Signatures on following
pages] 
  

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 SIGNATURES 
  

	 	 	 THE ISSUER

	 	 	 
	 Dated as of September 25, 2003
	 	 PINNACLE ENTERTAINMENT, INC.

			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chairman and Chief Executive Officer
	 	 	 	 	 
	 	 	 THE GUARANTORS

	 	 	 
	 	 	 BELTERRA RESORT INDIANA, LLC

	 	 	 
	 	 	 
	 	 	By: Pinnacle Entertainment, Inc., its Sole Member and Managing Member
	 	 	 
			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chairman and Chief Executive Officer
	 	 	 	 	 
	 	 	 
	 	 	 BILOXI CASINO CORP.

	 	 	 
			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 
	 	 	 BOOMTOWN, INC.

	 	 	 
			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 
	 	 	 CASINO MAGIC CORP

	 	 	 
			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer

  

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	 	 	 CASINO ONE CORPORATION

			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 	 	 
	 	 	 CRYSTAL PARK HOTEL & CASINO DEVELOPMENT
COMPANY, LLC

	 	 	 
	 	 	 
	 	 	By: HP/Compton, Inc., its Sole Member and Manager
	 	 	 
			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 
	 	 	 HP/COMPTON, INC.

	 	 	 
			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 LOUISIANA-I GAMING, A LOUISIANA PARTNERSHIP
IN COMMENDAM

	 	 	 	 	 
	 	 	By: Louisiana Gaming Enterprises, Inc., its General Partner
			
	 	 	By:	 	 /s/    DANIEL R.
LEE        

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer

  

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	 	 	 LOUISIANA GAMING ENTERPRISES, INC.

			
	 	 	By:	 	             /s/    DANIEL R. LEE

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 	 	 
	 	 	 PNK (BOSSIER CITY), INC.

	 	 	 
			
	 	 	By:	 	             /s/    DANIEL R. LEE

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 
	 	 	 PNK (LAKE CHARLES), L.L.C.

	 	 	 	 	 
	 	 	 	 	 
	 	 	By: Pinnacle Entertainment, Inc., its Sole Member and Manager
			
	 	 	By:	 	             /s/    DANIEL R. LEE

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chairman and Chief Executive Officer
	 	 	 	 	 
	 	 	 
	 	 	PNK (RENO), LLC (F/K/A BOOMTOWN HOTEL & CASINO, INC.)
	 	 	 	 	 
	 	 	 	 	 
	 	 	By: Pinnacle Entertainment, Inc., its Member
			
	 	 	By:	 	             /s/    DANIEL R. LEE

	 	 	Name:	 	Daniel R. Lee
	 	 	Title:	 	Chairman and Chief Executive Officer
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 THE TRUSTEE

	 	 	 	 	 
	 	 	 	 	 
	 Dated as of September 25, 2003
	 	THE BANK OF NEW YORK,
	 	 	 
	 	 	By:	 	             /s/    STACEY B. POINDEXTER

	 	 	Name:	 	    Stacey B. Poindexter
	 	 	Title:	 	    Assistant Treasurer

  

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 Exhibit A 
 (Face of Note) 
  
 CUSIP NO. 723456
AA7 
  
 83⁄4% Senior Subordinated Notes due 2013 
  

	 No.     
	 	 	 	$                            

  
 PINNACLE ENTERTAINMENT,
INC. 
  
 promises to pay to
                    , 
  
 or registered assigns, 
  
 the principal sum of One Hundred Thirty-Five Million Dollars on October 1, 2013. 
  
 Interest Payment Dates: October 1 and April 1 
  
 Record Dates: September 15 and March 15 
  
 Dated as of
                             
  

	 THE ISSUER
  
 PINNACLE ENTERTAINMENT, INC.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Dated:
                                        
         
 This is one of the Global 
 Notes referred to in the 
 within-mentioned Indenture: 
  

	 THE BANK OF NEW YORK,
 as Trustee

		
	 By:
	 	  

	 	 	Authorized Signatory

  
  

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 [Back of Note] 
 83⁄4% Senior Subordinated Notes due 2013 
  
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER
ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.7 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (iv) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR
THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.” 
  
 Unless otherwise indicated, all
references to the Indenture (as defined below) in this Note shall refer to the First Supplemental Indenture (as defined below). Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless
otherwise indicated. 
  
 1. Interest. Pinnacle
Entertainment, Inc., a Delaware corporation (the “Company”) promises to pay interest on the principal amount of this Note at 83⁄4% per annum, accruing from             
until maturity. The Company will pay interest semi-annually in arrears on October 1 and April 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the
Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated
between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be
            . The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time
on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable
grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  

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 2. Method of Payment. The Company will pay interest on the Notes (except defaulted interest) to the
Persons who are registered Holders of Notes at the close of business on September 15 and March 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as
provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and interest at the office or agency of the Company maintained for such purpose within or without the City and State of
New York, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be
required with respect to principal of and interest and premium on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, The Bank of New York, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may
change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
  
 4. Indenture. The Company issued the Notes under a Base Indenture dated September 25, 2003 among the Company and the Trustee (the “Base
Indenture”), as amended and supplemented by the First Supplemental Indenture dated as of September 25, 2003 (the “First Supplemental Indenture” and together with the Base Indenture, the “Indenture”) among the Company, the
Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject
to all such terms in the First Supplemental Indenture, and Holders are referred to the First Supplemental Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 
  
 5. Optional Redemption. The Company shall have the option to redeem the
Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount thereof) set forth below plus accrued and unpaid interest to the applicable redemption
date, if redeemed during the twelve-month period beginning on October 1 of the years indicated below: 
  

	 Year

	  	Percentage

	 
	 2008
	  	104.375	%
	 2009
	  	102.917	%
	 2010
	  	101.458	%
	 2011 and thereafter
	  	100.000	%

  
 Notwithstanding the
foregoing, (a) the Company may at any time prior to October 1, 2006, redeem up to 35% of the initially outstanding aggregate principal amount of Notes with the net cash proceeds of one or more Public Equity Offerings of the common stock of the
Company at a redemption price in cash of 108.750% of the aggregate principal amount thereof, plus accrued and unpaid interest to the redemption date; provided that at least 65% of the initially outstanding aggregate principal amount of Notes remains
outstanding immediately after the occurrence of such redemption; and provided, further, that written notice of any such redemption shall be given by the Company to the Holders and the Trustee within 15 days after the consummation of any such Public
Equity Offering and redemption shall occur 
  

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 within 60 days after the date of such notice and (b) if any Gaming Authority makes a determination of unsuitability of a
Holder or beneficial owner of Notes (or an Affiliate of such Holder or beneficial owner), or requires that a Holder or beneficial owner of Notes (or an Affiliate thereof) must be licensed, qualified or found suitable under any applicable Gaming Law
and such Holder or beneficial owner (or an Affiliate thereof) (i) fails to apply for a license, qualification or a finding of suitability within 30 days (or such shorter period as may be required by the applicable Gaming Authority) after being
requested to do so by the Gaming Authority or (ii) is denied such license or qualification or not found suitable, the Company shall have the right, at its option, (A) to require such Holder or beneficial owner to dispose of its Notes within 30 days
(or such earlier date as may be required by the applicable Gaming Authority) of receipt of such notice or finding by such Gaming Authority or (B) to call for the redemption of the Notes of such Holder or beneficial owner at a redemption price equal
to the least of (x) the principal amount thereof, (y) the price at which such Holder or beneficial owner acquired the Notes, in either case, together with, accrued interest to the earlier of the date of redemption or the date of the denial of
license or qualification or of the finding of unsuitability by such Gaming Authority or (z) such other lesser amount as may be required by any Gaming Authority. Immediately upon a determination by a Gaming Authority that a Holder or beneficial owner
of Notes will not be licensed, qualified or found suitable, the Holder or beneficial owner will not have any further rights with respect to the Notes to (a) exercise, directly or indirectly, through any Person, any right conferred by the Notes, or
(b) receive any interest or any other distribution or payment with respect to the Notes, or any remuneration in any form from the Company for services rendered or otherwise, except the redemption price of the Notes. The Company shall notify the
Trustee in writing of any such redemption as soon as practicable. The Holder or beneficial owner applying for license, qualification or a finding of suitability must pay all costs of the licensure or investigation for such qualification or finding
of suitability. 
  
 6. Mandatory Redemption. Except as set forth
in paragraph 7 below, the Company shall not be required to make mandatory redemption payments with respect to the Notes. 
  
 7. Repurchase at Option of Holders. 
  
 (a) Upon the occurrence of a Change of Control, each Holder will have the right to require the Company to repurchase all or any part (equal to $1,000 or
an integral multiple thereof) of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) at an offer price in cash (the “Change in Control Payment”) equal to 101% of the aggregate principal
amount of Notes, plus accrued and unpaid interest to the date of repurchase. Within 30 days following any Change of Control, the Company will mail a notice to each Holder and the Trustee describing the transactions or transactions that constitute
the Change of Control and offering to repurchase Notes on the date specified in such notice, which date shall be no earlier than 30 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures
required by this Indenture and described in such notice and no later than 60 days from the date such notice is mailed. 
  
 (b) If the Company or a Subsidiary consummates any Asset Sales and the aggregate amount of Net Proceeds Offer Amount exceeds $10 million, the Company
shall commence an offer to all Holders of Notes (as “Net Proceeds Offer”) pursuant to Section 3.9 of the Indenture to purchase the maximum principal amount of Notes (including any Additional Notes) and other pari passu indebtedness
that may be purchased out of the Net Proceeds Offer Amount at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the date fixed for the closing of such offer, in accordance
with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes (including any Additional Notes) and other pari passu indebtedness tendered pursuant to a Net Proceeds Offer is less than the Net Proceeds Offer
Amount, the Company (or such Subsidiary) may use such deficiency for general corporate purposes. If the aggregate principal amount of 
  

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 Notes (including any Additional Notes) and other pari passu indebtedness surrendered by Holders thereof exceeds
the amount of Net Proceeds Offer Amount, the Trustee shall select the Notes to be purchased on a pro rata basis. Holders of Notes that are the subject of an offer to purchase will receive a Net Proceeds Offer from the Company prior to any
related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes.  
  
 8. Notice of Redemption. Notice of redemption will be mailed at least 30 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  
 9. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note
being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment
Date. 
  
 10. Persons Deemed Owners. The registered Holder of a
Note may be treated as its owner for all purposes. 
  
 11.
Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, the Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes and
Additional Notes, if any, voting as a single class, and any existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes
and Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation, to make any change that would provide any additional rights or benefits to
the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust
Indenture Act, to allow any Guarantor to execute a supplemental indenture and/or a Guarantee with respect to the Notes, or to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture.

  
 12. Defaults and Remedies. Events of Default include: (i)
default for 30 days in the payment when due of interest on with respect to the Notes or the Guarantees; (ii) default in payment when due of principal of or premium, if any, on the Notes or the Guarantees when the same becomes due and payable at
maturity, upon acceleration, redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by any Obligor for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the
Notes then outstanding to comply with certain agreements in the Indenture or the Notes; (iv) default under certain other agreements relating to Indebtedness of the Obligors which default results in the acceleration of such Indebtedness prior to its
express maturity; (v) certain final judgments for the payment of money that remain undischarged for a 
  

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 period of 60 days; and (vi) certain events of bankruptcy or insolvency. If any Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy
or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of
Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes. The Company is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default to deliver to the Trustee a statement specifying such Default or
Event of Default. 
  
 13. Subordination of Notes and Guarantees.
The Indebtedness evidenced by this Note and the Guarantees in respect hereof is, to the extent and in the manner provided in the Indenture, subordinate in right of payment to the prior payment in full of all Senior Debt and subject to the other
subordination provisions set forth in Article 10 of the Indenture. The Holder of this Note, by its acceptance hereof, (a) agrees to be bound by such provisions, (b) authorizes and directs the Trustee, on behalf of such Holder, to take such action as
may be necessary to or appropriate to effectuate the subordination as provided in the Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for the purpose of taking any such action in the name of the Holder. 
  
 14. Trustee Dealings with Obligors. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the Obligors or their Affiliates, and may otherwise deal with the Obligors or their Affiliates, as if it were not the Trustee. 
  
 15. No Recourse Against Others. A director, officer, employee, incorporator
or stockholder, of the Company or any of the Guarantors, as such, shall not have any liability for any obligations of the Company or such Guarantor under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 16. Authentication. This Note shall not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent. 
  
 17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as
tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 18. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
  

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 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture.
Requests may be made to: 
  
 Investor Relations

 Pinnacle Entertainment, Inc. 
 3800 Howard Hughes Parkway 
 Suite 1800 
 Las Vegas, Nevada 89109 
 Telephone: (702) 784-7777 
  
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE NOTES AND THE INDENTURE. 
  

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 ASSIGNMENT FORM 
  
 To assign this Note, fill in the form below: 
  

	(I) or (we) assign and transfer this Note to:	 	                                      
                                        
                                        
                                        
                         
	 	 	 (Insert assignee’s legal name)

  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Insert
assignee’s soc. sec. or tax I.D. no.) 
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                                        
                    
 (Print or type
assignee’s name, address and zip code) 
  
 and irrevocably appoint                                 
                                        
                                        
                                        
                                        
                         
 to
transfer this Note on the books of the Company. The agent may substitute another to act for him. 
  
 Date:
                                        
           
  

	 Your Signature:                                   
                                        
        

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

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

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 OPTION OF HOLDER TO ELECT
PURCHASE 
  
 If you want to elect to have this Note
purchased by the Company pursuant to Section 4.9 or 4.12 of the Indenture, check the appropriate box below: 
  

	 ̈  Section 4.9	 	 ̈  Section 4.12

  
 If you want to elect
to have only part of the Note purchased by the Company pursuant to Section 4.9 or Section 4.12 of the Indenture, state the amount you elect to have purchased: 
  

$                                      
        
  
 Date:
                                        
           
  

	 Your Signature:                                   
                                        
        

	             (Sign exactly as your name appears on the face of this Note)
	 
	 Tax Identification No.:
                                        
                               

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

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

	 Date of Exchange

	 	 Amount of decrease in
 Principal Amount
 of
 this Global Note

	 	 Amount of increase in
 Principal Amount
 of
 this Global Note

	  	 Principal Amount
 of
 this Global Note
 following such decrease
 (or increase)

	  	 Signature of
 authorized signatory of
 Trustee or Note
 Custodian

  
  

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 EXHIBIT B 
  
 Exhibit B 
  
 FORM OF NOTATION OF GUARANTY 
  
 For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture (as defined below) and
subject to the provisions in the Base Indenture, dated as of September 25, 2003 (the “Base Indenture”), among Pinnacle Entertainment, Inc. (the “Company”) and The Bank of New York, as trustee (the
“Trustee”), as amended and supplemented by the First Supplemental Indenture, dated as of September 25, 2003 (the “First Supplemental Indenture” and together with the Base Indenture, the
“Indenture”), among the Company as issuer, all of the existing and future Material Restricted Subsidiaries (as defined in the Indenture) of the Company, as Guarantors and the Trustee, any and all present and future obligations and
liabilities of the Company of every type and description to the Beneficiaries under the Indenture and the Notes, whether for principal, premium (if any), interest, expenses, indemnities or other amounts, in each case whether due or not due, absolute
or contingent, voluntary or involuntary, liquidated or unliquidated, determined or undetermined, now or hereafter existing, renewed or restructured, whether or not from time to time decreased or extinguished and later increased, created or incurred,
whether or not arising after the commencement of a proceeding under Bankruptcy Law (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding, and whether or not recovery of any such obligation or
liability may be barred by a statute of limitations or such obligation or liability may otherwise be unenforceable. Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the
Trustee, on behalf of such Holder, to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for such purpose; provided,
however, that the Indebtedness evidenced by this Guaranty shall cease to be so subordinated and subject in right of payment upon any defeasance of this Note in accordance with the provisions of the Indenture. 
  

	 Dated as of
                        
	 	 	 	 BELTERRA RESORT INDIANA, LLC

			
	 	 	 	 	 By: Pinnacle Entertainment, Inc.,
 its Sole Member and Managing Member

				
	 	 	 	 	By:	 	  

	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 Title:
	 	Chairman and Chief Executive Officer

  

	 	 	 	 	 BILOXI CASINO CORP

				
	 	 	 	 	By:	 	  

	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 Title:
	 	Chief Executive Officer

  

 B-1 

Table of Contents

	BOOMTOWN, INC.
		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chief Executive Officer

  

	CASINO MAGIC CORP
		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chief Executive Officer

  

	CASINO ONE CORPORATION
		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chief Executive Officer

  

	 CRYSTAL PARK HOTEL & CASINO
 DEVELOPMENT COMPANY, LLC 

	
	 By: HP/Compton, Inc., its Sole Member and
 Manager

		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chief Executive Officer

  

	HP/COMPTON, INC CORP
		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chief Executive Officer

  

 B-2 

Table of Contents

	LOUISIANA-I GAMING, A LOUISIANA PARTNERSHIP IN
COMMENDAM
	
	 By: Louisiana Gaming Enterprises, Inc., its General
 Partner

		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chief Financial Officer

  

	LOUISIANA GAMING ENTERPRISES, INC.
		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chief Executive Officer

  

	PNK (BOSSIER CITY), INC.
		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chief Executive Officer

  

	PNK (LAKE CHARLES), L.L.C.
	
	 By: Pinnacle Entertainment, Inc., its Sole Member
 and Manager

		
	 By:
	 	  

	 Name:
	 	Daniel R. Lee
	 Title:
	 	Chairman and Chief Executive Officer Officer

  

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Table of Contents

	 	 	 	 	 PNK (RENO), LLC (F/K/A BOOMTOWN HOTEL & CASINO,
INC.)

			
	 	 	 	 	 By: Pinnacle Entertainment, Inc., its Member

				
	 	 	 	 	By:	 	  

	 	 	 	 	 Name:
	 	Daniel R. Lee
	 	 	 	 	 Title:
	 	Chairman and Chief Executive Officer

  
  

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Table of Contents

 SCHEDULE I 
  
 EXISTING INVESTMENTS 
  

	1.	 	Biloxi Casino Corp.’s 50% ownership interest in Casino Parking, Inc., a Mississippi corporation. 

  

	2.	 	All rights, title and interest in and to that certain Investment Agreement, dated July 30, 1997, between ODS Technologies and Pinnacle Entertainment, Inc., as amended.

  

	3.	 	Investment in the following unrestricted subsidiaries: 

  

	 	(a)	 	Casino Magic Neuquen S.A. 

	 	(b)	 	Casino Magic Support Services S.A. 

	 	(c)	 	SR Food & Beverage Company 

	 	(d)	 	Casino Magic Hellas, S.A. 

	 	(e)	 	Casino Magic Buenos Aires, S.A. 

	 	(f)	 	Casino Magic Europe, BV 

  
 Schedule - I 

Table of Contents

 SCHEDULE II 
  
 TRANSACTIONS WITH AFFILIATES 
  

	1.	 	Letter Agreement, dated as of September 25, 1995, between Casino Magic Corp. and Casino Magic Neuquen S.A. relating to slot machine leases. 

  

	2.	 	Letter Agreement, dated as of September 25, 1995, between Casino Magic Corp. and Casino Magic Neuquen S.A. relating to technical assistance services. 

  

	3.	 	Letter Agreement, dated as of September 25, 1995, between Casino Magic Corp. and Casino Magic Neuquen S.A. relating to the non-exclusive license of the trade name “Casino
Magic.” 

  

	4.	 	Stock Agreement dated July 1, 2003 by and between the Pinnacle Entertainment, Inc. and R.D. Hubbard relating to, among other things, an option to purchase all or a portion of Mr.
Hubbard’s shares of Pinnacle Entertainment, Inc. 

  
 Schedule - II

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